Document:

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                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                     Trustee

                               SERIES SUPPLEMENT,

                            DATED AS OF JUNE 1, 2003,

                                       TO

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

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2003-QS12

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<PAGE>

<TABLE>
<CAPTION>

                                   TABLE OF CONTENTS

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

        Section 1.01. Definitions...........................................................4
        Section 1.02. Use of Words and Phrases.............................................15
        Section 1.03. Determination of LIBOR...............................................15

             Article II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
               CERTIFICATES................................................................17

        Section 2.01. Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard Terms)17
        Section 2.02. Acceptance by Trustee.  (See Section 2.02 of the Standard Terms).....17
        Section 2.03. Representations, Warranties and Covenants of the
                      Master Servicer and the Company......................................17
        Section 2.04. Representations and Warranties of Sellers. ..........................20
        Section 2.05. Execution and Authentication of Certificates/Issuance of
                      Certificates Evidencing Interests in REMIC I Certificates............20
        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
                      Interests; Acceptance by the Trustee.................................20
        Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.............20
        Section 2.08. Purposes and Powers of the Trust (See Section 2.08 of the
                      Standard Terms)......................................................20

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

        Section 3.01. Master Servicer to Act as Servicer. (See Section 3.01 of the Standard
                      Terms)...............................................................21
        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations. (See
                      Section 3.02 of the Standard Terms)..................................21
        Section 3.03. Successor Subservicers. (See Section 3.03 of the Standard Terms).....21
        Section 3.04. Liability of the Master Servicer. (See Section 3.04 of the Standard
                      Terms)...............................................................21
        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders.  (See  Section  3.05  of the  Standard
                        Terms)......... ...................................................21
        Section   3.06.   Assumption   or   Termination   of
                        Subservicing Agreements by Trustee.
                      (See Section 3.06 of the Standard Terms).............................21

<PAGE>

                                                                                          Page
        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to
                      Custodial Account................................................... 21
        Section 3.08. Subservicing Accounts; Servicing Accounts. (See Section 3.08 of
                      the Standard Terms)..................................................22
        Section 3.09. Access to Certain Documentation and  Information Regarding the Mortgage
                      Loans. (See Section 3.09 of the Standard Terms)......................22
        Section 3.10. Permitted Withdrawals from the Custodial Account. (See Section
                      3.10 of the Standard Terms)..........................................22
        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections
                      Thereunder. (See Section 3.11 of the Standard Terms).................22
        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity
                      Coverage. (See Section 3.12 of the Standard Terms)...................22
        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and  Modification
                      Agreements; Certain Assignments. (See Section 3.13 of the Standard
                      Terms)...............................................................23
        Section 3.14. Realization Upon Defaulted Mortgage Loans. (See Section 3.14 of the
                      Standard Terms)..................................................... 23
        Section 3.15. Trustee to Cooperate; Release of Mortgage Files.  (See Section 3.15
                      of the Standard Terms)..............................................23
        Section 3.16. Servicing and Other Compensation; Compensating Interest.
                      (See Section 3.16 of the Standard Terms).............................23
        Section 3.17. Reports to the Trustee and the Company.  (See Section 3.17 of the
                      Standard Terms)......................................................23
        Section 3.18. Annual Statement as to Compliance.  (See Section 3.18 of the Standard
                      Terms)...............................................................23
        Section 3.19. Annual Independent Public Accountants' Servicing Report.
                      (See Section 3.19 of the Standard Terms).............................23
        Section 3.20. Rights of the Company in Respect of the Master Servicer.
                      (See Section 3.20 of the Standard Terms).............................23
        Section 3.21. Administration of Buydown Funds (See Section 3.21 of the Standard Terms)
                      23
Article IV     PAYMENTS TO CERTIFICATEHOLDERS..............................................24

        Section 4.01. Certificate Account.  (See Section 4.01 of the Standard Terms).......24
        Section 4.02. Distributions. ......................................................24
        Section 4.03. Statements to Certificateholders; Exchange Act Reporting (See
                      Section 4.03 of the Standard Terms)..................................31

<PAGE>

                                                                                          Page
        Section 4.04. Distribution of Reports to the Trustee and the Company; Advances
                      by the Master Servicer (See Section 4.04 of the Standard Terms)......31
        Section 4.05. Allocation of Realized Losses. ......................................31
        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
                      (See Section 4.06 of the Standard Terms).............................33
        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07
                      of the Standard Terms)...............................................33
        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................33

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

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

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

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

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

      Section 9.01.   Optional Purchase by the Master Servicer of All Certificates;
                      Termination Upon Purchase by the Master Servicer or Liquidation of All
                      Mortgage Loans. .....................................................38
      Section 9.02.   Additional Termination Requirements. (See Section 9.02 of the Standard
                      Terms)...............................................................39
      Section 9.03.   Termination of Multiple REMICs. (See Section 9.03 of the Standard Terms)
                      39

Article X      REMIC PROVISIONS............................................................40

      Section 10.01.  REMIC Administration.  (See Section 10.01 of the Standard Terms).....40
      Section 10.02.  Master Servicer; REMIC Administrator and Trustee Indemnification.
                      (See Section 10.02 of the Standard Terms)............................40
      Section 10.03.  Designation of REMICs................................................40
      Section 10.04.  Distributions on the Uncertificated REMIC I and REMIC II Regular
                      Interests............................................................40
      Section 10.05.  Compliance with Withholding Requirements.............................42

Article XI     MISCELLANEOUS PROVISIONS....................................................43

                                                                                          Page

      Section 11.01.  Amendment.  (See Section 11.01 of the Standard Terms)................43
      Section 11.02.  Recordation of Agreement;  Counterparts.  (See Section 11.02 of the
                      Standard Terms)......................................................43
      Section 11.03.  Limitation on Rights of Certificateholders.  (See Section 11.03 of the
                      Standard Terms)......................................................43
      Section 11.04.  Governing Laws.  (See Section 11.04 of the Standard Terms)...........43
      Section 11.05.  Notices..............................................................43
      Section 11.06.  Required Notices to Rating Agency and Subservicer.  (See Section
                      11.06 of the Standard Terms).........................................44
      Section 11.07.  Severability of Provisions. (See Section 11.07 of the Standard Terms)44
      Section 11.08.  Supplemental Provisions for Resecuritization.  (See Section 11.08
                      of the Standard Terms)...............................................44
      Section 11.09.  Allocation of Voting Rights..........................................44
      Section 11.10.  No Petition..........................................................44

</TABLE>

<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 March 1, 2003

<PAGE>

        This is a Series  Supplement,  dated  as of June 1,  2003  (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of March 1, 2003 and attached as Exhibit Four hereto (the "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among RESIDENTIAL  ACCREDIT LOANS, INC., as the company (together
with its permitted successors and assigns,  the "Company"),  RESIDENTIAL FUNDING
CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns,  the "Master Servicer"),  and DEUTSCHE BANK TRUST COMPANY AMERICAS,  as
Trustee (together with its permitted successors and assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The  Company   intends  to  sell  mortgage   asset-backed   pass-through
certificates  (collectively,  the  "Certificates"),  to be issued  hereunder  in
multiple  classes,  which in the aggregate  will evidence the entire  beneficial
ownership  interest  in the  Mortgage  Loans.  As  provided  herein,  the  REMIC
Administrator  will make an  election  to treat the  entire  segregated  pool of
assets  described in the definition of Trust Fund, and subject to this Agreement
(including the Mortgage Loans), as two 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 this Series Supplement.

                                       1
<PAGE>

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

                             AGGREGATE
                              INITIAL
                            CERTIFICATE
               PASS-THROUGH    PRINCIPAL                              MATURITY      FITCH/        MINIMUM
 DESIGNATION     RATE         BALANCE       FEATURES1                 DATE        MOODY'S    DENOMINATIONS2
                                     -
<S>             <C>      <C>                                                     <C>
Class A-1        3.75%                       Senior/Fixed Rate      June 25,
                          $100,000,000.00                             2018        AAA/Aaa      $25,000.00

Class A-2      Adjustable                   Senior/Floater/AdjustablJune 25,
               Rate3      $45,000,000.00            Rate              2018        AAA/Aaa      $25,000.00
Class A-2A     Adjustable                      Senior/Inverse
                 Rate3                        Floater/Interest      June 25,
                                   $0.004   Only/Adjustable Rate      2018        AAA/Aaa    $2,000,000.00
Class A-3        4.00%                       Senior/Fixed Rate      June 25,
                          $10,000,000.00                              2018        AAA/Aaa      $25,000.00
Class A-4        3.35%                       Senior/Fixed Rate      June 25,
                          $95,102,000.00                              2018        AAA/Aaa      $25,000.00
Class A-5        5.00%                        Senior/Interest       June 25,
                                   $0.005    Only/ Fixed Strip        2018        AAA/Aaa    $2,000,000.00
Class A-P        0.00%                        Senior/Principal      June 25,                   $25,000.00
                           $1,563,921.66            Only              2018        AAA/Aaa
Class A-V      Variable            $0.00      Senior/Interest       June 25,                      7
               Rate6                         Only/Variable Rate       2018        AAA/Aaa
Class R-I        5.00%           $100.00    Senior/Residual/Fixed   June 25,                      8
                                                    Rate              2018        AAA/Aaa
Class R-II       5.00%           $100.00    Senior/Residual/Fixed   June 25,                      8
                                                    Rate              2018        AAA/Aaa
Class M-1        5.00%                        Mezzanine/ Fixed      June 25,       AA/NA       $25,000.00
                           $4,261,200.00            Rate              2018
Class M-2        5.00%                        Mezzanine/ Fixed      June 25,       A/NA       $250,000.00
                             $516,600.00            Rate              2018
Class M-3        5.00%                        Mezzanine/ Fixed      June 25,      BBB/NA      $250,000.00
                             $774,800.00            Rate              2018
Class B-1        5.00%                       Subordinate/ Fixed     June 25,                  $250,000.00
                             $387,400.00            Rate              2018         BB/NA
Class B-2        5.00%                       Subordinate/ Fixed     June 25,       B/NA       $250,000.00
                             $258,300.00            Rate              2018
Class B-3        5.00%                       Subordinate/ Fixed     June 25,       NA/NA      $250,000.00
                             $388,068.36            Rate              2018
</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
-------------------- ---------------- ---------------- --------------- -------
Adjustable Rates:    Initial          Formula          Maximum         Minimum
Class A-2            1.50%            LIBOR + 0.40%    8.00%           0.40%
Class A-2A           6.50%            7.60% - LIBOR    7.60%           0.00%

                                       2
<PAGE>

4    The  Class  A-2A  Certificates  do not have a  principal  balance.  For the
     purpose  of  calculating  interest  payments,  interest  on the Class  A-2A
     Certificates  will  accrue on a Notional  Amount  equal to the  Certificate
     Principal Balance of the Class A-2 Certificates.

5    The Class A-5 Certificates do not have a principal balance. For the purpose
     of calculating  interest  payments,  interest on the Class A-5 Certificates
     will accrue on a Notional  Amount equal to the product of 33% multiplied by
     the Certificate Principal Balance of the Class A-4 Certificates.

6    The initial Pass-Through Rate on the Class A-V Certificates is 0.2435%.

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

8    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  of each Class 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 $258,252,490.02.

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

                                       3
<PAGE>

                                    ARTICLE

                                   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.

        Adjustable Rate Certificates: Any of the Class A-2 Certificates or Class
A-2A Certificates.

        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)
$100,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

                      (A)  (i)  if  the  aggregate   principal  balance  of  the
               Non-Primary  Residence  Loans as of the Relevant  Anniversary  is
               less than 10% of the Stated  Principal  Balance  of the  Mortgage
               Loans  as of the  Relevant  Anniversary,  $0.00,  or  (ii) if the
               aggregate principal balance of the Non-Primary Residence Loans as
               of the  Relevant  Anniversary  is equal to or greater than 10% of
               the  Stated  Principal  Balance of the  Mortgage  Loans as of the
               Relevant  Anniversary,  the  sum of (I) the  aggregate  principal
               balance of the  Non-Primary  Residence Loans with a Loan-to-Value
               Ratio of  greater  than  80.00%  but less than or equal to 90.00%
               (other than Additional  Collateral Loans),  times 0.25%, (II) the
               aggregate  principal  balance of the Non-Primary  Residence Loans
               with a  Loan-to-Value  Ratio of greater than 90.00% but less than
               or equal to 95.00%  (other  than  Additional  Collateral  Loans),
               times 0.50%,  and (III) the  aggregate  principal  balance of the
               Non-Primary Residence Loans with a Loan-to-Value Ratio of greater
               than 95.00% (other than Additional Collateral Loans) times 0.75%,
               in each case as of the Relevant Anniversary; and

                      (B) the greater of (i) the product of (x) an amount  equal
               to the largest  difference in the related Monthly Payment for any
               Non-Primary  Residence Loan remaining in the Mortgage Pool (other
               than   Additional   Collateral   Loans)  which  had  an  original
               Loan-to-Value  Ratio of 80% or greater  that would  result if the
               Net  Mortgage  Rate  thereof  was equal to the  weighted  average
               (based on the principal  balance of the Mortgage  Loans as of the
               Relevant  Anniversary)  of the Net Mortgage Rates of all Mortgage

                                       4
<PAGE>

               Loans as of the Relevant  Anniversary less 1.25% per annum, (y) a
               number equal to the weighted average  remaining term to maturity,
               in months,  of all  Non-Primary  Residence Loans remaining in the
               Mortgage  Pool as of the Relevant  Anniversary,  and (z) one plus
               the  quotient of the number of all  Non-Primary  Residence  Loans
               remaining  in the  Mortgage  Pool  divided by the total number of
               Outstanding  Mortgage  Loans  in  the  Mortgage  Pool  as of  the
               Relevant Anniversary, and (ii) $50,000,

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

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

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

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "Deutsche Bank Trust Company  Americas,  as trustee,  in trust for the
registered holders of Residential  Accredit Loans, Inc.,  Mortgage  Asset-Backed
Pass-Through  Certificates,  Series  2003-QS12"  and which  must be an  Eligible
Account.

        Certificate Policy:  None.

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

        Class R  Certificate:  Any one of the Class R-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:  June 27, 2003.

                                       5
<PAGE>

     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 2003-QS12.

        Cut-off Date:  June 1, 2003.

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

        Discount Net Mortgage Rate:  5.00% per annum.

     Due Period:  With respect to each Distribution  Date, the calendar month in
which such Distribution Date occurs.

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

        Floater Certificates:  Any one of the Class A-2 Certificates.

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 2.25% of the aggregate  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of  determination,  (Y) from the first to, but not  including,  the
second anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a)
the Fraud Loss Amount as of the most recent  anniversary of the Cut-off Date and
(b) 1.50% of the aggregate  outstanding principal balance of all of the Mortgage
Loans as of the most  recent  anniversary  of the  Cut-off  Date  minus  (2) the
aggregate  amount  of Fraud  Losses  allocated  solely  to one or more  specific
Classes of  Certificates  in accordance  with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of  determination,  and (Z) from
the second to, but not including,  the fifth anniversary of the Cut-off Date, an
amount  equal to (1) the  lesser  of (a) the  Fraud  Loss  Amount as of the most
recent  anniversary  of  the  Cut-off  Date  and  (b)  1.00%  of  the  aggregate
outstanding principal balance of all of the Mortgage Loans as of the most recent
anniversary  of the Cut-off Date minus (2) the aggregate  amount of Fraud Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with  Section 4.05 since the most recent  anniversary  of the Cut-off Date up to
such date of  determination.  On and after the fifth  anniversary of the Cut-off
Date, the Fraud Loss Amount shall be zero.

        The Fraud  Loss  Amount may be  further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided

                                       6
<PAGE>

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

        Initial Monthly Payment Fund: $4,746,  representing  scheduled principal
amortization  and interest at the Net Mortgage Rate payable during the July 2003
Due Period,  for those Mortgage Loans for which the Trustee will not be entitled
to receive such payment.

        Initial  Notional Amount:  With respect to the Class A-2A  Certificates,
$45,000,000.00. With respect to the Class A-5 Certificates, $31,383,660.00. 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.

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

        Class M-1:  1.65%           Class B-1:  0.15%
        Class M-2:  0.20%           Class B-2:  0.10%
        Class M-3:  0.30%           Class B-3:  0.15%

        Interest  Accrual  Period:  With  respect  to any Class of  Certificates
(other than the Floater  Certificates and the Inverse Floater  Certificates) and
any  Distribution  Date,  the calendar  month  preceding the month in which such
Distribution   Date  occurs.   The  Interest  Accrual  Period  for  the  Floater
Certificates and the Inverse Floater  Certificates for any Distribution  Date is
the period  beginning on the 25th day of the month  preceding the month in which
such  Distribution  Date occurs and ending on the 24th day of the month in which
such Distribution Date occurs.

        Interest  Only  Certificates:  Any one of the Class  A-2A,  Class A-5 or
Class A-V Certificates.  The Interest Only Certificates will have no Certificate
Principal Balance.

        Inverse Floater Certificates:  Any one of the Class A-2A Certificates.

     Maturity Date: June 25, 2018, the Distribution  Date immediately  following
the latest scheduled maturity date of any Mortgage Loan.

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

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

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

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

                                       7
<PAGE>

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

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

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

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

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

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

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

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

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

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

        Notional Amount:  As of any  Distribution  Date, (i) with respect to the
Class A-2A Certificates, an amount equal to the Certificate Principal Balance of
the Class A-2 Certificates  immediately prior to such date, (ii) with respect to
the Class A-5 Certificates,  an amount equal to the product of 33% multiplied by
the  Certificate  Principal  Balance of the Class A-4  Certificates  immediately
prior to such date and (iii)  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.

        Pass-Through Rate: With respect to the Senior  Certificates  (other than
the Floater Certificates,  Inverse Floater Certificates,  Class A-V Certificates
and Class A-P  Certificates),  Class M Certificates and Class B Certificates and
any  Distribution  Date,  the per  annum  rates  set  forth  in the  Preliminary
Statement hereto.

o              With respect to the Floater Certificates and the initial Interest
               Accrual Period,  1.50% per annum,  and as to any Interest Accrual
               Period  thereafter,  a per annum rate equal to LIBOR plus  0.40%,
               subject to a maximum  rate of 8.00% per annum and a minimum  rate
               of 0.40% per annum.

o              With respect to the Inverse Floater  Certificates and the initial
               Interest Accrual Period,  6.50% per annum, and as to any Interest
               Accrual Period thereafter,  a per annum rate equal to 7.60% minus
               LIBOR, subject to a maximum rate of 7.60% per annum and a minimum
               rate of 0.00% per annum.

                                       8
<PAGE>

With respect to the Class A-V Certificates (other than any Subclass thereof) and
any  Distribution  Date,  a rate equal to the weighted  average,  expressed as a
percentage,  of the Pool Strip Rates of all Mortgage Loans as of the Due Date in
the related Due Period, weighted on the basis of the respective Stated Principal
Balances  of such  Mortgage  Loans  as of the  day  immediately  preceding  such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close  of  business  on  the  Cut-off  Date).  With  respect  to the  Class  A-V
Certificates and the initial Distribution Date the Pass-Through Rate is equal to
0.2435% 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 assumes a
constant prepayment rate of 16.0% per annum.

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

        (i)    For any Distribution  Date prior to the Distribution Date in July
               2008  (unless the  Certificate  Principal  Balances of the Senior
               Certificates  (other than the Class A-P Certificates),  have been
               reduced to zero), 0%.

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

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

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

                                       9
<PAGE>

(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.

        Record Date:  With respect to each  Distribution  Date and each Class of
Certificates  (other than the Adjustable Rate  Certificates  that are Book-Entry
Certificates),  the  close of  business  on the last  Business  Day of the month
preceding the month in which the related  Distribution Date occurs. With respect
to each  Distribution Date and the Adjustable Rate Certificates (so long as they
are Book-Entry Certificates), the close of business on the Business Day prior to
such Distribution Date.

        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  (other  than  Monthly
                      Payments due in the month of 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,

                                       10
<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 A  Certificates  or  Class R
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit A
and Exhibit D.

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

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

                                       11
<PAGE>

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,582,525  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the  greater  of (A)  the  greater  of (i) the  product  of the  Special  Hazard
Percentage for such anniversary  multiplied by the outstanding principal balance
of all the Mortgage Loans on the Distribution  Date  immediately  preceding such
anniversary  and (ii) twice the  outstanding  principal  balance of the Mortgage
Loan with the largest outstanding  principal balance as of the Distribution Date
immediately preceding such anniversary and (B) the greater of (i) the product of
0.50% multiplied by the outstanding  principal  balance of all Mortgage Loans on
the  Distribution  Date immediately  preceding such anniversary  multiplied by a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance  (as of  the  immediately  preceding  Distribution  Date)  of all of the
Mortgage  Loans  secured  by  Mortgaged  Properties  located  in  the  State  of
California  divided by the aggregate  outstanding  principal  balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans, expressed
as a  percentage,  and the  denominator  of  which  is  equal  to  30.0%  (which
percentage is equal to the percentage of Mortgage  Loans by aggregate  principal
balance  initially  secured  by  Mortgaged  Properties  located  in the State of
California)  and (ii) the  aggregate  outstanding  principal  balance (as of the
immediately preceding Distribution Date) of the largest Mortgage Loan secured by
a Mortgaged  Property  (or,  with  respect to a  Cooperative  Loan,  the related
Cooperative Apartment) located in the State of California.

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

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

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the  aggregate  of the  amounts  calculated  (without  giving  effect to the
related Senior  Percentages) for such  Distribution  Date under clauses (1), (2)
and (3) of Section 4.02(a)(ii)(Y)(A); (ii) such Class's pro rata share, based on
the Certificate Principal Balance of each Class of Subordinate Certificates then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)   (without   giving   effect  to  the  Senior   Accelerated
Distribution  Percentage)  to the  extent  such  collections  are not  otherwise
distributed  to the Senior  Certificates;  (iii) the  product of (x) the related
Prepayment  Distribution  Percentage  and (y)  the  aggregate  of all  Principal
Prepayments in Full received in the related  Prepayment  Period and Curtailments
received in the  preceding  calendar  month  (other  than the  related  Discount

                                       12
<PAGE>

Fraction of such Principal  Prepayments in Full and Curtailments with respect to
a Discount Mortgage Loan) to the extent not payable to the Senior  Certificates;
(iv) if such Class is the Class of  Subordinate  Certificates  with the  Highest
Priority,  any Excess  Subordinate  Principal Amount for such Distribution Date;
and (v) any amounts  described in clauses (i), (ii) and (iii) as determined  for
any previous  Distribution  Date, that remain  undistributed  to the extent that
such amounts are not  attributable  to Realized Losses which have been allocated
to a Class of Subordinate  Certificates minus (b) the sum of (i) with respect to
the Class of  Subordinate  Certificates  with the  Lowest  Priority,  any Excess
Subordinate   Principal  Amount  for  such  Distribution   Date,  and  (ii)  the
Capitalization  Reimbursement  Amount for such distribution date, other than the
related Discount Fraction of any portion of that amount related to each Discount
Mortgage  Loan,  multiplied  by a  fraction,  the  numerator  of  which  is  the
Subordinate  Principal   Distribution  Amount  for  such  Class  of  Subordinate
Certificates,  without giving effect to this clause (b)(ii), and the denominator
of which is the sum of the  principal  distribution  amounts  for all Classes of
Certificates other than the Class A-P Certificates, without giving effect to any
reductions for the Capitalization Reimbursement Amount.

        Uncertificated 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
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 other than the Uncertificated  REMIC I
Regular  Interests  Z,  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 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

                                       13
<PAGE>

          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>
          T             Class A-1                         3.75%                  $100,000,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          U             Class A-2, Class A-2A             8.00%                   $45,000,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          V             Class A-3                         4.00%                   $10,000,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          W             Class A-4, Class A-5              5.00%                   $95,102,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          X             Class A-P                         0.00%                    $1,563,921.66
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          Y             Class R-II,                       5.00%                    $6,586,468.36
                        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:  Each  of  the  1,555
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 1,555,  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.

                                       14
<PAGE>

        Uncertificated   REMIC  II  Regular  Interests  Z:  Each  of  the  1,555
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  1,555 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  Interests  Z'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).

     Underwriter:   Citigroup  Global  Markets  Inc.  and  Residential   Funding
Securities Corporation.

Section 1.02...Use of Words and Phrases.

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

        Section 1.03. Determination of LIBOR.

        LIBOR  applicable to the  calculation of the  Pass-Through  Rates on the
Floater Certificates and Inverse Floater Certificates,  if any, for any Interest
Accrual  Period  (other  than  the  initial  Interest  Accrual  Period)  will be
determined as described below:

        On each  Distribution  Date,  LIBOR shall be  established by the Trustee
and, as to any Interest Accrual Period, will equal the rate for one month United
States  dollar  deposits  that appears on the  Telerate  Screen Page 3750 of the
Moneyline  Telerate Capital Markets Report as of 11:00 a.m., London time, on the
second LIBOR Business Day prior to the first day of such Interest Accrual Period
("LIBOR Rate Adjustment  Date").  "Telerate  Screen Page 3750" means the display
designated  as page 3750 on the  Telerate  Service  (or such  other  page as may
replace page 3750 on that service for the purpose of displaying London interbank
offered  rates of major  banks).  If such rate does not  appear on such page (or
such other page as may replace that page on that service,  or if such service is
no longer offered, any other service for displaying LIBOR or comparable rates as
may be selected by the Trustee after consultation with the Master Servicer), the
rate  will be the  Reference  Bank  Rate.  The  "Reference  Bank  Rate"  will be
determined  on the  basis of the rates at which  deposits  in U.S.  Dollars  are
offered by the  reference  banks  (which shall be any three major banks that are
engaged in transactions in the London interbank market,  selected by the Trustee
after  consultation  with the Master Servicer) as of 11:00 a.m., London time, on
the day  that is one  LIBOR  Business  Day  prior to the  immediately  preceding
Distribution  Date to prime banks in the London interbank market for a period of
one month in amounts  approximately equal to the aggregate Certificate Principal
Balance of the Adjustable Rate Certificates  then outstanding.  The Trustee will
request the principal  London office of each of the reference banks to provide a
quotation of its rate. If at least two such  quotations  are provided,  the rate
will be the arithmetic mean of the quotations rounded up to the next multiple of
1/16%. If on such date fewer than two quotations are provided as requested,  the
rate will be the arithmetic  mean of the rates quoted by one or more major banks
in New York City,  selected by the Trustee  after  consultation  with the Master
Servicer,  as of 11:00 a.m.,  New York City time, on such date for loans in U.S.
Dollars  to  leading  European  banks  for a  period  of one  month  in  amounts

                                       15
<PAGE>

approximately  equal  to the  aggregate  Certificate  Principal  Balance  of the
Adjustable  Rate  Certificates  then  outstanding.  If no such quotations can be
obtained,  the rate will be LIBOR for the prior  Distribution  Date,  or, in the
case of the  first  LIBOR  Rate  Adjustment  Date,  1.10% per  annum;  provided,
however, if, under the priorities described above, LIBOR for a Distribution Date
would be  based  on  LIBOR  for the  previous  Distribution  Date for the  third
consecutive  Distribution  Date, the Trustee shall,  after consultation with the
Master Servicer,  select an alternative comparable index (over which the Trustee
has no control), used for determining one-month Eurodollar lending rates that is
calculated and published (or otherwise made available) by an independent  party.
"LIBOR Business Day" means any day other than (i) a Saturday or a Sunday or (ii)
a day on which banking institutions in the city of London,  England are required
or authorized by law to be closed.

        The  establishment  of LIBOR by the Trustee on any LIBOR Rate Adjustment
Date and the Master Servicer's subsequent  calculation of the Pass-Through Rates
applicable to each of the Floater  Certificates and Inverse Floater Certificates
for the relevant Interest Accrual Period, in the absence of manifest error, will
be final and binding.

        Promptly  following  each LIBOR Rate  Adjustment  Date the Trustee shall
supply the Master  Servicer  with the results of its  determination  of LIBOR on
such date.  Furthermore,  the Trustee will supply the Pass-Through Rates on each
of the Floater Certificates and Inverse Floater Certificates for the current and
the immediately  preceding  Interest  Accrual Period via the Trustee's  internet
website, which may be obtained by telephoning the Trustee at (800) 735-7777.

                                       16
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

(iii)   The Mortgage Loans are fully-amortizing,  fixed-rate mortgage loans with
        level  Monthly  Payments due, with respect to a majority of the Mortgage
        Loans,  on the  first  day of each  month,  and  terms  to  maturity  at
        origination or modification of not more than 15 years;

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

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

                                       17
<PAGE>

(vi)    No more than 0.7% of the Mortgage  Loans by aggregate  Stated  Principal
        Balance  as of the  Cut-off  Date are  secured by  Mortgaged  Properties
        located in any one zip code area in California  and no more than 0.5% of
        the  Mortgage  Loans by  aggregate  Stated  Principal  Balance as of the
        Cut-off Date are secured by Mortgaged  Properties located in any one zip
        code area outside California;

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

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

(ix)    Approximately 68.25% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  16.13% of the Mortgage  Loans by
        aggregate  Stated  Principal   Balance  as  of  the  Cut-off  Date  were
        underwritten under a no-stated income program,  and approximately  3.61%
        of the Mortgage Loans by aggregate  Stated  Principal  Balance as of the
        Cut-off Date were underwritten under a no income/no asset program;

(x)     Except with respect to  approximately  13.24% of the  Mortgage  Loans by
        aggregate Stated Principal Balance as of the Cut-off Date, the Mortgagor
        represented in its loan application with respect to the related Mortgage
        Loan that the Mortgaged Property would be owner-occupied;

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

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

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

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

                                       18
<PAGE>

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

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

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

(xviii) None of the Mortgage Loans by aggregate Stated  Principal  Balance as of
        the Cut-off Date will have been made to International  Borrowers, and no
        such  Mortgagor  is  a  member  of a  foreign  diplomatic  mission  with
        diplomatic rank;

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

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

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

        Upon discovery by any of the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth  in this  Section  2.03(b)  that  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02;  provided  that the  Company
shall have the option to  substitute  a Qualified  Substitute  Mortgage  Loan or
Loans  for such  Mortgage  Loan if such  substitution  occurs  within  two years
following the Closing Date;  provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified  mortgage" as defined in Section
860G(a)(3) of the Code,  any such cure or  repurchase  must occur within 90 days
from the date  such  breach  was  discovered.  Any  such  substitution  shall be
effected  by the  Company  under the same terms and  conditions  as  provided in
Section 2.04 for  substitutions  by  Residential  Funding.  It is understood and

                                       19
<PAGE>

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

Section 2.04.  Representations and Warranties of Sellers.
               -------------------------------------------

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach was discovered.  If the breach of  representation  and warranty that gave
rise to the  obligation  to repurchase or substitute a Mortgage Loan pursuant to
Section 4 of the Assignment  Agreement was the  representation  and warranty set
forth in clause (k) of Section 4 thereof, then the Master Servicer shall request
that  Residential  Funding  pay to the  Trust  Fund,  concurrently  with  and in
addition to the remedies provided in the preceding sentence,  an amount equal to
any liability,  penalty or expense that was actually incurred and paid out of or
on behalf of the Trust Fund, and that directly  resulted from such breach, or if
incurred and paid by the Trust Fund thereafter,  concurrently with such payment.
In  the  event  that  Residential  Funding  elects  to  substitute  a  Qualified
Substitute  Mortgage Loan or Loans for a Deleted  Mortgage Loan pursuant to this
Section 2.04,  Residential Funding shall deliver to the Trustee or the Custodian
for the  benefit  of the  Certificateholders  with  respect  to  such  Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment of the Mortgage in recordable  form, if required  pursuant to Section
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

                                       20
<PAGE>

Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing
Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  and to make any  additional
payments required under the Assignment  Agreement in connection with a breach of
the  representation  and  warranty  in clause  (k) of  Section  4 thereof  shall
constitute   the  sole  remedy   respecting   such  breach   available   to  the

                                       21
<PAGE>

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.

        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 the beneficial interest in 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.

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  the
beneficial interest in the entire REMIC II.

                                       22
<PAGE>

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

                                       23
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master  Servicer to Act as  Servicer.  (See  Section  3.01 of the
     Standard Terms)

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations. (See Section 3.02 of
     the Standard Terms)

Section 3.03.  Successor Subservicers. (See Section 3.03 of the Standard Terms)

Section  3.04.  Liability  of the  Master  Servicer.  (See  Section  3.04 of the
     Standard Terms)

Section 3.05. No Contractual  Relationship  Between  Subservicer  and Trustee or
     Certificateholders. (See Section 3.05 of the Standard Terms)

Section 3.06.  Assumption or Termination of Subservicing  Agreements by Trustee.
     (See Section 3.06 of the Standard Terms)

Section  3.07.  Collection  of  Certain  Mortgage  Loan  Payments;  Deposits  to
     Custodial Account.

(a)     The Master  Servicer  shall  make  reasonable  efforts  to  collect  all
        payments  called  for under the terms  and  provisions  of the  Mortgage
        Loans, and shall, to the extent such procedures shall be consistent with
        this  Agreement  and the terms and  provisions  of any  related  Primary
        Insurance Policy,  follow such collection  procedures as it would employ
        in its good faith  business  judgment  and which are normal and usual in
        its  general  mortgage   servicing   activities.   Consistent  with  the
        foregoing,  the Master Servicer may in its discretion (i) waive any late
        payment  charge  or  any  prepayment   charge  or  penalty  interest  in
        connection  with the  prepayment  of a Mortgage Loan and (ii) extend the
        Due Date for  payments  due on a Mortgage  Loan in  accordance  with the
        Program Guide;  provided,  however, that the Master Servicer shall first
        determine that any such waiver or extension will not impair the coverage
        of any related Primary  Insurance Policy or materially  adversely affect
        the lien of the related Mortgage.  In the event of any such arrangement,
        the Master Servicer shall make timely  advances on the related  Mortgage
        Loan during the  scheduled  period in accordance  with the  amortization
        schedule of such Mortgage Loan without modification thereof by reason of
        such  arrangements  unless  otherwise  agreed to by the  Holders  of the
        Classes of Certificates  affected thereby;  provided,  however,  that no
        such   extension   shall  be  made  if  any  such  advance  would  be  a
        Nonrecoverable Advance. Consistent with the terms of this Agreement, the
        Master Servicer may also waive,  modify or vary any term of any Mortgage
        Loan or consent to the  postponement of strict  compliance with any such
        term or in any manner grant indulgence to any Mortgagor if in the Master
        Servicer's  determination  such waiver,  modification,  postponement  or
        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

                                       24
<PAGE>

        any Mortgage Loan,  including  without  limitation any modification that
        would change the Mortgage Rate,  forgive the payment of any principal or
        interest  (unless in  connection  with the  liquidation  of the  related
        Mortgage Loan or except in  connection  with  prepayments  to the extent
        that  such  reamortization  is not  inconsistent  with the  terms of the
        Mortgage  Loan),  capitalize  any amounts  owing on the Mortgage Loan by
        adding such amount to the outstanding  principal balance of the Mortgage
        Loan, or extend the final  maturity date of such Mortgage  Loan,  unless
        such  Mortgage  Loan is in  default  or, in the  judgment  of the Master
        Servicer,  such default is reasonably  foreseeable;  provided,  further,
        that  (1) no such  modification  shall  reduce  the  interest  rate on a
        Mortgage  Loan below  one-half of the Mortgage  Rate as in effect on the
        Cut-off Date, but not less than the rates at which the Servicing Fee and
        the Subservicing Fee with respect to such Mortgage Loan accrue,  (2) the
        final  maturity date for any Mortgage Loan shall not be extended  beyond
        the Maturity  Date, (3) the Stated  Principal  Balance of all Reportable
        Modified Mortgage Loans subject to Servicing  Modifications (measured at
        the time of the  Servicing  Modification  and after giving effect to any
        Servicing  Modification)  can  be no  more  than  five  percent  of  the
        aggregate  principal  balance of the  Mortgage  Loans as of the  Cut-off
        Date,  unless such limit is increased from time to time with the consent
        of the Rating  Agencies.  In addition,  any amounts  owing on a Mortgage
        Loan added to the  outstanding  principal  balance of such Mortgage Loan
        must be fully  amortized  over the remaining term of such Mortgage Loan,
        and such amounts may be added to the outstanding  principal balance of a
        Mortgage Loan only once during the life of such Mortgage Loan. Also, the
        addition of such amounts  described in the preceding  sentence  shall be
        implemented in accordance  with the Program Guide and may be implemented
        only by Subservicers  that have been approved by the Master Servicer for
        such purpose. In connection with any Curtailment of a Mortgage Loan, the
        Master Servicer,  to the extent not  inconsistent  with the terms of the
        Mortgage Note and local law and  practice,  may permit the Mortgage Loan
        to be reamortized  such that the Monthly  Payment is  recalculated as an
        amount that will fully amortize the remaining Stated  Principal  Balance
        thereof by the original  Maturity  Date based on the  original  Mortgage
        Rate; provided,  that such re-amortization  shall not be permitted if it
        would  constitute a reissuance of the Mortgage  Loan for federal  income
        tax  purposes,  except  if such  reissuance  is  described  in  Treasury
        Regulation Section 1.860G-2(b)(3).

(b)     The Master Servicer shall establish and maintain a Custodial  Account in
        which the Master  Servicer  shall  deposit or cause to be deposited on a
        daily  basis,  except as otherwise  specifically  provided  herein,  the
        following payments and collections  remitted by Subservicers or received
        by it in respect of the Mortgage  Loans  subsequent  to the Cut-off Date
        (other than in respect of principal  and interest on the Mortgage  Loans
        due on or before the Cut-off Date):

(i)     All payments on account of principal,  including  Principal  Prepayments
        made by Mortgagors on the Mortgage Loans and the principal  component of
        any  Subservicer  Advance or of any REO Proceeds  received in connection
        with an REO Property for which an REO Disposition has occurred;

(ii)    All payments on account of interest at the Adjusted Mortgage Rate on the
        Mortgage  Loans,  including  Buydown  Funds,  if any,  and the  interest
        component of any Subservicer  Advance or of any REO Proceeds received in
        connection  with  an REO  Property  for  which  an REO  Disposition  has
        occurred;

                                       25
<PAGE>

(iii)   Insurance Proceeds,  Subsequent Recoveries and Liquidation Proceeds (net
        of any related expenses of the Subservicer);

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.03, 2.04 or 4.07 (including amounts received from Residential  Funding
        pursuant to the last paragraph of Section 4 of the Assignment  Agreement
        in respect of any  liability,  penalty or expense that  resulted  from a
        breach of the  representation  and  warranty set forth in clause 4(k) of
        the Assignment  Agreement)  and all amounts  required to be deposited in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

(v)     Any amounts  required  to be  deposited  pursuant to Section  3.07(c) or
        3.21;

(vi)    All amounts  transferred  from the Certificate  Account to the Custodial
        Account in accordance with Section 4.02(a);

(vii)   Any  amounts  realized  by the  Subservicer  and  received by the Master
        Servicer in respect of any Additional Collateral; and

(viii)  Any  amounts  received  by the  Master  Servicer  in  respect of Pledged
        Assets.

The  foregoing  requirements  for  deposit  in the  Custodial  Account  shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

        (c) - (d). (See Section 3.07(c) -(d) of the Standard Terms)

                                       26
<PAGE>

Section 3.08.  Subservicing Accounts;  Servicing Accounts.  (See Section 3.08 of
     the Standard Terms)

Section 3.09.  Access to Certain  Documentation  and  Information  Regarding the
     Mortgage Loans. (See Section 3.09 of the Standard Terms)

Section 3.10.  Permitted  Withdrawals from the Custodial  Account.  (See Section
     3.10 of the Standard Terms)

Section  3.11.  Maintenance  of  the  Primary  Insurance  Policies;  Collections
     Thereunder. (See Section 3.11 of the Standard Terms)

Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity Coverage.
     (See Section 3.12 of the Standard Terms)

Section 3.13.  Enforcement of Due-on-Sale  Clauses;  Assumption and Modification
     Agreements; Certain Assignments. (See Section 3.13 of the Standard Terms)

Section 3.14.  Realization Upon Defaulted  Mortgage Loans.  (See Section 3.14 of
     the Standard Terms)

Section 3.15. Trustee to Cooperate; Release of Mortgage Files. (See Section 3.15
     of the Standard Terms)

Section 3.16.  Servicing and Other  Compensation;  Compensating  Interest.  (See
     Section 3.16 of the Standard Terms)

Section 3.17.  Reports to the Trustee and the Company.  (See Section 3.17 of the
     Standard Terms)

Section 3.18.  Annual  Statement  as to  Compliance.  (See  Section  3.18 of the
     Standard Terms)

Section 3.19. Annual  Independent  Public  Accountants'  Servicing Report.  (See
     Section 3.19 of the Standard Terms)

Section 3.20.  Rights of the  Company in Respect  of the Master  Servicer.  (See
     Section 3.20 of the Standard Terms)

Section 3.21.  Administration of Buydown Funds (See Section 3.21 of the Standard
     Terms)

                                       27
<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

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

Section 4.02.  Distributions.
               -------------

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

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

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

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

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

     (1)  the principal  portion of each Monthly  Payment due during the related
          Due Period on each  Outstanding  Mortgage Loan (other than the related
          Discount  Fraction  of the  principal  portion  of such  payment  with
          respect to a Discount  Mortgage  Loan),  whether or not received on or

                                       28
<PAGE>

          prior to the related  Determination  Date, minus the principal portion
          of any  Debt  Service  Reduction  (other  than  the  related  Discount
          Fraction of the principal portion of such Debt Service Reductions with
          respect to each  Discount  Mortgage  Loan) which  together  with other
          Bankruptcy Losses exceeds the Bankruptcy Amount;

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

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

(B)  with respect to each  Mortgage Loan for which a Cash  Liquidation  or a REO
     Disposition  occurred during the preceding calendar month (or was deemed to
     have occurred  during such period in accordance with Section 3.07(b) of the
     Standard  Terms) and did not result in any Excess  Special  Hazard  Losses,
     Excess Fraud Losses,  Excess Bankruptcy Losses or Extraordinary  Losses, an
     amount  equal  to  the  lesser  of  (a)  the  Senior  Percentage  for  such
     Distribution  Date times the Stated Principal Balance of such Mortgage Loan
     (other than the related Discount Fraction of such Stated Principal Balance,
     with respect to each Discount Mortgage Loan) and (b) the Senior Accelerated
     Distribution  Percentage  for such  Distribution  Date  times  the  related
     unscheduled  collections  (including without limitation Insurance Proceeds,
     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);

                                       29
<PAGE>

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

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

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

                      (F)  the  Capitalization  Reimbursement  Amount  for  such
               Distribution  Date, other than the related  Discount  Fraction of
               any  portion of that  amount  related to each  Discount  Mortgage
               Loan,  multiplied  by a fraction,  the  numerator of which is the
               Senior Principal  Distribution  Amount,  without giving effect to
               this clause (F), and the  denominator  of which is the sum of the
               principal  distribution  amounts for all Classes of  Certificates
               other than the Class A-P  Certificates,  without giving effect to
               any reductions for the Capitalization Reimbursement Amount;

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

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

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

                                       30
<PAGE>

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

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

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

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

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

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

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

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

                                       31
<PAGE>

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

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

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

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

        Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent  that (1) a  shortfall  in the  amounts  available  to pay Accrued
Certificate  Interest on any Class of Certificates results from an interest rate
reduction  in  connection  with a  Servicing  Modification,  or (2) such  unpaid
Accrued Certificate Interest was attributable to interest shortfalls relating to
the  failure  of the  Master  Servicer  to make  any  required  Advance,  or the
determination  by the  Master  Servicer  that any  proposed  Advance  would be a
Nonrecoverable  Advance  with  respect to the related  Mortgage  Loan where such
Mortgage  Loan  has  not yet  been  the  subject  of a Cash  Liquidation  or REO
Disposition  or the related  Liquidation  Proceeds,  Insurance  Proceeds and REO
Proceeds have not yet been distributed to the Certificateholders.

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

                                       32
<PAGE>

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

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

(B)  the related Discount  Fraction of the principal  portion of all unscheduled
     collections  on each Discount  Mortgage Loan received  during the preceding
     calendar month 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,  Subsequent  Recoveries  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; minus

                      (F) the  related  Discount  Fraction of the portion of the
               Capitalization  Reimbursement  Amount for such Distribution Date,
               if any, related to each Discount Mortgage Loan; and

(ii)           second,  the  Senior  Principal   Distribution  Amount  shall  be
               distributed in the following manner and priority:

                                       33
<PAGE>

(A)            first,  concurrently to the Class R-I  Certificates and the Class
               R-II  Certificates,  on a pro rata basis in accordance with their
               respective Certificate Principal Balances,  until the Certificate
               Principal Balances thereof have been reduced to zero; and

                      (B)  second,  the  Senior  Principal  Distribution  Amount
               remaining after the payments of principal made in accordance with
               Section  4.02(b)(ii)(A)  above, shall be distributed to the Class
               A-1,  Class A-2, Class A-3 and Class A-4  Certificates,  on a pro
               rata  basis  in  accordance  with  their  respective  Certificate
               Principal Balances,  until the Certificate  Principal Balances of
               the Class A-1,  Class A-2,  Class A-3 and Class A-4  Certificates
               have been reduced to zero.

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

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

(e) In addition to the foregoing  distributions,  with respect to any Subsequent
Recoveries,  the Master  Servicer  shall  deposit such funds into the  Custodial
Account  pursuant to Section  3.07(b)(iii).  If,  after taking into account such
Subsequent  Recoveries,  the amount of a Realized Loss is reduced, the amount of
such Subsequent Recoveries will be applied to increase the Certificate Principal
Balance of the Class of Subordinate  Certificates  with a Certificate  Principal
Balance  greater than zero with the highest  payment  priority to which Realized
Losses, other than Excess Bankruptcy Losses, Excess Fraud Losses, Excess Special
Hazard Losses and  Extraordinary  Losses,  have been allocated,  but not by more
than the  amount  of  Realized  Losses  previously  allocated  to that  Class of
Certificates  pursuant to Section 4.05.  The amount of any remaining  Subsequent
Recoveries  will be  applied to  increase  from zero the  Certificate  Principal
Balance of the Class of Certificates with the next lower payment priority, up to
the amount of Realized Losses previously allocated to that Class of Certificates
pursuant to Section 4.05. Any remaining  Subsequent  Recoveries  will in turn be
applied to increase from zero the Certificate  Principal Balance of the Class of
Certificates  with the next lower payment  priority up to the amount of Realized
Losses  previously  allocated to that Class of Certificates  pursuant to Section
4.05,  and so on.  Holders  of such  Certificates  will not be  entitled  to any
payment  in  respect  of  Accrued  Certificate  Interest  on the  amount of such
increases for any Interest  Accrual Period preceding the Interest Accrual Period
that relates to the Distribution  Date on which such increase  occurs.  Any such
increases  shall  be  applied  to the  Certificate  Principal  Balance  of  each
Certificate of such Class in accordance with its respective Percentage Interest.

                                       34
<PAGE>

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

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

Section 4.03.  Statements to  Certificateholders;  Exchange Act Reporting.  (See
     Section 4.03 of the Standard Terms)

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

Section 4.05.  Allocation of Realized Losses.

        Prior to each Distribution Date, the Master Servicer shall determine the
total  amount  of  Realized  Losses,   if  any,  that  resulted  from  any  Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the  Monthly  Payment  due during the  related  Due  Period.  The amount of each
Realized  Loss shall be  evidenced  by an  Officers'  Certificate.  All Realized
Losses, other than Excess Special Hazard Losses,  Extraordinary  Losses,  Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows:  first,
to the Class B-3 Certificates,  until the Certificate  Principal Balance thereof
has been  reduced  to zero;  second,  to the  Class B-2  Certificates  until the
Certificate  Principal  Balance thereof has been reduced to zero;  third, to the
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

                                       35
<PAGE>

amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all Senior  Certificates  (other than the Class A-P Certificates) on a pro
rata basis,  as described  below.  The principal  portion of any Excess  Special
Hazard Losses,  Excess Bankruptcy Losses,  Excess Fraud Losses and Extraordinary
Losses  on  Discount   Mortgage  Loans  will  be  allocated  to  the  Class  A-P
Certificates  in an  amount  equal  to the  Discount  Fraction  thereof  and the
remainder of the principal  portion of such Realized Losses on Discount Mortgage
Loans and the entire amount of such  Realized  Losses on  Non-Discount  Mortgage
Loans will be allocated among the Senior  Certificates (other than the Class A-P
Certificates)  and Subordinate  Certificates,  on a pro rata basis, as described
below.  The  interest  portion  of any  Excess  Special  Hazard  Losses,  Excess
Bankruptcy  Losses,  Excess  Fraud  Losses  and  Extraordinary  Losses  will  be
allocated to all the Certificates on a pro rata basis.

        As used herein,  an  allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates,  on the  basis of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation shall be deemed to have occurred on such Distribution Date;  provided
that no such reduction shall reduce the aggregate  Certificate Principal Balance
of the Certificates below the aggregate Stated Principal Balance of the Mortgage
Loans.  Any allocation of the principal  portion of Realized  Losses (other than
Debt Service  Reductions) to the Subordinate  Certificates then outstanding with
the Lowest Priority shall be made by operation of the definition of "Certificate
Principal  Balance"  and by  operation  of the  provisions  of Section  4.02(a).
Allocations of the interest portions of Realized Losses (other than any interest
rate  reduction  resulting  from a  Servicing  Modification)  shall  be  made in
proportion to the amount of Accrued Certificate Interest and by operation of the
definition of "Accrued Certificate  Interest" and by operation of the provisions
of Section  4.02(a).  Allocations  of the  interest  portion of a Realized  Loss
resulting  from an  interest  rate  reduction  in  connection  with a  Servicing
Modification  shall be made by operation of the  provisions of Section  4.02(a).
Allocations of the principal portion of Debt Service Reductions shall be made by
operation of the  provisions  of Section  4.02(a).  All Realized  Losses and all
other losses  allocated to a Class of  Certificates  hereunder will be allocated
among the  Certificates of such Class in proportion to the Percentage  Interests
evidenced thereby; provided that if any Subclasses of the Class A-V Certificates
have been issued  pursuant to Section  5.01(c),  such Realized  Losses and other

                                       36
<PAGE>

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)

                                       37
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                       38
<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       39
<PAGE>

                                  ARTICLE VII
                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       40
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       41
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

Section  9.01...Optional  Purchase by the Master  Servicer of All  Certificates;
     Termination  Upon  Purchase by the Master  Servicer or  Liquidation  of All
     Mortgage Loans.

(a)     Subject to Section 9.02, the respective obligations and responsibilities
        of the Company,  the Master  Servicer and the Trustee  created hereby in
        respect of the Certificates (other than the obligation of the Trustee to
        make   certain   payments   after   the  Final   Distribution   Date  to
        Certificateholders  and the  obligation  of the Company to send  certain
        notices as hereinafter  set forth) shall  terminate upon the last action
        required  to be taken by the  Trustee  on the  Final  Distribution  Date
        pursuant to this Article IX following the earlier of:

(i)     the later of the final payment or other liquidation (or any Advance with
        respect  thereto) of the last Mortgage Loan  remaining in the Trust Fund
        or the disposition of all property  acquired upon foreclosure or deed in
        lieu of foreclosure of any Mortgage Loan, or

(ii) the purchase by the Master  Servicer of all Mortgage Loans and all property
     acquired in respect of any Mortgage  Loan  remaining in the Trust Fund at a
     price equal to 100% of the unpaid  principal  balance of each Mortgage Loan
     or, if less than such unpaid  principal  balance,  the fair market value of
     the related  underlying  property  of such  Mortgage  Loan with  respect to
     Mortgage  Loans as to which  title has been  acquired  if such fair  market
     value is less than such unpaid  principal  balance (net of any unreimbursed
     Advances  attributable  to principal) on the day of repurchase plus accrued
     interest thereon at the Net Mortgage Rate (or Modified Net Mortgage Rate in
     the case of any Modified  Mortgage Loan) to, but not  including,  the first
     day of the month in which such repurchase  price is distributed,  provided,
     however,  that in no event shall the trust created hereby  continue  beyond
     the  expiration  of 21 years  from the  death of the last  survivor  of the
     descendants of Joseph P. Kennedy,  the late ambassador of the United States
     to the Court of St. James,  living on the date hereof and provided  further
     that the purchase price set forth above shall be increased as is necessary,
     as  determined by the Master  Servicer,  to avoid  disqualification  of any
     portion of any REMIC formed  under the Series  Supplement  as a REMIC.  The
     purchase  price paid by the Master  Servicer shall also include any amounts
     owed by Residential  Funding pursuant to the last paragraph of Section 4 of
     the Assignment  Agreement in respect of any  liability,  penalty or expense
     that resulted from a breach of the representation and warranty set forth in
     clause  (k) of  such  Section,  that  remain  unpaid  on the  date  of such
     purchase.

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans.

                                       42
<PAGE>

        If such right is exercised by the Master  Servicer,  the Master Servicer
shall be deemed to have been reimbursed for the full amount of any  unreimbursed
Advances theretofore made by it with respect to the Mortgage Loans. In addition,
the Master Servicer shall provide to the Trustee the  certification  required by
Section 3.15 and the Trustee and any Custodian shall, promptly following payment
of the  purchase  price,  release  to the Master  Servicer  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

               In addition to the foregoing,  on any Distribution  Date on which
the Pool Stated Principal Balance, prior to giving effect to distributions to be
made on such  Distribution  Date,  is less than ten percent of the Cut-off  Date
Principal  Balance of the Mortgage  Loans,  the Master  Servicer  shall have the
right, at its option, to purchase the Certificates in whole, but not in part, at
a  price  equal  to  the  outstanding  Certificate  Principal  Balance  of  such
Certificates  plus  the sum of  Accrued  Certificate  Interest  thereon  for the
related  Interest Accrual Period and any previously  unpaid Accrued  Certificate
Interest.   If  the  Master  Servicer  exercises  this  right  to  purchase  the
outstanding  Certificates,  the Master  Servicer  will  promptly  terminate  the
respective  obligations  and  responsibilities  created hereby in respect of the
Certificates pursuant to this Article IX.

        (b) - (e). (See Section 9.01(b) - (e) of the Standard Terms)

Section 9.02.  Additional  Termination  Requirements.  (See  Section 9.02 of the
     Standard Terms)

Section 9.03.  Termination of Multiple REMICs. (See Section 9.03 of the Standard
     Terms)

                                       43
<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) as a REMIC ("REMIC I") and will
make an 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 A-1, Class A-2,  Class A-2A,  Class A-3, Class A-4, Class A-5,
Class A-P,  Class M-1,  Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3
Certificates and the Uncertificated  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).

                                       44
<PAGE>

        (b)The  amount  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   T,  (ii)
Uncertificated  REMIC I Regular Interest U, (iii) Uncertificated REMIC I Regular
Interest V, (iv)  Uncertificated  REMIC I Regular Interest W, (v) Uncertificated
REMIC I Regular  Interest X and (vi)  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.

        (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 Z pro-rata  according  to the  respective  amounts of
        Uncertificated   Accrued  Interest  that  would  have  accrued  on  such
        Uncertificated  REMIC II Regular  Interests Z for the Distribution  Date
        for  which  such  allocation  is  being  made  in the  absence  of  such
        allocation;

               (ii)  Realized  Losses  allocated  to the Class A-1  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest T;

               (iii) Realized Losses allocated to the Class A-2 Certificates and
        Class A-2A Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest U;

               (iv)  Realized  Losses  allocated  to the Class A-3  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest V;

               (v) Realized Losses  allocated to the Class A-4  Certificates and
        Class A-5  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest W;

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

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

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

                                       45
<PAGE>

        (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
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  Z  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.

                                       46
<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

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

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

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

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

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

---------------------------------- --------------------------------------------------------------
            RECIPIENT                                         ADDRESS
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
<S>                                <C>
Company                            8400 Normandale Lake Boulevard
                                   Suite 250, Minneapolis, Minnesota  55437,
                                   Attention: President
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Master Servicer                    2255 N. Ontario Street, Suite 400
                                   Burbank, California 91504-2130,
                                   Attention:  Managing Director/Master Servicing
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Trustee                            Corporate Trust Office
                                   1761 East St. Andrew Place
                                   Santa Ana, California 92705-4934,
                                   Attention:  Residential Accredit Loans, Inc. Series 2003-QS12

                                   The Trustee designates its offices located at
                                   c/o DTC Transfer  Services,  55 Water Street,
                                   Jeanette Street Park Entrance,  New York, New
                                   York 10041,  for the purposes of Section 8.12
                                   of the Standard Terms
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Moody's Investors Service, Inc.    99 Church Street, 4th Floor
                                   New York, New York 10004

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Fitch Ratings                      One State Street Plaza
                                   New York, New York 10004

---------------------------------- --------------------------------------------------------------
</TABLE>

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

                                       47
<PAGE>

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

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

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

Section 11.09. Allocation of Voting Rights.

               96.0%  of all of the  Voting  Rights  shall  be  allocated  among
Holders of Certificates,  other than the Interest Only  Certificates and Class R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their  respective  Certificates;  1.0% of all Voting  Rights  shall be allocated
among the  Holders  of the Class A-2A  Certificates,  in  accordance  with their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class A-5  Certificates,  in  accordance  with  their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class A-V  Certificates,  in  accordance  with  their
respective  Percentage  Interests;  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.

                                       48
<PAGE>

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

                                       RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

                                            By://s//Joseph Orning
                                               ---------------------------------
                                                 Name:   Joseph Orning
                                                 Title:  Vice President

Attest: //s//Benita Bjorgo__________
      Name:   Benita Bjorgo
      Title:  Vice President

                                       RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By: //s//Benita Bjorgo
                                               ---------------------------------
                                                 Name:  Benita Bjorgo
                                                 Title: Associate

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

                               DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]

                                            By://s//Ronaldo Reyes
                                               ---------------------------------
                                                 Name: Ronaldo Reyes
                                                 Title: Assistant Vice President

                                            By://s//Jeremy Conyers
                                               --------------------------------
                                                 Name: Jeremy Conyers
                                                 Title:  Associate

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

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On 27th day of June,  2003 before me, a notary  public in and for
said  State,  personally  appeared  Joseph  Orning,  known  to me  to be a  Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

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

[Notarial Seal]

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 27th day of June,  2003 before me, a notary  public in and
for  said  State,  personally  appeared  Benita  Bjorgo,  known  to  me to be an
Associate of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

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

[Notarial Seal]

<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 27th day of June,  2003 before me, a notary  public in and
for  said  State,  personally  appeared  Ronaldo  Reyes,  known  to  me to be an
Assistant Vice President of Deutsche Bank Trust Company  Americas,  the New York
banking corporation that executed the within instrument, and also known to me to
be the  person  who  executed  it on  behalf  of said  banking  corporation  and
acknowledged to me that such banking corporation executed the within instrument.

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

                                                   //s//Brent Hoyler

                                                   Notary Public

[Notarial Seal]

STATE OF CALIFORNIA               )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 27th day of June,  2003 before me, a notary  public in and
for  said  State,  personally  appeared  Jeremy  Conyers,  known  to me to be an
Associate  of  Deutsche  Bank  Trust  Company  Americas,  the New  York  banking
corporation that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

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

                                                          //s//Brent Hoyler

                                                          Notary Public

[Notarial Seal]

<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 06/23/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 10.55.37           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2003-QS12                                 CUTOFF : 06/01/03
  POOL       : 0004710
             :
             :
  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
  ------------------------------------------------------------------------

      8182979                              .2500
      129,551.11                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8237613                              .2500
      330,353.57                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8239043                              .2500
      222,234.54                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8240271                              .2500
       33,568.37                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8243645                              .2500
      430,615.41                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8257417                              .2500
      220,299.50                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700
1

      8271015                              .2500
      208,203.47                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8282519                              .2500
       78,328.68                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8287487                              .2500
      128,304.61                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8292675                              .2500
       63,906.20                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.0000                        1.0450

      8300665                              .2500
       44,159.54                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.0000                        1.5450

      8301001                              .2500
      168,816.40                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8303099                              .2500
       66,089.87                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8324887                              .2500
      127,236.16                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.0000                        1.1700
1

      8342091                              .2500
      128,988.97                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8353407                              .2500
      432,279.01                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8358774                              .2500
      135,611.81                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8360510                              .2500
      319,708.56                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8364724                              .2500
      234,200.51                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950

      8364728                              .2500
      132,517.81                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8365686                              .2500
      169,383.67                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8365858                              .2500
      116,601.96                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950
1

      8366154                              .2500
      188,619.24                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8366242                              .2500
      264,029.10                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8366718                              .2500
      209,285.57                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950

      8367400                              .2500
      111,589.66                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8367428                              .2500
      199,259.53                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8367450                              .2500
       68,254.26                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8367614                              .2500
      124,100.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8367880                              .2500
      230,361.78                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450
1

      8367892                              .2500
      121,145.06                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000

      8367982                              .2500
      117,069.50                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8368832                              .2500
       78,716.58                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8370848                              .2500
       87,500.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8371130                              .2500
      130,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8371158                              .2500
       32,500.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8371182                              .2500
      322,700.00                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8371190                              .2500
      642,500.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000
1

      8371912                              .2500
       80,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8371974                              .2500
      215,000.00                          .0300
            4.8750                         .0000
            4.6250                         .0000
            4.5950                         .0000
            4.5950                         .0000

      8372022                              .2500
      440,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8377499                              .2500
       49,335.75                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.0000                        1.1700

      8377549                              .2500
       76,884.65                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8432631                              .2500
       97,742.89                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8441427                              .2500
       35,086.05                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8443775                              .2500
       43,673.08                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200
1

      8461615                              .2500
       41,974.18                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.0000                        1.0450

      8465129                              .2500
      124,073.21                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8467059                              .2500
      152,846.92                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8467121                              .2500
      232,537.85                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8489255                              .2500
       68,634.67                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8491747                              .2500
      106,084.99                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8491749                              .2500
       40,764.10                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8491757                              .2500
      116,889.97                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200
1

      8491763                              .2500
       95,395.10                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8491771                              .2500
       36,960.54                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8491779                              .2500
      294,735.66                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8491785                              .2500
      130,982.15                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8491857                              .2500
       93,078.04                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8491865                              .2500
      104,532.90                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8491873                              .2500
      131,630.46                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8491879                              .2500
       98,134.94                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700
1

      8491885                              .2500
      219,118.60                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950

      8491895                              .2500
      251,351.59                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8492205                              .2500
      204,879.59                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950

      8492213                              .2500
       46,362.25                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8492217                              .2500
       51,294.40                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8492377                              .2500
      144,264.09                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950

      8492381                              .2500
      113,494.24                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8492411                              .2500
      228,716.93                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200
1

      8492437                              .2500
      103,073.92                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.0000                        1.4200

      8492439                              .2500
      525,513.73                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8507571                              .2500
      237,688.61                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.0000                        1.0450

      8522435                              .2500
       39,428.87                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8523137                              .2500
      184,051.24                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8523295                              .2500
      231,389.81                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8523317                              .2500
      319,062.93                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000

      8523417                              .2500
       36,384.83                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.0000                        1.1700
1

      8523547                              .2500
       87,386.85                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8523655                              .2500
       68,594.43                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.0000                        1.0450

      8523705                              .2500
      269,059.15                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8523765                              .2500
      118,702.57                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8523767                              .2500
      118,702.57                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8523787                              .2500
      159,259.27                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8524105                              .2500
       90,937.15                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8524141                              .2500
      174,773.68                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450
1

      8524147                              .2500
      174,773.68                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8524173                              .2500
      178,745.82                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8524183                              .2500
      174,773.68                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8524185                              .2500
       12,663.95                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8524459                              .2500
      458,689.55                          .0300
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            5.0000                         .9200

      8741039                              .2500
      294,500.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200
1

      8741135                              .2500
      430,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8741163                              .2500
       77,500.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8741507                              .2500
      118,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8741551                              .2500
       85,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8741575                              .2500
       90,250.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8741583                              .2500
      122,400.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8741629                              .2500
      145,200.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8741635                              .2500
       39,279.04                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000
1

      8741681                              .2500
      270,000.00                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000

      8741895                              .2500
      127,500.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8742745                              .2500
       71,250.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8742943                              .2500
       92,000.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8742993                              .2500
      120,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8743041                              .2500
       74,800.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8744265                              .2500
       82,400.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8745051                              .2500
      123,804.25                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700
1

      8745271                              .2500
      378,600.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8745865                              .2500
       96,200.00                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8745939                              .2500
      146,400.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8746159                              .2500
       62,400.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8746295                              .2500
      150,400.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8746465                              .2500
      145,600.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8746559                              .2500
       86,000.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8746579                              .2500
      131,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700
1

      8747503                              .2500
      208,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8747593                              .2500
      147,500.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8747915                              .2500
       70,000.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8748101                              .2500
      130,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8748543                              .2500
       85,500.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8748549                              .2500
      362,000.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8748689                              .2500
      224,000.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8749371                              .2500
      247,000.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000
1

      8749543                              .2500
      339,000.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8752189                              .2500
       95,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8753131                              .2500
       75,000.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8753349                              .2500
      116,800.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8756135                              .2500
      157,500.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

  TOTAL NUMBER OF LOANS:     1555
  TOTAL BALANCE........:        258,252,490.02

  RUN ON     : 06/23/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 10.55.37            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS12       FIXED SUMMARY REPORT      CUTOFF : 06/01/03
  POOL       : 0004710
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  --------------------------------------------------------------------------
  CURR NOTE RATE                        5.5332            4.7500      7.2500
  RFC NET RATE                          5.2832            4.5000      7.0000
  NET MTG RATE(INVSTR RATE)             5.2132            4.4700      6.9200
  POST STRIP RATE                       4.9697            4.4700      5.0000
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0700             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .2435             .0000      1.9200

  TOTAL NUMBER OF LOANS:  1555
  TOTAL BALANCE........:     258,252,490.02

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 06/23/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 10.55.37          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS12                                 CUTOFF : 06/01/03
  POOL       : 0004710
             :
             :
  POOL STATUS: F

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

    8182979          964/G02             F          133,600.00         ZZ
                                         180        129,551.11          1
                                       5.750          1,109.43         80
                                       5.500          1,109.43
    NORTH LAS VEGAS  NV   89031          2            10/02/02         00
    0434854717                           03           12/01/02          0
    268549                               O            11/01/17
    0

    8237613          286/286             F          348,000.00         ZZ
                                         180        330,353.57          1
                                       5.625          2,866.59         25
                                       5.375          2,866.59
    NEW ORLEANS      LA   70115          2            09/23/02         00
    1587622                              05           11/01/02          0
    1587622                              O            10/01/17
    0

    8239043          E22/G02             F          228,000.00         ZZ
                                         180        222,234.54          1
                                       5.625          1,878.11         74
                                       5.375          1,878.11
    RENO             NV   89509          2            11/17/02         00
    0415198621                           05           01/01/03          0
    0415198621                           O            12/01/17
    0

    8240271          W02/G02             F           34,300.00         ZZ
                                         180         33,568.37          1
                                       5.750            284.84         44
                                       5.500            284.84
    GREEN COVE SPRI  FL   32043          5            11/08/02         00
    0435129838                           05           01/01/03          0
1

    1001713197                           O            12/01/17
    0

    8243645          896/G01             F          440,000.00         ZZ
                                         180        430,615.41          1
                                       5.750          3,653.80         80
                                       5.500          3,653.80
    GAINESVILLE      GA   30506          5            11/11/02         00
    0435174297                           05           01/01/03          0
    29472                                O            12/01/17
    0

    8257417          H93/G02             F          225,000.00         ZZ
                                         180        220,299.50          1
                                       6.000          1,898.68         98
                                       5.750          1,898.68
    LEE'S SUMMIT     MO   64063          2            11/26/02         04
    0435067103                           05           01/01/03         35
    2002001816                           O            12/01/17
    0

    8271015          U05/G02             F          212,800.00         ZZ
                                         180        208,203.47          1
                                       5.750          1,767.11         70
                                       5.500          1,767.11
    LAKE WORTH       FL   33460          5            11/21/02         00
    0435047071                           05           01/01/03          0
    3278037                              O            12/01/17
    0

    8282519          E47/G02             F           80,000.00         ZZ
                                         180         78,328.68          1
                                       6.000            675.09         37
                                       5.750            675.09
    SAN ANTONIO      TX   78228          5            11/27/02         00
    0435872502                           05           01/01/03          0
    7329012623                           O            12/01/17
    0

    8287487          286/286             F          132,000.00         ZZ
                                         180        128,304.61          1
                                       6.000          1,113.90         80
                                       5.750          1,113.90
    SALT LAKE CITY   UT   84121          5            09/26/02         00
    1502005                              05           11/01/02          0
    1502005                              O            10/01/17
    0

1

    8292675          E22/G02             F           65,000.00         ZZ
                                         180         63,906.20          1
                                       6.375            561.76         60
                                       6.125            561.76
    NORTH BRUNSWICK  NJ   08902          5            12/16/02         00
    0415390681                           01           02/01/03          0
    0415390681                           N            01/01/18
    0

    8300665          K15/G02             F           44,900.00         ZZ
                                         180         44,159.54          1
                                       6.875            400.44         63
                                       6.625            400.44
    STANLEY          NC   28164          2            12/10/02         00
    0435122478                           27           02/01/03          0
    017305507023                         O            01/01/18
    0

    8301001          E22/G02             F          172,000.00         ZZ
                                         180        168,816.40          1
                                       6.000          1,451.43         72
                                       5.750          1,451.43
    MAGNOLIA         TX   77354          5            12/13/02         00
    0415364892                           03           02/01/03          0
    0415364892                           O            01/01/18
    0

    8303099          N74/G02             F           67,500.00         ZZ
                                         180         66,089.87          1
                                       6.000            569.60         90
                                       5.750            569.60
    HOPEWELL         VA   23860          5            12/13/02         10
    0435294798                           05           01/18/03         25
    5356025                              O            12/18/17
    0

    8324887          X31/G02             F          130,150.00         ZZ
                                         180        127,236.16          1
                                       6.500          1,133.75         95
                                       6.250          1,133.75
    BLOOMINGTON      CA   92316          1            12/10/02         01
    0435533229                           05           02/01/03         30
    40105312                             O            01/01/18
    0

    8342091          E84/G02             F          134,500.00         ZZ
                                         180        128,988.97          1
                                       5.625          1,107.92         39
                                       5.375          1,107.92
1

    ANNAPOLIS        MD   21401          2            12/05/02         00
    0435190905                           05           02/01/03          0
    65020103                             O            01/01/18
    0

    8353407          U05/G02             F          440,000.00         ZZ
                                         180        432,279.01          1
                                       5.875          3,683.32         78
                                       5.625          3,683.32
    DALY CITY        CA   94014          5            12/11/02         00
    0435842497                           05           02/01/03          0
    3278002                              O            01/01/18
    0

    8358774          E23/G02             F          137,000.00         ZZ
                                         180        135,611.81          1
                                       6.250          1,174.67         39
                                       6.000          1,174.67
    NEWARK           CA   94560          2            02/19/03         00
    0435767645                           01           04/01/03          0
    61009839                             N            03/01/18
    0

    8360510          E23/G02             F          322,000.00         ZZ
                                         180        319,708.56          1
                                       5.625          2,652.42         72
                                       5.375          2,652.42
    SAN DIEGO        CA   92129          5            03/21/03         00
    0435724505                           05           05/01/03          0
    11018428                             O            04/01/18
    0

    8364724          E23/G02             F          235,000.00         ZZ
                                         180        234,200.51          4
                                       6.125          1,998.97         47
                                       5.875          1,998.97
    SANTA ANA        CA   92704          5            04/15/03         00
    0435741954                           05           06/01/03          0
    51028591                             N            05/01/18
    0

    8364728          E23/G02             F          133,000.00         ZZ
                                         180        132,517.81          1
                                       5.375          1,077.92         77
                                       5.125          1,077.92
    LOS ANGELES      CA   90008          5            04/10/03         00
    0435744313                           05           06/01/03          0
    61010805                             O            05/01/18
    0
1

    8365686          W98/G02             F          170,000.00         ZZ
                                         180        169,383.67          1
                                       5.375          1,377.79         61
                                       5.125          1,377.79
    MANASSAS         VA   20110          5            04/17/03         00
    0435789334                           05           06/01/03          0
    WA030331                             O            05/01/18
    0

    8365858          E23/G02             F          117,000.00         ZZ
                                         180        116,601.96          3
                                       6.125            995.23         65
                                       5.875            995.23
    DESERT HOT SPRI  CA   92240          5            04/24/03         00
    0435765557                           05           06/01/03          0
    51027700                             N            05/01/18
    0

    8366154          X80/G02             F          190,000.00         ZZ
                                         180        188,619.24          1
                                       5.375          1,539.88         78
                                       5.125          1,539.88
    FRESNO           CA   93720          2            03/25/03         00
    0435785274                           05           05/01/03          0
    1410142515                           O            04/01/18
    0

    8366242          Q51/G02             F          265,000.00         ZZ
                                         180        264,029.10          1
                                       5.250          2,130.28         56
                                       5.000          2,130.28
    ROWLAND HEIGHTS  CA   91748          2            04/22/03         00
    0435811336                           05           06/01/03          0
    1063563                              O            05/01/18
    0

    8366718          E23/G02             F          210,000.00         ZZ
                                         180        209,285.57          4
                                       6.125          1,786.31         36
                                       5.875          1,786.31
    ORANGE           CA   92867          2            04/15/03         00
    0435872213                           05           06/01/03          0
    51028590                             N            05/01/18
    0

    8367400          W98/G02             F          112,000.00         ZZ
                                         180        111,589.66          1
1

                                       5.250            900.34         73
                                       5.000            900.34
    WINCHESTER       VA   22602          2            04/30/03         00
    0435861406                           05           06/01/03          0
    L0303029                             O            05/01/18
    0

    8367428          E23/G02             F          200,000.00         ZZ
                                         180        199,259.53          1
                                       5.125          1,594.64         52
                                       4.875          1,594.64
    WESTMINSTER      CA   92683          5            04/21/03         00
    0435895842                           05           06/01/03          0
    51028668                             O            05/01/18
    0

    8367450          E23/G02             F           68,500.00         ZZ
                                         180         68,254.26          1
                                       5.500            559.70         55
                                       5.250            559.70
    SACRAMENTO       CA   95815          2            04/25/03         00
    0435778139                           05           06/01/03          0
    64001262                             O            05/01/18
    0

    8367614          P90/G02             F          124,100.00         ZZ
                                         180        124,100.00          1
                                       6.000          1,047.23         82
                                       5.750          1,047.23
    CHOCTAW          OK   73020          5            05/09/03         10
    0435802145                           05           07/01/03          6
    959627                               O            06/01/18
    0

    8367880          W98/G02             F          231,200.00         ZZ
                                         180        230,361.78          1
                                       5.375          1,873.80         80
                                       5.125          1,873.80
    HAMILTON         VA   20158          5            04/30/03         00
    0435849286                           05           06/01/03          0
    L0303035                             O            05/01/18
    0

    8367892          W98/G02             F          121,600.00         ZZ
                                         180        121,145.06          1
                                       5.000            961.61         30
                                       4.750            961.61
    ALEXANDRIA       VA   22306          2            04/25/03         00
    0435865654                           05           06/01/03          0
1

    F0408136                             O            05/01/18
    0

    8367982          E23/G02             F          117,500.00         ZZ
                                         180        117,069.50          1
                                       5.250            944.56         65
                                       5.000            944.56
    GUSTINE          CA   95322          5            04/24/03         00
    0435803861                           05           06/01/03          0
    64001129                             O            05/01/18
    0

    8368832          E23/G02             F           79,000.00         ZZ
                                         180         78,716.58          1
                                       5.500            645.50         55
                                       5.250            645.50
    LAS VEGAS        NV   89129          2            04/24/03         00
    0435811419                           05           06/01/03          0
    41006579                             N            05/01/18
    0

    8370848          W98/G02             F           87,500.00         ZZ
                                         180         87,500.00          1
                                       5.375            709.16         80
                                       5.125            709.16
    PETERSBURG       VA   23805          2            05/08/03         00
    0435881693                           05           07/01/03          0
    RC030434                             O            06/01/18
    0

    8371130          E23/G02             F          130,000.00         ZZ
                                         180        130,000.00          1
                                       5.875          1,088.25         79
                                       5.625          1,088.25
    FONTANA AREA     CA   92336          5            05/07/03         00
    0435886908                           05           07/01/03          0
    51029306                             O            06/01/18
    0

    8371158          P90/G02             F           32,500.00         ZZ
                                         180         32,500.00          1
                                       6.000            274.25         67
                                       5.750            274.25
    KANSAS CITY      MO   64127          5            05/21/03         00
    0435900063                           05           07/01/03          0
    959685                               O            06/01/18
    0

1

    8371182          E23/G02             F          322,700.00         ZZ
                                         180        322,700.00          1
                                       5.125          2,572.95         52
                                       4.875          2,572.95
    FOUNTAIN VALLEY  CA   92708          2            05/07/03         00
    0435885074                           05           07/01/03          0
    51029842                             O            06/01/18
    0

    8371190          Q51/G02             F          642,500.00         ZZ
                                         180        642,500.00          1
                                       5.250          5,164.91         65
                                       5.000          5,164.91
    DIAMOND BAR      CA   91765          2            05/22/03         00
    0435911946                           03           07/01/03          0
    0711487                              O            06/01/18
    0

    8371912          W98/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       5.500            653.67         80
                                       5.250            653.67
    SNOW HILL        MD   21863          5            05/22/03         00
    0435910294                           05           07/01/03          0
    F0408159                             O            06/01/18
    0

    8371974          E23/G02             F          215,000.00         ZZ
                                         180        215,000.00          1
                                       4.875          1,686.24         54
                                       4.625          1,686.24
    RANCHO CUCAMONG  CA   91739          5            05/08/03         00
    0435896022                           05           07/01/03          0
    51028549                             O            06/01/18
    0

    8372022          168/168             F          440,000.00         ZZ
                                         180        440,000.00          1
                                       5.750          3,653.80         78
                                       5.500          3,653.80
    DAVIDSONVILLE    MD   21035          2            05/13/03         00
    0339339802                           03           07/01/03          0
    0339339802                           O            06/01/18
    0

    8377499          E22/G02             F           50,000.00         ZZ
                                         180         49,335.75          1
                                       6.500            435.55         67
                                       6.250            435.55
1

    RADCLIFF         KY   40160          2            01/15/03         00
    0415767862                           27           03/01/03          0
    0415767862                           O            02/01/18
    0

    8377549          E22/G02             F           78,000.00         ZZ
                                         180         76,884.65          1
                                       5.625            642.51         34
                                       5.375            642.51
    NEVADA CITY      CA   95959          2            01/06/03         00
    0415806918                           27           03/01/03          0
    0415806918                           O            02/01/18
    0

    8432631          E22/G02             F           98,800.00         ZZ
                                         180         97,742.89          1
                                       5.625            813.85         79
                                       5.375            813.85
    CARSON CITY      NV   89706          2            02/05/03         00
    0415935618                           27           04/01/03          0
    0415935618                           O            03/01/18
    0

    8441427          Q87/G02             F           36,000.00         ZZ
                                         120         35,086.05          1
                                       6.250            404.21         54
                                       6.000            404.21
    OZARK            MO   65721          2            02/04/03         00
    0435428065                           27           03/10/03          0
    FOGA02                               O            02/10/13
    0

    8443775          W02/G02             F           44,300.00         ZZ
                                         180         43,673.08          1
                                       5.750            367.88         67
                                       5.500            367.88
    LIVE OAK         FL   32064          2            01/27/03         00
    0435452107                           27           03/01/03          0
    1001954048                           O            02/01/18
    0

    8461615          N74/G02             F           42,400.00         ZZ
                                         180         41,974.18          1
                                       6.375            366.44         69
                                       6.125            366.44
    STAR CITY        AR   71667          2            02/14/03         00
    0435460548                           27           04/01/03          0
    0031726010                           O            03/01/18
    0
1

    8465129          E84/G02             F          126,000.00         ZZ
                                         180        124,073.21          1
                                       5.625          1,037.90         70
                                       5.375          1,037.90
    RIDGEFIELD       WA   98642          2            01/22/03         00
    0435428354                           27           03/01/03          0
    60205578                             O            02/01/18
    0

    8467059          E22/G02             F          154,500.00         ZZ
                                         180        152,846.92          1
                                       5.625          1,272.67         80
                                       5.375          1,272.67
    FRESNO           CA   93722          1            02/19/03         00
    0416084903                           05           04/01/03          0
    0416084903                           O            03/01/18
    0

    8467121          E22/G02             F          235,000.00         ZZ
                                         180        232,537.85          1
                                       5.875          1,967.23         24
                                       5.625          1,967.23
    LAFAYETTE        CA   94549          2            01/29/03         00
    0415731421                           05           04/01/03          0
    0415731421                           O            03/01/18
    0

    8489255          E47/G02             F           69,500.00         TX
                                         180         68,634.67          1
                                       5.875            581.80         61
                                       5.625            581.80
    SAN ANTONIO      TX   78223          5            02/20/03         00
    0435771449                           05           04/01/03          0
    7329013160                           O            03/01/18
    0

    8491747          286/286             F          108,000.00         ZZ
                                         180        106,084.99          1
                                       5.750            896.85         75
                                       5.500            896.85
    NEWPORT NEWS     VA   23607          2            12/19/02         00
    1741230                              05           02/01/03          0
    1741230                              N            01/01/18
    0

    8491749          286/286             F           41,500.00         ZZ
                                         180         40,764.10          1
1

                                       5.750            344.63         57
                                       5.500            344.63
    HAMPTON          VA   23669          2            12/20/02         00
    1741292                              05           02/01/03          0
    1741292                              N            01/01/18
    0

    8491757          286/286             F          119,000.00         ZZ
                                         180        116,889.97          1
                                       5.750            988.19         78
                                       5.500            988.19
    SEAFORD          VA   23696          2            12/19/02         00
    1750540                              05           02/01/03          0
    1750540                              N            01/01/18
    0

    8491763          286/286             F           96,750.00         ZZ
                                         180         95,395.10          2
                                       5.875            809.92         90
                                       5.625            809.92
    VA BEACH         VA   23454          1            01/07/03         12
    1751407                              05           03/01/03         12
    1751407                              N            02/01/18
    0

    8491771          286/286             F           37,600.00         ZZ
                                         180         36,960.54          1
                                       6.250            322.40         80
                                       6.000            322.40
    TOLONO           IL   61880          1            12/27/02         00
    1856601                              05           02/01/03          0
    1856601                              N            01/01/18
    0

    8491779          286/286             F          300,000.00         ZZ
                                         180        294,735.66          1
                                       5.875          2,511.36         50
                                       5.625          2,511.36
    TUSTIN RANCH     CA   92782          5            01/02/03         00
    1611078                              05           02/01/03          0
    1611078                              O            01/01/18
    0

    8491785          286/286             F          134,150.00         ZZ
                                         180        130,982.15          1
                                       5.875          1,123.00         68
                                       5.625          1,123.00
    MIAMI            FL   33125          2            12/19/02         00
    1828727                              05           02/01/03          0
1

    1828727                              O            01/01/18
    0

    8491857          286/286             F           94,400.00         ZZ
                                         180         93,078.04          1
                                       5.875            790.24         80
                                       5.625            790.24
    WADSWORTH        OH   44281          1            01/03/03         00
    1820264                              05           03/01/03          0
    1820264                              O            02/01/18
    0

    8491865          286/286             F          106,400.00         ZZ
                                         180        104,532.90          1
                                       5.875            890.70         80
                                       5.625            890.70
    MIAMI            FL   33032          1            12/31/02         00
    1865617                              05           02/01/03          0
    1865617                              O            01/01/18
    0

    8491873          286/286             F          133,500.00         ZZ
                                         180        131,630.46          1
                                       5.875          1,117.56         75
                                       5.625          1,117.56
    LANHAM           MD   20706          1            01/08/03         00
    1846866                              05           03/01/03          0
    1846866                              N            02/01/18
    0

    8491879          286/286             F          100,000.00         ZZ
                                         180         98,134.94          2
                                       6.000            843.86         29
                                       5.750            843.86
    DALLAS           TX   75205          1            12/16/02         00
    1865317                              05           02/01/03          0
    1865317                              N            01/01/18
    0

    8491885          286/286             F          222,950.00         ZZ
                                         180        219,118.60          2
                                       6.125          1,896.47         65
                                       5.875          1,896.47
    NEW BRUNSWICK    NJ   08901          5            12/13/02         00
    1646341                              05           02/01/03          0
    1646341                              N            01/01/18
    0

1

    8491895          286/286             F          255,700.00         ZZ
                                         180        251,351.59          4
                                       6.250          2,192.44         64
                                       6.000          2,192.44
    NEW BRUNSWICK    NJ   08901          5            12/27/02         00
    1747675                              05           02/01/03          0
    1747675                              N            01/01/18
    0

    8492205          286/286             F          208,000.00         ZZ
                                         180        204,879.59          1
                                       6.125          1,769.30         80
                                       5.875          1,769.30
    TAVERNIER        FL   33070          5            01/03/03         00
    1903919                              05           03/01/03          0
    1903919                              O            02/01/18
    0

    8492213          286/286             F           47,000.00         ZZ
                                         180         46,362.25          1
                                       6.250            402.99         56
                                       6.000            402.99
    JOLIET           IL   60436          2            01/06/03         00
    1836783                              05           03/01/03          0
    1836783                              N            02/01/18
    0

    8492217          286/286             F           52,000.00         ZZ
                                         180         51,294.40          1
                                       6.250            445.86         62
                                       6.000            445.86
    JOLIET           IL   60436          2            01/06/03         00
    1849895                              05           03/01/03          0
    1849895                              N            02/01/18
    0

    8492377          286/286             F          147,375.00         ZZ
                                         180        144,264.09          4
                                       6.125          1,253.61         90
                                       5.875          1,253.61
    IDAHO FALLS      ID   83402          1            11/07/02         11
    1679882                              05           01/01/03         20
    1679882                              O            12/01/17
    0

    8492381          286/286             F          115,500.00         ZZ
                                         180        113,494.24          3
                                       6.000            974.66         79
                                       5.750            974.66
1

    CORPUS CHRISTI   TX   78413          2            12/30/02         00
    1867686                              05           02/01/03          0
    1867686                              N            01/01/18
    0

    8492411          286/286             F          232,000.00         ZZ
                                         180        228,716.93          1
                                       5.750          1,926.56         47
                                       5.500          1,926.56
    GRANT            FL   32949          5            01/03/03         00
    1878525                              05           03/01/03          0
    1878525                              O            02/01/18
    0

    8492437          286/286             F          104,850.00         ZZ
                                         180        103,073.92          4
                                       6.750            927.83         90
                                       6.500            927.83
    DODGE CITY       KS   67801          1            12/17/02         11
    1836775                              05           02/01/03         12
    1836775                              N            01/01/18
    0

    8492439          286/286             F          535,000.00         ZZ
                                         180        525,513.73          1
                                       5.750          4,442.70         70
                                       5.500          4,442.70
    REDDING          CT   06896          1            01/02/03         00
    1912271                              05           02/01/03          0
    1912271                              O            01/01/18
    0

    8507571          477/G02             F          240,100.00         ZZ
                                         180        237,688.61          2
                                       6.375          2,075.07         70
                                       6.125          2,075.07
    LONG BEACH       CA   90806          5            02/07/03         00
    0435747456                           05           04/01/03          0
    235790                               O            03/01/18
    0

    8522435          E22/G02             F           39,950.00         ZZ
                                         180         39,428.87          1
                                       5.750            331.75         85
                                       5.500            331.75
    HALFWAY          MO   65663          1            03/12/03         01
    0416147502                           27           05/01/03          6
    0416147502                           O            04/01/18
    0
1

    8523137          964/G02             F          186,000.00         ZZ
                                         180        184,051.24          1
                                       5.875          1,557.04         40
                                       5.625          1,557.04
    CAMPBELL         CA   95008          2            01/31/03         00
    0435516620                           09           04/01/03          0
    321967                               O            03/01/18
    0

    8523295          964/G02             F          234,000.00         ZZ
                                         180        231,389.81          1
                                       5.125          1,865.73         60
                                       4.875          1,865.73
    ROSEVILLE        CA   95661          5            02/13/03         00
    0435499017                           05           04/01/03          0
    302321                               O            03/01/18
    0

    8523317          964/G02             F          322,700.00         ZZ
                                         180        319,062.93          1
                                       5.000          2,551.90         38
                                       4.750          2,551.90
    ORLANDO          FL   32832          2            02/21/03         00
    0435502554                           05           04/01/03          0
    287082                               O            03/01/18
    0

    8523417          Q57/G02             F           36,750.00         ZZ
                                         180         36,384.83          1
                                       6.500            320.13         75
                                       6.250            320.13
    BAKERSFIELD      CA   93004          1            02/28/03         00
    0435493218                           01           04/01/03          0
    21000188                             N            03/01/18
    0

    8523547          E76/G02             F           88,000.00         ZZ
                                         180         87,386.85          1
                                       5.875            736.66         80
                                       5.625            736.66
    OKLAHOMA CITY    OK   73120          5            03/07/03         00
    0435544903                           05           05/01/03          0
    10021659                             O            04/01/18
    0

    8523655          P59/G02             F           69,300.00         ZZ
                                         180         68,594.43          2
1

                                       6.375            598.93         90
                                       6.125            598.93
    BAKERSFIELD      CA   93308          1            02/11/03         01
    0435588165                           05           04/01/03         25
    AT005273                             N            03/01/18
    0

    8523705          964/G02             F          272,000.00         ZZ
                                         180        269,059.15          1
                                       5.500          2,222.47         29
                                       5.250          2,222.47
    SAN LUIS OBISPO  CA   93401          2            02/12/03         00
    0435497250                           05           04/01/03          0
    317958                               O            03/01/18
    0

    8523765          964/G02             F          120,000.00         ZZ
                                         180        118,702.57          3
                                       5.500            980.50         80
                                       5.250            980.50
    PORTERVILLE      CA   93257          1            02/18/03         00
    0435500822                           05           04/01/03          0
    293710                               N            03/01/18
    0

    8523767          964/G02             F          120,000.00         ZZ
                                         180        118,702.57          2
                                       5.500            980.50         80
                                       5.250            980.50
    PORTERVILLE      CA   93257          1            02/18/03         00
    0435495155                           05           04/01/03          0
    293732                               N            03/01/18
    0

    8523787          964/G02             F          161,000.00         ZZ
                                         180        159,259.27          1
                                       5.500          1,315.51         69
                                       5.250          1,315.51
    RIVERSIDE (AREA  CA   92509          2            02/13/03         00
    0435510045                           05           04/01/03          0
    343827                               O            03/01/18
    0

    8524105          W68/G02             F           91,900.00         ZZ
                                         180         90,937.15          1
                                       5.875            769.31         65
                                       5.625            769.31
    ROCKWALL         TX   75032          1            02/12/03         00
    0435683743                           05           04/01/03          0
1

    35686                                O            03/01/18
    0

    8524141          420/G02             F          176,000.00         ZZ
                                         180        174,773.68          1
                                       5.875          1,473.33         80
                                       5.625          1,473.33
    FAIRFIELD        CA   94533          5            03/03/03         00
    0435542576                           05           05/01/03          0
    83000035                             N            04/01/18
    0

    8524147          420/G02             F          176,000.00         ZZ
                                         180        174,773.68          1
                                       5.875          1,473.33         80
                                       5.625          1,473.33
    FAIRFIELD        CA   94533          5            03/03/03         00
    0435542881                           05           05/01/03          0
    83000033                             N            04/01/18
    0

    8524173          420/G02             F          180,000.00         ZZ
                                         180        178,745.82          1
                                       5.875          1,506.81         80
                                       5.625          1,506.81
    FAIRFIELD        CA   94533          5            03/03/03         00
    0435543236                           05           05/01/03          0
    83000034                             N            04/01/18
    0

    8524183          420/G02             F          176,000.00         ZZ
                                         180        174,773.68          1
                                       5.875          1,473.33         80
                                       5.625          1,473.33
    FAIRFIELD        CA   94533          5            03/03/03         00
    0435543582                           05           05/01/03          0
    83000036                             N            04/01/18
    0

    8524185          U42/G02             F           12,750.00         ZZ
                                         180         12,663.95          1
                                       6.250            109.32         68
                                       6.000            109.32
    TYLER            TX   75702          1            03/07/03         00
    0435534045                           05           05/01/03          0
    15300384                             N            04/01/18
    0

1

    8524459          N67/G02             F          464,000.00         ZZ
                                         180        458,689.55          1
                                       5.250          3,729.99         80
                                       5.000          3,729.99
    RENO             NV   89511          1            02/13/03         00
    0435515754                           03           04/01/03          0
    1260005807                           O            03/01/18
    0

    8524479          N67/G02             F          342,500.00         ZZ
                                         180        338,541.84          1
                                       5.125          2,730.82         19
                                       4.875          2,730.82
    PARADISE VALLEY  AZ   85253          2            02/21/03         00
    0435515879                           05           04/01/03          0
    1760004047                           O            03/01/18
    0

    8524641          N67/G02             F          102,000.00         ZZ
                                         180         98,879.68          1
                                       5.500            833.43         54
                                       5.250            833.43
    GLENDALE         AZ   85302          2            02/14/02         00
    0435517255                           05           04/01/03          0
    1781005222                           O            03/01/18
    0

    8524735          N67/G02             F          101,350.00         ZZ
                                         180        100,335.62          1
                                       7.250            925.19         80
                                       7.000            925.19
    PHOENIX          AZ   85043          1            02/27/03         00
    0435517818                           03           04/01/03          0
    1781005392                           O            03/01/18
    0

    8525269          U85/G02             F          129,500.00         ZZ
                                         180        127,822.56          1
                                       5.375          1,049.55         87
                                       5.125          1,049.55
    CUDAHY           WI   53110          2            02/27/03         10
    0435496252                           05           04/01/03         12
    100138                               O            03/01/18
    0

    8525467          W35/G02             F           64,000.00         ZZ
                                         180         63,539.73          1
                                       5.500            522.94         79
                                       5.250            522.94
1

    ALBANY           IN   47320          2            03/05/03         00
    0435494661                           05           05/01/03          0
    17744                                O            04/01/18
    0

    8525639          601/G02             F          184,000.00         ZZ
                                         180        181,924.17          1
                                       5.750          1,527.96         80
                                       5.500          1,527.96
    MARSHALLTOWN     IA   50158          5            02/24/03         00
    0435495791                           05           04/01/03          0
    62526884                             O            03/01/18
    0

    8526171          601/G02             F          132,600.00         ZZ
                                         180        131,102.92          1
                                       5.625          1,092.27         72
                                       5.375          1,092.27
    TAMPA            FL   33618          5            02/19/03         00
    0435498787                           05           04/01/03          0
    62448683                             O            03/01/18
    0

    8526381          E82/G02             F           43,400.00         ZZ
                                         180         43,094.39          1
                                       5.750            360.40         66
                                       5.500            360.40
    BAY CITY         MI   48706          2            03/11/03         00
    0400789616                           05           05/01/03          0
    0400789616                           O            04/01/18
    0

    8526393          E82/G02             F           90,400.00         ZZ
                                         180         89,756.70          1
                                       5.625            744.65         78
                                       5.375            744.65
    FREDERICKSBURG   VA   22407          2            03/12/03         00
    0400794947                           05           05/01/03          0
    0400794947                           O            04/01/18
    0

    8526397          E82/G02             F           71,200.00         ZZ
                                         180         70,698.64          1
                                       5.750            591.25         66
                                       5.500            591.25
    ROELAND PARK     KS   66205          2            03/13/03         00
    0400798526                           05           05/01/03          0
    0400798526                           N            04/01/18
    0
1

    8526399          E82/G02             F           72,800.00         ZZ
                                         180         72,287.36          1
                                       5.750            604.54         62
                                       5.500            604.54
    FAIRWAY          KS   66205          2            03/13/03         00
    0400798567                           05           05/01/03          0
    0400798567                           N            04/01/18
    0

    8526765          E22/G02             F          105,000.00         ZZ
                                         180        103,462.11          1
                                       5.875            878.97         39
                                       5.625            878.97
    SUGAR LAND       TX   77479          5            03/06/03         00
    0416007615                           03           05/01/03          0
    0416007615                           N            04/01/18
    0

    8526797          E22/G02             F          260,000.00         ZZ
                                         180        256,877.34          1
                                       5.500          2,124.42         48
                                       5.250          2,124.42
    SAN FRANCISCO    CA   94134          5            02/27/03         00
    0416236081                           07           05/01/03          0
    0416236081                           O            04/01/18
    0

    8528223          E84/G02             F          122,400.00         ZZ
                                         180        120,739.12          1
                                       6.250          1,049.49         59
                                       6.000          1,049.49
    PORTLAND         OR   97212          2            01/30/03         00
    0435547187                           05           03/01/03          0
    60904090                             N            02/01/18
    0

    8528265          U05/G02             F          150,000.00         TX
                                         180        148,411.81          1
                                       5.750          1,245.62         58
                                       5.500          1,245.62
    DALLAS           TX   75229          5            02/20/03         00
    0435607098                           05           04/01/03          0
    3316472                              O            03/01/18
    0

    8528279          N74/G02             F          130,635.00         ZZ
                                         180        129,081.66          1
1

                                       5.375          1,058.75         88
                                       5.125          1,058.75
    GREENSBORO       NC   27410          5            03/10/03         10
    0435497185                           05           04/14/03         25
    0031938010                           O            03/14/18
    0

    8528337          940/G02             F           89,000.00         ZZ
                                         180         87,933.60          1
                                       5.875            745.04         57
                                       5.625            745.04
    HIGHLAND         CA   92346          5            02/24/03         00
    0435533823                           05           04/01/03          0
    22030009                             O            03/01/18
    0

    8528531          E82/G02             F           39,900.00         ZZ
                                         180         39,621.98          1
                                       5.875            334.01         67
                                       5.625            334.01
    PHOENIX          AZ   85012          2            02/25/03         00
    0400789434                           08           05/01/03          0
    0400789434                           O            04/01/18
    0

    8528731          477/G02             F          246,000.00         ZZ
                                         180        244,212.28          1
                                       5.375          1,993.74         88
                                       5.125          1,993.74
    GOLD CANYON      AZ   85219          2            03/03/03         11
    0435541669                           05           05/01/03         20
    238907                               O            04/01/18
    0

    8528743          W68/G02             F           54,100.00         ZZ
                                         180         53,464.10          1
                                       5.750            449.25         68
                                       5.500            449.25
    MEMPHIS          TN   38118          2            02/19/03         00
    0435542923                           05           04/01/03          0
    3021016                              O            03/01/18
    0

    8528897          967/G02             F           43,800.00         T
                                         180         43,467.25          1
                                       6.500            381.55         44
                                       6.250            381.55
    COUGAR           WA   98616          2            02/28/03         00
    0435534292                           27           05/01/03          0
1

    5993910                              O            04/01/18
    0

    8529355          A50/G02             F          156,950.00         ZZ
                                         180        154,939.27          1
                                       6.250          1,345.73         79
                                       6.000          1,345.73
    GUNTERSVILLE     AL   35976          2            02/24/03         00
    0435502166                           05           04/01/03          0
    1009927                              O            03/01/18
    0

    8529671          U87/G02             F          287,600.00         ZZ
                                         180        285,443.54          1
                                       5.000          2,274.32         42
                                       4.750          2,274.32
    SAN BRUNO        CA   94066          2            03/11/03         00
    0435547054                           05           05/01/03          0
    1951                                 O            04/01/18
    0

    8529777          Q87/G02             F           80,000.00         ZZ
                                         180         79,196.54          1
                                       6.375            691.40         73
                                       6.125            691.40
    PENSACOLA        FL   32506          5            02/20/03         00
    0435544820                           05           04/01/03          0
    PHSC01                               O            03/01/18
    0

    8530061          E22/G02             F          120,000.00         ZZ
                                         180        119,127.93          1
                                       5.375            972.56         76
                                       5.125            972.56
    TACOMA           WA   98445          1            03/10/03         00
    0416330678                           03           05/01/03          0
    0416330678                           O            04/01/18
    0

    8530085          E22/G02             F          139,500.00         ZZ
                                         180        138,496.80          1
                                       5.500          1,139.83         90
                                       5.250          1,139.83
    HAMBURG          NJ   07419          5            03/10/03         01
    0416352375                           05           05/01/03         25
    0416352375                           O            04/01/18
    0

1

    8530091          E22/G02             F           57,950.00         ZZ
                                         180         57,484.02          1
                                       5.375            469.66         95
                                       5.125            469.66
    PENSACOLA        FL   32526          5            03/10/03         01
    0416368397                           05           05/01/03         30
    0416368397                           O            04/01/18
    0

    8530101          E22/G02             F           84,150.00         ZZ
                                         180         83,569.83          1
                                       6.000            710.11         90
                                       5.750            710.11
    HORN LAKE        MS   38637          2            03/10/03         04
    0416380913                           05           05/01/03         12
    0416380913                           O            04/01/18
    0

    8530217          E22/G02             F          280,000.00         ZZ
                                         180        278,028.32          1
                                       5.750          2,325.15         80
                                       5.500          2,325.15
    PORTLAND         OR   97229          5            03/07/03         00
    0416418713                           03           05/01/03          0
    0416418713                           O            04/01/18
    0

    8530229          E22/G02             F           96,500.00         ZZ
                                         180         95,820.47          1
                                       5.750            801.35         51
                                       5.500            801.35
    EVERETT          WA   98208          2            03/11/03         00
    0415085828                           05           05/01/03          0
    0415085828                           N            04/01/18
    0

    8530261          E22/G02             F           65,000.00         ZZ
                                         180         64,532.57          1
                                       5.500            531.10         61
                                       5.250            531.10
    AUSTIN           TX   78758          5            03/10/03         00
    0416003135                           05           05/01/03          0
    0416003135                           O            04/01/18
    0

    8530293          E22/G02             F          248,000.00         ZZ
                                         180        245,652.21          1
                                       5.750          2,059.42         41
                                       5.500          2,059.42
1

    ORANGE           CA   92869          5            03/05/03         00
    0416036192                           05           05/01/03          0
    0416036192                           O            04/01/18
    0

    8530355          E22/G02             F           64,900.00         ZZ
                                         180         64,442.99          1
                                       5.750            538.94         78
                                       5.500            538.94
    ALBUQUERQUE      NM   87108          2            03/10/03         00
    0416148666                           05           05/01/03          0
    0416148666                           O            04/01/18
    0

    8530375          E22/G02             F          108,000.00         ZZ
                                         180        107,223.32          1
                                       5.500            882.45         75
                                       5.250            882.45
    CHARLESTON       SC   29412          2            03/10/03         00
    0416177848                           05           05/01/03          0
    0416177848                           O            04/01/18
    0

    8530379          E22/G02             F          167,200.00         T
                                         180        166,022.62          1
                                       5.750          1,388.45         80
                                       5.500          1,388.45
    BIG SKY          MT   59716          1            03/13/03         00
    0416185288                           01           05/01/03          0
    0416185288                           O            04/01/18
    0

    8530383          E22/G02             F           19,500.00         ZZ
                                         120         19,264.61          1
                                       6.250            218.95         75
                                       6.000            218.95
    CLEBURNE         TX   76031          2            03/14/03         00
    0416191997                           05           05/01/03          0
    0416191997                           N            04/01/13
    0

    8530393          E82/G02             F           59,400.00         ZZ
                                         180         58,958.11          1
                                       5.500            485.35         73
                                       5.250            485.35
    CONNELLYS SPRIN  NC   28612          2            03/13/03         00
    0400802898                           05           05/01/03          0
    0400802898                           O            04/01/18
    0
1

    8530395          E22/G02             F          122,400.00         ZZ
                                         120        120,882.21          1
                                       5.750          1,343.58         83
                                       5.500          1,343.58
    OMAHA            NE   68134          5            03/10/03         04
    0416199602                           05           05/01/03          6
    0416199602                           O            04/01/13
    0

    8530697          E84/G02             F           44,000.00         ZZ
                                         120         43,190.50          1
                                       6.000            488.49         39
                                       5.750            488.49
    FOUNTAIN INN     SC   29644          2            02/21/03         00
    0435574819                           27           04/01/03          0
    93000723                             O            03/01/13
    0

    8539525          E22/G02             F          295,000.00         ZZ
                                         180        292,847.00          1
                                       5.375          2,390.87         74
                                       5.125          2,390.87
    FREMONT          CA   94536          5            02/23/03         00
    0416109213                           05           05/01/03          0
    0416109213                           O            04/01/18
    0

    8539549          E22/G02             F          195,000.00         ZZ
                                         180        193,518.37          1
                                       5.500          1,593.31         39
                                       5.250          1,593.31
    ARLINGTON        VA   22207          5            03/12/03         00
    0415917152                           05           05/01/03          0
    0415917152                           O            04/01/18
    0

    8539553          E22/G02             F          246,400.00         ZZ
                                         180        244,683.15          1
                                       5.875          2,062.66         80
                                       5.625          2,062.66
    SOUTH BERWICK    ME   03908          5            03/13/03         00
    0416157329                           05           05/01/03          0
    0416157329                           O            04/01/18
    0

    8539561          E22/G02             F          200,000.00         ZZ
                                         180        198,664.46          1
1

                                       6.375          1,728.50         80
                                       6.125          1,728.50
    SAN ANTONIO      TX   78255          5            03/11/03         00
    0416184711                           03           05/01/03          0
    0416184711                           O            04/01/18
    0

    8539573          E22/G02             F          180,500.00         ZZ
                                         180        179,201.93          1
                                       5.500          1,474.84         95
                                       5.250          1,474.84
    ALBUQUERQUE      NM   87109          2            03/13/03         01
    0416196897                           05           05/01/03         25
    0416196897                           O            04/01/18
    0

    8539581          E22/G02             F          140,000.00         ZZ
                                         180        139,014.17          1
                                       5.750          1,162.57         52
                                       5.500          1,162.57
    WILDOMAR         CA   92595          5            03/12/03         00
    0416205227                           05           05/01/03          0
    0416205227                           O            04/01/18
    0

    8539589          E22/G02             F           70,000.00         ZZ
                                         120         69,143.58          1
                                       6.000            777.14         43
                                       5.750            777.14
    HOUSTON          TX   77064          5            03/13/03         00
    0416214757                           03           05/01/03          0
    0416214757                           O            04/01/13
    0

    8539623          E22/G02             F           89,500.00         ZZ
                                         180         88,846.24          1
                                       5.500            731.29         60
                                       5.250            731.29
    NEWBURG          MD   20664          5            03/13/03         00
    0416262681                           05           05/01/03          0
    0416262681                           O            04/01/18
    0

    8539633          E22/G02             F          155,000.00         ZZ
                                         120        153,039.02          1
                                       5.375          1,672.57         52
                                       5.125          1,672.57
    CANYON LAKE      TX   78133          5            03/12/03         00
    0416276087                           03           05/01/03          0
1

    0416276087                           O            04/01/13
    0

    8539659          E22/G02             F          322,700.00         ZZ
                                         180        320,305.40          1
                                       5.125          2,572.95         70
                                       4.875          2,572.95
    CLE ELUM         WA   98922          5            03/11/03         00
    0416299642                           05           05/01/03          0
    0416299642                           O            04/01/18
    0

    8539661          E22/G02             F          309,500.00         ZZ
                                         180        307,297.51          1
                                       5.625          2,549.45         72
                                       5.375          2,549.45
    LOUISVILLE       KY   40222          2            03/13/03         00
    0416299923                           05           05/01/03          0
    0416299923                           O            04/01/18
    0

    8539711          E22/G02             F          133,800.00         ZZ
                                         180        132,847.85          1
                                       5.625          1,102.15         73
                                       5.375          1,102.15
    STERLING HEIGHT  MI   48312          2            03/13/03         00
    0416320414                           05           05/01/03          0
    0416320414                           O            04/01/18
    0

    8539777          E22/G02             F          225,000.00         ZZ
                                         180        223,370.36          1
                                       5.500          1,838.44         41
                                       5.250          1,838.44
    SAN FRANCISCO    CA   94116          2            03/11/03         00
    0416388353                           07           05/01/03          0
    0416388353                           O            04/01/18
    0

    8539783          E22/G02             F           85,000.00         ZZ
                                         180         84,420.17          1
                                       6.125            723.03         95
                                       5.875            723.03
    ELKHART          IN   46517          5            03/13/03         04
    0416400422                           05           05/01/03         25
    0416400422                           O            04/01/18
    0

1

    8539787          E22/G02             F          217,200.00         ZZ
                                         180        215,654.34          2
                                       5.625          1,789.15         60
                                       5.375          1,789.15
    CHICAGO          IL   60625          5            03/13/03         00
    0416405330                           05           05/01/03          0
    0416405330                           O            04/01/18
    0

    8540177          W02/G02             F          106,400.00         ZZ
                                         180        105,591.95          1
                                       5.750            883.56         95
                                       5.500            883.56
    LEHIGH ACRES     FL   33936          5            03/08/03         11
    0435576319                           05           05/01/03         25
    1002080157                           O            04/01/18
    0

    8541023          642/G02             F           56,400.00         ZZ
                                         180         55,949.48          1
                                       5.375            457.10         66
                                       5.125            457.10
    CANON CITY       CO   81212          2            03/12/03         00
    0435556501                           05           05/01/03          0
    02-1377-03                           O            04/01/18
    0

    8541051          642/G02             F           86,000.00         ZZ
                                         180         85,091.59          1
                                       5.750            714.15         72
                                       5.500            714.15
    ANDERSON         IN   46011          5            03/14/03         00
    0435556097                           05           05/01/03          0
    02-1997-03                           O            04/01/18
    0

    8541215          A06/G02             F          217,600.00         ZZ
                                         180        216,035.13          1
                                       5.500          1,777.98         79
                                       5.250          1,777.98
    YPSILANTI        MI   48197          5            03/07/03         00
    0435558598                           05           05/01/03          0
    1000020302883                        O            04/01/18
    0

    8541267          G34/G02             F          106,000.00         TX
                                         180        105,261.41          1
                                       5.875            887.35         76
                                       5.625            887.35
1

    AMARILLO         TX   79124          5            03/11/03         00
    0435572151                           05           05/01/03          0
    85213796                             O            04/01/18
    0

    8541417          X07/G02             F          230,000.00         ZZ
                                         180        228,328.54          1
                                       5.375          1,864.07         34
                                       5.125          1,864.07
    KEWASKUM         WI   53040          2            03/13/03         00
    0435542113                           05           05/01/03          0
    6910000919                           O            04/01/18
    0

    8541429          S43/G02             F           53,600.00         ZZ
                                         180         52,700.20          1
                                       6.000            452.31         80
                                       5.750            452.31
    RIO RANCHO       NM   87124          2            03/14/03         00
    0435555404                           05           05/01/03          0
    020752                               N            04/01/18
    0

    8541453          X44/G02             F          251,000.00         ZZ
                                         120        247,866.64          1
                                       5.625          2,739.58         80
                                       5.375          2,739.58
    SEAFORD          DE   19973          2            03/14/03         00
    0435638648                           05           05/01/03          0
    0688292                              O            04/01/13
    0

    8541651          940/G02             F          131,000.00         ZZ
                                         180        130,077.53          1
                                       5.750          1,087.84         64
                                       5.500          1,087.84
    LA PUENTE AREA   CA   91744          5            03/12/03         00
    0435553383                           05           05/01/03          0
    40030288                             O            04/01/18
    0

    8541691          E47/G02             F          157,500.00         ZZ
                                         180        156,390.93          1
                                       5.750          1,307.90         71
                                       5.500          1,307.90
    LANCASTER        CA   93534          5            03/06/03         00
    0435553300                           05           05/01/03          0
    7331014954                           O            04/01/18
    0
1

    8541771          B57/G02             F           90,000.00         ZZ
                                         180         89,359.54          1
                                       5.625            741.36         75
                                       5.375            741.36
    GLENDALE         AZ   85302          5            03/13/03         00
    0435558424                           05           05/01/03          0
    20001503                             N            04/01/18
    0

    8542307          E82/G02             F          153,100.00         ZZ
                                         180        151,999.00          1
                                       5.500          1,250.95         66
                                       5.250          1,250.95
    PARKER           CO   80138          2            03/17/03         00
    0400804548                           05           05/01/03          0
    0400804548                           O            04/01/18
    0

    8542373          E84/G02             F           40,000.00         ZZ
                                         180         39,474.19          1
                                       6.625            351.20         80
                                       6.375            351.20
    AKRON            OH   44304          2            01/25/03         00
    0435574769                           05           03/01/03          0
    69930043                             N            02/01/18
    0

    8542455          E84/G02             F          200,000.00         ZZ
                                         180        197,132.25          1
                                       5.875          1,674.24         62
                                       5.625          1,674.24
    CHARLOTTE        NC   28211          2            01/31/03         00
    0435569603                           05           03/01/03          0
    93000675                             O            02/01/18
    0

    8542531          E84/G02             F           84,500.00         ZZ
                                         180         83,941.73          1
                                       6.500            736.09         57
                                       6.250            736.09
    BROOKFIELD       IL   60513          2            03/12/03         00
    0435569744                           01           05/01/03          0
    11217971                             N            04/01/18
    0

    8542591          E22/G02             F           70,000.00         ZZ
                                         180         63,408.99          4
1

                                       5.875            585.98         33
                                       5.625            585.98
    COATS            NC   27521          5            03/14/03         00
    0416342194                           05           05/01/03          0
    0416342194                           O            04/01/18
    0

    8545379          E22/G02             F           60,000.00         ZZ
                                         180         59,285.49          1
                                       6.500            522.66         75
                                       6.250            522.66
    BAKERSFIELD      CA   93308          5            03/12/03         00
    0416051159                           05           05/01/03          0
    0416051159                           N            04/01/18
    0

    8553439          964/G02             F          218,000.00         ZZ
                                         180        215,667.51          1
                                       5.625          1,795.74         32
                                       5.375          1,795.74
    ALBANY           CA   94706          2            02/18/03         00
    0435572599                           01           04/01/03          0
    307645                               O            03/01/18
    0

    8553621          964/G02             F          238,000.00         ZZ
                                         180        235,506.44          1
                                       5.875          1,992.34         63
                                       5.625          1,992.34
    SAN JOSE         CA   95129          2            02/19/03         00
    0435571310                           09           04/01/03          0
    342588                               O            03/01/18
    0

    8555629          E22/G02             F          231,550.00         ZZ
                                         180        229,776.77          1
                                       5.500          1,891.96         60
                                       5.250          1,891.96
    HOUSTON          TX   77024          2            03/19/03         00
    0416312676                           03           05/01/03          0
    0416312676                           O            04/01/18
    0

    8559143          U42/G02             F           41,000.00         ZZ
                                         180         40,714.32          1
                                       5.875            343.22         48
                                       5.625            343.22
    NEW BOSTON       TX   75570          5            03/18/03         00
    0435569561                           05           05/01/03          0
1

    35300086                             O            04/01/18
    0

    8561673          E82/G02             F          101,000.00         ZZ
                                         180         99,944.41          1
                                       5.625            831.97         73
                                       5.375            831.97
    EDDYVILLE        OR   97343          2            03/25/03         00
    0400799144                           27           05/01/03          0
    0400799144                           O            04/01/18
    0

    8562869          T23/G02             F           79,300.00         ZZ
                                         180         78,717.65          1
                                       5.250            637.48         69
                                       5.000            637.48
    NEWARK           OH   43055          2            03/26/03         00
    0435612411                           27           05/01/03          0
    6217                                 O            04/01/18
    0

    8565227          E22/G02             F          141,600.00         ZZ
                                         180        140,623.77          1
                                       6.000          1,194.90         80
                                       5.750          1,194.90
    PROSPER          TX   75078          5            03/24/03         00
    0416482743                           05           05/01/03          0
    0416482743                           O            04/01/18
    0

    8566035          964/G02             F          247,800.00         ZZ
                                         180        246,109.62          1
                                       6.125          2,107.85         95
                                       5.875          2,107.85
    FRESNO           CA   93722          1            03/05/03         11
    0435876941                           05           05/01/03         25
    121609                               O            04/01/18
    0

    8568913          E22/G02             F          134,500.00         ZZ
                                         120        132,240.67          1
                                       5.375          1,451.36         59
                                       5.125          1,451.36
    HUMBLE           TX   77339          2            03/25/03         00
    0416128213                           03           05/01/03          0
    0416128213                           O            04/01/13
    0

1

    8568951          E22/G02             F           96,600.00         ZZ
                                         180         95,897.99          1
                                       5.375            782.91         75
                                       5.125            782.91
    PHOENIX          AZ   85020          2            03/17/03         00
    0416221422                           01           05/01/03          0
    0416221422                           O            04/01/18
    0

    8568969          E22/G02             F          100,000.00         ZZ
                                         180         99,288.38          1
                                       5.625            823.73         65
                                       5.375            823.73
    WYLIE            TX   75098          5            03/25/03         00
    0416240414                           05           05/01/03          0
    0416240414                           O            04/01/18
    0

    8568973          E22/G02             F          180,750.00         ZZ
                                         180        179,415.03          1
                                       5.500          1,476.88         72
                                       5.250          1,476.88
    RANCHO CORDOVA   CA   95670          5            03/19/03         00
    0416245769                           05           05/01/03          0
    0416245769                           O            04/01/18
    0

    8568999          E22/G02             F          100,000.00         ZZ
                                         180         99,265.64          1
                                       5.250            803.88         57
                                       5.000            803.88
    NORTH PORT       FL   34286          5            03/26/03         00
    0416304921                           05           05/01/03          0
    0416304921                           O            04/01/18
    0

    8569053          E22/G02             F          171,800.00         ZZ
                                         180        170,577.42          1
                                       5.625          1,415.17         82
                                       5.375          1,415.17
    PHOENIX          AZ   85054          2            03/24/03         04
    0416369577                           05           05/01/03          6
    0416369577                           O            04/01/18
    0

    8569059          E22/G02             F           80,000.00         ZZ
                                         180         79,148.01          1
                                       5.625            658.99         77
                                       5.375            658.99
1

    GAINESVILLE      TX   76240          5            03/24/03         00
    0416371946                           05           05/01/03          0
    0416371946                           O            04/01/18
    0

    8569063          E22/G02             F           56,000.00         ZZ
                                         180         55,613.92          1
                                       6.000            472.56         94
                                       5.750            472.56
    LAWTON           OK   73505          5            03/25/03         04
    0416374296                           05           05/01/03         25
    0416374296                           O            04/01/18
    0

    8569093          E22/G02             F           73,400.00         ZZ
                                         180         72,904.59          1
                                       6.250            629.35         70
                                       6.000            629.35
    BELLEVILLE       MI   48111          1            03/31/03         00
    0416427243                           01           05/01/03          0
    0416427243                           N            04/01/18
    0

    8569109          E22/G02             F          171,200.00         ZZ
                                         180        168,966.53          1
                                       5.500          1,398.85         80
                                       5.250          1,398.85
    WHEELING         IL   60090          2            03/26/03         00
    0416434397                           09           05/01/03          0
    0416434397                           O            04/01/18
    0

    8569189          E22/G02             F          141,900.00         ZZ
                                         180        140,857.95          1
                                       5.250          1,140.70         64
                                       5.000          1,140.70
    LARAMIE          WY   82072          5            03/26/03         00
    0416485928                           05           05/01/03          0
    0416485928                           O            04/01/18
    0

    8569191          E22/G02             F          170,000.00         ZZ
                                         180        168,725.31          1
                                       5.000          1,344.35         68
                                       4.750          1,344.35
    SOUTH PLAINFIEL  NJ   07080          5            03/25/03         00
    0416486090                           05           05/01/03          0
    0416486090                           O            04/01/18
    0
1

    8571825          313/G02             F          120,000.00         ZZ
                                         180        119,146.04          1
                                       5.625            988.48         80
                                       5.375            988.48
    DALLAS           TX   75219          1            03/19/03         00
    0435593520                           01           05/01/03          0
    9431115                              O            04/01/18
    0

    8576601          W68/G02             F          112,000.00         ZZ
                                         180        111,001.10          1
                                       5.375            907.72         68
                                       5.125            907.72
    MT. PLEASANT     SC   29464          5            03/07/03         00
    0435598925                           03           05/01/03          0
    3021604                              O            04/01/18
    0

    8582101          X52/G02             F          306,750.00         T
                                         180        304,567.08          1
                                       5.625          2,526.80         75
                                       5.375          2,526.80
    KEY COLONY BEAC  FL   33051          1            03/28/03         00
    0435724554                           05           05/01/03          0
    KEGERR1                              O            04/01/18
    0

    8582953          N74/G02             F           28,000.00         ZZ
                                         180         27,816.98          1
                                       6.625            245.84         72
                                       6.375            245.84
    MEMPHIS          TN   38112          2            03/31/03         00
    0435677364                           05           05/01/03          0
    0032101010                           N            04/01/18
    0

    8582993          967/G02             F          107,250.00         ZZ
                                         180        106,510.58          1
                                       6.000            905.04         65
                                       5.750            905.04
    ANACORTES        WA   98221          1            03/21/03         00
    0435611702                           27           05/01/03          0
    6576896                              O            04/01/18
    0

    8583133          A46/G02             F          200,000.00         ZZ
                                         180        198,546.56          1
1

                                       5.375          1,620.93         63
                                       5.125          1,620.93
    ALBUQUERQUE      NM   87104          5            03/26/03         00
    0435610530                           05           05/01/03          0
    0458739                              O            04/01/18
    0

    8584657          E22/G02             F          145,000.00         ZZ
                                         180        143,149.30          1
                                       5.375          1,175.17         85
                                       5.125          1,175.17
    NEWBERG          OR   97132          5            03/27/03         01
    0416633196                           05           05/01/03          6
    0416633196                           O            04/01/18
    0

    8587455          964/G02             F          201,000.00         ZZ
                                         180        199,584.62          1
                                       5.750          1,669.12         70
                                       5.500          1,669.12
    PHOENIX          AZ   85023          5            03/21/03         00
    0435628466                           03           05/01/03          0
    361611                               O            04/01/18
    0

    8587667          940/G02             F          149,000.00         ZZ
                                         180        147,917.20          1
                                       5.375          1,207.59         54
                                       5.125          1,207.59
    ANAHEIM          CA   92804          2            03/21/03         00
    0435617352                           05           05/01/03          0
    40030346                             O            04/01/18
    0

    8587695          964/G02             F          228,000.00         ZZ
                                         180        226,343.08          1
                                       5.375          1,847.86         36
                                       5.125          1,847.86
    CAMPBELL         CA   95008          2            03/19/03         00
    0435605803                           05           05/01/03          0
    351815                               O            04/01/18
    0

    8588099          N74/G02             F           65,000.00         ZZ
                                         180         64,527.64          1
                                       5.375            526.80         68
                                       5.125            526.80
    DANVILLE         VA   24540          2            03/28/03         00
    0435637780                           04           05/02/03          0
1

    0032054010                           O            04/02/18
    0

    8588567          E22/G02             F          312,400.00         ZZ
                                         180        310,129.73          1
                                       5.375          2,531.89         74
                                       5.125          2,531.89
    HOUSTON          TX   77069          5            03/31/03         00
    0416291326                           03           05/01/03          0
    0416291326                           O            04/01/18
    0

    8588571          E22/G02             F          108,000.00         ZZ
                                         180        107,608.45          1
                                       5.375            875.30         80
                                       5.125            875.30
    HOLLYWOOD        FL   33024          5            03/31/03         00
    0416295889                           05           06/01/03          0
    0416295889                           O            05/01/18
    0

    8588665          E22/G02             F           92,000.00         ZZ
                                         180         91,345.31          1
                                       5.625            757.83         80
                                       5.375            757.83
    IRVING           TX   75062          5            03/31/03         00
    0416426591                           05           05/01/03          0
    0416426591                           O            04/01/18
    0

    8588673          E22/G02             F          104,500.00         ZZ
                                         180        103,740.57          1
                                       5.375            846.94         57
                                       5.125            846.94
    FRANKLIN TOWNSH  NJ   07882          2            03/26/03         00
    0416429306                           05           05/01/03          0
    0416429306                           O            04/01/18
    0

    8588859          E22/G02             F          300,000.00         ZZ
                                         180        297,609.90          1
                                       5.375          2,431.40         71
                                       5.125          2,431.40
    FARMINGTON HILL  MI   48331          2            03/31/03         00
    0416613362                           05           05/01/03          0
    0416613362                           O            04/01/18
    0

1

    8589385          X31/G02             F          145,000.00         ZZ
                                         180        143,968.14          1
                                       5.625          1,194.41         50
                                       5.375          1,194.41
    SANTA ANA        CA   92704          2            03/19/03         00
    0435596606                           05           05/01/03          0
    80000569                             O            04/01/18
    0

    8589635          N74/G02             F           39,000.00         ZZ
                                         180         38,736.78          1
                                       6.250            334.39         75
                                       6.000            334.39
    MEMPHIS          TN   38112          2            03/31/03         00
    0435885249                           05           05/01/03          0
    0032102010                           N            04/01/18
    0

    8589705          N74/G02             F          246,000.00         ZZ
                                         180        244,212.28          1
                                       5.375          1,993.74         60
                                       5.125          1,993.74
    HERNDON          VA   20170          5            03/28/03         00
    0435624895                           03           05/02/03          0
    0032053010                           O            04/02/18
    0

    8589823          T44/G02             F          181,500.00         ZZ
                                         180        178,976.02          1
                                       5.375          1,470.99         41
                                       5.125          1,470.99
    LAS VEGAS        NV   89129          2            03/21/03         00
    0435617436                           03           05/01/03          0
    1070577                              O            04/01/18
    0

    8589923          N74/G02             F          120,000.00         ZZ
                                         120        118,451.20          1
                                       5.000          1,272.79         67
                                       4.750          1,272.79
    LITTLE MOUNTAIN  SC   29075          5            03/31/03         00
    0435742150                           05           05/04/03          0
    0032127010                           O            04/04/13
    0

    8590179          N47/G02             F          172,000.00         ZZ
                                         180        170,750.04          1
                                       5.375          1,394.00         40
                                       5.125          1,394.00
1

    CONCORD          CA   94521          5            03/21/03         00
    0435642335                           05           05/01/03          0
    90501348                             O            04/01/18
    0

    8590591          N47/G02             F          150,000.00         ZZ
                                         180        149,456.18          1
                                       5.375          1,215.70         42
                                       5.125          1,215.70
    SAN DIEGO        CA   92126          5            04/01/03         00
    0435623970                           05           06/01/03          0
    30503158                             O            05/01/18
    0

    8590637          W68/G02             F          127,300.00         ZZ
                                         180        126,440.81          1
                                       6.250          1,091.50         95
                                       6.000          1,091.50
    PLANO            TX   75074          2            03/21/03         12
    0435743893                           05           05/01/03         30
    302116                               O            04/01/18
    0

    8592297          E22/G02             F           68,500.00         ZZ
                                         180         67,890.94          1
                                       5.625            564.26         72
                                       5.375            564.26
    ABITA SPRINGS    LA   70420          2            04/02/03         00
    0416277184                           05           05/01/03          0
    0416277184                           O            04/01/18
    0

    8592369          E22/G02             F          154,000.00         ZZ
                                         180        153,441.67          1
                                       5.375          1,248.12         65
                                       5.125          1,248.12
    NORRIDGE         IL   60706          2            04/02/03         00
    0416343325                           05           06/01/03          0
    0416343325                           O            05/01/18
    0

    8592407          E22/G02             F          252,000.00         ZZ
                                         180        251,086.38          1
                                       5.375          2,042.37         77
                                       5.125          2,042.37
    DALLAS           TX   75229          5            04/01/03         00
    0416367555                           05           06/01/03          0
    0416367555                           O            05/01/18
    0
1

    8592567          E22/G02             F          280,000.00         ZZ
                                         180        278,984.87          1
                                       5.375          2,269.30         80
                                       5.125          2,269.30
    WESTMINSTER      CO   80021          2            04/02/03         00
    0416473676                           03           06/01/03          0
    0416473676                           O            05/01/18
    0

    8592809          E22/G02             F          164,800.00         ZZ
                                         180        163,639.52          1
                                       5.750          1,368.52         80
                                       5.500          1,368.52
    LUCAS            TX   75002          5            04/01/03         00
    0416599173                           05           05/01/03          0
    0416599173                           O            04/01/18
    0

    8592827          E22/G02             F          111,500.00         ZZ
                                         180        111,112.50          1
                                       5.875            933.39         75
                                       5.625            933.39
    STANDISH         MI   48658          2            04/01/03         00
    0416620052                           05           06/01/03          0
    0416620052                           O            05/01/18
    0

    8592913          E22/G02             F          160,000.00         ZZ
                                         180        158,837.26          1
                                       5.375          1,296.74         54
                                       5.125          1,296.74
    OKLAHOMA CITY    OK   73132          5            04/02/03         00
    0416503753                           03           05/01/03          0
    0416503753                           O            04/01/18
    0

    8592935          E22/G02             F          148,000.00         ZZ
                                         180        147,046.63          1
                                       5.375          1,199.49         98
                                       5.125          1,199.49
    MOORESVILLE      IN   46158          2            04/01/03         04
    0416524890                           03           06/01/03         35
    0416524890                           O            05/01/18
    0

    8592945          E22/G02             F          132,000.00         ZZ
                                         180        131,521.44          1
1

                                       5.375          1,069.81         48
                                       5.125          1,069.81
    SEATTLE          WA   98106          2            04/01/03         00
    0416530673                           05           06/01/03          0
    0416530673                           O            05/01/18
    0

    8593913          Q14/G02             F           59,000.00         ZZ
                                         180         58,779.26          1
                                       5.000            466.57         57
                                       4.750            466.57
    MARION           IA   52302          2            04/02/03         00
    0435627039                           05           06/01/03          0
    0000312277                           O            05/01/18
    0

    8594117          X31/G02             F           50,000.00         ZZ
                                         180         49,538.11          1
                                       5.750            415.21         35
                                       5.500            415.21
    LAKEWOOD         CO   80226          5            03/26/03         00
    0435606611                           01           05/01/03          0
    80000645                             N            04/01/18
    0

    8594299          P09/G02             F          203,000.00         ZZ
                                         180        202,264.03          1
                                       5.375          1,645.24         50
                                       5.125          1,645.24
    COLUMBIA         MD   21044          5            04/04/03         00
    0435638143                           05           06/01/03          0
    3003100150                           O            05/01/18
    0

    8594971          K15/G02             F           85,000.00         ZZ
                                         180         84,160.08          1
                                       5.375            688.90         74
                                       5.125            688.90
    STREETSBORO      OH   44241          5            03/21/03         00
    0435624473                           05           05/01/03          0
    028205507045                         O            04/01/18
    0

    8595181          Q14/G02             F           45,500.00         ZZ
                                         180         45,169.34          1
                                       5.375            368.76         47
                                       5.125            368.76
    DAVENPORT        IA   52803          5            03/31/03         00
    0435631486                           05           05/01/03          0
1

    0000312302                           O            04/01/18
    0

    8595841          E22/G02             F           55,000.00         ZZ
                                         120         54,652.86          1
                                       5.375            593.49         73
                                       5.125            593.49
    DALLAS           TX   75236          5            04/03/03         00
    0416460194                           05           06/01/03          0
    0416460194                           O            05/01/13
    0

    8595843          E22/G02             F          204,000.00         ZZ
                                         180        202,517.49          1
                                       5.375          1,653.35         80
                                       5.125          1,653.35
    SUGAR LAND       TX   77479          5            04/01/03         00
    0416460871                           03           05/01/03          0
    0416460871                           O            04/01/18
    0

    8596015          738/G02             F          265,175.00         ZZ
                                         180        263,247.90          1
                                       5.375          2,149.16         47
                                       5.125          2,149.16
    DEER PARK        TX   77536          2            03/18/03         00
    0435631023                           05           05/01/03          0
    00409327500020                       O            04/01/18
    0

    8597731          T23/G02             F           71,500.00         ZZ
                                         180         71,240.78          1
                                       5.375            579.48         41
                                       5.125            579.48
    NEWARK           OH   43055          2            04/04/03         00
    0435648027                           05           06/01/03          0
    6255                                 O            05/01/18
    0

    8598137          E47/G02             F          280,000.00         TX
                                         180        277,965.19          1
                                       5.375          2,269.30         80
                                       5.125          2,269.30
    FORT WORTH       TX   76179          5            03/24/03         00
    0435770441                           05           05/01/03          0
    7362010367                           O            04/01/18
    0

1

    8598473          E11/G02             F          106,000.00         ZZ
                                         180        105,229.68          1
                                       5.375            859.09         61
                                       5.125            859.09
    MINNEAPOLIS      MN   55407          2            03/31/03         00
    0435663703                           05           05/01/03          0
    0003001055294                        O            04/01/18
    0

    8599305          E22/G02             F          264,500.00         ZZ
                                         180        263,541.06          2
                                       5.375          2,143.68         52
                                       5.125          2,143.68
    LAWNDALE         CA   90260          2            04/03/03         00
    0416444933                           05           06/01/03          0
    0416444933                           O            05/01/18
    0

    8599333          E22/G02             F           75,000.00         ZZ
                                         180         74,535.94          1
                                       5.375            607.85         46
                                       5.125            607.85
    WARREN           MI   48093          1            04/09/03         00
    0416524593                           05           06/01/03          0
    0416524593                           O            05/01/18
    0

    8599337          E22/G02             F          146,250.00         ZZ
                                         180        145,719.77          1
                                       5.375          1,185.31         90
                                       5.125          1,185.31
    GRAPEVINE        TX   76051          1            04/09/03         04
    0416526317                           05           06/01/03         25
    0416526317                           N            05/01/18
    0

    8599631          E82/G02             F          116,800.00         ZZ
                                         180        116,376.55          1
                                       5.375            946.62         67
                                       5.125            946.62
    THOUSAND OAKS    CA   91361          2            04/03/03         00
    0400811865                           01           06/01/03          0
    0400811865                           O            05/01/18
    0

    8599645          E82/G02             F          100,700.00         ZZ
                                         180        100,334.91          1
                                       5.375            816.14         78
                                       5.125            816.14
1

    CONCORD          CA   94519          2            04/03/03         00
    0400811048                           05           06/01/03          0
    0400811048                           O            05/01/18
    0

    8600739          Q30/G02             F          169,000.00         ZZ
                                         180        167,771.83          1
                                       5.375          1,369.69         67
                                       5.125          1,369.69
    VOORHEES         NJ   08043          2            03/18/03         00
    0435717541                           05           05/01/03          0
    21020863                             O            04/01/18
    0

    8604367          E22/G02             F          240,000.00         ZZ
                                         180        239,139.00          1
                                       5.500          1,961.00         80
                                       5.250          1,961.00
    SANTA CLARITA    CA   91350          5            04/09/03         00
    0416413789                           05           06/01/03          0
    0416413789                           O            05/01/18
    0

    8607057          G34/G02             F           64,000.00         TX
                                         180         63,544.56          1
                                       5.625            527.19         80
                                       5.375            527.19
    FORT WORTH       TX   76116          5            03/27/03         00
    0435730650                           05           05/01/03          0
    47000089                             O            04/01/18
    0

    8607185          758/G02             F           59,100.00         T
                                         180         58,692.54          1
                                       6.000            498.72         80
                                       5.750            498.72
    CANYON LAKE      TX   78133          1            03/28/03         00
    0435744602                           01           05/01/03          0
    381407                               O            04/01/18
    0

    8607339          N74/G02             F          157,250.00         ZZ
                                         180        156,006.78          1
                                       5.375          1,274.46         82
                                       5.125          1,274.46
    CHESTER          VA   23831          5            03/28/03         10
    0435636741                           05           05/02/03         12
    0032079010                           O            04/02/18
    0
1

    8607893          E84/G02             F          135,000.00         ZZ
                                         180        134,029.16          1
                                       5.500          1,103.06         60
                                       5.250          1,103.06
    SILVER SPRING    MD   20901          5            03/03/03         00
    0435735170                           07           05/01/03          0
    65130047                             O            04/01/18
    0

    8607953          M27/G02             F          161,000.00         ZZ
                                         180        159,664.37          1
                                       5.625          1,326.21         32
                                       5.375          1,326.21
    WILMINGTON       NC   28401          2            03/26/03         00
    0435808092                           05           05/01/03          0
    600906783                            O            04/01/18
    0

    8608355          E22/G02             F          493,000.00         ZZ
                                         180        491,268.37          1
                                       5.750          4,093.92         64
                                       5.500          4,093.92
    BETHANY BEACH    DE   19930          5            04/11/03         00
    0416323772                           05           06/01/03          0
    0416323772                           O            05/01/18
    0

    8608379          E22/G02             F          100,000.00         ZZ
                                         120         99,373.07          1
                                       5.500          1,085.26         70
                                       5.250          1,085.26
    FORT WAYNE       IN   46825          2            04/07/03         00
    0416560779                           05           06/01/03          0
    0416560779                           O            05/01/13
    0

    8608411          E22/G02             F          247,000.00         ZZ
                                         180        245,204.99          1
                                       5.375          2,001.85         71
                                       5.125          2,001.85
    KENSINGTON       MD   20895          5            04/02/03         00
    0416561538                           05           05/01/03          0
    0416561538                           O            04/01/18
    0

    8608483          E22/G02             F           83,000.00         ZZ
                                         180         82,699.08          1
1

                                       5.375            672.69         57
                                       5.125            672.69
    SIMMS            MT   59477          2            04/07/03         00
    0416529774                           05           06/01/03          0
    0416529774                           O            05/01/18
    0

    8608627          E22/G02             F           70,000.00         ZZ
                                         120         69,567.04          1
                                       5.750            768.38         22
                                       5.500            768.38
    OCEAN GROVE      NJ   07756          5            04/11/03         00
    0416166254                           05           06/01/03          0
    0416166254                           N            05/01/13
    0

    8608675          E22/G02             F           60,000.00         ZZ
                                         180         59,795.88          1
                                       6.125            510.37         53
                                       5.875            510.37
    SAN BERNARDINO   CA   92408          5            04/04/03         00
    0416688489                           05           06/01/03          0
    0416688489                           N            05/01/18
    0

    8608787          E82/G02             F          100,800.00         ZZ
                                         180        100,434.55          1
                                       5.375            816.95         79
                                       5.125            816.95
    POPLAR GROVE     IL   61065          2            04/10/03         00
    0400812723                           03           06/01/03          0
    0400812723                           O            05/01/18
    0

    8610015          624/G02             F          739,000.00         ZZ
                                         180        739,000.00          1
                                       5.875          6,186.31         53
                                       5.625          6,186.31
    LOS ANGELES      CA   90077          5            05/08/03         00
    0435879986                           05           07/01/03          0
    1000028519                           O            06/01/18
    0

    8610877          E47/G02             F          141,000.00         TX
                                         180        140,393.41          1
                                       5.250          1,133.47         68
                                       5.000          1,133.47
    GREY FOREST      TX   78023          5            04/01/03         00
    0435727896                           05           06/01/03          0
1

    7362511813                           O            05/01/18
    0

    8611073          X31/G02             F          178,200.00         T
                                         180        177,560.71          1
                                       5.500          1,456.04         80
                                       5.250          1,456.04
    PALM SPRINGS     CA   92264          1            04/01/03         00
    0435734942                           01           06/01/03          0
    41000825                             O            05/01/18
    0

    8613205          E22/G02             F          160,000.00         ZZ
                                         180        159,119.93          1
                                       5.375          1,296.74         73
                                       5.125          1,296.74
    NILES            IL   60714          2            04/08/03         00
    0416603322                           07           06/01/03          0
    0416603322                           O            05/01/18
    0

    8613217          E22/G02             F          165,000.00         ZZ
                                         180        164,395.48          1
                                       5.250          1,326.40         31
                                       5.000          1,326.40
    SAN FRANCISCO    CA   94122          2            03/31/03         00
    0416605889                           05           06/01/03          0
    0416605889                           O            05/01/18
    0

    8613307          E22/G02             F           82,000.00         ZZ
                                         180         81,702.71          1
                                       5.375            664.58         69
                                       5.125            664.58
    HAMDEN           CT   06514          5            04/14/03         00
    0416505170                           01           06/01/03          0
    0416505170                           N            05/01/18
    0

    8613407          E22/G02             F          200,000.00         ZZ
                                         180        197,602.74          1
                                       5.250          1,607.76         80
                                       5.000          1,607.76
    ANNAPOLIS        MD   21401          5            04/09/03         00
    0416477156                           05           06/01/03          0
    0416477156                           O            05/01/18
    0

1

    8613487          E22/G02             F          191,250.00         ZZ
                                         180        190,556.62          1
                                       5.375          1,550.02         90
                                       5.125          1,550.02
    CADILLAC         MI   49601          5            04/08/03         04
    0416433910                           05           06/01/03         12
    0416433910                           O            05/01/18
    0

    8613695          E22/G02             F           80,000.00         ZZ
                                         180         79,687.79          1
                                       5.000            632.63         76
                                       4.750            632.63
    SOUTH DAYTONA    FL   32119          5            04/09/03         00
    0416405926                           05           06/01/03          0
    0416405926                           O            05/01/18
    0

    8613723          E22/G02             F          302,000.00         ZZ
                                         180        300,905.10          2
                                       5.375          2,447.61         32
                                       5.125          2,447.61
    SAN FRANCISCO    CA   94118          5            04/01/03         00
    0416653053                           05           06/01/03          0
    0416653053                           O            05/01/18
    0

    8614015          E82/G02             F          108,100.00         ZZ
                                         180        107,708.09          1
                                       5.375            876.11         55
                                       5.125            876.11
    HONOLULU         HI   96822          2            04/11/03         00
    0400802534                           06           06/01/03          0
    0400802534                           O            05/01/18
    0

    8615277          Y23/G02             F           90,250.00         TX
                                         180         89,929.63          1
                                       5.625            743.42         79
                                       5.375            743.42
    ROUND ROCK       TX   78664          5            04/10/03         00
    0435717194                           05           06/01/03          0
    1000181328                           O            05/01/18
    0

    8616347          W02/G02             F          144,000.00         ZZ
                                         180        142,985.98          1
                                       5.750          1,195.80         90
                                       5.500          1,195.80
1

    LAKELAND         FL   33811          5            03/27/03         28
    0435761853                           05           05/01/03         12
    1002184074                           O            04/01/18
    0

    8616665          P59/G02             F           96,000.00         ZZ
                                         180         95,004.74          1
                                       6.000            810.10         80
                                       5.750            810.10
    LANCASTER        CA   93535          1            02/18/03         00
    0435755731                           05           04/01/03          0
    AT005289                             N            03/01/18
    0

    8617179          R84/G02             F           50,000.00         ZZ
                                         180         49,647.90          1
                                       5.750            415.21         63
                                       5.500            415.21
    HOLIDAY          FL   34690          5            03/10/03         00
    0435758750                           05           05/01/03          0
    FL385368                             N            04/01/18
    0

    8618837          E22/G02             F          102,600.00         ZZ
                                         180        102,231.92          1
                                       5.500            838.33         90
                                       5.250            838.33
    LINCOLN          NE   68522          5            04/10/03         04
    0416850493                           05           06/01/03         12
    0416850493                           O            05/01/18
    0

    8618849          E22/G02             F          165,000.00         ZZ
                                         180        164,401.79          1
                                       5.375          1,337.27         70
                                       5.125          1,337.27
    HOUSTON          TX   77008          5            04/09/03         00
    0415921345                           05           06/01/03          0
    0415921345                           O            05/01/18
    0

    8618927          E22/G02             F           77,500.00         ZZ
                                         180         77,221.97          1
                                       5.500            633.24         46
                                       5.250            633.24
    DALLAS           TX   75243          5            04/09/03         00
    0416466225                           05           06/01/03          0
    0416466225                           O            05/01/18
    0
1

    8619007          E22/G02             F          283,000.00         ZZ
                                         180        281,963.16          1
                                       5.250          2,274.97         70
                                       5.000          2,274.97
    SIMI VALLEY      CA   93065          5            04/04/03         00
    0416586493                           05           06/01/03          0
    0416586493                           O            05/01/18
    0

    8619863          E33/G02             F          131,000.00         ZZ
                                         180        131,000.00          1
                                       5.500          1,070.38         63
                                       5.250          1,070.38
    LAKE BLUFF       IL   60044          5            04/29/03         00
    0435832191                           05           07/01/03          0
    6000093055                           O            06/01/18
    0

    8620251          144/144             F          103,200.00         ZZ
                                         180        102,095.82          1
                                       5.625            850.09         80
                                       5.375            850.09
    WEST HURLEY      NY   12491          5            02/03/03         00
    KRIEGER                              05           04/01/03          0
    KRIEGER                              O            03/01/18
    0

    8620695          W39/G02             F          130,000.00         ZZ
                                         180        129,548.20          1
                                       5.875          1,088.26         64
                                       5.625          1,088.26
    DECATUR          TX   76234          5            04/11/03         00
    0435779020                           05           06/01/03          0
    PN132254                             O            05/01/18
    0

    8622171          W08/G02             F           18,600.00         ZZ
                                         180         18,537.39          1
                                       6.250            159.48         59
                                       6.000            159.48
    MIAMI            FL   33161          1            04/07/03         00
    0435732466                           01           06/01/03          0
    032678MG                             O            05/01/18
    0

    8622573          A52/G02             F          123,500.00         ZZ
                                         180        123,066.21          1
1

                                       5.750          1,025.56         80
                                       5.500          1,025.56
    DECATUR          GA   30034          5            04/07/03         00
    0435842620                           05           06/01/03          0
    24486                                O            05/01/18
    0

    8622927          E22/G02             F          139,000.00         ZZ
                                         180        138,490.74          1
                                       5.250          1,117.39         71
                                       5.000          1,117.39
    FLETCHER         OK   73541          2            04/07/03         00
    0416305761                           05           06/01/03          0
    0416305761                           O            05/01/18
    0

    8623103          E22/G02             F           52,000.00         ZZ
                                         180         51,824.97          1
                                       6.250            445.86         46
                                       6.000            445.86
    POOLVILLE        TX   76487          5            04/11/03         00
    0416529600                           05           06/01/03          0
    0416529600                           O            05/01/18
    0

    8623169          E22/G02             F           85,600.00         ZZ
                                         180         85,299.34          1
                                       5.750            710.83         80
                                       5.500            710.83
    HOUSTON          TX   77082          1            04/16/03         00
    0416580934                           03           06/01/03          0
    0416580934                           O            05/01/18
    0

    8624157          E47/G02             F          133,000.00         ZZ
                                         180        132,043.54          1
                                       5.500          1,086.72         69
                                       5.250          1,086.72
    GLEN BURNIE      MD   21061          2            03/31/03         00
    0435715230                           05           05/01/03          0
    7345510116                           O            04/01/18
    0

    8624351          Q87/G02             F           30,000.00         ZZ
                                         120         29,622.98          1
                                       5.500            325.58         29
                                       5.250            325.58
    SARDIS           TN   38371          5            04/12/03         00
    0435714456                           05           05/17/03          0
1

    HAEL03                               O            04/17/13
    0

    8624405          286/286             F          175,000.00         ZZ
                                         180        172,896.63          1
                                       5.500          1,429.90         75
                                       5.250          1,429.90
    SUGAR LAND       TX   77478          5            02/14/03         00
    2056512                              05           04/01/03          0
    2056512                              O            03/01/18
    0

    8624415          286/286             F          322,500.00         ZZ
                                         180        319,156.52          1
                                       6.000          2,721.44         75
                                       5.750          2,721.44
    MANCHACA         TX   78652          5            02/19/03         00
    148880                               05           04/01/03          0
    148880                               O            03/01/18
    0

    8624427          286/286             F          106,500.00         ZZ
                                         180        104,838.85          1
                                       5.375            863.15         75
                                       5.125            863.15
    PALM BEACH GARD  FL   33418          5            01/17/03         00
    1919985                              01           03/01/03          0
    1919985                              O            02/01/18
    0

    8624435          286/286             F          128,000.00         ZZ
                                         180        126,169.66          1
                                       5.625          1,054.38         28
                                       5.375          1,054.38
    VOORHEES         NJ   08043          5            01/24/03         00
    1979194                              05           03/01/03          0
    1979194                              O            02/01/18
    0

    8624455          286/286             F          171,000.00         ZZ
                                         180        168,867.55          1
                                       5.625          1,408.59         75
                                       5.375          1,408.59
    ASTORIA          OR   97103          5            02/13/03         00
    2027423                              05           04/01/03          0
    2027423                              O            03/01/18
    0

1

    8624481          286/286             F          170,000.00         ZZ
                                         180        168,200.05          1
                                       5.750          1,411.70         32
                                       5.500          1,411.70
    PORTLAND         OR   97214          5            02/21/03         00
    2067093                              05           04/01/03          0
    2067093                              O            03/01/18
    0

    8624585          286/286             F          141,300.00         ZZ
                                         180        139,819.57          1
                                       5.875          1,182.85         38
                                       5.625          1,182.85
    METHUEN          MA   01844          5            02/18/03         00
    2029085                              05           04/01/03          0
    2029085                              O            03/01/18
    0

    8624589          286/286             F          500,000.00         ZZ
                                         180        494,537.36          1
                                       5.375          4,052.33         68
                                       5.125          4,052.33
    SAN JOSE         CA   95120          5            02/19/03         00
    2043763                              05           04/01/03          0
    2043763                              O            03/01/18
    0

    8624603          286/286             F          100,000.00         ZZ
                                         180         98,828.37          1
                                       5.500            817.09         80
                                       5.250            817.09
    BEAVER           UT   84713          2            02/27/03         00
    2075563                              05           04/01/03          0
    2075563                              O            03/01/18
    0

    8624613          286/286             F          138,169.00         ZZ
                                         180        136,736.55          1
                                       6.000          1,165.95         62
                                       5.750          1,165.95
    MISSOURI CITY    TX   77459          5            02/19/03         00
    1987171                              05           04/01/03          0
    1987171                              O            03/01/18
    0

    8624619          286/286             F          322,700.00         ZZ
                                         180        318,364.87          1
                                       5.875          2,701.39         75
                                       5.625          2,701.39
1

    SAN LEANDRO      CA   94579          5            02/24/03         00
    2048544                              01           04/01/03          0
    2048544                              O            03/01/18
    0

    8624631          286/286             F          488,000.00         ZZ
                                         180        482,778.64          1
                                       5.625          4,019.82         46
                                       5.375          4,019.82
    WALNUT CREEK     CA   94596          2            02/18/03         00
    2028140                              05           04/01/03          0
    2028140                              O            03/01/18
    0

    8624635          286/286             F          337,500.00         ZZ
                                         180        333,963.93          1
                                       5.875          2,825.28         75
                                       5.625          2,825.28
    MCKINNEY         TX   75069          5            02/07/03         00
    1865307                              05           04/01/03          0
    1865307                              O            03/01/18
    0

    8624639          286/286             F          460,000.00         ZZ
                                         180        453,664.36          1
                                       5.500          3,758.59         80
                                       5.250          3,758.59
    SAN MARINO       CA   91108          2            02/25/03         00
    2011550                              05           05/01/03          0
    2011550                              O            04/01/18
    0

    8624673          286/286             F          200,000.00         ZZ
                                         180        197,926.51          1
                                       6.000          1,687.72         69
                                       5.750          1,687.72
    GLENNVILLE       NY   12302          5            02/25/03         00
    2024153                              05           04/01/03          0
    2024153                              O            03/01/18
    0

    8624725          286/286             F          750,000.00         T
                                         180        741,891.06          1
                                       5.500          6,128.13         72
                                       5.250          6,128.13
    ST SIMONS ISLAN  GA   31522          2            02/25/03         00
    2020537                              03           04/01/03          0
    2020537                              O            03/01/18
    0
1

    8624883          286/286             F           79,000.00         ZZ
                                         180         78,109.62          1
                                       5.000            624.73         27
                                       4.750            624.73
    WEST ALEXANDER   PA   15376          5            02/24/03         00
    2038558                              05           04/01/03          0
    2038558                              O            03/01/18
    0

    8624891          286/286             F          120,000.00         ZZ
                                         180        118,618.35          1
                                       5.750            996.50         43
                                       5.500            996.50
    OAKLEY           CA   94561          5            02/10/03         00
    2020381                              05           04/01/03          0
    2020381                              O            03/01/18
    0

    8624929          286/286             F          500,000.00         ZZ
                                         180        496,404.28          1
                                       5.500          4,085.42         63
                                       5.250          4,085.42
    LA CANADA FLINT  CA   91011          5            02/28/03         00
    1927502                              05           05/01/03          0
    1927502                              O            04/01/18
    0

    8625121          286/286             F           70,100.00         ZZ
                                         180         69,395.98          1
                                       6.375            605.84         67
                                       6.125            605.84
    NEWPORT NEWS     VA   23602          2            02/20/03         00
    1988149                              05           04/01/03          0
    1988149                              N            03/01/18
    0

    8625127          286/286             F           65,000.00         ZZ
                                         180         63,925.64          1
                                       6.375            561.77         46
                                       6.125            561.77
    ALBUQUERQUE      NM   87112          2            01/28/03         00
    1959129                              05           03/01/03          0
    1959129                              N            02/01/18
    0

    8625137          286/286             F          245,600.00         ZZ
                                         180        243,846.62          1
1

                                       5.625          2,023.09         80
                                       5.375          2,023.09
    BATTLE GROUND    WA   98604          5            03/06/03         00
    2124736                              05           05/01/03          0
    2124736                              O            04/01/18
    0

    8625147          286/286             F          250,000.00         ZZ
                                         180        248,081.43          1
                                       5.375          2,026.17         73
                                       5.125          2,026.17
    KILAUEA          HI   96754          2            03/06/03         00
    2043911                              05           05/01/03          0
    2043911                              O            04/01/18
    0

    8625151          286/286             F          149,900.00         ZZ
                                         180        148,329.44          1
                                       5.875          1,254.85         60
                                       5.625          1,254.85
    BOULDER          CO   80303          1            02/24/03         00
    2006088                              01           04/01/03          0
    2006088                              N            03/01/18
    0

    8625157          286/286             F          110,250.00         ZZ
                                         180        109,070.37          1
                                       5.625            908.17         75
                                       5.375            908.17
    GLENDALE         AZ   85302          5            02/18/03         00
    2004697                              05           04/01/03          0
    2004697                              O            03/01/18
    0

    8625165          286/286             F           91,200.00         ZZ
                                         180         90,083.68          1
                                       5.750            757.33         80
                                       5.500            757.33
    KNOXVILLE        TN   37922          2            02/19/03         00
    2027400                              05           04/01/03          0
    2027400                              N            03/01/18
    0

    8625171          286/286             F           83,500.00         ZZ
                                         180         82,465.20          1
                                       5.750            693.39         65
                                       5.500            693.39
    KNOXVILLE        TN   37922          2            02/19/03         00
    2027405                              05           04/01/03          0
1

    2027405                              N            03/01/18
    0

    8625177          286/286             F           81,600.00         ZZ
                                         180         80,754.02          1
                                       6.000            688.59         67
                                       5.750            688.59
    VIRGINIA BEACH   VA   23464          2            02/27/03         00
    1975604                              05           04/01/03          0
    1975604                              N            03/01/18
    0

    8625217          286/286             F          500,000.00         ZZ
                                         180        494,594.05          1
                                       5.500          4,085.42         62
                                       5.250          4,085.42
    BETHESDA         MD   20817          2            02/21/03         00
    2002984                              05           04/01/03          0
    2002984                              N            03/01/18
    0

    8625251          286/286             F          236,000.00         ZZ
                                         180        234,320.55          1
                                       5.625          1,944.01         80
                                       5.375          1,944.01
    LAS VEGAS        NV   89117          2            03/05/03         00
    2021829                              05           05/01/03          0
    2021829                              O            04/01/18
    0

    8625255          286/286             F          146,900.00         ZZ
                                         180        145,360.90          1
                                       5.875          1,229.73         45
                                       5.625          1,229.73
    DAVIE            FL   33325          2            02/24/03         00
    2042492                              05           04/01/03          0
    2042492                              O            03/01/18
    0

    8625269          286/286             F          298,000.00         ZZ
                                         180        294,844.79          1
                                       5.750          2,474.63         78
                                       5.500          2,474.63
    COLUMBUS         OH   43204          2            02/19/03         00
    1870094                              05           04/01/03          0
    1870094                              O            03/01/18
    0

1

    8625273          286/286             F          338,000.00         ZZ
                                         180        334,458.68          1
                                       5.875          2,829.47         41
                                       5.625          2,829.47
    REDWOOD CITY     CA   94065          2            02/11/03         00
    2004897                              05           04/01/03          0
    2004897                              N            03/01/18
    0

    8625281          286/286             F          265,000.00         ZZ
                                         180        262,164.65          1
                                       5.625          2,182.89         70
                                       5.375          2,182.89
    SAN GABRIEL      CA   91775          2            02/17/03         00
    2012053                              05           04/01/03          0
    2012053                              O            03/01/18
    0

    8625303          286/286             F          174,000.00         ZZ
                                         180        172,047.30          1
                                       5.500          1,421.73         37
                                       5.250          1,421.73
    SANTA ANA        CA   92705          1            02/14/03         00
    2034290                              05           04/01/03          0
    2034290                              N            03/01/18
    0

    8625309          286/286             F           68,000.00         ZZ
                                         180         67,280.02          1
                                       5.750            564.68         41
                                       5.500            564.68
    CARLOCK          IL   61725          2            02/12/03         00
    1952846                              05           04/01/03          0
    1952846                              O            03/01/18
    0

    8625315          286/286             F           56,250.00         ZZ
                                         180         55,679.01          1
                                       6.250            482.31         72
                                       6.000            482.31
    MEDFORD          MN   55049          5            02/26/03         00
    2020065                              05           04/01/03          0
    2020065                              N            03/01/18
    0

    8625337          286/286             F          205,500.00         ZZ
                                         180        203,254.85          1
                                       5.375          1,665.51         46
                                       5.125          1,665.51
1

    WESTMINSTER      CA   92683          2            02/25/03         00
    2012220                              05           04/01/03          0
    2012220                              O            03/01/18
    0

    8625343          286/286             F          185,000.00         ZZ
                                         120        181,573.59          2
                                       5.875          2,042.29         52
                                       5.625          2,042.29
    NEW BRUNSWICK    NJ   08901          5            02/18/03         00
    1856376                              05           04/01/03          0
    1856376                              N            03/01/13
    0

    8625347          286/286             F          160,000.00         ZZ
                                         120        157,056.34          4
                                       6.000          1,776.33         36
                                       5.750          1,776.33
    NEW BRUNSWICK    NJ   08901          5            02/18/03         00
    1856391                              05           04/01/03          0
    1856391                              N            03/01/13
    0

    8625351          286/286             F          152,800.00         ZZ
                                         180        151,199.07          1
                                       5.875          1,279.12         57
                                       5.625          1,279.12
    FULLERTON        CA   92833          2            02/14/03         00
    2027262                              01           04/01/03          0
    2027262                              N            03/01/18
    0

    8625353          286/286             F          248,100.00         ZZ
                                         180        244,942.57          1
                                       5.500          2,027.19         49
                                       5.250          2,027.19
    ANAHEIM          CA   92808          2            02/14/03         00
    2027374                              03           04/01/03          0
    2027374                              O            03/01/18
    0

    8625357          286/286             F          129,600.00         ZZ
                                         180        128,105.56          1
                                       6.250          1,111.23         80
                                       6.000          1,111.23
    MILWAUKEE        WI   53221          5            02/18/03         00
    1903719                              05           04/01/03          0
    1903719                              O            03/01/18
    0
1

    8625365          286/286             F           63,000.00         ZZ
                                         180         61,950.96          1
                                       6.500            548.80         75
                                       6.250            548.80
    ROCKFORD         MS   39341          5            12/27/02         00
    1912378                              05           02/01/03          0
    1912378                              N            01/01/18
    0

    8625371          286/286             F           55,400.00         ZZ
                                         180         54,843.59          1
                                       6.375            478.80         75
                                       6.125            478.80
    BELEN            NM   87023          5            02/10/03         00
    2019384                              05           04/01/03          0
    2019384                              N            03/01/18
    0

    8625379          286/286             F           86,000.00         ZZ
                                         180         85,079.85          1
                                       5.625            708.41         38
                                       5.375            708.41
    PARLIN           NJ   08859          2            02/28/03         00
    2008407                              05           04/01/03          0
    2008407                              O            03/01/18
    0

    8625385          286/286             F          150,000.00         ZZ
                                         180        148,493.51          4
                                       6.375          1,296.38         20
                                       6.125          1,296.38
    CHICAGO          IL   60614          2            02/14/03         00
    1975212                              05           04/01/03          0
    1975212                              N            03/01/18
    0

    8625389          286/286             F          170,000.00         ZZ
                                         180        168,181.08          1
                                       5.625          1,400.35         48
                                       5.375          1,400.35
    BROOMALL         PA   19008          5            02/19/03         00
    1879386                              05           04/01/03          0
    1879386                              O            03/01/18
    0

    8625401          286/286             F          135,000.00         ZZ
                                         180        133,205.35          1
1

                                       6.000          1,139.21         75
                                       5.750          1,139.21
    TROY             MI   48083          5            02/26/03         00
    2031049                              05           04/01/03          0
    2031049                              O            03/01/18
    0

    8625409          286/286             F          111,000.00         ZZ
                                         180        109,837.01          1
                                       5.875            929.21         80
                                       5.625            929.21
    CROSS PLAINS     WI   53528          5            02/19/03         00
    2004118                              05           04/01/03          0
    2004118                              O            03/01/18
    0

    8625417          286/286             F          184,500.00         ZZ
                                         180        182,546.53          1
                                       5.750          1,532.11         68
                                       5.500          1,532.11
    HIGHLANDS RANCH  CO   80126          2            02/18/03         00
    1932302                              05           04/01/03          0
    1932302                              O            03/01/18
    0

    8625419          286/286             F          176,000.00         ZZ
                                         180        174,156.01          1
                                       5.875          1,473.33         80
                                       5.625          1,473.33
    DURHAM           NC   27713          5            02/20/03         00
    1965245                              05           04/01/03          0
    1965245                              O            03/01/18
    0

    8625427          286/286             F          207,000.00         ZZ
                                         180        204,761.95          1
                                       5.500          1,691.36         80
                                       5.250          1,691.36
    MIRAMAR          FL   33027          1            02/19/03         00
    2016163                              05           04/01/03          0
    2016163                              O            03/01/18
    0

    8625431          286/286             F           60,000.00         ZZ
                                         180         59,358.03          1
                                       5.625            494.24         36
                                       5.375            494.24
    MERRIMACK        NH   03054          5            02/21/03         00
    1946896                              05           04/01/03          0
1

    1946896                              O            03/01/18
    0

    8625435          286/286             F          156,000.00         ZZ
                                         180        154,313.31          1
                                       5.500          1,274.66         67
                                       5.250          1,274.66
    SHOREWOOD        MN   55331          5            02/19/03         00
    2035363                              05           04/01/03          0
    2035363                              O            03/01/18
    0

    8625439          286/286             F          240,000.00         ZZ
                                         180        237,458.89          1
                                       5.750          1,992.99         80
                                       5.500          1,992.99
    MIAMI            FL   33178          2            02/20/03         00
    2027585                              05           04/01/03          0
    2027585                              O            03/01/18
    0

    8625441          286/286             F          102,000.00         ZZ
                                         180        100,908.65          2
                                       5.625            840.21         60
                                       5.375            840.21
    SAN BERNARDINO   CA   92407          5            02/26/03         00
    1898461                              05           04/01/03          0
    1898461                              N            03/01/18
    0

    8625445          286/286             F          270,000.00         ZZ
                                         180        261,530.24          1
                                       5.500          2,206.13         39
                                       5.250          2,206.13
    FORT WAYNE       IN   46845          5            02/13/03         00
    1891116                              05           04/01/03          0
    1891116                              O            03/01/18
    0

    8625451          286/286             F           53,450.00         ZZ
                                         180         52,889.99          1
                                       5.875            447.44         58
                                       5.625            447.44
    BLOOMINGTON      IL   61701          2            02/17/03         00
    1928932                              05           04/01/03          0
    1928932                              N            03/01/18
    0

1

    8625461          286/286             F          125,000.00         ZZ
                                         180        123,527.59          1
                                       6.250          1,071.78         78
                                       6.000          1,071.78
    CHANDLER         AZ   85224          5            02/19/03         00
    1984553                              05           04/01/03          0
    1984553                              N            03/01/18
    0

    8625469          286/286             F          196,000.00         ZZ
                                         180        193,902.89          1
                                       5.625          1,614.52         80
                                       5.375          1,614.52
    COTTAGE GROVE    OR   97424          5            02/21/03         00
    2031708                              05           04/01/03          0
    2031708                              O            03/01/18
    0

    8625471          286/286             F          270,150.00         ZZ
                                         180        267,349.26          1
                                       6.000          2,279.68         77
                                       5.750          2,279.68
    VIRGINIA BEACH   VA   23451          2            02/12/03         00
    0001241887                           05           04/01/03          0
    0001241887                           O            03/01/18
    0

    8625477          286/286             F          311,000.00         ZZ
                                         180        307,637.50          2
                                       5.500          2,541.13         55
                                       5.250          2,541.13
    WALTHAM          MA   02453          2            02/18/03         00
    1902372                              05           04/01/03          0
    1902372                              N            03/01/18
    0

    8625479          286/286             F           55,000.00         ZZ
                                         180         54,374.18          1
                                       5.750            456.73         75
                                       5.500            456.73
    CHAMPAIGN        IL   61821          5            02/27/03         00
    1991814                              05           04/01/03          0
    1991814                              N            03/01/18
    0

    8625483          286/286             F           84,000.00         ZZ
                                         180         82,890.90          1
                                       5.875            703.18         63
                                       5.625            703.18
1

    WINDHAM          ME   04062          5            02/26/03         00
    1999239                              05           04/01/03          0
    1999239                              O            03/01/18
    0

    8625487          286/286             F          300,700.00         ZZ
                                         180        297,482.65          1
                                       5.625          2,476.97         42
                                       5.375          2,476.97
    SCOTTSDALE       AZ   85255          2            02/10/03         00
    1484477                              05           04/01/03          0
    1484477                              O            03/01/18
    0

    8625495          286/286             F          151,500.00         ZZ
                                         180        149,861.96          1
                                       5.500          1,237.89         49
                                       5.250          1,237.89
    CHESAPEAKE BEAC  MD   20732          2            02/20/03         00
    1984204                              05           04/01/03          0
    1984204                              O            03/01/18
    0

    8625497          286/286             F           60,000.00         ZZ
                                         180         59,364.72          1
                                       5.750            498.25         69
                                       5.500            498.25
    GREENSBORO       NC   27406          5            02/25/03         00
    1967380                              05           04/01/03          0
    1967380                              N            03/01/18
    0

    8625503          286/286             F          104,000.00         ZZ
                                         180        102,955.48          1
                                       6.375            898.83         80
                                       6.125            898.83
    COWETA           OK   74429          5            02/25/03         00
    2038521                              05           04/01/03          0
    2038521                              O            03/01/18
    0

    8625505          286/286             F           57,000.00         ZZ
                                         180         56,216.12          1
                                       5.750            473.34         33
                                       5.500            473.34
    MACOMB           MI   48044          2            02/18/03         00
    1989298                              01           04/01/03          0
    1989298                              O            03/01/18
    0
1

    8625513          286/286             F           97,200.00         ZZ
                                         180         96,108.25          1
                                       5.250            781.37         74
                                       5.000            781.37
    CINCINNATI       OH   45211          5            02/13/03         00
    2020174                              05           04/01/03          0
    2020174                              O            03/01/18
    0

    8625523          286/286             F          238,000.00         ZZ
                                         180        235,399.78          1
                                       5.375          1,928.91         29
                                       5.125          1,928.91
    CUPERTINO        CA   95014          2            02/17/03         00
    2013971                              05           04/01/03          0
    2013971                              O            03/01/18
    0

    8625525          286/286             F          204,800.00         ZZ
                                         180        202,631.60          1
                                       5.750          1,700.68         80
                                       5.500          1,700.68
    ELLICOTT CITY    MD   21043          5            02/28/03         00
    2011007                              03           04/01/03          0
    2011007                              O            03/01/18
    0

    8625531          286/286             F          266,500.00         ZZ
                                         180        263,766.11          2
                                       6.125          2,266.92         51
                                       5.875          2,266.92
    SOMERVILLE       MA   02144          2            02/27/03         00
    1970080                              05           04/01/03          0
    1970080                              N            03/01/18
    0

    8625535          286/286             F          105,000.00         ZZ
                                         180        104,244.89          1
                                       5.500            857.94         70
                                       5.250            857.94
    ALEXANDRIA       MN   56308          5            02/28/03         00
    1988966                              05           05/01/03          0
    1988966                              O            04/01/18
    0

    8625539          286/286             F          150,000.00         ZZ
                                         180        148,344.07          1
1

                                       5.250          1,205.82         40
                                       5.000          1,205.82
    NEWTON           MA   02459          5            02/24/03         00
    2014878                              05           04/01/03          0
    2014878                              O            03/01/18
    0

    8625543          286/286             F          185,000.00         ZZ
                                         180        182,633.62          1
                                       5.375          1,499.37         65
                                       5.125          1,499.37
    HYANNIS          MA   02601          2            02/11/03         00
    1979810                              05           04/01/03          0
    1979810                              O            03/01/18
    0

    8625547          286/286             F          112,000.00         ZZ
                                         180        110,755.73          2
                                       6.125            952.70         70
                                       5.875            952.70
    CLEVELAND HTS    OH   44118          5            02/24/03         00
    1886421                              05           04/01/03          0
    1886421                              N            03/01/18
    0

    8625551          286/286             F          120,000.00         ZZ
                                         180        118,641.29          1
                                       5.875          1,004.55         80
                                       5.625          1,004.55
    MANTUA           OH   44255          5            02/24/03         00
    1886423                              05           04/01/03          0
    1886423                              N            03/01/18
    0

    8625555          286/286             F           56,800.00         ZZ
                                         180         56,198.59          1
                                       5.750            471.68         80
                                       5.500            471.68
    URBANA           IL   61801          1            02/21/03         00
    1991800                              05           04/01/03          0
    1991800                              N            03/01/18
    0

    8625559          286/286             F          236,000.00         ZZ
                                         180        233,478.23          1
                                       5.875          1,975.60         70
                                       5.625          1,975.60
    LIBERTY          MO   64068          2            02/13/03         00
    2043241                              05           04/01/03          0
1

    2043241                              O            03/01/18
    0

    8625563          286/286             F          232,000.00         ZZ
                                         180        229,569.28          1
                                       5.875          1,942.12         80
                                       5.625          1,942.12
    COPPER CANYON    TX   75077          2            02/20/03         00
    2000357                              05           04/01/03          0
    2000357                              N            03/01/18
    0

    8625567          286/286             F          183,500.00         ZZ
                                         180        180,957.09          1
                                       6.000          1,548.48         59
                                       5.750          1,548.48
    WOODWARD         OK   73801          2            01/22/03         00
    1903097                              05           03/01/03          0
    1903097                              O            02/01/18
    0

    8625569          286/286             F          480,000.00         ZZ
                                         180        474,810.26          1
                                       5.500          3,922.01         52
                                       5.250          3,922.01
    SAN MATEO        CA   94402          2            02/18/03         00
    2007149                              05           04/01/03          0
    2007149                              O            03/01/18
    0

    8625573          286/286             F          118,500.00         ZZ
                                         180        117,179.91          1
                                       5.625            976.13         77
                                       5.375            976.13
    KETTERING        OH   45429          2            02/19/03         00
    1996494                              05           04/01/03          0
    1996494                              O            03/01/18
    0

    8625579          286/286             F          145,600.00         ZZ
                                         180        144,058.40          1
                                       5.750          1,209.08         80
                                       5.500          1,209.08
    DREXEL HILL      PA   19026          5            02/14/03         00
    2023252                              05           04/01/03          0
    2023252                              O            03/01/18
    0

1

    8625583          286/286             F          238,500.00         ZZ
                                         180        235,571.90          1
                                       5.750          1,980.53         77
                                       5.500          1,980.53
    ROCKFORD         IL   61114          2            02/14/03         00
    1987759                              05           04/01/03          0
    1987759                              O            03/01/18
    0

    8625587          286/286             F           77,000.00         ZZ
                                         180         76,176.13          1
                                       5.625            634.28         43
                                       5.375            634.28
    FORT COLLINS     CO   80521          2            02/26/03         00
    1982295                              05           04/01/03          0
    1982295                              N            03/01/18
    0

    8625591          286/286             F           78,000.00         ZZ
                                         180         77,174.15          2
                                       5.750            647.72         65
                                       5.500            647.72
    GREENFIELD       MA   01301          5            02/19/03         00
    1949567                              05           04/01/03          0
    1949567                              N            03/01/18
    0

    8625599          286/286             F          300,000.00         ZZ
                                         180        296,653.51          1
                                       5.375          2,431.40         60
                                       5.125          2,431.40
    HUNTINGTON BEAC  CA   92646          5            02/17/03         00
    2011997                              05           04/01/03          0
    2011997                              O            03/01/18
    0

    8625605          286/286             F           75,000.00         ZZ
                                         180         74,205.90          1
                                       5.750            622.81         65
                                       5.500            622.81
    FORT LAUDERDALE  FL   33319          2            02/12/03         00
    2007308                              01           04/01/03          0
    2007308                              O            03/01/18
    0

    8625611          286/286             F           91,000.00         T
                                         180         89,735.04          1
                                       5.750            755.68         33
                                       5.500            755.68
1

    STEAMBOAT SPRIN  CO   80477          2            02/24/03         00
    1947071                              01           04/01/03          0
    1947071                              O            03/01/18
    0

    8625619          286/286             F           30,000.00         ZZ
                                         180         29,467.48          1
                                       5.250            241.17         16
                                       5.000            241.17
    PORTLAND         OR   97236          1            02/12/03         00
    1934630                              05           04/01/03          0
    1934630                              O            03/01/18
    0

    8625623          286/286             F           60,915.00         ZZ
                                         180         60,296.69          1
                                       6.250            522.30         90
                                       6.000            522.30
    HOLLYWOOD        FL   33023          1            02/19/03         10
    1951644                              01           04/01/03         35
    1951644                              O            03/01/18
    0

    8625627          286/286             F          295,000.00         ZZ
                                         180        291,876.58          1
                                       5.750          2,449.71         65
                                       5.500          2,449.71
    GLEN COVE        NY   11542          5            02/19/03         00
    1886739                              05           04/01/03          0
    1886739                              O            03/01/18
    0

    8625631          286/286             F          240,000.00         ZZ
                                         180        237,056.98          1
                                       5.750          1,992.99         80
                                       5.500          1,992.99
    MIAMI            FL   33165          2            02/20/03         00
    2025342                              05           04/01/03          0
    2025342                              O            03/01/18
    0

    8625639          286/286             F          329,000.00         ZZ
                                         180        325,442.87          1
                                       5.500          2,688.21         84
                                       5.250          2,688.21
    SANTA ROSA       CA   95404          2            02/14/03         10
    1991855                              05           04/01/03         12
    1991855                              O            03/01/18
    0
1

    8625647          286/286             F           95,000.00         ZZ
                                         180         93,994.15          1
                                       5.750            788.89         68
                                       5.500            788.89
    FLOWER MOUND     TX   75028          2            02/07/03         00
    1766461                              05           04/01/03          0
    1766461                              N            03/01/18
    0

    8625649          286/286             F          213,000.00         ZZ
                                         180        210,860.78          4
                                       6.375          1,840.86         37
                                       6.125          1,840.86
    WATSONVILLE      CA   95076          2            02/12/03         00
    1971641                              05           04/01/03          0
    1971641                              N            03/01/18
    0

    8625653          286/286             F          109,000.00         ZZ
                                         180        107,916.24          1
                                       6.500            949.51         90
                                       6.250            949.51
    BIRDSBORO        PA   19508          2            02/14/03         21
    1966979                              05           04/01/03         25
    1966979                              O            03/01/18
    0

    8625659          286/286             F          138,400.00         ZZ
                                         180        136,473.19          1
                                       5.375          1,121.69         80
                                       5.125          1,121.69
    AUSTIN           TX   78749          1            02/28/03         00
    2020043                              05           04/01/03          0
    2020043                              N            03/01/18
    0

    8625661          286/286             F          250,000.00         ZZ
                                         180        247,353.02          1
                                       5.750          2,076.03         44
                                       5.500          2,076.03
    YORBA LINDA      CA   92887          5            02/17/03         00
    2020690                              05           04/01/03          0
    2020690                              O            03/01/18
    0

    8625665          286/286             F          180,000.00         ZZ
                                         180        178,133.86          1
1

                                       6.000          1,518.95         25
                                       5.750          1,518.95
    SAN FRANCISCO    CA   94122          2            02/11/03         00
    1919230                              05           04/01/03          0
    1919230                              N            03/01/18
    0

    8625671          286/286             F          470,000.00         ZZ
                                         180        464,362.89          1
                                       5.375          3,809.19         40
                                       5.125          3,809.19
    DANVILLE         CA   94526          2            02/14/03         00
    2023584                              05           04/01/03          0
    2023584                              O            03/01/18
    0

    8625675          286/286             F          102,000.00         ZZ
                                         180        100,920.03          1
                                       5.750            847.02         53
                                       5.500            847.02
    WHITE BEAR LAKE  MN   55110          2            02/26/03         00
    2024316                              05           04/01/03          0
    2024316                              O            03/01/18
    0

    8626831          E22/G02             F           98,400.00         T
                                         180         98,046.99          1
                                       5.500            804.01         79
                                       5.250            804.01
    SEVIERVILLE      TN   37876          2            04/17/03         00
    0416220838                           03           06/01/03          0
    0416220838                           O            05/01/18
    0

    8626841          E22/G02             F           60,000.00         ZZ
                                         180         59,795.88          2
                                       6.125            510.37         62
                                       5.875            510.37
    WEST PALM BEACH  FL   33407          5            04/17/03         00
    0416252995                           05           06/01/03          0
    0416252997                           N            05/01/18
    0

    8626903          E22/G02             F          146,250.00         ZZ
                                         180        145,725.33          1
                                       5.500          1,194.98         75
                                       5.250          1,194.98
    CENTER           TX   75935          5            04/10/03         00
    0416461531                           05           06/01/03          0
1

    0416461531                           O            05/01/18
    0

    8626989          E22/G02             F          145,000.00         ZZ
                                         180        144,468.76          1
                                       5.250          1,165.62         25
                                       5.000          1,165.62
    SAN FRANCISCO    CA   94122          2            04/08/03         00
    0416637742                           05           06/01/03          0
    0416637742                           O            05/01/18
    0

    8627951          G34/G02             F          104,000.00         TX
                                         180        103,622.95          1
                                       5.375            842.88         79
                                       5.125            842.88
    MESQUITE         TX   75149          5            04/04/03         00
    0435741558                           05           06/01/03          0
    47000364                             O            05/01/18
    0

    8628219          M27/G02             F          125,000.00         ZZ
                                         180        124,546.82          1
                                       5.375          1,013.08         32
                                       5.125          1,013.08
    HUNTERSVILLE     NC   28078          2            04/09/03         00
    0435801766                           03           06/01/03          0
    0100078048                           O            05/01/18
    0

    8628331          X31/G02             F          201,500.00         ZZ
                                         180        200,769.46          1
                                       5.375          1,633.09         72
                                       5.125          1,633.09
    ALTADENA         CA   91001          2            04/14/03         00
    0435723283                           05           06/01/03          0
    80000862                             O            05/01/18
    0

    8629437          X31/G02             F          152,700.00         ZZ
                                         180        151,590.30          1
                                       5.375          1,237.58         55
                                       5.125          1,237.58
    SANTA ANA        CA   92707          2            03/11/03         00
    0435723267                           05           05/01/03          0
    41000604                             O            04/01/18
    0

1

    8629691          E22/G02             F          137,000.00         ZZ
                                         180        136,508.52          1
                                       5.500          1,119.40         50
                                       5.250          1,119.40
    SANTA ANA        CA   92707          2            04/12/03         00
    0416565711                           05           06/01/03          0
    0416565711                           O            05/01/18
    0

    8629693          E22/G02             F          139,000.00         ZZ
                                         180        138,495.00          1
                                       5.350          1,124.71         62
                                       5.100          1,124.71
    ADDISON          TX   75001          2            04/14/03         00
    0416634673                           05           06/01/03          0
    0416634673                           O            05/01/18
    0

    8629721          E22/G02             F          140,000.00         ZZ
                                         180        139,481.67          1
                                       5.125          1,116.25         94
                                       4.875          1,116.25
    GREAT FALLS      MT   59405          2            04/14/03         01
    0416651545                           05           06/01/03         25
    0416651545                           O            05/01/18
    0

    8629741          E22/G02             F          126,000.00         ZZ
                                         180        125,547.97          1
                                       5.500          1,029.53         70
                                       5.250          1,029.53
    MERIDEN          CT   06450          5            04/14/03         00
    0416585602                           05           06/01/03          0
    0416585602                           O            05/01/18
    0

    8629761          E22/G02             F           82,000.00         ZZ
                                         180         81,715.02          1
                                       5.875            686.44         72
                                       5.625            686.44
    KANSAS CITY      MO   64030          2            04/18/03         00
    0416618718                           05           06/01/03          0
    0416618718                           N            05/01/18
    0

    8629765          E22/G02             F          119,950.00         ZZ
                                         180        119,533.14          2
                                       5.875          1,004.12         73
                                       5.625          1,004.12
1

    KANSAS CITY      MO   64151          2            04/18/03         00
    0416621191                           05           06/01/03          0
    0416621191                           N            05/01/18
    0

    8629785          E22/G02             F           58,700.00         ZZ
                                         180         58,291.63          1
                                       5.625            483.53         62
                                       5.375            483.53
    LOUISVILLE       KY   40220          2            04/14/03         00
    0416669935                           01           06/01/03          0
    0416669935                           O            05/01/18
    0

    8629801          E22/G02             F          155,000.00         ZZ
                                         180        154,443.94          1
                                       5.500          1,266.48         69
                                       5.250          1,266.48
    WEST ORANGE      NJ   07052          5            04/14/03         00
    0416690501                           05           06/01/03          0
    0416690501                           O            05/01/18
    0

    8629853          E22/G02             F           52,700.00         ZZ
                                         180         52,700.00          1
                                       5.875            441.16         40
                                       5.625            441.16
    BOYNTON BEACH    FL   33437          2            05/12/03         00
    0416437945                           09           07/01/03          0
    0416437945                           N            06/01/18
    0

    8629991          E22/G02             F           64,000.00         ZZ
                                         180         63,775.21          1
                                       5.750            531.46         80
                                       5.500            531.46
    CONRAD           MT   59425          5            04/10/03         00
    0416283943                           05           06/01/03          0
    0416283943                           O            05/01/18
    0

    8630005          E22/G02             F          118,000.00         ZZ
                                         180        117,576.67          1
                                       5.500            964.16         59
                                       5.250            964.16
    SOUTH BERWICK    ME   03908          5            04/14/03         00
    0416128056                           05           06/01/03          0
    0416128056                           O            05/01/18
    0
1

    8630137          K60/G02             F           70,000.00         TX
                                         180         69,544.30          1
                                       5.625            576.61         40
                                       5.375            576.61
    BUNA             TX   77612          5            06/01/03         00
    0435728548                           05           06/01/03          0
    76300                                O            05/01/18
    0

    8630395          N74/G02             F          319,750.00         ZZ
                                         180        317,377.28          1
                                       5.125          2,549.43         59
                                       4.875          2,549.43
    ALEXANDRIA       VA   22306          2            04/10/03         00
    0435724174                           05           05/15/03          0
    0032166010                           O            04/15/18
    0

    8630405          N74/G02             F          120,000.00         ZZ
                                         180        119,137.03          1
                                       5.500            980.50         71
                                       5.250            980.50
    CENTREVILLE      VA   20120          5            04/10/03         00
    0435723879                           07           05/15/03          0
    0032170010                           O            04/15/18
    0

    8630455          U05/G02             F          240,800.00         ZZ
                                         180        239,139.84          1
                                       6.000          2,032.01         80
                                       5.750          2,032.01
    MISSION HILLS    CA   91345          2            03/25/03         00
    0435758669                           05           05/01/03          0
    3298709                              O            04/01/18
    0

    8630865          737/G02             F          248,500.00         ZZ
                                         120        246,931.56          1
                                       5.375          2,681.51         63
                                       5.125          2,681.51
    GLENDALE         AZ   85306          2            04/03/03         00
    0435782982                           05           06/01/03          0
    6001946                              O            05/01/13
    0

    8630867          737/G02             F           51,500.00         ZZ
                                         120         51,183.61          1
1

                                       5.875            568.53         55
                                       5.625            568.53
    PHOENIX          AZ   85033          2            04/04/03         00
    0435715354                           05           06/01/03          0
    6005117                              N            05/01/13
    0

    8630949          N47/G02             F          268,000.00         ZZ
                                         180        267,038.55          1
                                       5.500          2,189.78         65
                                       5.250          2,189.78
    SAN FRANCISCO    CA   94122          5            04/09/03         00
    0435743315                           05           06/01/03          0
    30503723                             O            05/01/18
    0

    8630991          737/G02             F           53,000.00         ZZ
                                         120         52,674.39          1
                                       5.875            585.09         59
                                       5.625            585.09
    PHOENIX          AZ   85033          5            04/04/03         00
    0435721113                           05           06/01/03          0
    6005115                              N            05/01/13
    0

    8631119          N74/G02             F          154,500.00         ZZ
                                         180        153,365.42          1
                                       5.250          1,241.99         62
                                       5.000          1,241.99
    CONCORD          VA   24538          2            04/15/03         00
    0435724299                           05           05/21/03          0
    0032195010                           O            04/21/18
    0

    8631301          737/G02             F           68,000.00         ZZ
                                         120         67,582.24          1
                                       5.875            750.68         72
                                       5.625            750.68
    PHOENIX          AZ   85032          5            04/04/03         00
    0435702592                           05           06/01/03          0
    6004986                              N            05/01/13
    0

    8631437          R26/G02             F           91,360.00         ZZ
                                         180         90,788.25          1
                                       5.625            752.56         80
                                       5.375            752.56
    VERNAL           UT   84078          5            04/10/03         00
    0435745237                           05           06/01/03          0
1

    00020230000                          O            05/01/18
    0

    8631579          N74/G02             F           65,000.00         ZZ
                                         180         64,551.86          1
                                       6.000            548.51         71
                                       5.750            548.51
    WAYNESBORO       VA   22980          5            04/14/03         00
    0435727821                           05           05/21/03          0
    0032181010                           O            04/21/18
    0

    8632371          X71/G02             F          270,000.00         ZZ
                                         180        269,021.12          1
                                       5.375          2,188.26         50
                                       5.125          2,188.26
    FRAMINGHAM       MA   01701          5            04/14/03         00
    0435725361                           05           06/01/03          0
    7944593                              O            05/01/18
    0

    8632395          E22/G02             F          219,150.00         ZZ
                                         180        218,363.80          1
                                       5.500          1,790.64         79
                                       5.250          1,790.64
    AUSTIN           TX   78704          5            04/16/03         00
    0416357309                           05           06/01/03          0
    0416357309                           O            05/01/18
    0

    8632427          E22/G02             F           45,000.00         ZZ
                                         180         44,841.95          1
                                       5.750            373.68         57
                                       5.500            373.68
    GREAT FALLS      MT   59405          5            04/10/03         00
    0416677755                           05           06/01/03          0
    0416677755                           O            05/01/18
    0

    8632519          E22/G02             F           45,900.00         ZZ
                                         180         45,743.84          1
                                       6.125            390.44         90
                                       5.875            390.44
    HOPE MILLS       NC   28348          5            04/15/03         04
    0416584597                           05           06/01/03         12
    0416584597                           O            05/01/18
    0

1

    8632543          E22/G02             F          202,000.00         ZZ
                                         180        201,259.92          1
                                       5.250          1,623.83         49
                                       5.000          1,623.83
    BAYSIDE          CA   95524          2            04/13/03         00
    0416599330                           05           06/01/03          0
    0416599330                           N            05/01/18
    0

    8632657          E22/G02             F          217,200.00         ZZ
                                         180        216,428.98          1
                                       5.625          1,789.15         76
                                       5.375          1,789.15
    AUSTIN           TX   78759          5            04/11/03         00
    0416623130                           05           06/01/03          0
    0416623130                           O            05/01/18
    0

    8632725          E22/G02             F           50,000.00         ZZ
                                         120         49,684.42          1
                                       5.375            539.54         66
                                       5.125            539.54
    YUKON            OK   73099          5            04/16/03         00
    0416708766                           05           06/01/03          0
    0416708766                           O            05/01/13
    0

    8633301          N74/G02             F           38,000.00         ZZ
                                         180         37,862.23          1
                                       5.375            307.98         43
                                       5.125            307.98
    WILKESBORO       NC   28697          5            04/16/03         00
    0435742218                           05           06/01/03          0
    0032186010                           O            05/01/18
    0

    8633453          G34/G02             F          181,400.00         ZZ
                                         180        180,742.34          1
                                       5.375          1,470.18         73
                                       5.125          1,470.18
    HARLINGEN        TX   78552          2            04/10/03         00
    0435721592                           05           06/01/03          0
    47000723                             O            05/01/18
    0

    8633591          H49/G02             F          212,000.00         ZZ
                                         180        211,206.85          4
                                       5.000          1,676.48         80
                                       4.750          1,676.48
1

    CROWN POINT      IN   46307          1            04/15/03         00
    0435772975                           05           06/01/03          0
    374254                               N            05/01/18
    0

    8633627          Q87/G02             F          121,000.00         TX
                                         180        119,248.49          1
                                       5.625            996.72         69
                                       5.375            996.72
    AUSTIN           TX   78719          5            04/07/03         00
    0435742606                           05           05/11/03          0
    NAMA01                               O            04/11/18
    0

    8633937          E47/G02             F          107,000.00         ZZ
                                         180        106,616.14          1
                                       5.500            874.28         72
                                       5.250            874.28
    FRESNO           CA   93722          5            04/08/03         00
    0435716238                           05           06/01/03          0
    7333013237                           O            05/01/18
    0

    8634031          W40/G02             F          200,000.00         ZZ
                                         180        199,251.74          1
                                       5.000          1,581.59         54
                                       4.750          1,581.59
    GRAND RAPIDS     MI   49546          5            04/17/03         00
    0435724497                           03           06/01/03          0
    102018521                            O            05/01/18
    0

    8634067          N74/G02             F           99,300.00         ZZ
                                         180         98,563.13          1
                                       5.125            791.74         58
                                       4.875            791.74
    HERNDON          VA   20170          5            04/16/03         00
    0435741608                           05           05/22/03          0
    0032192010                           O            04/22/18
    0

    8635171          E22/G02             F          217,500.00         ZZ
                                         180        216,736.05          1
                                       5.750          1,806.14         72
                                       5.500          1,806.14
    PARLIN           NJ   08859          2            04/17/03         00
    0416474567                           05           06/01/03          0
    0416474567                           O            05/01/18
    0
1

    8635197          E22/G02             F           98,000.00         ZZ
                                         180         97,640.95          1
                                       5.250            787.80         73
                                       5.000            787.80
    TULSA            OK   74104          5            04/17/03         00
    0416519437                           05           06/01/03          0
    0416519437                           O            05/01/18
    0

    8635259          E22/G02             F           85,000.00         T
                                         180         84,691.83          1
                                       5.375            688.90         54
                                       5.125            688.90
    PORT ISABEL      TX   78578          2            04/22/03         00
    0416662948                           03           06/01/03          0
    0416662948                           O            05/01/18
    0

    8635351          E22/G02             F          232,000.00         ZZ
                                         180        231,158.89          1
                                       5.375          1,880.28         80
                                       5.125          1,880.28
    BALDWIN          MD   21013          5            04/16/03         00
    0416758951                           05           06/01/03          0
    0416758951                           O            05/01/18
    0

    8635359          E22/G02             F           95,000.00         ZZ
                                         180         94,669.84          1
                                       5.875            795.26        100
                                       5.625            795.26
    HUNTSVILLE       AL   35810          2            04/17/03         04
    0416775880                           05           06/01/03         35
    0416775880                           O            05/01/18
    0

    8635361          E22/G02             F          100,000.00         ZZ
                                         180         99,637.45          1
                                       5.375            810.47         63
                                       5.125            810.47
    CLAWSON          MI   48017          2            04/17/03         00
    0416776326                           05           06/01/03          0
    0416776326                           O            05/01/18
    0

    8635385          E22/G02             F          170,000.00         ZZ
                                         180        169,383.67          1
1

                                       5.375          1,377.79         60
                                       5.125          1,377.79
    BERTHOUD         CO   80513          5            04/17/03         00
    0416797009                           05           06/01/03          0
    0416797009                           O            05/01/18
    0

    8635393          E22/G02             F           98,700.00         ZZ
                                         180         98,338.38          1
                                       5.250            793.43         74
                                       5.000            793.43
    MARION           OH   43302          2            02/17/03         00
    0416801157                           05           06/01/03          0
    0416801157                           O            05/01/18
    0

    8636013          Q14/G02             F          120,000.00         ZZ
                                         180        119,078.74          1
                                       5.375            972.56         80
                                       5.125            972.56
    OAK GROVE        MO   64075          5            03/21/03         00
    0435737820                           05           05/01/03          0
    0000311815                           O            04/01/18
    0

    8636017          K15/G02             F          155,500.00         ZZ
                                         180        154,936.24          1
                                       5.375          1,260.27         85
                                       5.125          1,260.27
    RIGA             MI   49276          2            04/11/03         26
    0435722673                           05           06/01/03          6
    035005513907                         O            05/01/18
    0

    8636051          N47/G02             F          150,000.00         ZZ
                                         180        149,478.69          1
                                       5.875          1,255.68         29
                                       5.625          1,255.68
    PLEASANTON       CA   94566          5            04/11/03         00
    0435785159                           05           06/01/03          0
    20502380                             O            05/01/18
    0

    8636059          742/G02             F          232,000.00         ZZ
                                         180        231,185.12          2
                                       5.750          1,926.55         80
                                       5.500          1,926.55
    COLD SPRING      NY   10516          1            04/18/03         00
    0435725544                           05           06/01/03          0
1

    6542138                              N            05/01/18
    0

    8636071          N47/G02             F          200,000.00         ZZ
                                         180        195,509.30          1
                                       5.375          1,620.93         42
                                       5.125          1,620.93
    LA MIRADA        CA   90638          2            04/15/03         00
    0435741806                           03           06/01/03          0
    30503384                             O            05/01/18
    0

    8636173          E47/G02             F          130,000.00         ZZ
                                         180        129,543.39          1
                                       5.750          1,079.53         54
                                       5.500          1,079.53
    SOUTH GATE       CA   90280          5            04/04/03         00
    0435721055                           05           06/01/03          0
    7331015127                           O            05/01/18
    0

    8637327          X64/G02             F           53,000.00         ZZ
                                         180         52,813.84          1
                                       5.750            440.12         78
                                       5.500            440.12
    DETROIT          MI   48219          2            04/18/03         00
    0435776067                           05           06/01/03          0
    0000006756                           N            05/01/18
    0

    8637659          E22/G02             F          154,000.00         ZZ
                                         180        153,447.52          1
                                       5.500          1,258.31         62
                                       5.250          1,258.31
    BRECKSVILLE      OH   44141          5            04/18/03         00
    0416725331                           05           06/01/03          0
    0416725331                           O            05/01/18
    0

    8637687          E22/G02             F          250,000.00         ZZ
                                         180        249,074.41          1
                                       5.125          1,993.30         74
                                       4.875          1,993.30
    MURRAY           UT   84107          2            04/16/03         00
    0416767028                           05           06/01/03          0
    0416767028                           O            05/01/18
    0

1

    8637717          E22/G02             F          505,000.00         T
                                         180        503,188.31          1
                                       5.500          4,126.27         62
                                       5.250          4,126.27
    LAKE ARROWHEAD   CA   92532          2            04/10/03         00
    0416310803                           03           06/01/03          0
    0416310803                           O            05/01/18
    0

    8637733          E22/G02             F           53,500.00         ZZ
                                         180         53,308.07          1
                                       5.500            437.14         36
                                       5.250            437.14
    DRAKE            CO   80515          5            04/23/03         00
    0416347102                           05           06/01/03          0
    0416347102                           N            05/01/18
    0

    8637783          E22/G02             F           91,000.00         ZZ
                                         180         90,693.71          1
                                       6.250            780.25         94
                                       6.000            780.25
    POCATELLO        ID   83201          5            04/18/03         01
    0416479301                           05           06/01/03         30
    0416479301                           O            05/01/18
    0

    8637807          E22/G02             F          328,000.00         ZZ
                                         180        326,835.66          2
                                       5.625          2,701.84         80
                                       5.375          2,701.84
    CHICAGO          IL   60645          5            04/18/03         00
    0416511111                           05           06/01/03          0
    0416511111                           O            05/01/18
    0

    8637815          E22/G02             F          102,000.00         ZZ
                                         180        101,530.21          1
                                       5.375            826.67         46
                                       5.125            826.67
    AUBURN           NH   03032          2            04/18/03         00
    0416518686                           05           06/01/03          0
    0416518686                           O            05/01/18
    0

    8637827          E22/G02             F          272,000.00         ZZ
                                         180        271,013.86          1
                                       5.375          2,204.47         48
                                       5.125          2,204.47
1

    PORTGAGE         MI   49024          2            04/18/03         00
    0416537918                           05           06/01/03          0
    0416537918                           O            05/01/18
    0

    8637889          E22/G02             F          282,400.00         ZZ
                                         180        281,397.53          1
                                       5.625          2,326.22         63
                                       5.375          2,326.22
    HOUSTON          TX   77056          2            04/23/03         00
    0416648897                           03           06/01/03          0
    0416648897                           N            05/01/18
    0

    8637943          E22/G02             F          193,000.00         ZZ
                                         180        192,314.89          1
                                       5.625          1,589.80         71
                                       5.375          1,589.80
    TROY             MI   48083          2            04/19/03         00
    0416698009                           05           06/01/03          0
    0416698009                           O            05/01/18
    0

    8637977          E22/G02             F           82,500.00         ZZ
                                         180         82,204.03          1
                                       5.500            674.09         48
                                       5.250            674.09
    SACRAMENTO       CA   95815          2            04/11/03         00
    0416804359                           05           06/01/03          0
    0416804359                           N            05/01/18
    0

    8638045          E82/G02             F          119,600.00         ZZ
                                         180        119,166.39          1
                                       5.375            969.32         74
                                       5.125            969.32
    MELBOURNE BEACH  FL   32951          2            04/18/03         00
    0400813085                           03           06/01/03          0
    0400813085                           O            05/01/18
    0

    8638089          E82/G02             F          123,700.00         ZZ
                                         180        123,260.88          1
                                       5.625          1,018.96         61
                                       5.375          1,018.96
    TOMBALL          TX   77375          2            04/21/03         00
    0400794418                           03           06/01/03          0
    0400794418                           O            05/01/18
    0
1

    8638311          N34/G02             F          300,000.00         ZZ
                                         180        300,000.00          1
                                       5.375          2,431.40         71
                                       5.125          2,431.40
    LINCOLNWOOD      IL   60712          5            05/06/03         00
    0435855960                           05           07/01/03          0
    0703749                              O            06/01/18
    0

    8638331          S25/G02             F           58,900.00         ZZ
                                         180         58,476.90          1
                                       5.750            489.11         95
                                       5.500            489.11
    NORTH CHARLESTO  SC   29406          5            04/08/03         11
    0435729322                           05           05/14/03         18
    2473548370                           O            04/14/18
    0

    8638537          A35/G02             F          130,000.00         ZZ
                                         180        129,562.43          1
                                       6.250          1,114.65         75
                                       6.000          1,114.65
    JAMAICA          NY   11435          5            04/11/03         00
    0435727631                           05           06/01/03          0
    HV14922                              O            05/01/18
    0

    8638561          A06/G02             F          115,200.00         ZZ
                                         180        114,782.34          1
                                       5.375            933.66         79
                                       5.125            933.66
    ALLEN PARK       MI   48101          2            04/15/03         00
    0435737713                           05           06/01/03          0
    1                                    O            05/01/18
    0

    8638835          624/G02             F          218,000.00         ZZ
                                         180        217,209.65          1
                                       5.375          1,766.81         42
                                       5.125          1,766.81
    SAN JOSE         CA   95133          2            04/15/03         00
    0435725619                           05           06/01/03          0
    1000030151                           O            05/01/18
    0

    8638907          W02/G02             F           53,750.00         ZZ
                                         180         53,557.16          1
1

                                       5.500            439.19         62
                                       5.250            439.19
    COCOA            FL   32927          5            04/16/03         00
    0435779236                           05           06/01/03          0
    1                                    O            05/01/18
    0

    8638931          K15/G02             F          126,000.00         ZZ
                                         180        125,571.34          1
                                       6.125          1,071.79         90
                                       5.875          1,071.79
    COLORADO SPRING  CO   80909          5            04/03/03         26
    0435723739                           05           06/01/03         12
    021805508426                         O            05/01/18
    0

    8639011          E47/G02             F           87,400.00         ZZ
                                         180         87,079.79          1
                                       5.250            702.59         24
                                       5.000            702.59
    DEARBORN         MI   48128          2            04/15/03         00
    0435732706                           05           06/01/03          0
    7360515604                           O            05/01/18
    0

    8639319          N74/G02             F           97,850.00         ZZ
                                         180         97,168.21          1
                                       5.875            819.12         95
                                       5.625            819.12
    STUARTS DRAFT    VA   24477          5            04/17/03         01
    0435761432                           05           05/23/03         30
    0032224010                           O            04/23/18
    0

    8639337          U05/G02             F          405,000.00         ZZ
                                         180        403,577.47          1
                                       5.750          3,363.16         34
                                       5.500          3,363.16
    MILL VALLEY      CA   94941          5            04/03/03         00
    0435797873                           05           06/01/03          0
    3330057                              O            05/01/18
    0

    8639421          Y23/G02             F          116,700.00         ZZ
                                         180        116,281.33          1
                                       5.500            953.54         42
                                       5.250            953.54
    WESTON           FL   33326          5            04/21/03         00
    0435754064                           03           06/01/03          0
1

    1000122843                           O            05/01/18
    0

    8640079          642/G02             F           81,000.00         ZZ
                                         180         80,706.33          1
                                       5.375            656.48         58
                                       5.125            656.48
    LAKESIDE         AZ   85929          5            04/11/03         00
    0435721311                           05           06/01/03          0
    04190803                             O            05/01/18
    0

    8640439          U05/G02             F           53,600.00         TX
                                         180         53,417.65          1
                                       6.125            455.93         80
                                       5.875            455.93
    HOUSTON          TX   77053          5            04/15/03         00
    0435735295                           05           06/01/03          0
    3335136                              O            05/01/18
    0

    8640645          N74/G02             F           66,500.00         ZZ
                                         180         65,966.52          1
                                       5.500            543.36         70
                                       5.250            543.36
    DANVILLE         VA   24541          5            04/17/03         00
    0435756945                           05           05/23/03          0
    0032211010                           O            04/23/18
    0

    8640715          W02/G02             F           46,000.00         ZZ
                                         180         45,834.97          1
                                       5.500            375.86         66
                                       5.250            375.86
    WINTER GARDEN    FL   34787          5            04/07/03         00
    0435772199                           05           06/01/03          0
    1002254744                           O            05/01/18
    0

    8640871          Q31/G02             F          500,000.00         ZZ
                                         180        498,168.11          1
                                       5.250          4,019.39         69
                                       5.000          4,019.39
    SAN DIEGO        CA   92131          5            04/15/03         00
    0435723523                           03           06/01/03          0
    HS892300                             O            05/01/18
    0

1

    8640899          N74/G02             F           52,500.00         ZZ
                                         180         52,309.67          1
                                       5.375            425.49         70
                                       5.125            425.49
    COLUMBIA         NC   27925          2            04/18/03         00
    0435738158                           05           06/01/03          0
    0032229010                           O            05/01/18
    0

    8640905          N74/G02             F           46,000.00         ZZ
                                         180         45,840.14          1
                                       5.875            385.07         57
                                       5.625            385.07
    NORFOLK          VA   23503          5            04/18/03         00
    0435775044                           05           06/01/03          0
    0032228010                           N            05/01/18
    0

    8641867          E82/G02             F          199,900.00         ZZ
                                         180        198,116.21          1
                                       5.500          1,633.35         38
                                       5.250          1,633.35
    SAN JOSE         CA   95135          2            04/19/03         00
    0400799177                           05           06/01/03          0
    0400799177                           O            05/01/18
    0

    8641911          E82/G02             F           69,500.00         ZZ
                                         180         69,250.67          1
                                       5.500            567.87         87
                                       5.250            567.87
    SALT LAKE CITY   UT   84121          2            04/23/03         04
    0400801098                           01           06/01/03         12
    0400801098                           O            05/01/18
    0

    8641923          E82/G02             F           50,200.00         ZZ
                                         180         49,432.94          1
                                       6.125            427.01         60
                                       5.875            427.01
    HEWITT           TX   76643          2            04/28/03         00
    0400817276                           05           06/01/03          0
    0400817276                           N            05/01/18
    0

    8641939          E82/G02             F           64,700.00         ZZ
                                         180         64,472.74          2
                                       5.750            537.28         44
                                       5.500            537.28
1

    GREELEY          CO   80631          2            04/22/03         00
    0400823894                           05           06/01/03          0
    0400823894                           N            05/01/18
    0

    8641941          E82/G02             F           69,000.00         ZZ
                                         180         68,477.89          1
                                       5.625            568.37         44
                                       5.375            568.37
    THE WOODLANDS    TX   77382          2            04/21/03         00
    0400775177                           03           06/01/03          0
    0400775177                           O            05/01/18
    0

    8641963          E82/G02             F           87,100.00         ZZ
                                         180         86,797.30          4
                                       5.875            729.13         71
                                       5.625            729.13
    BRIDGETON        MO   63044          2            04/25/03         00
    0400813895                           05           06/01/03          0
    0400813895                           N            05/01/18
    0

    8641983          E82/G02             F           87,350.00         ZZ
                                         180         87,046.43          1
                                       5.875            731.22         34
                                       5.625            731.22
    CHAPPAQUA        NY   10514          2            04/22/03         00
    0400793477                           01           06/01/03          0
    0400793477                           O            05/01/18
    0

    8642367          601/G02             F          525,000.00         ZZ
                                         180        523,155.98          1
                                       5.750          4,359.65         73
                                       5.500          4,359.65
    ST LOUIS         MO   63130          2            04/01/03         00
    0435732656                           03           06/01/03          0
    80940323                             O            05/01/18
    0

    8642417          E22/G02             F          140,200.00         ZZ
                                         180        139,707.56          4
                                       5.750          1,164.23         65
                                       5.500          1,164.23
    HELENA           MT   59601          2            04/10/03         00
    0416163749                           05           06/01/03          0
    0416163749                           O            05/01/18
    0
1

    8642451          E22/G02             F           32,500.00         ZZ
                                         180         32,389.44          1
                                       6.125            276.45         70
                                       5.875            276.45
    BALTIMORE        MD   21218          2            04/24/03         00
    0416555373                           07           06/01/03          0
    0416555373                           N            05/01/18
    0

    8642467          E22/G02             F          260,000.00         ZZ
                                         180        259,047.42          1
                                       5.250          2,090.08         47
                                       5.000          2,090.08
    SAN FRANCISCO    CA   94122          2            04/17/03         00
    0416591352                           07           06/01/03          0
    0416591352                           O            05/01/18
    0

    8642487          E22/G02             F          217,000.00         ZZ
                                         180        216,221.51          2
                                       5.500          1,773.07         49
                                       5.250          1,773.07
    BENICIA          CA   94510          2            04/15/03         00
    0416627156                           05           06/01/03          0
    0416627156                           N            05/01/18
    0

    8642755          X64/G02             F           87,500.00         ZZ
                                         120         86,951.44          1
                                       5.500            949.60         48
                                       5.250            949.60
    STERLING HEIGHT  MI   48310          2            04/17/03         00
    0435889647                           05           06/01/03          0
    0000007145                           N            05/01/13
    0

    8643375          X64/G02             F           50,500.00         ZZ
                                         180         50,322.62          1
                                       5.750            419.36         78
                                       5.500            419.36
    DETROIT          MI   48235          2            04/18/03         00
    0435838149                           05           06/01/03          0
    0000006700                           N            05/01/18
    0

    8643499          F64/G02             F           90,000.00         ZZ
                                         180         89,690.27          1
1

                                       5.990            758.98         36
                                       5.740            758.98
    HOLLYWOOD        FL   33021          2            04/02/03         00
    0435743190                           05           06/01/03          0
    00005326                             O            05/01/18
    0

    8644145          K15/G02             F          249,000.00         ZZ
                                         180        248,125.41          1
                                       5.750          2,067.72         85
                                       5.500          2,067.72
    BORDENTOWN TWP   NJ   08505          5            04/10/03         26
    0435724281                           05           06/01/03          6
    030805514102                         O            05/01/18
    0

    8644211          P09/G02             F          125,000.00         ZZ
                                         180        124,532.34          1
                                       5.000            988.49         46
                                       4.750            988.49
    STAFFORD         VA   22554          2            04/16/03         00
    0435727193                           05           06/01/03          0
    ROEDER                               O            05/01/18
    0

    8644321          K15/G02             F           67,000.00         ZZ
                                         180         66,722.50          1
                                       6.000            565.38         95
                                       5.750            565.38
    ERATH            LA   70533          5            04/21/03         26
    0435724992                           05           06/01/03         25
    000205514548                         O            05/01/18
    0

    8644807          K15/G02             F           94,500.00         ZZ
                                         180         94,164.54          1
                                       5.625            778.43         60
                                       5.375            778.43
    BERWICK          ME   03901          2            04/18/03         00
    0435727698                           05           06/01/03          0
    007105514684                         O            05/01/18
    0

    8645069          K15/G02             F          131,100.00         ZZ
                                         180        130,624.70          1
                                       5.375          1,062.52         44
                                       5.125          1,062.52
    DURHAM           NH   03824          5            04/03/03         00
    0435724703                           05           06/01/03          0
1

    007605512899                         O            05/01/18
    0

    8645111          P09/G02             F          206,000.00         ZZ
                                         180        205,245.26          1
                                       5.250          1,655.99         80
                                       5.000          1,655.99
    ACCOKEEK         MD   20607          2            04/17/03         00
    0435727649                           05           06/01/03          0
    WILLIAMSTOYLA                        O            05/01/18
    0

    8645315          H81/G02             F          230,000.00         ZZ
                                         180        229,217.52          4
                                       6.125          1,956.44         45
                                       5.875          1,956.44
    CHICAGO          IL   60618          5            04/18/03         00
    0435735279                           05           06/01/03          0
    WH18592                              O            05/01/18
    0

    8645333          T23/G02             F          108,500.00         ZZ
                                         180        108,102.48          1
                                       5.250            872.21         80
                                       5.000            872.21
    UPPER SANDUSKY   OH   43351          5            04/24/03         00
    0435736269                           05           06/01/03          0
    6328                                 O            05/01/18
    0

    8645357          W35/G02             F           93,750.00         ZZ
                                         120         92,568.66          1
                                       5.450          1,015.11         77
                                       5.200          1,015.11
    TALLAHASSEE      FL   32303          5            04/18/03         00
    0435732409                           05           05/23/03          0
    18415                                O            04/23/13
    0

    8645587          624/G02             F          240,000.00         ZZ
                                         180        239,174.74          1
                                       6.000          2,025.26         75
                                       5.750          2,025.26
    GARDEN GROVE     CA   92840          5            04/11/03         00
    0435733977                           05           06/01/03          0
    1000028570                           O            05/01/18
    0

1

    8645731          A52/G02             F          146,000.00         ZZ
                                         180        145,381.73          1
                                       5.625          1,202.65         71
                                       5.375          1,202.65
    JEFFERSON        GA   30549          5            04/21/03         00
    0435734231                           05           06/01/03          0
    24484                                O            05/01/18
    0

    8645771          Q30/G02             F          248,000.00         ZZ
                                         180        247,128.91          1
                                       5.750          2,059.42         79
                                       5.500          2,059.42
    WOLCOTT          CT   06716          2            04/03/03         00
    0435740121                           05           06/01/03          0
    21019961                             O            05/01/18
    0

    8646375          U05/G02             F          127,500.00         ZZ
                                         180        127,047.40          2
                                       5.625          1,050.26         47
                                       5.375          1,050.26
    TUJUNGA          CA   91402          2            04/08/03         00
    0435762539                           05           06/01/03          0
    3325927                              O            05/01/18
    0

    8646495          T44/G02             F          185,500.00         ZZ
                                         180        184,827.48          1
                                       5.375          1,503.41         51
                                       5.125          1,503.41
    FRESNO           CA   93711          2            04/03/03         00
    0435729033                           05           06/01/03          0
    1068279                              O            05/01/18
    0

    8646971          U05/G02             F          292,000.00         ZZ
                                         180        290,952.45          3
                                       5.500          2,385.88         75
                                       5.250          2,385.88
    NORTH HOLLYWOOD  CA   91606          5            04/03/03         00
    0435759659                           05           06/01/03          0
    3329048                              O            05/01/18
    0

    8647053          G34/G02             F          135,500.00         TX
                                         180        135,008.75          1
                                       5.375          1,098.18         52
                                       5.125          1,098.18
1

    IRVING           TX   75063          5            04/11/03         00
    0435741392                           05           06/01/03          0
    47000365                             O            05/01/18
    0

    8647117          313/G02             F           57,000.00         ZZ
                                         180         56,607.02          4
                                       6.000            481.00         60
                                       5.750            481.00
    SAINT LOUIS      MO   63110          5            03/27/03         00
    0435739602                           05           05/01/03          0
    9395484                              N            04/01/18
    0

    8647139          313/G02             F          249,600.00         ZZ
                                         180        246,759.13          1
                                       5.250          2,006.48         80
                                       5.000          2,006.48
    CARSON           CA   90745          5            03/26/03         00
    0435742655                           05           05/01/03          0
    9331505                              O            04/01/18
    0

    8647141          313/G02             F          257,000.00         ZZ
                                         180        256,078.01          1
                                       5.500          2,099.91         70
                                       5.250          2,099.91
    PEABODY          MA   01960          2            04/04/03         00
    0435729074                           05           06/01/03          0
    9425497                              O            05/01/18
    0

    8647143          313/G02             F          335,000.00         ZZ
                                         180        333,772.63          1
                                       5.250          2,693.00         54
                                       5.000          2,693.00
    PLYMOUTH         MA   02360          5            04/15/03         00
    0435742069                           05           06/01/03          0
    9468232                              O            05/01/18
    0

    8647495          E22/G02             F          334,650.00         ZZ
                                         180        333,474.56          2
                                       5.750          2,778.97         54
                                       5.500          2,778.97
    ARLINGTON        MA   02474          5            04/25/03         00
    0416690063                           05           06/01/03          0
    0416690063                           N            05/01/18
    0
1

    8647497          E22/G02             F           51,000.00         ZZ
                                         180         50,723.13          1
                                       5.250            409.98         64
                                       5.000            409.98
    HUMBLE           TX   77396          2            04/21/03         00
    0416693513                           05           06/01/03          0
    0416693513                           O            05/01/18
    0

    8647499          E22/G02             F           83,800.00         ZZ
                                         180         83,508.76          1
                                       5.875            701.51         80
                                       5.625            701.51
    ZION             IL   60030          1            04/25/03         00
    0416699148                           05           06/01/03          0
    0416699148                           N            05/01/18
    0

    8647571          E82/G02             F           31,500.00         ZZ
                                         180         31,391.69          1
                                       6.000            265.81         67
                                       5.750            265.81
    BUFORD           GA   30518          2            04/24/03         00
    0400820569                           05           06/01/03          0
    0400820569                           N            05/01/18
    0

    8647581          E82/G02             F          300,000.00         ZZ
                                         180        298,923.75          1
                                       5.500          2,451.25         74
                                       5.250          2,451.25
    CHARLOTTE        NC   28209          2            04/24/03         00
    0400803383                           05           06/01/03          0
    0400803383                           O            05/01/18
    0

    8647599          E82/G02             F          140,750.00         ZZ
                                         180        140,250.37          1
                                       5.625          1,159.40         69
                                       5.375          1,159.40
    LINDSTROM        MN   55045          2            04/24/03         00
    0400822078                           05           06/01/03          0
    0400822078                           O            05/01/18
    0

    8647635          E82/G02             F           67,500.00         ZZ
                                         180         67,255.28          1
1

                                       5.375            547.06         38
                                       5.125            547.06
    FLORENCE         TX   76527          2            04/24/03         00
    0400810875                           05           06/01/03          0
    0400810875                           O            05/01/18
    0

    8647683          E82/G02             F           70,200.00         ZZ
                                         180         69,950.80          1
                                       5.625            578.26         74
                                       5.375            578.26
    PRAIRIEVILLE     LA   70769          2            04/22/03         00
    0400814687                           05           06/01/03          0
    0400814687                           O            05/01/18
    0

    8647741          E22/G02             F          105,250.00         ZZ
                                         180        104,880.31          1
                                       5.750            874.01         80
                                       5.500            874.01
    SEABROOK         TX   77586          1            04/25/03         00
    0416906980                           03           06/01/03          0
    0416906980                           N            05/01/18
    0

    8647783          E22/G02             F          168,000.00         ZZ
                                         180        167,318.29          1
                                       5.375          1,361.58         79
                                       5.125          1,361.58
    PALM HARBOR      FL   34683          2            04/21/03         00
    0416184885                           05           06/01/03          0
    0416184885                           O            05/01/18
    0

    8647927          E22/G02             F          400,000.00         ZZ
                                         180        398,624.57          2
                                       6.000          3,375.43         73
                                       5.750          3,375.43
    ARLINGTON        MA   02474          1            04/25/03         00
    0416545747                           05           06/01/03          0
    0416545747                           N            05/01/18
    0

    8647967          E22/G02             F          114,000.00         ZZ
                                         180        113,582.33          1
                                       5.250            916.42         68
                                       5.000            916.42
    LOXAHATCHEE      FL   33470          2            04/21/03         00
    0416596971                           05           06/01/03          0
1

    0416596971                           O            05/01/18
    0

    8647987          E22/G02             F          279,000.00         ZZ
                                         180        277,977.81          1
                                       5.250          2,242.82         76
                                       5.000          2,242.82
    COVINA           CA   91723          5            04/16/03         00
    0416628014                           05           06/01/03          0
    0416628014                           O            05/01/18
    0

    8648297          P09/G02             F          131,000.00         ZZ
                                         180        130,514.99          1
                                       5.125          1,044.49         50
                                       4.875          1,044.49
    ANNAPOLIS        MD   21403          2            04/21/03         00
    0435759550                           05           06/01/03          0
    PETERSON                             O            05/01/18
    0

    8648399          940/G02             F          217,000.00         ZZ
                                         180        216,221.51          1
                                       5.500          1,773.07         54
                                       5.250          1,773.07
    IRVINE           CA   92604          2            04/22/03         00
    0435766142                           05           06/01/03          0
    40030470                             O            05/01/18
    0

    8648411          940/G02             F           84,630.00         ZZ
                                         180         84,329.58          1
                                       5.625            697.12         50
                                       5.375            697.12
    POMONA           CA   91766          2            04/11/03         00
    0435752902                           05           06/01/03          0
    40030437                             O            05/01/18
    0

    8648593          313/G02             F          488,000.00         ZZ
                                         180        484,453.58          1
                                       5.375          3,955.08         31
                                       5.125          3,955.08
    FREMONT          CA   94539          5            03/31/03         00
    0435737317                           03           05/01/03          0
    9191420                              O            04/01/18
    0

1

    8648599          313/G02             F          370,000.00         ZZ
                                         180        367,262.02          1
                                       5.500          3,023.21         50
                                       5.250          3,023.21
    WESTLAKE VILLAG  CA   91361          2            03/31/03         00
    0435733688                           03           05/01/03          0
    9390501                              O            04/01/18
    0

    8648601          313/G02             F          560,000.00         ZZ
                                         180        555,887.58          1
                                       5.250          4,501.72         64
                                       5.000          4,501.72
    NEWPORT BEACH    CA   92660          1            03/24/03         00
    0435727292                           03           05/01/03          0
    9403445                              O            04/01/18
    0

    8648623          313/G02             F          400,000.00         ZZ
                                         180        398,549.80          1
                                       5.375          3,241.87         75
                                       5.125          3,241.87
    VIRGINIA BEACH   VA   23456          5            04/04/03         00
    0435729843                           05           06/01/03          0
    9391988                              O            05/01/18
    0

    8648811          624/G02             F           69,800.00         ZZ
                                         180         69,552.23          1
                                       5.625            574.96         27
                                       5.375            574.96
    LOMPOC           CA   93436          2            04/16/03         00
    0435747761                           05           06/01/03          0
    1000028036                           O            05/01/18
    0

    8648851          967/G02             F           87,500.00         ZZ
                                         180         87,202.31          1
                                       6.125            744.30         60
                                       5.875            744.30
    MESA             AZ   85202          1            04/18/03         00
    0435798723                           03           06/01/03          0
    6615553                              N            05/01/18
    0

    8648895          A35/G02             F          512,000.00         ZZ
                                         180        510,104.39          1
                                       5.125          4,082.28         80
                                       4.875          4,082.28
1

    HENDERSON        NV   89074          5            04/21/03         00
    0435740345                           03           06/01/03          0
    TSC                                  O            05/01/18
    0

    8648935          U19/G02             F          110,000.00         ZZ
                                         180        109,609.53          1
                                       5.625            906.10         31
                                       5.375            906.10
    GUFFEY           CO   80820          5            04/24/03         00
    0435731518                           05           06/01/03          0
    15150352                             O            05/01/18
    0

    8649069          E84/G02             F          183,000.00         ZZ
                                         180        181,670.11          1
                                       5.375          1,483.15         57
                                       5.125          1,483.15
    FALLS CHURCH     VA   22042          2            03/10/03         00
    0435872106                           05           05/01/03          0
    87652197                             O            04/01/18
    0

    8649095          758/G02             F          150,000.00         ZZ
                                         180        149,461.87          1
                                       5.500          1,225.63         75
                                       5.250          1,225.63
    CONROE           TX   77303          5            04/14/03         00
    0435773809                           05           06/01/03          0
    330882                               O            05/01/18
    0

    8649101          M18/G02             F          175,000.00         ZZ
                                         180        174,372.18          1
                                       5.500          1,429.90         51
                                       5.250          1,429.90
    MISSION VIEJO    CA   92691          5            04/11/03         00
    0435743299                           09           06/01/03          0
    980102319                            O            05/01/18
    0

    8649107          K93/G02             F          126,000.00         ZZ
                                         180        125,571.34          4
                                       6.125          1,071.79         70
                                       5.875          1,071.79
    WYOMING          MI   49509          1            04/14/03         00
    0435746847                           05           06/01/03          0
    0303L0506                            N            05/01/18
    0
1

    8649195          Y23/G02             F          144,000.00         ZZ
                                         180        143,488.82          1
                                       5.625          1,186.18         80
                                       5.375          1,186.18
    MISSOURI CITY    TX   77459          5            04/23/03         00
    0435777651                           03           06/01/03          0
    1000128263                           O            05/01/18
    0

    8649199          K93/G02             F          126,000.00         ZZ
                                         180        125,571.34          4
                                       6.125          1,071.79         70
                                       5.875          1,071.79
    WYOMING          MI   49509          1            04/14/03         00
    0435740550                           05           06/01/03          0
    0303L0506                            N            05/01/18
    0

    8649205          A21/G02             F          320,000.00         ZZ
                                         180        318,876.01          2
                                       5.750          2,657.32         66
                                       5.500          2,657.32
    WOODSIDE         NY   11377          5            04/16/03         00
    0435767769                           05           06/01/03          0
    0100134468                           O            05/01/18
    0

    8649227          E47/G02             F          110,000.00         ZZ
                                         180        109,601.20          1
                                       5.375            891.51         76
                                       5.125            891.51
    LARGO            FL   33773          5            04/14/03         00
    0435745500                           09           06/01/03          0
    7361013614                           O            05/01/18
    0

    8649347          X67/G02             F          124,000.00         ZZ
                                         180        123,550.44          1
                                       5.375          1,004.98         39
                                       5.125          1,004.98
    GARDEN GROVE     CA   92840          2            04/01/03         00
    0435741962                           05           06/01/03          0
    00283959                             O            05/01/18
    0

    8649355          964/G02             F          305,000.00         ZZ
                                         180        302,713.07          1
1

                                       5.000          2,411.92         54
                                       4.750          2,411.92
    SAN FRANCISCO    CA   94112          5            02/26/03         00
    0435755103                           05           05/01/03          0
    345242                               O            04/01/18
    0

    8649391          R26/G02             F           50,000.00         ZZ
                                         180         49,820.63          1
                                       5.500            408.54         66
                                       5.250            408.54
    LEXINGTON        SC   29073          2            04/07/03         00
    0435732730                           05           06/01/03          0
    0182800000                           O            05/01/18
    0

    8649509          624/G02             F          128,000.00         ZZ
                                         180        126,036.67          1
                                       5.500          1,045.87         22
                                       5.250          1,045.87
    SAN JOSE         CA   95127          5            04/15/03         00
    0435740584                           05           06/01/03          0
    1000030224                           O            05/01/18
    0

    8650161          U05/G02             F          276,800.00         ZZ
                                         180        275,848.20          1
                                       6.000          2,335.80         80
                                       5.750          2,335.80
    DOWNEY           CA   90240          1            04/09/03         00
    0435734421                           05           06/01/03          0
    3342360                              O            05/01/18
    0

    8651203          964/G02             F          164,000.00         ZZ
                                         180        163,217.50          1
                                       5.250          1,318.36         28
                                       5.000          1,318.36
    SAN FRANCISCO    CA   94122          2            04/03/03         00
    0435775069                           05           06/01/03          0
    370368                               O            05/01/18
    0

    8651211          964/G02             F          295,000.00         ZZ
                                         180        293,884.76          1
                                       4.875          2,313.68         63
                                       4.625          2,313.68
    SAN FRANCISCO    CA   94112          2            03/31/03         00
    0435738133                           05           06/01/03          0
1

    382877                               O            05/01/18
    0

    8651257          964/G02             F          140,700.00         ZZ
                                         180        140,211.01          1
                                       5.875          1,177.83         80
                                       5.625          1,177.83
    SPARKS           NV   89434          5            04/03/03         00
    0435739768                           05           06/01/03          0
    393878                               N            05/01/18
    0

    8651329          964/G02             F          315,000.00         ZZ
                                         180        313,809.15          1
                                       4.875          2,470.54         60
                                       4.625          2,470.54
    PEORIA           AZ   85383          5            04/02/03         00
    0435740964                           03           06/01/03          0
    373804                               O            05/01/18
    0

    8651335          964/G02             F          253,700.00         ZZ
                                         180        252,789.85          1
                                       5.500          2,072.94         73
                                       5.250          2,072.94
    HIGHLAND VILLAG  TX   75077          2            04/04/03         00
    0435741277                           03           06/01/03          0
    377615                               O            05/01/18
    0

    8651337          964/G02             F          121,500.00         ZZ
                                         180        121,054.85          1
                                       5.250            976.71         72
                                       5.000            976.71
    ALTAMONTE SPRIN  FL   32701          2            04/07/03         00
    0435739719                           05           06/01/03          0
    378662                               O            05/01/18
    0

    8651377          964/G02             F          207,000.00         ZZ
                                         180        206,217.44          1
                                       4.875          1,623.50         73
                                       4.625          1,623.50
    GRESHAM          OR   97080          5            04/07/03         00
    0435741566                           05           06/01/03          0
    381719                               O            05/01/18
    0

1

    8651381          964/G02             F          247,500.00         ZZ
                                         180        245,757.17          1
                                       5.750          2,055.27         58
                                       5.500          2,055.27
    SAN JOSE         CA   95111          5            03/21/03         00
    0435741855                           05           05/01/03          0
    355386                               N            04/01/18
    0

    8651389          964/G02             F          460,000.00         ZZ
                                         180        458,367.08          1
                                       5.625          3,789.17         57
                                       5.375          3,789.17
    LONG BEACH       CA   90814          5            04/04/03         00
    0435739883                           05           06/01/03          0
    336899                               O            05/01/18
    0

    8651395          964/G02             F          240,000.00         ZZ
                                         180        239,139.00          1
                                       5.500          1,961.00         45
                                       5.250          1,961.00
    RENO             NV   89509          5            04/01/03         00
    0435775010                           05           06/01/03          0
    339580                               O            05/01/18
    0

    8651407          964/G02             F          322,700.00         ZZ
                                         180        321,542.31          1
                                       5.500          2,636.73         58
                                       5.250          2,636.73
    SAN FRANCISCO    CA   94122          5            04/01/03         00
    0435737663                           05           06/01/03          0
    358811                               O            05/01/18
    0

    8651409          964/G02             F          185,000.00         ZZ
                                         180        184,343.29          1
                                       5.625          1,523.90         72
                                       5.375          1,523.90
    DENVER           CO   80222          2            04/09/03         00
    0435739750                           05           06/01/03          0
    360334                               O            05/01/18
    0

    8651419          964/G02             F          125,000.00         ZZ
                                         180        124,532.34          1
                                       5.000            988.49         45
                                       4.750            988.49
1

    SAN PABLO        CA   94806          5            03/31/03         00
    0435736947                           05           06/01/03          0
    361311                               O            05/01/18
    0

    8651437          964/G02             F          144,700.00         ZZ
                                         180        144,164.27          1
                                       5.125          1,153.72         80
                                       4.875          1,153.72
    VANCOUVER        WA   98683          2            04/01/03         00
    0435739933                           05           06/01/03          0
    364202                               O            05/01/18
    0

    8651447          964/G02             F          135,000.00         ZZ
                                         180        134,525.83          1
                                       5.750          1,121.05         72
                                       5.500          1,121.05
    LIBERTY          MO   64068          2            04/08/03         00
    0435739982                           05           06/01/03          0
    358746                               O            05/01/18
    0

    8651453          964/G02             F          250,000.00         ZZ
                                         180        249,131.16          1
                                       5.875          2,092.80         53
                                       5.625          2,092.80
    CASTRO VALLEY    CA   94546          5            04/01/03         00
    0435739701                           05           06/01/03          0
    360566                               O            05/01/18
    0

    8651455          964/G02             F           98,000.00         ZZ
                                         180         97,625.64          1
                                       4.750            762.28         43
                                       4.500            762.28
    GARDENA          CA   90247          2            04/02/03         00
    0435740949                           05           06/01/03          0
    361486                               O            05/01/18
    0

    8651457          964/G02             F           62,000.00         ZZ
                                         180         61,777.58          1
                                       5.500            506.59         58
                                       5.250            506.59
    HOUSTON          TX   77088          2            04/09/03         00
    0435739321                           03           06/01/03          0
    364471                               O            05/01/18
    0
1

    8651483          964/G02             F          145,500.00         ZZ
                                         180        144,972.49          1
                                       5.375          1,179.23         75
                                       5.125          1,179.23
    SPARKS           NV   89431          5            04/01/03         00
    0435737754                           05           06/01/03          0
    386623                               O            05/01/18
    0

    8651531          E22/G02             F          131,250.00         ZZ
                                         180        130,779.14          1
                                       5.500          1,072.42         75
                                       5.250          1,072.42
    ALVIN            TX   77511          5            04/21/03         00
    0415054170                           05           06/01/03          0
    0415054170                           O            05/01/18
    0

    8651573          E22/G02             F          154,500.00         ZZ
                                         180        153,939.86          1
                                       5.375          1,252.17         74
                                       5.125          1,252.17
    HOUSTON          TX   77044          5            04/22/03         00
    0416553980                           03           06/01/03          0
    0416553980                           O            05/01/18
    0

    8651625          E22/G02             F           77,500.00         ZZ
                                         180         76,396.99          1
                                       6.000            653.99         66
                                       5.750            653.99
    HARVEY           LA   70058          2            04/25/03         00
    0416356764                           05           06/01/03          0
    0416356764                           N            05/01/18
    0

    8651695          E22/G02             F          218,000.00         ZZ
                                         180        217,209.65          1
                                       5.375          1,766.81         80
                                       5.125          1,766.81
    SCITUATE         RI   02857          5            04/21/03         00
    0416623775                           05           06/01/03          0
    0416623775                           O            05/01/18
    0

    8651699          E22/G02             F          189,200.00         ZZ
                                         180        188,528.38          1
1

                                       5.625          1,558.50         80
                                       5.375          1,558.50
    LAKE BLUFF       IL   60044          5            04/22/03         00
    0416632065                           05           06/01/03          0
    0416632065                           O            05/01/18
    0

    8651701          E22/G02             F          232,500.00         ZZ
                                         180        231,657.08          1
                                       5.375          1,884.33         47
                                       5.125          1,884.33
    PROSPECT HEIGHT  IL   60070          5            04/23/03         00
    0416632115                           05           06/01/03          0
    0416632115                           O            05/01/18
    0

    8651739          E22/G02             F           90,000.00         ZZ
                                         180         89,683.88          1
                                       5.750            747.37         98
                                       5.500            747.37
    SOUTHSIDE        AL   35907          2            04/22/03         04
    0416658250                           05           06/01/03         30
    0416658250                           O            05/01/18
    0

    8651779          E22/G02             F          325,000.00         ZZ
                                         180        323,156.86          1
                                       5.250          2,612.60         73
                                       5.000          2,612.60
    LOVELAND         CO   80537          2            04/22/03         00
    0416708600                           05           06/01/03          0
    0416708600                           O            05/01/18
    0

    8651795          E22/G02             F           88,000.00         ZZ
                                         180         87,372.96          1
                                       6.125            748.55         68
                                       5.875            748.55
    PLATTSMOUTH      NE   68409          2            04/23/03         00
    0416716454                           05           06/01/03          0
    0416716454                           O            05/01/18
    0

    8651803          E22/G02             F          120,000.00         ZZ
                                         180        119,560.35          1
                                       5.250            964.65         80
                                       5.000            964.65
    NORTH OLMSTED    OH   44070          2            04/23/03         00
    0416724995                           05           06/01/03          0
1

    0416724995                           O            05/01/18
    0

    8651813          E22/G02             F          108,000.00         ZZ
                                         180        107,616.62          1
                                       5.625            889.63         80
                                       5.375            889.63
    ORMOND BEACH     FL   32174          5            04/23/03         00
    0416397461                           05           06/01/03          0
    0416397461                           O            05/01/18
    0

    8651827          E22/G02             F           33,000.00         ZZ
                                         180         32,884.09          1
                                       5.750            274.04         14
                                       5.500            274.04
    MIAMI            FL   33155          2            04/22/03         00
    0416429652                           05           06/01/03          0
    0416429652                           O            05/01/18
    0

    8651973          E22/G02             F          100,800.00         ZZ
                                         180        100,442.18          1
                                       5.625            830.32         80
                                       5.375            830.32
    GARLAND          TX   75044          5            04/23/03         00
    0416768323                           03           06/01/03          0
    0416768323                           O            05/01/18
    0

    8651977          E22/G02             F          185,000.00         ZZ
                                         180        184,122.21          1
                                       5.250          1,487.17         60
                                       5.000          1,487.17
    DALLAS           GA   30157          5            04/23/03         00
    0416776557                           05           06/01/03          0
    0416776557                           O            05/01/18
    0

    8651979          E22/G02             F          527,700.00         ZZ
                                         120        524,413.92          1
                                       5.625          5,759.67         71
                                       5.375          5,759.67
    BELLAIRE         TX   77401          5            04/22/03         00
    0416777019                           05           06/01/03          0
    0416777019                           O            05/01/13
    0

1

    8651999          E22/G02             F          115,000.00         ZZ
                                         180        114,587.43          1
                                       5.500            939.65         70
                                       5.250            939.65
    WARREN           MI   48092          2            04/22/03         00
    0416798353                           05           06/01/03          0
    0416798353                           O            05/01/18
    0

    8652001          E22/G02             F           64,000.00         ZZ
                                         180         63,775.21          1
                                       5.750            531.46         80
                                       5.500            531.46
    PHILADELPHIA     PA   19149          5            04/23/03         00
    0416799153                           05           06/01/03          0
    0416799153                           O            05/01/18
    0

    8652003          E22/G02             F          192,000.00         ZZ
                                         180        191,289.14          1
                                       5.125          1,530.86         80
                                       4.875          1,530.86
    NOVI             MI   48377          2            04/22/03         00
    0416800043                           01           06/01/03          0
    0416800043                           O            05/01/18
    0

    8652067          E22/G02             F           56,250.00         ZZ
                                         180         56,056.58          2
                                       6.000            474.67         75
                                       5.750            474.67
    DETROIT          MI   48205          5            04/28/03         00
    0416852283                           05           06/01/03          0
    0416852283                           N            05/01/18
    0

    8652077          E82/G02             F           42,050.00         ZZ
                                         180         41,912.95          2
                                       6.625            369.20         60
                                       6.375            369.20
    DES MOINES       IA   50316          2            04/22/03         00
    0400776795                           05           06/01/03          0
    0400776795                           N            05/01/18
    0

    8652099          E82/G02             F           57,750.00         ZZ
                                         180         57,542.82          1
                                       5.500            471.87         58
                                       5.250            471.87
1

    TUSCOLA TOWNSHI  MI   48768          2            04/25/03         00
    0400829164                           05           06/01/03          0
    0400829164                           O            05/01/18
    0

    8652129          E22/G02             F           88,000.00         ZZ
                                         180         87,680.96          1
                                       5.375            713.21         80
                                       5.125            713.21
    CREEDMOOR        NC   27522          5            04/23/03         00
    0416898203                           05           06/01/03          0
    0416898203                           O            05/01/18
    0

    8652169          E82/G02             F           77,300.00         ZZ
                                         180         77,028.49          1
                                       5.750            641.91         42
                                       5.500            641.91
    N MIAMI BEACH    FL   33180          2            04/25/03         00
    0400815908                           01           06/01/03          0
    0400815908                           O            05/01/18
    0

    8652181          E82/G02             F           63,200.00         ZZ
                                         180         62,982.68          1
                                       6.000            533.32         80
                                       5.750            533.32
    HELPER           UT   84526          5            04/25/03         00
    0400811410                           05           06/01/03          0
    0400811410                           O            05/01/18
    0

    8652213          E82/G02             F          140,000.00         ZZ
                                         180        139,513.45          1
                                       5.875          1,171.97         77
                                       5.625          1,171.97
    SARASOTA         FL   34243          2            04/22/03         00
    0400819496                           01           06/01/03          0
    0400819496                           O            05/01/18
    0

    8652311          E82/G02             F          300,000.00         ZZ
                                         180        298,912.35          1
                                       5.375          2,431.40         47
                                       5.125          2,431.40
    FAIRFAX          VA   22033          2            04/25/03         00
    0400827051                           03           06/01/03          0
    0400827051                           O            05/01/18
    0
1

    8652319          E82/G02             F          140,625.00         ZZ
                                         180        140,115.16          1
                                       5.375          1,139.72         75
                                       5.125          1,139.72
    MIAMI            FL   33165          2            04/24/03         00
    0400810248                           05           06/01/03          0
    0400810248                           O            05/01/18
    0

    8652361          E82/G02             F           94,550.00         ZZ
                                         180         94,207.21          1
                                       5.375            766.30         68
                                       5.125            766.30
    NEWPORT NEWS     VA   23606          2            04/25/03         00
    0400817193                           05           06/01/03          0
    0400817193                           O            05/01/18
    0

    8652367          E82/G02             F           74,700.00         ZZ
                                         180         74,448.57          1
                                       6.250            640.49         83
                                       6.000            640.49
    SCHAUMBURG       IL   60193          2            04/28/03         04
    0400808606                           08           06/01/03          6
    0400808606                           N            05/01/18
    0

    8653491          964/G02             F          322,700.00         ZZ
                                         180        321,530.05          1
                                       5.375          2,615.38         60
                                       5.125          2,615.38
    SAN CLEMENTE     CA   92672          2            04/14/03         00
    0435757547                           03           06/01/03          0
    373405                               O            05/01/18
    0

    8653545          964/G02             F          214,500.00         ZZ
                                         180        213,697.49          1
                                       5.000          1,696.26         72
                                       4.750          1,696.26
    SIMI VALLEY      CA   93063          5            04/07/03         00
    0435757570                           05           06/01/03          0
    372314                               O            05/01/18
    0

    8653565          964/G02             F          136,000.00         ZZ
                                         180        135,496.47          1
1

                                       5.125          1,084.36         31
                                       4.875          1,084.36
    RANCHO CORDOVA   CA   95670          2            04/09/03         00
    0435743752                           03           06/01/03          0
    389236                               O            05/01/18
    0

    8653571          964/G02             F          250,000.00         ZZ
                                         180        249,074.41          1
                                       5.125          1,993.30         25
                                       4.875          1,993.30
    MILPITAS         CA   95035          2            04/06/03         00
    0435802038                           03           06/01/03          0
    364608                               O            05/01/18
    0

    8653595          964/G02             F          135,000.00         ZZ
                                         180        134,520.77          1
                                       5.625          1,112.04         75
                                       5.375          1,112.04
    MEDFORD          OR   97501          5            04/14/03         00
    0435801683                           05           06/01/03          0
    396312                               N            05/01/18
    0

    8653605          964/G02             F          100,500.00         ZZ
                                         180        100,135.64          2
                                       5.375            814.52         47
                                       5.125            814.52
    DENVER           CO   80223          2            04/17/03         00
    0435801915                           05           06/01/03          0
    401920                               N            05/01/18
    0

    8653675          964/G02             F          294,000.00         ZZ
                                         180        292,945.27          1
                                       5.500          2,402.23         49
                                       5.250          2,402.23
    SUNNYVALE        CA   94087          2            04/03/03         00
    0435744818                           05           06/01/03          0
    382384                               O            05/01/18
    0

    8653741          964/G02             F          305,000.00         ZZ
                                         180        303,858.91          1
                                       5.000          2,411.92         54
                                       4.750          2,411.92
    SAN DIEGO        CA   92121          5            04/03/03         00
    0435746797                           03           06/01/03          0
1

    377178                               O            05/01/18
    0

    8653747          964/G02             F          276,000.00         ZZ
                                         180        274,988.80          1
                                       5.250          2,218.70         78
                                       5.000          2,218.70
    LAS VEGAS        NV   89117          2            04/14/03         00
    0435744537                           05           06/01/03          0
    378400                               O            05/01/18
    0

    8653765          964/G02             F          185,000.00         ZZ
                                         180        184,307.86          1
                                       5.000          1,462.97         44
                                       4.750          1,462.97
    LAKE FOREST      CA   92630          5            04/11/03         00
    0435742721                           03           06/01/03          0
    385416                               O            05/01/18
    0

    8653769          964/G02             F          165,752.00         ZZ
                                         180        165,151.07          1
                                       5.375          1,343.36         80
                                       5.125          1,343.36
    LAS VEGAS        NV   89113          1            04/14/03         00
    0435801576                           03           06/01/03          0
    386855                               O            05/01/18
    0

    8653773          964/G02             F          415,000.00         ZZ
                                         180        413,511.18          1
                                       5.500          3,390.90         73
                                       5.250          3,390.90
    SAINT LOUIS      MO   63128          5            04/11/03         00
    0435743729                           05           06/01/03          0
    387979                               O            05/01/18
    0

    8653851          964/G02             F          140,000.00         ZZ
                                         120        138,216.95          1
                                       5.250          1,502.08         35
                                       5.000          1,502.08
    FRESNO           CA   93704          2            03/05/03         00
    0435804828                           05           05/01/03          0
    351956                               O            04/01/13
    0

1

    8653861          964/G02             F          100,000.00         ZZ
                                         180         99,637.45          1
                                       5.375            810.47         23
                                       5.125            810.47
    MILPITAS         CA   95035          2            04/04/03         00
    0435743760                           05           06/01/03          0
    353222                               O            05/01/18
    0

    8653907          964/G02             F           53,000.00         ZZ
                                         180         52,809.87          1
                                       5.500            433.05         44
                                       5.250            433.05
    PHOENIX          AZ   85044          2            04/07/03         00
    0435774583                           03           06/01/03          0
    360671                               N            05/01/18
    0

    8653909          964/G02             F           79,000.00         ZZ
                                         180         78,716.58          1
                                       5.500            645.50         53
                                       5.250            645.50
    PHOENIX          AZ   85048          2            04/07/03         00
    0435798392                           03           06/01/03          0
    360675                               N            05/01/18
    0

    8653933          964/G02             F          162,800.00         ZZ
                                         180        161,616.89          1
                                       5.375          1,319.44         80
                                       5.125          1,319.44
    VANCOUVER        WA   98661          2            03/13/03         00
    0435791710                           05           05/01/03          0
    361525                               O            04/01/18
    0

    8653937          964/G02             F          106,000.00         ZZ
                                         180        105,607.55          1
                                       5.125            845.16         43
                                       4.875            845.16
    ROSEVILLE        CA   95747          5            04/01/03         00
    0435744164                           05           06/01/03          0
    362285                               O            05/01/18
    0

    8653941          964/G02             F          648,750.00         ZZ
                                         180        646,495.36          1
                                       5.875          5,430.81         75
                                       5.625          5,430.81
1

    ELK GROVE        CA   95624          5            04/03/03         00
    0435741202                           05           06/01/03          0
    362338                               O            05/01/18
    0

    8653955          964/G02             F          123,000.00         ZZ
                                         180        122,544.60          1
                                       5.125            980.71         72
                                       4.875            980.71
    LAS VEGAS        NV   89130          2            04/03/03         00
    0435801808                           05           06/01/03          0
    364280                               O            05/01/18
    0

    8653961          964/G02             F          156,000.00         ZZ
                                         180        155,404.08          1
                                       4.750          1,213.42         39
                                       4.500          1,213.42
    ORANGEVALE       CA   95662          5            04/08/03         00
    0435743083                           05           06/01/03          0
    366100                               O            05/01/18
    0

    8653967          964/G02             F          160,500.00         ZZ
                                         180        159,911.97          1
                                       5.250          1,290.22         58
                                       5.000          1,290.22
    MISSOURI CITY    TX   77459          2            04/11/03         00
    0435742572                           03           06/01/03          0
    367876                               O            05/01/18
    0

    8653981          964/G02             F          210,000.00         ZZ
                                         180        209,246.62          1
                                       5.500          1,715.88         62
                                       5.250          1,715.88
    WOODLAND HILLS   CA   91364          2            04/04/03         00
    0435743927                           05           06/01/03          0
    369396                               O            05/01/18
    0

    8653985          964/G02             F          243,500.00         ZZ
                                         180        242,579.45          1
                                       4.875          1,909.77         45
                                       4.625          1,909.77
    CHESTERFIELD     MO   63017          2            04/09/03         00
    0435743950                           03           06/01/03          0
    370241                               O            05/01/18
    0
1

    8653993          964/G02             F          200,000.00         ZZ
                                         180        199,243.90          1
                                       4.875          1,568.60         65
                                       4.625          1,568.60
    MESA             AZ   85205          2            04/09/03         00
    0435757497                           05           06/01/03          0
    370547                               O            05/01/18
    0

    8654279          R84/G02             F          120,700.00         ZZ
                                         180        120,266.99          1
                                       5.500            986.22         66
                                       5.250            986.22
    LAS VEGAS        NV   89130          5            04/23/03         00
    0435763214                           05           06/01/03          0
    LVW5801                              O            05/01/18
    0

    8654373          G51/G02             F          288,000.00         ZZ
                                         180        286,955.85          1
                                       5.375          2,334.15         30
                                       5.125          2,334.15
    N CAPTIVA        FL   33924          2            04/21/03         00
    0435747464                           05           06/01/03          0
    25002554                             O            05/01/18
    0

    8654503          642/G02             F          175,200.00         ZZ
                                         180        174,558.11          1
                                       5.250          1,408.39         80
                                       5.000          1,408.39
    LANSDOWNE        PA   19050          5            04/24/03         00
    0435743851                           05           06/01/03          0
    04-1346-03                           O            05/01/18
    0

    8654549          U05/G02             F          320,000.00         ZZ
                                         180        318,922.92          1
                                       6.250          2,743.75         80
                                       6.000          2,743.75
    WOODLAND HILLS   CA   91367          2            04/01/03         00
    0435736509                           05           06/01/03          0
    3320026                              O            05/01/18
    0

    8654553          U05/G02             F           60,000.00         ZZ
                                         180         59,791.48          1
1

                                       5.875            502.27         80
                                       5.625            502.27
    MIAMI            FL   33015          1            04/16/03         00
    0435748264                           01           06/01/03          0
    3337358                              O            05/01/18
    0

    8654663          144/144             F          150,000.00         ZZ
                                         180        148,898.46          1
                                       5.250          1,205.82         28
                                       5.000          1,205.82
    CUTCHOGUE        NY   11935          5            03/17/03         00
    160717066                            05           05/01/03          0
    160717066                            O            04/01/18
    0

    8654743          W68/G02             F          320,000.00         ZZ
                                         180        318,887.89          1
                                       5.875          2,678.78         80
                                       5.625          2,678.78
    MIDLOTHIAN       TX   76065          1            04/25/03         00
    0435743570                           03           06/01/03          0
    3032721                              O            05/01/18
    0

    8654813          L96/G02             F          131,000.00         ZZ
                                         180        130,539.87          1
                                       5.750          1,087.84         38
                                       5.500          1,087.84
    BURBANK          CA   91506          2            04/09/03         00
    0435743620                           05           06/01/03          0
    4034640000                           N            05/01/18
    0

    8655021          U05/G02             F          142,500.00         ZZ
                                         180        141,485.93          1
                                       5.625          1,173.82         66
                                       5.375          1,173.82
    MISSION HILLS    CA   91345          5            03/13/03         00
    0435750674                           05           05/01/03          0
    3323708                              O            04/01/18
    0

    8655029          U05/G02             F          227,000.00         ZZ
                                         180        226,194.19          1
                                       5.625          1,869.87         38
                                       5.375          1,869.87
    SOUTHWEST RANCH  FL   33330          5            04/01/03         00
    0435750740                           05           06/01/03          0
1

    3335472                              O            05/01/18
    0

    8655411          N47/G02             F          245,000.00         ZZ
                                         180        244,111.76          1
                                       5.375          1,985.64         18
                                       5.125          1,985.64
    SARAGTOGA        CA   95070          2            04/10/03         00
    0435762760                           05           06/01/03          0
    20504934                             O            05/01/18
    0

    8655507          E22/G02             F          592,300.00         ZZ
                                         180        590,129.94          1
                                       5.250          4,761.37         39
                                       5.000          4,761.37
    LOS GATOS        CA   95030          2            03/27/03         00
    0415988385                           05           06/01/03          0
    0415988385                           O            05/01/18
    0

    8655557          E22/G02             F          197,000.00         ZZ
                                         180        196,278.24          1
                                       5.250          1,583.64         44
                                       5.000          1,583.64
    SAN JOSE         CA   95139          2            04/17/03         00
    0416413532                           05           06/01/03          0
    0416413532                           N            05/01/18
    0

    8655597          E22/G02             F           39,000.00         ZZ
                                         180         38,858.61          1
                                       5.375            316.08         86
                                       5.125            316.08
    MOBILE           AL   36604          5            04/24/03         11
    0416469435                           05           06/01/03         12
    0416469435                           O            05/01/18
    0

    8655627          E22/G02             F          226,400.00         ZZ
                                         180        225,579.19          1
                                       5.375          1,834.89         80
                                       5.125          1,834.89
    PLANO            TX   75023          5            04/23/03         00
    0416516227                           05           06/01/03          0
    0416516227                           O            05/01/18
    0

1

    8655731          E22/G02             F           65,000.00         ZZ
                                         180         64,759.34          1
                                       5.125            518.26         69
                                       4.875            518.26
    SARALAND         AL   36571          5            04/24/03         00
    0416615755                           05           06/01/03          0
    0416615755                           O            05/01/18
    0

    8655905          E22/G02             F          133,750.00         ZZ
                                         180        133,254.80          1
                                       5.125          1,066.42         60
                                       4.875          1,066.42
    SALT LAKE CITY   UT   84105          2            04/18/03         00
    0416701118                           05           06/01/03          0
    0416701118                           O            05/01/18
    0

    8655925          E22/G02             F          164,900.00         ZZ
                                         180        164,302.15          1
                                       5.375          1,336.46         85
                                       5.125          1,336.46
    PEARLAND         TX   77584          2            04/24/03         04
    0416733699                           03           06/01/03         12
    0416733699                           O            05/01/18
    0

    8655939          E22/G02             F           72,250.00         ZZ
                                         180         71,566.05          1
                                       5.625            595.15         55
                                       5.375            595.15
    MERIDIAN         ID   83642          2            04/21/03         00
    0416746766                           03           06/01/03          0
    0416746766                           N            05/01/18
    0

    8655955          E22/G02             F          139,500.00         ZZ
                                         180        138,994.24          1
                                       5.375          1,130.60         64
                                       5.125          1,130.60
    NOVI             MI   48374          2            04/24/03         00
    0416767077                           05           06/01/03          0
    0416767077                           O            05/01/18
    0

    8655963          E22/G02             F          200,000.00         ZZ
                                         180        199,267.24          1
                                       5.250          1,607.76         80
                                       5.000          1,607.76
1

    EUGENE           OR   97405          2            04/22/03         00
    0416776094                           03           06/01/03          0
    0416776094                           O            05/01/18
    0

    8655967          E22/G02             F          270,000.00         ZZ
                                         180        269,051.64          1
                                       5.750          2,242.11         80
                                       5.500          2,242.11
    DALLAS           TX   75228          5            04/24/03         00
    0416778223                           05           06/01/03          0
    0416778223                           O            05/01/18
    0

    8656025          E22/G02             F          322,500.00         ZZ
                                         180        321,367.24          1
                                       5.750          2,678.07         75
                                       5.500          2,678.07
    SAMMAMISH        WA   98075          5            04/18/03         00
    0416800639                           05           06/01/03          0
    0416800639                           O            05/01/18
    0

    8656231          U05/G02             F          140,000.00         ZZ
                                         180        138,993.19          1
                                       5.500          1,143.92         47
                                       5.250          1,143.92
    MIAMI            FL   33155          5            03/25/03         00
    0435774344                           05           05/01/03          0
    3305707                              O            04/01/18
    0

    8656233          U05/G02             F           39,000.00         ZZ
                                         180         38,868.73          1
                                       6.250            334.39         33
                                       6.000            334.39
    PEMBROKE PINES   FL   33024          2            04/16/03         00
    0435738430                           05           06/01/03          0
    3336447                              N            05/01/18
    0

    8656237          U05/G02             F           80,500.00         ZZ
                                         180         80,211.21          1
                                       5.500            657.75         68
                                       5.250            657.75
    RICHMOND         TX   77469          2            04/01/03         00
    0435738521                           05           06/01/03          0
    3290984                              O            05/01/18
    0
1

    8656245          952/G02             F          185,000.00         ZZ
                                         180        184,350.20          1
                                       5.750          1,536.26         65
                                       5.500          1,536.26
    LINDENHURST      NY   11757          5            04/25/03         00
    0435859368                           05           06/01/03          0
    03002207                             O            05/01/18
    0

    8656263          W49/G02             F          393,750.00         ZZ
                                         180        392,352.26          1
                                       5.625          3,243.44         75
                                       5.375          3,243.44
    MEDIA            PA   19063          5            04/22/03         00
    0435738257                           03           06/01/03          0
    2003022821                           O            05/01/18
    0

    8656947          313/G02             F          180,000.00         ZZ
                                         180        179,347.41          1
                                       5.375          1,458.84         69
                                       5.125          1,458.84
    CHANDLER         AZ   85226          2            04/23/03         00
    0435776034                           03           06/01/03          0
    9506767                              O            05/01/18
    0

    8657277          K15/G02             F           75,000.00         ZZ
                                         180         74,742.11          1
                                       6.000            632.89         90
                                       5.750            632.89
    LENOIR           NC   28645          5            04/19/03         41
    0435750120                           05           06/01/03         12
    7866849                              O            05/01/18
    0

    8657391          P44/G02             F          260,000.00         ZZ
                                         180        259,047.42          1
                                       5.250          2,090.08         56
                                       5.000          2,090.08
    COTUIT           MA   02635          5            04/21/03         00
    0435742390                           05           06/01/03          0
    1                                    O            05/01/18
    0

    8657439          G27/G02             F          157,000.00         ZZ
                                         180        156,418.73          1
1

                                       5.125          1,251.79         42
                                       4.875          1,251.79
    DUARTE           CA   91010          5            04/18/03         00
    0435750823                           05           06/01/03          0
    20003336                             O            05/01/18
    0

    8657497          K15/G02             F           52,800.00         ZZ
                                         180         52,618.44          1
                                       6.000            445.56         66
                                       5.750            445.56
    HINSDALE         NH   03451          2            04/24/03         00
    0435742242                           05           06/01/03          0
    033305510387                         N            05/01/18
    0

    8657533          K15/G02             F           60,000.00         ZZ
                                         180         59,793.69          1
                                       6.000            506.31         75
                                       5.750            506.31
    HINSDALE         NH   03451          5            04/24/03         00
    0435742499                           05           06/01/03          0
    033305510378                         O            05/01/18
    0

    8657575          Y44/G02             F          145,500.00         ZZ
                                         180        144,988.94          2
                                       5.750          1,208.25         71
                                       5.500          1,208.25
    POMONA           CA   91766          2            04/08/03         00
    0435803143                           05           06/01/03          0
    04030229                             O            05/01/18
    0

    8657587          S11/G02             F          222,000.00         ZZ
                                         180        221,211.95          1
                                       5.625          1,828.68         47
                                       5.375          1,828.68
    FULLERTON        CA   92831          2            04/09/03         00
    0435742465                           05           06/01/03          0
    10211423                             O            05/01/18
    0

    8657595          K60/G02             F          113,450.00         ZZ
                                         180        113,025.55          1
                                       5.000            897.16         45
                                       4.750            897.16
    FORT WORTH       TX   76108          2            04/25/03         00
    0435776349                           05           06/01/03          0
1

    0001054344                           O            05/01/18
    0

    8657599          U19/G02             F          105,000.00         ZZ
                                         180        104,615.31          1
                                       5.250            844.07         35
                                       5.000            844.07
    UPLAND           CA   91784          5            04/25/03         00
    0435784145                           05           06/01/03          0
    15150339                             O            05/01/18
    0

    8657613          U85/G02             F          156,000.00         ZZ
                                         180        155,446.23          2
                                       5.625          1,285.02         80
                                       5.375          1,285.02
    LANNON           WI   53046          1            04/28/03         00
    0435759642                           05           06/01/03          0
    TQS1222                              N            05/01/18
    0

    8657693          Q87/G02             F           45,000.00         ZZ
                                         180         44,686.46          1
                                       5.875            376.70         64
                                       5.625            376.70
    MOREHEAD         KY   40351          5            04/15/03         00
    0435758487                           05           05/21/03          0
    PEL001                               O            04/21/18
    0

    8657695          624/G02             F          116,250.00         ZZ
                                         180        115,837.33          2
                                       5.625            957.59         73
                                       5.375            957.59
    VANCOUVER        WA   98664          2            04/23/03         00
    0435743521                           05           06/01/03          0
    1000026017                           N            05/01/18
    0

    8657705          Q87/G02             F          232,200.00         ZZ
                                         180        231,349.28          1
                                       5.250          1,866.60         90
                                       5.000          1,866.60
    SATSUMA          AL   36572          5            04/22/03         10
    0435761093                           05           06/01/03         12
    TAJA03                               O            05/01/18
    0

1

    8657727          B44/G02             F           89,000.00         ZZ
                                         180         88,677.34          1
                                       5.375            721.31         60
                                       5.125            721.31
    BOISE            ID   83706          5            04/15/03         00
    0435756630                           05           06/01/03          0
    4031250                              O            05/01/18
    0

    8657741          E47/G02             F          138,000.00         ZZ
                                         180        137,504.92          1
                                       5.500          1,127.58         79
                                       5.250          1,127.58
    ELGIN            IL   60123          2            04/21/03         00
    0435759147                           05           06/01/03          0
    7360515520                           O            05/01/18
    0

    8657791          144/144             F          429,500.00         ZZ
                                         180        426,411.28          1
                                       5.500          3,509.37         75
                                       5.250          3,509.37
    VERBANK          NY   12585          5            03/12/03         00
    KRALL                                05           05/01/03          0
    KRALL                                O            04/01/18
    0

    8657907          N74/G02             F           36,000.00         ZZ
                                         180         35,745.44          1
                                       5.750            298.95         80
                                       5.500            298.95
    WILKESBORO       NC   28697          5            04/24/03         00
    0435767926                           05           05/29/03          0
    0032249010                           O            04/29/18
    0

    8658107          E22/G02             F          123,000.00         ZZ
                                         180        122,558.74          1
                                       5.500          1,005.01         75
                                       5.250          1,005.01
    ASHEVILLE        NC   28805          2            04/23/03         00
    0416875714                           05           06/01/03          0
    0416875714                           O            05/01/18
    0

    8658135          E22/G02             F          243,200.00         ZZ
                                         180        242,290.12          1
                                       5.000          1,923.21         80
                                       4.750          1,923.21
1

    BROKEN ARROW     OK   74014          2            04/25/03         00
    0416890325                           03           06/01/03          0
    0416890325                           O            05/01/18
    0

    8658233          E22/G02             F           98,000.00         ZZ
                                         180         97,552.12          1
                                       5.625            807.26         61
                                       5.375            807.26
    ORLANDO          FL   32818          2            04/24/03         00
    0415998285                           05           06/01/03          0
    0415998285                           O            05/01/18
    0

    8658271          E22/G02             F           98,505.00         ZZ
                                         180         98,155.32          4
                                       5.625            811.42         90
                                       5.375            811.42
    BAY CITY         MI   48708          1            04/30/03         04
    0417029469                           05           06/01/03         25
    0417029469                           N            05/01/18
    0

    8658289          E22/G02             F          215,000.00         ZZ
                                         180        214,228.69          1
                                       5.500          1,756.73         85
                                       5.250          1,756.73
    WASHINGTON       MI   48094          2            04/25/03         01
    0416409522                           05           06/01/03         12
    0416409522                           O            05/01/18
    0

    8658305          E22/G02             F          116,000.00         ZZ
                                         180        115,583.85          1
                                       5.500            947.82         80
                                       5.250            947.82
    WOOLFORD         MD   21677          5            04/25/03         00
    0416435188                           05           06/01/03          0
    0416435188                           O            05/01/18
    0

    8658311          E22/G02             F          188,000.00         ZZ
                                         180        186,326.92          1
                                       5.250          1,511.29         71
                                       5.000          1,511.29
    CHICAGO          IL   60634          2            04/25/03         00
    0416442408                           05           06/01/03          0
    0416442408                           O            05/01/18
    0
1

    8658351          E22/G02             F          228,000.00         ZZ
                                         180        227,199.17          1
                                       5.750          1,893.33         37
                                       5.500          1,893.33
    CUPERTINO        CA   95014          2            04/09/03         00
    0416502425                           05           06/01/03          0
    0416502425                           N            05/01/18
    0

    8658367          E22/G02             F          460,000.00         ZZ
                                         180        458,332.28          1
                                       5.375          3,728.14         80
                                       5.125          3,728.14
    COPPELL          TX   75019          5            04/25/03         00
    0416519239                           03           06/01/03          0
    0416519239                           O            05/01/18
    0

    8658409          E22/G02             F           35,774.00         ZZ
                                         180         35,647.01          1
                                       5.625            294.68         84
                                       5.375            294.68
    NOBLE            OK   73068          5            04/25/03         04
    0416572188                           05           06/01/03          6
    0416572188                           O            05/01/18
    0

    8658461          E22/G02             F           72,800.00         ZZ
                                         180         72,549.67          1
                                       6.000            614.33         80
                                       5.750            614.33
    SPRING           TX   77388          5            04/25/03         00
    0416642510                           03           06/01/03          0
    0416642510                           O            05/01/18
    0

    8658569          E22/G02             F           57,100.00         ZZ
                                         180         56,897.31          1
                                       5.625            470.35         74
                                       5.375            470.35
    HARVEST          AL   35749          5            04/25/03         00
    0416754679                           05           06/01/03          0
    0416754679                           O            05/01/18
    0

    8658657          E22/G02             F          355,000.00         ZZ
                                         120        352,774.40          1
1

                                       5.500          3,852.68         42
                                       5.250          3,852.68
    ORANGE           CA   92869          5            04/16/03         00
    0416396091                           03           06/01/03          0
    0416396091                           O            05/01/13
    0

    8658671          E22/G02             F           50,000.00         ZZ
                                         180         49,824.37          1
                                       5.750            415.21         54
                                       5.500            415.21
    HOUSTON          TX   77072          5            04/25/03         00
    0416305217                           03           06/01/03          0
    0416305217                           O            05/01/18
    0

    8658773          E82/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       5.625          1,153.22         49
                                       5.375          1,153.22
    ALISO VIEJO      CA   92656          2            04/25/03         00
    0400807285                           01           07/01/03          0
    0400807285                           O            06/01/18
    0

    8658811          E82/G02             F           68,500.00         ZZ
                                         180         65,682.90          2
                                       5.875            573.43         52
                                       5.625            573.43
    MANTECA          CA   95337          2            04/24/03         00
    0400776951                           05           06/01/03          0
    0400776951                           N            05/01/18
    0

    8658827          E22/G02             F          184,000.00         ZZ
                                         180        183,339.90          1
                                       5.500          1,503.43         80
                                       5.250          1,503.43
    WESTMINSTER      CO   80030          5            04/25/03         00
    0416634848                           05           06/01/03          0
    0416634848                           O            05/01/18
    0

    8658849          E22/G02             F           60,000.00         ZZ
                                         180         59,789.25          1
                                       5.750            498.25         42
                                       5.500            498.25
    ROYAL OAK        MI   48068          5            04/30/03         00
    0416663318                           05           06/01/03          0
1

    0416663318                           N            05/01/18
    0

    8658857          E82/G02             F           69,200.00         ZZ
                                         180         68,962.05          4
                                       6.000            583.95         49
                                       5.750            583.95
    MARRERO          LA   70072          2            04/29/03         00
    0400814604                           05           06/01/03          0
    0400814604                           N            05/01/18
    0

    8658863          E82/G02             F           72,400.00         ZZ
                                         180         72,148.39          4
                                       5.875            606.07         51
                                       5.625            606.07
    GRETNA           LA   70056          2            04/29/03         00
    0400814596                           05           06/01/03          0
    0400814596                           N            05/01/18
    0

    8658891          E82/G02             F          150,000.00         ZZ
                                         180        149,500.50          2
                                       6.375          1,296.38         75
                                       6.125          1,296.38
    COLLEGE STATION  TX   77845          2            04/28/03         00
    0400740874                           05           06/01/03          0
    0400740874                           N            05/01/18
    0

    8658921          E22/G02             F           81,000.00         ZZ
                                         180         80,715.50          1
                                       5.750            672.63         65
                                       5.500            672.63
    WESTERVILLE      OH   43068          2            04/30/03         00
    0416691038                           05           06/01/03          0
    0416691038                           N            05/01/18
    0

    8658931          E22/G02             F          245,500.00         ZZ
                                         180        244,609.95          1
                                       5.375          1,989.69         68
                                       5.125          1,989.69
    GEORGETOWN       TX   78628          5            04/25/03         00
    0416691269                           03           06/01/03          0
    0416691269                           O            05/01/18
    0

1

    8658981          E22/G02             F          235,000.00         ZZ
                                         180        234,174.58          1
                                       5.750          1,951.46         68
                                       5.500          1,951.46
    SOMERSET         NJ   08873          2            04/25/03         00
    0416780054                           05           06/01/03          0
    0416780054                           O            05/01/18
    0

    8658989          E22/G02             F           89,590.00         ZZ
                                         180         89,265.19          1
                                       5.375            726.10         52
                                       5.125            726.10
    PLANO            TX   75075          5            04/25/03         00
    0416784056                           05           06/01/03          0
    0416784056                           O            05/01/18
    0

    8659133          Y23/G02             F           84,000.00         TX
                                         180         83,708.07          1
                                       5.875            703.18         80
                                       5.625            703.18
    HUBBARD          TX   76648          5            04/25/03         00
    0435888169                           05           06/01/03          0
    1000202528                           O            05/01/18
    0

    8659179          Y23/G02             F          100,000.00         TX
                                         180         99,645.01          1
                                       5.625            823.74         77
                                       5.375            823.74
    RICHMOND         TX   77469          5            04/25/03         00
    0435873633                           03           06/01/03          0
    1000199176                           O            05/01/18
    0

    8659399          N74/G02             F           90,000.00         ZZ
                                         180         89,673.71          1
                                       5.375            729.42         79
                                       5.125            729.42
    DANVILLE         VA   24541          2            04/25/03         00
    0435756499                           05           06/15/03          0
    0032270010                           O            05/15/18
    0

    8659455          N74/G02             F          108,000.00         ZZ
                                         180        107,612.55          1
                                       5.500            882.45         78
                                       5.250            882.45
1

    REIDSVILLE       NC   27320          5            04/25/03         00
    0435756465                           05           06/01/03          0
    0032238010                           O            05/01/18
    0

    8659493          X51/G02             F          529,000.00         ZZ
                                         180        527,102.21          1
                                       5.500          4,322.37         76
                                       5.250          4,322.37
    CARLSBAD         CA   92008          2            04/25/03         00
    0435755780                           05           06/01/03          0
    0030410003                           O            05/01/18
    0

    8660373          X44/G02             F          168,000.00         ZZ
                                         180        167,409.91          1
                                       5.750          1,395.09         36
                                       5.500          1,395.09
    MILLBROOK        NY   12545          5            04/25/03         00
    0435792122                           05           06/01/03          0
    0706953                              O            05/01/18
    0

    8660719          E84/G02             F          148,200.00         ZZ
                                         180        147,156.42          1
                                       5.750          1,230.67         65
                                       5.500          1,230.67
    GLENVIEW         IL   60025          5            03/27/03         00
    0435891353                           01           05/01/03          0
    11015748                             O            04/01/18
    0

    8660861          U05/G02             F           85,000.00         ZZ
                                         180         84,701.44          1
                                       5.750            705.85         65
                                       5.500            705.85
    OAKDALE          CA   95361          5            04/01/03         00
    0435762356                           05           06/01/03          0
    3328874                              O            05/01/18
    0

    8660867          U05/G02             F          133,000.00         ZZ
                                         180        132,537.78          1
                                       5.875          1,113.37         72
                                       5.625          1,113.37
    COMMERCE         CA   90040          2            04/07/03         00
    0435751896                           05           06/01/03          0
    3330475                              O            05/01/18
    0
1

    8660873          U05/G02             F           92,200.00         ZZ
                                         180         91,879.58          1
                                       5.875            771.82         49
                                       5.625            771.82
    VAN NUYS AREA    CA   91405          5            04/03/03         00
    0435755061                           01           06/01/03          0
    3316972                              O            05/01/18
    0

    8661147          Q14/G02             F          106,400.00         ZZ
                                         180        106,014.24          1
                                       5.375            862.34         78
                                       5.125            862.34
    TONGANOXIE       KS   66086          2            04/22/03         00
    0435746649                           05           06/01/03          0
    0000312371                           O            05/01/18
    0

    8661161          E33/G02             F          500,000.00         ZZ
                                         180        498,187.25          1
                                       5.375          4,052.33         80
                                       5.125          4,052.33
    GLENVIEW         IL   60025          1            04/25/03         00
    0435758602                           03           06/01/03          0
    795881                               O            05/01/18
    0

    8661863          Q14/G02             F           88,500.00         ZZ
                                         180         88,175.76          1
                                       5.250            711.43         74
                                       5.000            711.43
    DES MOINES       IA   50310          5            04/22/03         00
    0435748082                           05           06/01/03          0
    00003-12293                          O            05/01/18
    0

    8661937          W84/G02             F          380,000.00         ZZ
                                         180        378,636.75          1
                                       5.500          3,104.92         80
                                       5.250          3,104.92
    SALT LAKE        UT   84109          5            04/14/03         00
    0435776711                           05           06/01/03          0
    10076476                             O            05/01/18
    0

    8661971          W35/G02             F          174,000.00         ZZ
                                         180        173,349.02          1
1

                                       5.000          1,375.98         54
                                       4.750          1,375.98
    CHELMSFORD       MA   01824          5            04/25/03         00
    0435753546                           05           06/01/03          0
    19293                                O            05/01/18
    0

    8662183          X90/G02             F          117,000.00         ZZ
                                         180        116,584.67          1
                                       5.625            963.77         33
                                       5.375            963.77
    RICHMOND         CA   94806          5            04/23/03         00
    0435791488                           05           06/01/03          0
    90304058                             O            05/01/18
    0

    8662349          U96/G02             F          540,000.00         ZZ
                                         180        538,021.56          1
                                       5.250          4,340.94         75
                                       5.000          4,340.94
    KAILUA           HI   96734          5            04/16/03         00
    0435817721                           05           06/01/03          0
    30200419                             O            05/01/18
    0

    8662461          N74/G02             F          158,000.00         ZZ
                                         180        156,863.76          1
                                       5.500          1,290.99         93
                                       5.250          1,290.99
    MOCKSVILLE       NC   27028          2            04/17/03         10
    0435757430                           05           05/23/03         30
    0032226010                           O            04/23/18
    0

    8662485          N74/G02             F           55,000.00         ZZ
                                         180         54,620.81          1
                                       6.000            464.12         95
                                       5.750            464.12
    MEMPHIS          TN   38108          2            04/24/03         10
    0435760210                           05           05/29/03         30
    0032247010                           O            04/29/18
    0

    8662533          477/G02             F          124,600.00         ZZ
                                         180        124,157.69          1
                                       5.625          1,026.37         89
                                       5.375          1,026.37
    FRESNO           CA   93268          2            04/11/03         10
    0435766936                           05           06/01/03         17
1

    248509                               O            05/01/18
    0

    8662545          K15/G02             F          130,000.00         ZZ
                                         180        129,538.53          1
                                       5.625          1,070.85         59
                                       5.375          1,070.85
    CENTER OSSIPEE   NH   03814          5            04/24/03         00
    0435750484                           05           06/01/03          0
    033305514322                         O            05/01/18
    0

    8662549          K15/G02             F          155,000.00         ZZ
                                         180        154,443.94          1
                                       5.500          1,266.48         80
                                       5.250          1,266.48
    LEBANON          ME   04027          5            04/24/03         00
    0435751789                           05           06/01/03          0
    007105514463                         O            05/01/18
    0

    8662611          T23/G02             F           85,200.00         T
                                         180         84,884.55          1
                                       5.125            679.32         60
                                       4.875            679.32
    MILLERSPORT      OH   43046          1            04/25/03         00
    0435804588                           05           06/01/03          0
    6339                                 O            05/01/18
    0

    8662719          M27/G02             F          210,800.00         ZZ
                                         180        210,043.76          1
                                       5.500          1,722.41         80
                                       5.250          1,722.41
    COLLIERVILLE     TN   38017          1            04/25/03         00
    0435879952                           03           06/01/03          0
    600906992                            O            05/01/18
    0

    8663611          975/G02             F          129,500.00         ZZ
                                         180        129,030.50          1
                                       5.375          1,049.55         47
                                       5.125          1,049.55
    LA HABRA         CA   90631          2            04/09/03         00
    0435768452                           05           06/01/03          0
    2031851                              O            05/01/18
    0

1

    8663697          N74/G02             F          149,000.00         ZZ
                                         180        148,482.17          1
                                       5.875          1,247.31         53
                                       5.625          1,247.31
    PROVIDENCE       NC   27315          5            04/23/03         00
    0435779202                           05           06/01/03          0
    0032242010                           O            05/01/18
    0

    8663807          E22/G02             F           38,250.00         ZZ
                                         180         38,118.47          1
                                       6.000            322.78         75
                                       5.750            322.78
    MORRISTOWN       TN   37813          5            05/01/03         00
    0416724912                           05           06/01/03          0
    0416724912                           N            05/01/18
    0

    8664011          E22/G02             F           39,750.00         ZZ
                                         180         39,613.32          1
                                       6.000            335.43         75
                                       5.750            335.43
    MORRISTOWN       TN   37814          5            05/01/03         00
    0416953313                           05           06/01/03          0
    0416953313                           N            05/01/18
    0

    8664063          E82/G02             F          123,500.00         ZZ
                                         180        123,500.00          1
                                       5.375          1,000.92         58
                                       5.125          1,000.92
    CASPER           WY   82601          2            04/29/03         00
    0400824892                           05           07/01/03          0
    0400824892                           O            06/01/18
    0

    8664065          E82/G02             F           98,200.00         ZZ
                                         180         97,843.97          1
                                       5.375            795.88         29
                                       5.125            795.88
    WALTHAM          MA   02452          2            04/28/03         00
    0400822052                           05           06/01/03          0
    0400822052                           O            05/01/18
    0

    8664069          E82/G02             F           75,500.00         ZZ
                                         180         75,500.00          2
                                       6.375            652.51         27
                                       6.125            652.51
1

    UNION BEACH      NJ   07735          2            05/02/03         00
    0400799979                           05           07/01/03          0
    0400799979                           N            06/01/18
    0

    8664079          E82/G02             F           85,050.00         ZZ
                                         180         85,050.00          1
                                       5.500            694.93         76
                                       5.250            694.93
    METAIRIE         LA   70005          2            04/29/03         00
    0400820841                           05           07/01/03          0
    0400820841                           O            06/01/18
    0

    8664133          N74/G02             F           78,750.00         ZZ
                                         120         78,256.30          2
                                       5.500            854.64         90
                                       5.250            854.64
    LITTLE ROCK      AR   72205          5            04/23/03         10
    0435779095                           05           06/01/03         25
    0032245010                           O            05/01/13
    0

    8664179          N74/G02             F           48,600.00         ZZ
                                         120         48,005.40          1
                                       6.000            539.56         90
                                       5.750            539.56
    HOPE             AR   71801          5            04/17/03         10
    0435757422                           05           05/23/03         25
    0032227010                           O            04/23/13
    0

    8664183          M27/G02             F          252,500.00         ZZ
                                         180        251,574.90          1
                                       5.250          2,029.79         39
                                       5.000          2,029.79
    CHAPEL HILL      NC   27514          2            04/24/03         00
    0435801444                           03           06/01/03          0
    0100019369                           O            05/01/18
    0

    8664225          U05/G02             F          267,000.00         TX
                                         180        266,062.19          1
                                       5.750          2,217.19         80
                                       5.500          2,217.19
    SUGARLAND        TX   77478          5            04/21/03         00
    0435774286                           05           06/01/03          0
    3330380                              O            05/01/18
    0
1

    8664343          940/G02             F          200,419.00         ZZ
                                         180        199,700.00          1
                                       5.500          1,637.59         71
                                       5.250          1,637.59
    PALMDALE         CA   93552          2            04/23/03         00
    0435794227                           05           06/01/03          0
    40030514                             O            05/01/18
    0

    8664345          N74/G02             F          112,500.00         ZZ
                                         180        111,716.13          1
                                       5.875            941.76         94
                                       5.625            941.76
    RINGGOLD         VA   24586          5            04/25/03         10
    0435757448                           05           05/30/03         30
    0032262010                           O            04/30/18
    0

    8664387          U05/G02             F          320,000.00         TX
                                         180        318,887.89          1
                                       5.875          2,678.78         80
                                       5.625          2,678.78
    ITALY            TX   76651          5            04/17/03         00
    0435784418                           05           06/01/03          0
    3336508                              O            05/01/18
    0

    8664445          M24/G02             F          640,000.00         ZZ
                                         180        637,679.69          1
                                       5.375          5,186.98         69
                                       5.125          5,186.98
    YORBA LINDA      CA   92886          2            04/17/03         00
    0435783998                           05           06/01/03          0
    201210579                            O            05/01/18
    0

    8664553          U05/G02             F          427,000.00         TX
                                         180        425,531.73          1
                                       6.000          3,603.27         70
                                       5.750          3,603.27
    BELLVILLE        TX   77418          5            04/22/03         00
    0435781489                           05           06/01/03          0
    3287531                              O            05/01/18
    0

    8664757          U05/G02             F          115,000.00         TX
                                         180        114,600.33          1
1

                                       5.875            962.69         48
                                       5.625            962.69
    ROANOKE          TX   76262          5            04/15/03         00
    0435761051                           05           06/01/03          0
    3338295                              O            05/01/18
    0

    8665019          562/G02             F           68,500.00         ZZ
                                         180         68,259.39          1
                                       5.750            568.84         43
                                       5.500            568.84
    BRIDGEPORT       CT   06605          2            04/25/03         00
    0435843560                           05           06/01/03          0
    297071335                            O            05/01/18
    0

    8665933          T29/G02             F           74,000.00         ZZ
                                         180         73,731.72          1
                                       5.375            599.74         62
                                       5.125            599.74
    CAREFREE         AZ   85331          2            04/23/03         00
    0435747894                           01           06/01/03          0
    1535554                              O            05/01/18
    0

    8665973          K15/G02             F           66,000.00         ZZ
                                         180         65,580.00          1
                                       6.000            556.95         71
                                       5.750            556.95
    FRANKLIN         ME   04634          2            04/24/03         00
    0435761440                           05           06/01/03          0
    007005515065                         O            05/01/18
    0

    8665983          K15/G02             F           60,000.00         ZZ
                                         180         59,795.88          1
                                       6.125            510.37         75
                                       5.875            510.37
    HINSDALE         NH   03451          5            04/24/03         00
    0435766712                           05           06/01/03          0
    033305510390                         N            05/01/18
    0

    8666423          737/G02             F          157,500.00         ZZ
                                         180        156,952.63          1
                                       5.875          1,318.46         90
                                       5.625          1,318.46
    LEAGUE CITY      TX   77573          2            04/15/03         10
    0435819149                           05           06/01/03         25
1

    6003752                              O            05/01/18
    0

    8666435          U19/G02             F           81,000.00         ZZ
                                         180         80,709.41          1
                                       5.500            661.84         35
                                       5.250            661.84
    CASCADE          CO   80809          2            04/25/03         00
    0435858618                           05           06/01/03          0
    15150182                             O            05/01/18
    0

    8666437          X78/G02             F          130,400.00         ZZ
                                         180        129,922.24          1
                                       5.250          1,048.26         80
                                       5.000          1,048.26
    NEW PORT RICHEY  FL   34654          2            04/28/03         00
    0435800081                           05           06/01/03          0
    990371                               O            05/01/18
    0

    8666565          N74/G02             F           85,000.00         ZZ
                                         180         84,698.27          1
                                       5.625            700.17         90
                                       5.375            700.17
    CONWAY           AR   72032          5            04/28/03         01
    0435759626                           05           06/02/03         25
    003285010                            O            05/02/18
    0

    8666597          U05/G02             F          140,000.00         ZZ
                                         180        139,492.43          1
                                       5.375          1,134.65         55
                                       5.125          1,134.65
    MILWAUKIE        OR   97267          5            04/10/03         00
    0435775622                           05           06/01/03          0
    3341180                              O            05/01/18
    0

    8666743          A52/G02             F          136,000.00         ZZ
                                         120        134,267.88          1
                                       5.250          1,459.17         71
                                       5.000          1,459.17
    NASHVILLE        TN   37211          2            04/23/03         00
    0435763206                           05           05/01/03          0
    23619                                O            04/01/13
    0

1

    8666793          N74/G02             F          197,020.80         ZZ
                                         180        196,306.50          1
                                       5.375          1,596.79         79
                                       5.125          1,596.79
    HYATTSVILLE      MD   20783          5            04/28/03         00
    0435757455                           05           06/01/03          0
    0032274010                           O            05/01/18
    0

    8666835          K15/G02             F          167,400.00         ZZ
                                         180        166,824.38          1
                                       6.000          1,412.62         90
                                       5.750          1,412.62
    KEENE            NH   03431          5            04/25/03         41
    0435756234                           05           06/01/03         12
    033605513882                         O            05/01/18
    0

    8666839          P09/G02             F          135,500.00         ZZ
                                         180        135,013.89          1
                                       5.500          1,107.15         52
                                       5.250          1,107.15
    SILVER SPRING    MD   20902          2            04/22/03         00
    0435774252                           05           06/01/03          0
    ROBERTS                              O            05/01/18
    0

    8666909          E84/G02             F          162,500.00         ZZ
                                         180        161,319.07          1
                                       5.375          1,317.01         60
                                       5.125          1,317.01
    BEAVERTON        OR   97008          5            03/07/03         00
    0435871934                           05           05/01/03          0
    60115314                             O            04/01/18
    0

    8666933          X67/G02             F          128,000.00         ZZ
                                         180        127,540.80          1
                                       5.500          1,045.87         56
                                       5.250          1,045.87
    SOUTH GATE       CA   90280          5            04/08/03         00
    0435774757                           05           06/01/03          0
    00285057                             O            05/01/18
    0

    8667233          E22/G02             F          100,000.00         ZZ
                                         180         99,641.25          1
                                       5.500            817.08         68
                                       5.250            817.08
1

    GREER            SC   29651          2            05/02/03         00
    0416283752                           05           06/01/03          0
    0416283752                           N            05/01/18
    0

    8667239          E22/G02             F           47,300.00         ZZ
                                         180         47,132.09          1
                                       5.625            389.63         66
                                       5.375            389.63
    GREER            SC   29651          2            05/02/03         00
    0416305472                           05           06/01/03          0
    0416305472                           N            05/01/18
    0

    8667241          E22/G02             F           54,000.00         ZZ
                                         180         52,701.23          1
                                       5.500            441.23         73
                                       5.250            441.23
    GREER            SC   29651          2            05/02/03         00
    0416306108                           05           06/01/03          0
    0416306108                           N            05/01/18
    0

    8667285          E22/G02             F          344,000.00         ZZ
                                         180        342,765.90          1
                                       5.500          2,810.77         80
                                       5.250          2,810.77
    CAMARILLO        CA   93012          5            04/23/03         00
    0416618528                           05           06/01/03          0
    0416618528                           O            05/01/18
    0

    8667289          E22/G02             F           57,000.00         ZZ
                                         180         56,797.66          1
                                       5.625            469.53         95
                                       5.375            469.53
    SCOTTSBLUFF      NE   69361          5            04/28/03         04
    0416693976                           05           06/01/03         30
    0416693976                           O            05/01/18
    0

    8667311          E22/G02             F          160,000.00         ZZ
                                         180        159,413.80          1
                                       5.250          1,286.20         75
                                       5.000          1,286.20
    FORT COLLINS     CO   80525          5            04/28/03         00
    0416711182                           05           06/01/03          0
    0416711182                           O            05/01/18
    0
1

    8667321          E22/G02             F          140,500.00         ZZ
                                         180        140,500.00          1
                                       5.250          1,129.45         79
                                       5.000          1,129.45
    SACRAMENTO       CA   95864          5            04/25/03         00
    0416715639                           05           07/01/03          0
    0416715639                           O            06/01/18
    0

    8667341          E22/G02             F           56,000.00         ZZ
                                         180         55,758.73          1
                                       6.000            472.56         80
                                       5.750            472.56
    REYNOLDS         GA   31076          2            05/02/03         00
    0416814259                           05           06/01/03          0
    0416814259                           N            05/01/18
    0

    8667359          E22/G02             F          394,000.00         ZZ
                                         180        394,000.00          1
                                       5.125          3,141.44         79
                                       4.875          3,141.44
    SOUTHLAKE        TX   76092          5            04/28/03         00
    0416832723                           05           07/01/03          0
    0416832723                           O            06/01/18
    0

    8667375          E22/G02             F          150,000.00         ZZ
                                         180        149,473.13          1
                                       5.750          1,245.62         48
                                       5.500          1,245.62
    PEQUANNOCK TOWN  NJ   07444          5            04/28/03         00
    0416857910                           05           06/01/03          0
    0416857910                           O            05/01/18
    0

    8667381          E22/G02             F           81,200.00         ZZ
                                         180         80,920.79          1
                                       6.000            685.21         65
                                       5.750            685.21
    CHICAGO          IL   60610          5            05/02/03         00
    0416326981                           06           06/01/03          0
    0416326981                           N            05/01/18
    0

    8667389          E22/G02             F          160,650.00         ZZ
                                         180        160,073.67          1
1

                                       5.500          1,312.64         90
                                       5.250          1,312.64
    SAND SPRINGS     OK   74063          1            05/02/03         01
    0416336725                           03           06/01/03         25
    0416336725                           O            05/01/18
    0

    8667399          E22/G02             F          100,000.00         ZZ
                                         180         99,637.45          1
                                       5.375            810.47         23
                                       5.125            810.47
    SAN MATEO        CA   94401          5            04/17/03         00
    0416413888                           05           06/01/03          0
    0416413888                           O            05/01/18
    0

    8667471          E22/G02             F          322,700.00         ZZ
                                         180        321,517.70          1
                                       5.250          2,594.11         60
                                       5.000          2,594.11
    BUFFALO GROVE    IL   60089          2            04/28/03         00
    0416659183                           05           06/01/03          0
    0416659183                           O            05/01/18
    0

    8667479          E22/G02             F          151,992.00         ZZ
                                         180        151,469.37          1
                                       6.000          1,282.59         80
                                       5.750          1,282.59
    BANNING          CA   92220          1            04/26/03         00
    0416668622                           05           06/01/03          0
    0416668622                           N            05/01/18
    0

    8667497          E22/G02             F          132,000.00         ZZ
                                         180        131,541.25          1
                                       5.875          1,105.00         66
                                       5.625          1,105.00
    KENYON           MN   55946          5            04/28/03         00
    0416751295                           05           06/01/03          0
    0416751295                           O            05/01/18
    0

    8667531          E22/G02             F          182,000.00         ZZ
                                         180        181,015.21          1
                                       5.375          1,475.05         68
                                       5.125          1,475.05
    AKRON            OH   44321          2            04/28/03         00
    0416795870                           05           06/01/03          0
1

    0416795870                           O            05/01/18
    0

    8667563          E22/G02             F           50,000.00         ZZ
                                         180         49,829.90          1
                                       6.125            425.31         61
                                       5.875            425.31
    LAWRENCEVILLE    GA   30045          5            05/02/03         00
    0416926855                           05           06/01/03          0
    0416926855                           N            05/01/18
    0

    8667623          E82/G02             F          100,000.00         ZZ
                                         180         99,641.25          1
                                       5.500            817.08         25
                                       5.250            817.08
    MAHWAH           NJ   07430          2            04/29/03         00
    0400794319                           05           06/01/03          0
    0400794319                           O            05/01/18
    0

    8667625          E82/G02             F          221,000.00         ZZ
                                         180        221,000.00          2
                                       5.750          1,835.21         58
                                       5.500          1,835.21
    AUSTIN           TX   78705          2            05/02/03         00
    0400782926                           05           07/01/03          0
    0400782926                           N            06/01/18
    0

    8667633          E82/G02             F           60,300.00         ZZ
                                         180         60,300.00          1
                                       5.625            496.71         53
                                       5.375            496.71
    CANYON LAKE      TX   78133          2            04/29/03         00
    0400803896                           01           07/01/03          0
    0400803896                           O            06/01/18
    0

    8667637          E82/G02             F           48,800.00         ZZ
                                         180         48,800.00          1
                                       6.000            411.80         72
                                       5.750            411.80
    LINCOLNTON       NC   28092          2            04/30/03         00
    0400825071                           05           07/01/03          0
    0400825071                           O            06/01/18
    0

1

    8667643          E82/G02             F           63,500.00         ZZ
                                         180         63,500.00          1
                                       5.500            518.85         70
                                       5.250            518.85
    ARLINGTON        TX   76013          2            04/30/03         00
    0400801882                           05           07/01/03          0
    0400801882                           O            06/01/18
    0

    8667647          E82/G02             F           40,000.00         ZZ
                                         180         40,000.00          1
                                       5.750            332.16         61
                                       5.500            332.16
    DALLAS           TX   75240          2            05/01/03         00
    0400782397                           01           07/01/03          0
    0400782397                           O            06/01/18
    0

    8667665          E82/G02             F          197,000.00         ZZ
                                         180        197,000.00          1
                                       5.375          1,596.62         79
                                       5.125          1,596.62
    ARCADIA          CA   91006          2            04/28/03         00
    0400827648                           05           07/01/03          0
    0400827648                           O            06/01/18
    0

    8667673          E82/G02             F          120,500.00         ZZ
                                         180        120,500.00          1
                                       5.500            984.59         54
                                       5.250            984.59
    PLAINSBORO       NJ   08536          2            04/28/03         00
    0400812202                           05           07/01/03          0
    0400812202                           O            06/01/18
    0

    8667675          E82/G02             F          199,700.00         ZZ
                                         180        199,700.00          1
                                       5.375          1,618.50         80
                                       5.125          1,618.50
    PASO ROBLES      CA   93446          2            04/28/03         00
    0400826905                           05           07/01/03          0
    0400826905                           O            06/01/18
    0

    8667683          E82/G02             F          127,000.00         ZZ
                                         180        126,023.83          1
                                       5.375          1,029.29         53
                                       5.125          1,029.29
1

    WESTERLY         RI   02891          2            04/29/03         00
    0400820155                           05           06/01/03          0
    0400820155                           O            05/01/18
    0

    8667689          E82/G02             F           75,300.00         ZZ
                                         180         75,300.00          1
                                       6.750            666.34         46
                                       6.500            666.34
    MISSION VIEJO    CA   92691          2            04/30/03         00
    0400813903                           01           07/01/03          0
    0400813903                           N            06/01/18
    0

    8667699          E82/G02             F          160,800.00         ZZ
                                         180        160,800.00          1
                                       5.375          1,303.23         33
                                       5.125          1,303.23
    NEW BALTIMORE    MI   48047          2            05/01/03         00
    0400828612                           05           07/01/03          0
    0400828612                           O            06/01/18
    0

    8667937          Q14/G02             F           57,000.00         ZZ
                                         180         56,797.64          1
                                       5.875            477.16         95
                                       5.625            477.16
    WATERLOO         IA   50703          5            04/23/03         01
    0435750526                           05           06/01/03         30
    0000312195                           O            05/01/18
    0

    8668187          Y44/G02             F          144,250.00         ZZ
                                         180        143,721.50          1
                                       5.250          1,159.59         74
                                       5.000          1,159.59
    PALM DESERT      CA   92260          2            04/09/03         00
    0435791058                           05           06/01/03          0
    04030330                             O            05/01/18
    0

    8668367          642/G02             F          101,200.00         ZZ
                                         180        100,833.10          1
                                       5.375            820.19         80
                                       5.125            820.19
    CHOCTAW          OK   73020          5            04/25/03         00
    0435764550                           05           06/01/03          0
    03-3098-03                           O            05/01/18
    0
1

    8668373          313/G02             F          385,000.00         ZZ
                                         180        383,647.71          1
                                       5.750          3,197.08         70
                                       5.500          3,197.08
    KENILWORTH       IL   60043          1            04/29/03         00
    0435838586                           05           06/01/03          0
    0009491739                           N            05/01/18
    0

    8668737          X13/G02             F          108,800.00         ZZ
                                         180        108,421.88          1
                                       5.875            910.79         80
                                       5.625            910.79
    PORT SAINT LUCI  FL   34953          5            04/25/03         00
    0435810791                           05           06/01/03          0
    708191                               O            05/01/18
    0

    8668815          W39/G02             F           73,600.00         TX
                                         180         73,346.92          1
                                       6.000            621.08         61
                                       5.750            621.08
    MILES            TX   76861          5            04/28/03         00
    0435787916                           05           06/01/03          0
    PNI32202                             O            05/01/18
    0

    8668855          M27/G02             F          247,900.00         ZZ
                                         180        246,937.01          1
                                       5.375          2,009.14         80
                                       5.125          2,009.14
    NASHVILLE        TN   37211          2            04/22/03         00
    0435801477                           03           06/01/03          0
    600920951                            O            05/01/18
    0

    8668945          X51/G02             F          302,000.00         ZZ
                                         180        302,000.00          1
                                       5.000          2,388.20         42
                                       4.750          2,388.20
    SALINAS          CA   93908          2            05/01/03         00
    0435766720                           05           07/01/03          0
    0030325004                           O            06/01/18
    0

    8668951          X80/G02             F          154,000.00         ZZ
                                         180        153,447.52          1
1

                                       5.500          1,258.31         76
                                       5.250          1,258.31
    LOS ANGELES      CA   90065          5            04/16/03         00
    0435881875                           05           06/01/03          0
    1410159316                           O            05/01/18
    0

    8668957          K15/G02             F           68,000.00         ZZ
                                         180         67,766.18          1
                                       6.000            573.82         38
                                       5.750            573.82
    CUMBERLAND       RI   02864          5            04/24/03         00
    0435764402                           05           06/01/03          0
    029705508369                         O            05/01/18
    0

    8668983          K15/G02             F           59,900.00         ZZ
                                         180         59,691.83          1
                                       5.875            501.43         80
                                       5.625            501.43
    OWATONNA         MN   55060          5            04/25/03         00
    0435762554                           05           06/01/03          0
    013305515131                         O            05/01/18
    0

    8669001          X64/G02             F          115,000.00         ZZ
                                         120        114,269.28          1
                                       5.250          1,233.85         46
                                       5.000          1,233.85
    SOUTHFIELD       MI   48076          5            04/22/03         00
    0435799671                           05           06/01/03          0
    0000007254                           O            05/01/13
    0

    8669055          X64/G02             F           66,000.00         ZZ
                                         180         65,765.72          1
                                       5.625            543.66         55
                                       5.375            543.66
    ANN ARBOR        MI   48103          2            04/24/03         00
    0435837901                           01           06/01/03          0
    0000007519                           N            05/01/18
    0

    8669065          X64/G02             F           84,000.00         ZZ
                                         180         83,701.82          1
                                       5.625            691.93         70
                                       5.375            691.93
    FARMINGTON       MI   48334          5            04/24/03         00
    0435774864                           05           06/01/03          0
1

    0000007520                           N            05/01/18
    0

    8669111          T44/G02             F          172,000.00         ZZ
                                         180        171,382.95          1
                                       5.500          1,405.38         75
                                       5.250          1,405.38
    GOODLETTSVILLE   TN   37072          5            04/03/03         00
    0435765789                           05           06/01/03          0
    1073954                              O            05/01/18
    0

    8669141          T44/G02             F          170,000.00         ZZ
                                         180        169,402.88          1
                                       5.750          1,411.70         51
                                       5.500          1,411.70
    SAN DIEGO        CA   92120          5            04/21/03         00
    0435810320                           05           06/01/03          0
    1074383                              O            05/01/18
    0

    8669145          U05/G02             F          142,000.00         TX
                                         180        141,506.50          1
                                       5.875          1,188.71         80
                                       5.625          1,188.71
    HOUSTON          TX   77073          5            04/09/03         00
    0435769740                           03           06/01/03          0
    3337537                              O            05/01/18
    0

    8669245          E84/G02             F          425,000.00         ZZ
                                         180        423,442.90          1
                                       5.250          3,416.48         61
                                       5.000          3,416.48
    LINCOLNWOOD      IL   60712          2            04/04/03         00
    0435883673                           05           06/01/03          0
    1101038350                           O            05/01/18
    0

    8669249          N74/G02             F          573,000.00         ZZ
                                         180        570,900.66          1
                                       5.250          4,606.22         74
                                       5.000          4,606.22
    LITTLE ROCK      AR   72212          5            04/28/03         00
    0435861661                           05           06/02/03          0
    0032284010                           O            05/02/18
    0

1

    8669257          Q30/G02             F           96,000.00         ZZ
                                         180         95,655.60          1
                                       5.500            784.40         80
                                       5.250            784.40
    BANGOR           PA   18013          5            04/16/03         00
    0435787635                           05           06/01/03          0
    21022152                             O            05/01/18
    0

    8669291          E76/G02             F           88,000.00         ZZ
                                         180         87,687.62          1
                                       5.625            724.88         80
                                       5.375            724.88
    TAVARES          FL   32778          5            04/30/03         00
    0435753413                           05           06/01/03          0
    10023866                             O            05/01/18
    0

    8669315          X67/X67             F          190,000.00         ZZ
                                         180        189,303.88          2
                                       5.250          1,527.37         61
                                       5.000          1,527.37
    BELL GARDENS     CA   90201          2            04/17/03         00
    00285408                             05           06/01/03          0
    00285408                             O            05/01/18
    0

    8669395          E47/G02             F          110,700.00         ZZ
                                         180        110,298.65          1
                                       5.375            897.19         43
                                       5.125            897.19
    LAFAYETTE        CO   80026          2            04/24/03         00
    0435788138                           05           06/01/03          0
    7321011740                           O            05/01/18
    0

    8669411          X67/X67             F          200,000.00         ZZ
                                         180        199,267.24          1
                                       5.250          1,607.76         51
                                       5.000          1,607.76
    GARDEN GROVE     CA   92844          2            04/16/03         00
    00285192                             05           06/01/03          0
    00285192                             O            05/01/18
    0

    8669591          286/286             F          165,000.00         ZZ
                                         180        163,790.58          1
                                       5.750          1,370.18         49
                                       5.500          1,370.18
1

    SAN JOSE         CA   95111          5            03/03/03         00
    1996142                              05           05/01/03          0
    1996142                              N            04/01/18
    0

    8669597          286/286             F          170,000.00         ZZ
                                         180        168,764.56          1
                                       5.375          1,377.80         57
                                       5.125          1,377.80
    ANAHEIM          CA   92805          5            03/18/03         00
    1999188                              05           05/01/03          0
    1999188                              O            04/01/18
    0

    8669627          286/286             F          408,000.00         ZZ
                                         180        405,028.56          1
                                       5.500          3,333.71         60
                                       5.250          3,333.71
    CLAREMONT        CA   91711          2            03/11/03         00
    1901616                              05           05/01/03          0
    1901616                              O            04/01/18
    0

    8669637          286/286             F          620,000.00         ZZ
                                         180        615,541.30          1
                                       5.500          5,065.92         16
                                       5.250          5,065.92
    DARIEN           CT   06820          2            03/14/03         00
    1979094                              05           05/01/03          0
    1979094                              O            04/01/18
    0

    8669645          286/286             F           86,250.00         ZZ
                                         180         85,680.16          1
                                       6.500            751.34         75
                                       6.250            751.34
    ROCKVILLE        MD   20852          5            03/21/03         00
    1946473                              01           05/01/03          0
    1946473                              N            04/01/18
    0

    8669653          286/286             F          601,500.00         ZZ
                                         180        597,219.55          1
                                       5.625          4,954.75         58
                                       5.375          4,954.75
    PLEASANTON       CA   94588          2            03/10/03         00
    1978603                              05           05/01/03          0
    1978603                              O            04/01/18
    0
1

    8669665          286/286             F          240,000.00         ZZ
                                         180        238,292.09          1
                                       5.625          1,976.96         35
                                       5.375          1,976.96
    NEWTON           MA   02459          2            03/21/03         00
    2011874                              05           05/01/03          0
    2011874                              O            04/01/18
    0

    8669671          286/286             F          161,000.00         ZZ
                                         180        159,913.34          1
                                       6.250          1,380.46         70
                                       6.000          1,380.46
    HOFFMAN ESTATES  IL   60195          5            03/11/03         00
    2070513                              05           05/01/03          0
    2070513                              N            04/01/18
    0

    8669681          286/286             F          265,000.00         ZZ
                                         180        263,153.55          3
                                       5.875          2,218.37         73
                                       5.625          2,218.37
    OAK LAWN         IL   60453          2            03/06/03         00
    2043297                              05           05/01/03          0
    2043297                              O            04/01/18
    0

    8669689          286/286             F          286,400.00         ZZ
                                         180        284,361.89          1
                                       5.625          2,359.17         80
                                       5.375          2,359.17
    ORANGE           CA   92866          5            03/06/03         00
    2028090                              05           05/01/03          0
    2028090                              O            04/01/18
    0

    8669697          286/286             F          147,600.00         ZZ
                                         180        146,635.24          4
                                       6.625          1,295.92         90
                                       6.375          1,295.92
    EL PASO          TX   79936          1            03/05/03         21
    2092760                              05           05/01/03         20
    2092760                              N            04/01/18
    0

    8669701          286/286             F           65,000.00         ZZ
                                         180         64,575.13          1
1

                                       6.625            570.70         77
                                       6.375            570.70
    JACKSONVILLE     FL   32277          5            03/07/03         00
    2110989                              05           05/01/03          0
    2110989                              O            04/01/18
    0

    8669715          286/286             F           45,000.00         ZZ
                                         180         44,520.17          1
                                       6.500            392.00         37
                                       6.250            392.00
    LAKE ELSINORE    CA   92530          5            02/24/03         00
    1994241                              05           04/01/03          0
    1994241                              N            03/01/18
    0

    8669725          286/286             F           65,500.00         ZZ
                                         180         65,018.99          1
                                       5.250            526.54         22
                                       5.000            526.54
    FORT WORTH       TX   76103          2            03/12/03         00
    2004678                              05           05/01/03          0
    2004678                              O            04/01/18
    0

    8669737          286/286             F           86,200.00         ZZ
                                         180         85,605.70          1
                                       6.000            727.41         75
                                       5.750            727.41
    SUN CITY         CA   92586          5            02/28/03         00
    2004932                              05           05/01/03          0
    2004932                              N            04/01/18
    0

    8669745          286/286             F           92,500.00         ZZ
                                         180         91,888.87          3
                                       6.500            805.78         47
                                       6.250            805.78
    OAKLAND PARK     FL   33309          5            03/19/03         00
    1962460                              05           05/01/03          0
    1962460                              O            04/01/18
    0

    8669751          286/286             F           77,000.00         ZZ
                                         180         74,642.30          1
                                       5.625            634.28         69
                                       5.375            634.28
    RIVERSIDE        CA   92509          2            03/13/03         00
    1979443                              05           05/01/03          0
1

    1979443                              N            04/01/18
    0

    8669763          286/286             F          254,950.00         ZZ
                                         180        253,135.70          2
                                       5.625          2,100.11         60
                                       5.375          2,100.11
    SANTA ROSA       CA   95409          5            03/12/03         00
    1938822                              05           05/01/03          0
    1938822                              N            04/01/18
    0

    8669771          286/286             F           44,400.00         ZZ
                                         180         44,090.61          1
                                       5.875            371.69         78
                                       5.625            371.69
    MUNCIE           IN   47303          2            03/11/03         00
    2076608                              05           05/01/03          0
    2076608                              N            04/01/18
    0

    8669777          286/286             F          100,000.00         ZZ
                                         180         99,288.36          1
                                       5.625            823.74         80
                                       5.375            823.74
    ALLENTOWN        PA   18702          5            03/13/03         00
    2103233                              05           05/01/03          0
    2103233                              O            04/01/18
    0

    8669781          286/286             F           69,600.00         ZZ
                                         180         69,115.04          1
                                       5.875            582.64         56
                                       5.625            582.64
    PROVO            UT   84601          2            03/06/03         00
    2045898                              01           05/01/03          0
    2045898                              N            04/01/18
    0

    8669785          286/286             F           91,800.00         ZZ
                                         180         90,907.08          3
                                       6.750            812.35         90
                                       6.500            812.35
    WATERBURY        CT   06710          1            02/28/03         11
    1883970                              05           04/01/03         25
    1883970                              N            03/01/18
    0

1

    8669795          286/286             F          210,000.00         ZZ
                                         180        207,776.52          1
                                       5.750          1,743.87         80
                                       5.500          1,743.87
    PARK CITY        UT   84098          5            02/25/03         00
    2028109                              05           04/01/03          0
    2028109                              O            03/01/18
    0

    8669797          286/286             F           38,500.00         ZZ
                                         180         38,235.23          3
                                       6.250            330.11         49
                                       6.000            330.11
    BLOOMINGOTN      IL   61701          2            03/21/03         00
    2046082                              05           05/01/03          0
    2046082                              N            04/01/18
    0

    8669805          286/286             F          280,000.00         ZZ
                                         180        278,007.44          1
                                       5.625          2,306.45         51
                                       5.375          2,306.45
    FAIRFIELD        CT   06430          5            03/10/03         00
    2004482                              05           05/01/03          0
    2004482                              O            04/01/18
    0

    8669817          286/286             F           57,000.00         ZZ
                                         180         56,349.38          1
                                       6.125            484.86         79
                                       5.875            484.86
    MEMPHIS          TN   38111          5            02/28/03         00
    2037105                              05           04/01/03          0
    2037105                              N            03/01/18
    0

    8669825          286/286             F          128,000.00         ZZ
                                         180        126,537.67          1
                                       5.750          1,062.93         78
                                       5.500          1,062.93
    POOLER           GA   31322          2            02/21/03         00
    1919953                              05           04/01/03          0
    1919953                              N            03/01/18
    0

    8669829          286/286             F           88,000.00         ZZ
                                         180         87,373.76          1
                                       5.625            724.89         80
                                       5.375            724.89
1

    WINTER PARK      FL   32792          2            03/14/03         00
    1979776                              05           05/01/03          0
    1979776                              N            04/01/18
    0

    8669841          286/286             F           50,200.00         ZZ
                                         180         49,837.61          1
                                       6.125            427.02         60
                                       5.875            427.02
    SAINT JOSEPH     IL   61873          5            03/20/03         00
    2046643                              05           05/01/03          0
    2046643                              N            04/01/18
    0

    8669849          286/286             F          158,400.00         ZZ
                                         180        157,260.86          1
                                       5.500          1,294.27         80
                                       5.250          1,294.27
    FREEPORT         MN   56331          2            03/21/03         00
    2102809                              05           05/01/03          0
    2102809                              O            04/01/18
    0

    8669853          286/286             F          202,000.00         ZZ
                                         180        200,461.20          1
                                       6.000          1,704.60         73
                                       5.750          1,704.60
    MIAMI            FL   33196          2            03/06/03         00
    1970465                              05           05/01/03          0
    1970465                              O            04/01/18
    0

    8669873          286/286             F          600,000.00         ZZ
                                         180        593,396.93          1
                                       5.750          4,982.47         48
                                       5.500          4,982.47
    WESTON           CT   06883          5            02/28/03         00
    1970720                              05           04/01/03          0
    1970720                              O            03/01/18
    0

    8669881          286/286             F          385,000.00         ZZ
                                         180        382,260.23          1
                                       5.625          3,171.37         60
                                       5.375          3,171.37
    LAFAYETTE        CA   94549          2            03/03/03         00
    2053509                              05           05/01/03          0
    2053509                              O            04/01/18
    0
1

    8669891          286/286             F           49,000.00         ZZ
                                         180         48,651.30          1
                                       5.625            403.63         45
                                       5.375            403.63
    GARLAND          TX   75043          2            03/10/03         00
    1898085                              05           05/01/03          0
    1898085                              N            04/01/18
    0

    8669897          286/286             F           53,000.00         ZZ
                                         180         52,618.85          1
                                       5.500            433.06         53
                                       5.250            433.06
    GARLAND          TX   75043          2            03/10/03         00
    1898141                              05           05/01/03          0
    1898141                              N            04/01/18
    0

    8669933          286/286             F          145,000.00         ZZ
                                         180        143,968.12          1
                                       5.625          1,194.42         55
                                       5.375          1,194.42
    CORAL SPRINGS    FL   33071          5            03/21/03         00
    2161019                              05           05/01/03          0
    2161019                              O            04/01/18
    0

    8669937          286/286             F          399,000.00         ZZ
                                         180        393,710.87          1
                                       5.750          3,313.34         80
                                       5.500          3,313.34
    PHOENIX          AZ   85048          2            02/11/03         00
    1962883                              05           04/01/03          0
    1962883                              O            03/01/18
    0

    8669951          286/286             F          650,000.00         ZZ
                                         180        643,045.35          1
                                       5.625          5,354.26         50
                                       5.375          5,354.26
    WESTPORT         CT   06880          5            02/27/03         00
    2004294                              05           04/01/03          0
    2004294                              O            03/01/18
    0

    8669957          286/286             F           54,000.00         ZZ
                                         180         53,616.91          1
1

                                       5.750            448.43         67
                                       5.500            448.43
    TUCSON           AZ   85737          1            03/12/03         00
    2098765                              05           05/01/03          0
    2098765                              O            04/01/18
    0

    8669963          286/286             F          420,000.00         ZZ
                                         180        415,599.57          1
                                       5.875          3,515.90         53
                                       5.625          3,515.90
    PACIFIC PALISAD  CA   90272          5            02/18/03         00
    1942989                              05           04/01/03          0
    1942989                              O            03/01/18
    0

    8669969          286/286             F          168,750.00         ZZ
                                         180        166,411.49          4
                                       6.000          1,424.01         75
                                       5.750          1,424.01
    LAS VEGAS        NV   89115          2            01/31/03         00
    1985077                              05           03/01/03          0
    1985077                              N            02/01/18
    0

    8669979          286/286             F          221,500.00         ZZ
                                         180        219,956.65          1
                                       5.875          1,854.22         78
                                       5.625          1,854.22
    CHOCTAW          OK   73020          2            03/17/03         00
    1885730                              05           05/01/03          0
    1885730                              O            04/01/18
    0

    8670029          286/286             F           64,000.00         ZZ
                                         180         63,549.32          1
                                       5.750            531.47         79
                                       5.500            531.47
    TOLONO           IL   61880          5            03/20/03         00
    1899180                              05           05/01/03          0
    1899180                              N            04/01/18
    0

    8670039          286/286             F          132,000.00         ZZ
                                         180        130,749.33          1
                                       5.500          1,078.56         80
                                       5.250          1,078.56
    GAHANNA          OH   43230          5            03/05/03         00
    1975643                              05           05/01/03          0
1

    1975643                              O            04/01/18
    0

    8670049          286/286             F           64,500.00         ZZ
                                         180         63,973.32          1
                                       6.500            561.87         75
                                       6.250            561.87
    WICHITA          KS   67226          2            03/17/03         00
    2076630                              05           05/01/03          0
    2076630                              N            04/01/18
    0

    8670063          286/286             F           56,000.00         ZZ
                                         180         55,529.46          1
                                       6.500            487.83         58
                                       6.250            487.83
    WICHITA          KS   67226          5            03/17/03         00
    2079418                              05           05/01/03          0
    2079418                              N            04/01/18
    0

    8670069          286/286             F           64,800.00         ZZ
                                         180         64,362.62          1
                                       6.250            555.62         80
                                       6.000            555.62
    CHAMPAIGN        IL   61821          2            03/25/03         00
    2058073                              05           05/01/03          0
    2058073                              N            04/01/18
    0

    8670075          286/286             F          243,000.00         ZZ
                                         180        241,377.32          4
                                       6.375          2,100.13         89
                                       6.125          2,100.13
    SAN ANTONIO      TX   78239          1            03/14/03         11
    1754174                              05           05/01/03         12
    1754174                              N            04/01/18
    0

    8670089          286/286             F           61,500.00         ZZ
                                         180         61,098.01          1
                                       6.625            539.97         80
                                       6.375            539.97
    PENSACOLA        FL   32506          5            03/04/03         00
    1850217                              05           05/01/03          0
    1850217                              O            04/01/18
    0

1

    8670095          286/286             F           49,600.00         ZZ
                                         180         49,258.03          1
                                       6.000            418.56         80
                                       5.750            418.56
    GREENFIELD       IN   46140          1            03/14/03         00
    2017512                              05           05/01/03          0
    2017512                              N            04/01/18
    0

    8670103          286/286             F           50,000.00         ZZ
                                         180         49,655.28          1
                                       6.000            421.93         67
                                       5.750            421.93
    INDIANAPOLIS     IN   46203          5            03/14/03         00
    2017523                              05           05/01/03          0
    2017523                              N            04/01/18
    0

    8670111          286/286             F           54,000.00         ZZ
                                         180         53,627.69          2
                                       6.000            455.69         60
                                       5.750            455.69
    INDIANAPOLIS     IN   46203          2            03/14/03         00
    2017531                              05           05/01/03          0
    2017531                              N            04/01/18
    0

    8670137          286/286             F          225,000.00         ZZ
                                         180        223,181.46          1
                                       5.500          1,838.44         56
                                       5.250          1,838.44
    NORTH BRUNSWICK  NJ   08902          5            03/19/03         00
    1460810                              05           05/01/03          0
    1460810                              O            04/01/18
    0

    8670145          286/286             F          149,350.00         ZZ
                                         180        148,264.62          1
                                       5.375          1,210.44         80
                                       5.125          1,210.44
    HANAHAN          SC   29406          1            03/14/03         00
    1891787                              05           05/01/03          0
    1891787                              O            04/01/18
    0

    8670169          286/286             F          393,000.00         ZZ
                                         180        390,043.98          1
                                       5.375          3,185.13         60
                                       5.125          3,185.13
1

    SOUTHBURY        CT   06488          2            03/07/03         00
    2009568                              05           05/01/03          0
    2009568                              O            04/01/18
    0

    8670183          286/286             F          124,000.00         ZZ
                                         180        123,089.39          1
                                       5.250            996.81         74
                                       5.000            996.81
    GREAT BARRINGTO  MA   01230          5            03/11/03         00
    2018576                              05           05/01/03          0
    2018576                              O            04/01/18
    0

    8670193          286/286             F          100,000.00         ZZ
                                         180         99,317.84          1
                                       6.125            850.63         49
                                       5.875            850.63
    BROOKFIELD       CT   06804          5            03/07/03         00
    1993747                              05           05/01/03          0
    1993747                              O            04/01/18
    0

    8670199          286/286             F           71,000.00         ZZ
                                         180         70,263.91          1
                                       6.000            599.14         59
                                       5.750            599.14
    PHOENIX          AZ   85019          5            03/03/03         00
    2066912                              05           04/01/03          0
    2066912                              N            03/01/18
    0

    8670207          286/286             F           43,000.00         ZZ
                                         180         42,568.14          1
                                       6.375            371.63         56
                                       6.125            371.63
    LANSING          MI   48910          2            02/05/03         00
    2039949                              05           04/01/03          0
    2039949                              O            03/01/18
    0

    8670215          286/286             F          244,000.00         ZZ
                                         180        239,684.50          1
                                       5.250          1,961.47         49
                                       5.000          1,961.47
    POTOMAC          MD   20854          5            03/21/03         00
    2018432                              05           05/01/03          0
    2018432                              O            04/01/18
    0
1

    8670227          286/286             F          229,000.00         ZZ
                                         180        227,303.89          1
                                       5.875          1,917.01         79
                                       5.625          1,917.01
    CHATSWORTH       CA   91311          5            03/14/03         00
    2024432                              05           05/01/03          0
    2024432                              O            04/01/18
    0

    8670231          286/286             F           28,800.00         ZZ
                                         180         28,603.54          1
                                       6.125            244.98         90
                                       5.875            244.98
    RANTOUL          IL   61866          1            03/20/03         12
    2058888                              05           05/01/03         20
    2058888                              N            04/01/18
    0

    8670239          286/286             F           56,000.00         ZZ
                                         180         55,352.10          1
                                       5.500            457.57         28
                                       5.250            457.57
    HAMILTON         OH   45013          2            02/28/03         00
    2034136                              05           04/01/03          0
    2034136                              O            03/01/18
    0

    8670245          286/286             F           92,250.00         ZZ
                                         180         91,600.39          1
                                       5.750            766.06         75
                                       5.500            766.06
    ALBUQUERQUE      NM   87114          5            03/20/03         00
    2155468                              05           05/01/03          0
    2155468                              N            04/01/18
    0

    8670249          286/286             F          450,000.00         ZZ
                                         180        445,185.23          1
                                       5.625          3,706.80         32
                                       5.375          3,706.80
    OAKLAND          CA   94618          2            02/27/03         00
    1975138                              05           04/01/03          0
    1975138                              O            03/01/18
    0

    8670265          286/286             F           94,000.00         ZZ
                                         180         92,973.02          1
1

                                       5.375            761.84         78
                                       5.125            761.84
    ANGOLA           IN   46703          2            02/28/03         00
    1926479                              05           04/01/03          0
    1926479                              O            03/01/18
    0

    8670271          286/286             F           50,000.00         ZZ
                                         180         49,476.14          1
                                       5.875            418.56         70
                                       5.625            418.56
    ROANOKE          VA   24017          5            02/28/03         00
    1944757                              05           04/01/03          0
    1944757                              N            03/01/18
    0

    8670275          286/286             F          292,000.00         ZZ
                                         180        289,743.94          1
                                       5.375          2,366.56         56
                                       5.125          2,366.56
    EL CAJON         CA   92019          2            03/07/03         00
    1817450                              05           05/01/03          0
    1817450                              O            04/01/18
    0

    8670281          286/286             F          600,000.00         ZZ
                                         180        595,819.35          1
                                       5.875          5,022.72         29
                                       5.625          5,022.72
    HILLSBOROUGH     CA   94010          2            03/06/03         00
    1983162                              05           05/01/03          0
    1983162                              O            04/01/18
    0

    8670285          286/286             F           36,850.00         ZZ
                                         180         36,540.54          1
                                       5.625            303.55         51
                                       5.375            303.55
    CHAMPAIGN        IL   61820          2            03/07/03         00
    2008404                              05           05/01/03          0
    2008404                              N            04/01/18
    0

    8670293          286/286             F           32,850.00         ZZ
                                         180         32,632.97          2
                                       6.500            286.16         90
                                       6.250            286.16
    PITTSBURGH       PA   15206          1            03/13/03         11
    1999924                              05           05/01/03         12
1

    1999924                              N            04/01/18
    0

    8670297          286/286             F          200,000.00         T
                                         180        198,576.73          1
                                       5.625          1,647.47         60
                                       5.375          1,647.47
    GARDEN GROVE     CA   92843          5            03/11/03         00
    1962991                              05           05/01/03          0
    1962991                              O            04/01/18
    0

    8670307          286/286             F           74,900.00         ZZ
                                         180         74,304.62          3
                                       6.500            652.46         70
                                       6.250            652.46
    PHILADELPHIA     PA   19145          1            03/21/03         00
    2029465                              05           05/01/03          0
    2029465                              N            04/01/18
    0

    8670313          286/286             F          372,800.00         ZZ
                                         180        370,174.85          1
                                       5.750          3,095.77         80
                                       5.500          3,095.77
    SCOTTSDALE       AZ   85255          5            03/10/03         00
    2009870                              05           05/01/03          0
    2009870                              O            04/01/18
    0

    8670315          286/286             F          151,300.00         ZZ
                                         180        149,714.78          1
                                       5.875          1,266.57         85
                                       5.625          1,266.57
    TWINSBURG        OH   44087          5            02/28/03         21
    2052062                              05           04/01/03         25
    2052062                              O            03/01/18
    0

    8670323          286/286             F           95,000.00         ZZ
                                         180         94,331.04          1
                                       5.750            788.89         47
                                       5.500            788.89
    ST PAUL          MN   55105          5            03/07/03         00
    2032406                              05           05/01/03          0
    2032406                              O            04/01/18
    0

1

    8670329          286/286             F          131,500.00         ZZ
                                         180        130,150.99          1
                                       6.125          1,118.58         66
                                       5.875          1,118.58
    ENGLEWOOD        CO   80110          2            02/28/03         00
    2056619                              05           04/01/03          0
    2056619                              N            03/01/18
    0

    8670351          286/286             F          100,000.00         T
                                         180         98,835.70          1
                                       5.500            817.09         40
                                       5.250            817.09
    HANA             HI   96713          5            02/17/03         00
    2004694                              05           04/01/03          0
    2004694                              O            03/01/18
    0

    8670357          286/286             F           81,840.00         ZZ
                                         180         81,269.75          2
                                       5.875            685.10         72
                                       5.625            685.10
    TROTWOOD         OH   45426          2            03/10/03         00
    2018138                              05           05/01/03          0
    2018138                              N            04/01/18
    0

    8670365          286/286             F           82,200.00         ZZ
                                         180         81,627.24          2
                                       5.875            688.12         72
                                       5.625            688.12
    TROTWOOD         OH   45426          2            03/10/03         00
    2018147                              05           05/01/03          0
    2018147                              N            04/01/18
    0

    8670369          286/286             F           81,800.00         ZZ
                                         180         81,230.03          2
                                       5.875            684.77         72
                                       5.625            684.77
    TROTWOOD         OH   45426          2            03/10/03         00
    2018159                              05           05/01/03          0
    2018159                              N            04/01/18
    0

    8670379          286/286             F           75,500.00         ZZ
                                         180         74,864.00          3
                                       5.625            621.92         59
                                       5.375            621.92
1

    PROVIDENCE       RI   02904          2            03/19/03         00
    2151725                              05           05/01/03          0
    2151725                              O            04/01/18
    0

    8670385          286/286             F           77,700.00         ZZ
                                         180         76,894.44          1
                                       6.000            655.68         80
                                       5.750            655.68
    COVINGTON        TN   38019          2            02/20/03         00
    1848081                              05           04/01/03          0
    1848081                              N            03/01/18
    0

    8672757          E22/G02             F          480,000.00         ZZ
                                         180        478,259.77          1
                                       5.375          3,890.23         80
                                       5.125          3,890.23
    LEANDER          TX   78641          5            04/29/03         00
    0416337228                           05           06/01/03          0
    0416337228                           O            05/01/18
    0

    8672769          E22/G02             F          133,700.00         ZZ
                                         180        133,220.35          1
                                       5.500          1,092.44         70
                                       5.250          1,092.44
    MANCHESTER       MD   21102          5            04/29/03         00
    0416390870                           05           06/01/03          0
    0416390870                           O            05/01/18
    0

    8672775          E22/G02             F          127,000.00         ZZ
                                         180        126,563.30          1
                                       6.000          1,071.70         21
                                       5.750          1,071.70
    REDWOOD CITY     CA   94061          5            04/24/03         00
    0416417319                           05           06/01/03          0
    0416417319                           N            05/01/18
    0

    8672785          E22/G02             F          204,000.00         ZZ
                                         180        203,291.03          1
                                       5.875          1,707.72         62
                                       5.625          1,707.72
    SILVER SPRING    MD   20901          2            05/05/03         00
    0416481257                           05           06/01/03          0
    0416481257                           N            05/01/18
    0
1

    8672813          E22/G02             F          280,000.00         ZZ
                                         180        278,995.50          1
                                       5.500          2,287.83         63
                                       5.250          2,287.83
    BURBANK          CA   91501          5            04/24/03         00
    0416555654                           05           06/01/03          0
    0416555654                           O            05/01/18
    0

    8672817          E22/G02             F          443,000.00         ZZ
                                         180        441,410.74          1
                                       5.500          3,619.68         85
                                       5.250          3,619.68
    MORRIS TOWNSHIP  NJ   07960          2            04/30/03         11
    0416559482                           05           06/01/03          6
    0416559482                           O            05/01/18
    0

    8672823          E22/G02             F           90,000.00         ZZ
                                         180         89,677.12          1
                                       5.500            735.38         72
                                       5.250            735.38
    LANCASTER        CA   93550          2            04/30/03         00
    0416563716                           05           06/01/03          0
    0416563716                           N            05/01/18
    0

    8672835          E22/G02             F          260,000.00         ZZ
                                         180        259,086.76          1
                                       5.750          2,159.07         50
                                       5.500          2,159.07
    PALATINE         IL   60067          5            04/30/03         00
    0416591402                           05           06/01/03          0
    0416591402                           O            05/01/18
    0

    8672839          E22/G02             F          103,500.00         ZZ
                                         180        103,136.47          1
                                       5.750            859.47         63
                                       5.500            859.47
    PLANO            TX   75023          5            04/30/03         00
    0416596658                           05           06/01/03          0
    0416596658                           O            05/01/18
    0

    8672873          E22/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
1

                                       6.125            595.44         52
                                       5.875            595.44
    ELKRIDGE         MD   21146          2            05/05/03         00
    0416636025                           05           07/01/03          0
    0416636025                           N            06/01/18
    0

    8672903          E22/G02             F          314,000.00         ZZ
                                         180        312,861.60          1
                                       5.375          2,544.86         59
                                       5.125          2,544.86
    SIGNAL HILL      CA   90755          2            04/22/03         00
    0416668481                           05           06/01/03          0
    0416668481                           O            05/01/18
    0

    8672905          E22/G02             F           74,000.00         ZZ
                                         180         74,000.00          1
                                       6.125            629.46         72
                                       5.875            629.46
    FAIRFIELD        MT   59436          5            04/30/03         00
    0416668952                           05           07/01/03          0
    0416668952                           O            06/01/18
    0

    8672909          E22/G02             F          308,000.00         ZZ
                                         180        306,918.17          1
                                       5.750          2,557.66         80
                                       5.500          2,557.66
    CLARKSTON        MI   48346          5            04/30/03         00
    0416675288                           05           06/01/03          0
    0416675288                           O            05/01/18
    0

    8672917          E22/G02             F           69,300.00         ZZ
                                         180         69,053.99          1
                                       5.625            570.85         54
                                       5.375            570.85
    HOUSTON          TX   77062          2            04/29/03         00
    0416686764                           03           06/01/03          0
    0416686764                           O            05/01/18
    0

    8672921          E22/G02             F           68,200.00         ZZ
                                         180         67,965.49          1
                                       6.000            575.51         75
                                       5.750            575.51
    ADAMSVILLE       AL   35005          5            05/05/03         00
    0416690956                           05           06/01/03          0
1

    0416690956                           N            05/01/18
    0

    8672945          E22/G02             F          135,000.00         ZZ
                                         180        134,510.56          1
                                       5.375          1,094.13         75
                                       5.125          1,094.13
    ADDISON          IL   60101          2            04/29/03         00
    0416723112                           05           06/01/03          0
    0416723112                           O            05/01/18
    0

    8672961          E22/G02             F           72,000.00         ZZ
                                         180         71,715.68          1
                                       5.625            593.09         87
                                       5.375            593.09
    ATHENS           AL   35611          5            04/30/03         04
    0416732709                           05           06/01/03         12
    0416732709                           O            05/01/18
    0

    8673037          E22/G02             F          231,000.00         ZZ
                                         180        229,962.50          1
                                       5.000          1,826.73         45
                                       4.750          1,826.73
    CROSSROADS       TX   76227          2            04/30/03         00
    0416787323                           05           06/01/03          0
    0416787323                           O            05/01/18
    0

    8673067          E22/G02             F           65,700.00         ZZ
                                         180         65,464.31          1
                                       5.500            536.82         90
                                       5.250            536.82
    BOONE            IA   50036          5            04/29/03         04
    0416819852                           05           06/01/03         12
    0416819852                           O            05/01/18
    0

    8673093          E22/G02             F          130,000.00         ZZ
                                         180        130,000.00          1
                                       5.500          1,062.21         35
                                       5.250          1,062.21
    WEST ORANGE      NJ   07052          5            05/05/03         00
    0416842680                           05           07/01/03          0
    0416842680                           O            06/01/18
    0

1

    8673095          E22/G02             F          162,500.00         ZZ
                                         180        162,500.00          1
                                       5.500          1,327.76         65
                                       5.250          1,327.76
    ROSEVILLE        CA   95678          5            04/29/03         00
    0416843688                           05           07/01/03          0
    0416843688                           O            06/01/18
    0

    8673101          E22/G02             F          157,800.00         ZZ
                                         180        157,227.90          3
                                       5.375          1,278.91         75
                                       5.125          1,278.91
    SAN ANTONIO      TX   78212          2            05/05/03         00
    0416845568                           05           06/01/03          0
    0416845568                           N            05/01/18
    0

    8673117          E22/G02             F           63,800.00         ZZ
                                         180         63,578.27          1
                                       5.875            534.08         90
                                       5.625            534.08
    GUTHRIE          OK   73044          5            04/29/03         01
    0416855146                           05           06/01/03         25
    0416855146                           O            05/01/18
    0

    8673159          E22/G02             F          141,000.00         ZZ
                                         180        141,000.00          1
                                       5.500          1,152.09         68
                                       5.250          1,152.09
    BERKELEY TOWNSH  NJ   08721          2            04/29/03         00
    0416887230                           05           07/01/03          0
    0416887230                           O            06/01/18
    0

    8673173          E22/G02             F          150,500.00         ZZ
                                         120        150,500.00          1
                                       5.875          1,661.43         58
                                       5.625          1,661.43
    HOUSTON          TX   77008          5            05/05/03         00
    0416909604                           05           07/01/03          0
    0416909604                           N            06/01/13
    0

    8673213          E22/G02             F           90,000.00         ZZ
                                         180         89,683.88          1
                                       5.750            747.37         65
                                       5.500            747.37
1

    MAPLE CITY       MI   49664          5            04/30/03         00
    0416978609                           05           06/01/03          0
    0416978609                           O            05/01/18
    0

    8673347          E82/G02             F           99,000.00         ZZ
                                         180         99,000.00          1
                                       5.500            808.91         73
                                       5.250            808.91
    LONDONBERRY      NH   03053          2            05/02/03         00
    0400821914                           01           07/01/03          0
    0400821914                           O            06/01/18
    0

    8673355          E82/G02             F          119,400.00         ZZ
                                         180        119,400.00          1
                                       5.750            991.51         76
                                       5.500            991.51
    HARLINGEN        TX   78552          2            05/02/03         00
    0400820635                           05           07/01/03          0
    0400820635                           O            06/01/18
    0

    8673623          286/286             F          558,000.00         ZZ
                                         180        553,902.28          1
                                       5.250          4,485.64         77
                                       5.000          4,485.64
    MCLEAN           VA   22102          2            03/27/03         00
    2113513                              05           05/01/03          0
    2113513                              O            04/01/18
    0

    8673627          286/286             F          483,800.00         ZZ
                                         180        476,809.59          1
                                       5.500          3,953.05         75
                                       5.250          3,953.05
    IRVING           TX   75038          2            01/06/03         00
    1941235                              05           03/01/03          0
    1941235                              O            02/01/18
    0

    8673631          286/286             F          555,000.00         ZZ
                                         180        551,008.73          1
                                       5.500          4,534.82         77
                                       5.250          4,534.82
    PEORIA           IL   61615          2            03/21/03         00
    2046099                              05           05/01/03          0
    2046099                              O            04/01/18
    0
1

    8673637          286/286             F          492,000.00         ZZ
                                         180        486,680.54          1
                                       5.500          4,020.05         80
                                       5.250          4,020.05
    STILLWATER       OK   74074          5            03/03/03         00
    2027649                              05           04/01/03          0
    2027649                              O            03/01/18
    0

    8673639          286/286             F          397,000.00         ZZ
                                         156        393,526.86          1
                                       5.625          3,593.45         64
                                       5.375          3,593.45
    DALLAS           TX   75219          2            03/22/03         00
    1991700                              03           05/01/03          0
    1991700                              O            04/01/16
    0

    8673643          286/286             F          113,250.00         ZZ
                                         180        112,444.07          1
                                       5.625            932.88         75
                                       5.375            932.88
    AUSTIN           TX   78736          5            03/26/03         00
    1996844                              05           05/01/03          0
    1996844                              O            04/01/18
    0

    8673651          286/286             F          336,000.00         ZZ
                                         180        333,558.20          1
                                       5.375          2,723.17         75
                                       5.125          2,723.17
    OROVILLE         CA   95965          5            03/24/03         00
    1887561                              05           05/01/03          0
    1887561                              O            04/01/18
    0

    8673657          286/286             F          444,000.00         ZZ
                                         180        440,773.35          1
                                       5.375          3,598.47         69
                                       5.125          3,598.47
    CHESTERFIELD     MO   63005          2            03/25/03         00
    2080708                              05           05/01/03          0
    2080708                              O            04/01/18
    0

    8673661          286/286             F          602,950.00         ZZ
                                         180        598,613.91          1
1

                                       5.500          4,926.61         59
                                       5.250          4,926.61
    SAN JOSE         CA   95120          2            03/26/03         00
    2081520                              05           05/01/03          0
    2081520                              O            04/01/18
    0

    8673665          286/286             F          418,000.00         ZZ
                                         180        412,259.97          1
                                       5.625          3,443.20         66
                                       5.375          3,443.20
    SAN DIEGO        CA   92131          2            03/24/03         00
    2041425                              05           05/01/03          0
    2041425                              O            04/01/18
    0

    8673671          286/286             F          448,000.00         ZZ
                                         180        444,811.91          1
                                       5.625          3,690.32         80
                                       5.375          3,690.32
    BEVERLY HILLS    MI   48025          2            03/07/03         00
    2067121                              05           05/01/03          0
    2067121                              O            04/01/18
    0

    8673679          286/286             F          124,000.00         ZZ
                                         180        123,098.86          1
                                       5.375          1,004.98         54
                                       5.125          1,004.98
    DIAMOND BAR      CA   91765          2            03/24/03         00
    2047474                              01           05/01/03          0
    2047474                              N            04/01/18
    0

    8673681          286/286             F          904,000.00         ZZ
                                         180        896,882.55          1
                                       5.500          7,386.44         70
                                       5.250          7,386.44
    CENTERVILLE      OH   45458          5            03/25/03         00
    2100062                              05           05/01/03          0
    2100062                              O            04/01/18
    0

    8673689          286/286             F          366,000.00         ZZ
                                         180        363,208.03          1
                                       5.375          2,966.31         44
                                       5.125          2,966.31
    LUTHERVILLE      MD   21093          2            03/27/03         00
    2045110                              03           05/01/03          0
1

    2045110                              O            04/01/18
    0

    8673701          286/286             F           48,000.00         ZZ
                                         180         47,575.50          1
                                       6.250            411.57         75
                                       6.000            411.57
    VIRGINIA BEACH   VA   23451          1            03/31/03         00
    1969391                              01           05/01/03          0
    1969391                              N            04/01/18
    0

    8673703          286/286             F          395,000.00         ZZ
                                         180        392,129.45          1
                                       5.375          3,201.34         78
                                       5.125          3,201.34
    ALLENTOWN        NJ   08501          5            03/21/03         00
    2099190                              05           05/01/03          0
    2099190                              O            04/01/18
    0

    8673707          286/286             F           25,000.00         ZZ
                                         180         24,822.08          1
                                       5.625            205.94         34
                                       5.375            205.94
    MEROM            IN   47861          5            03/07/03         00
    2107288                              05           05/01/03          0
    2107288                              O            04/01/18
    0

    8673709          286/286             F          640,000.00         ZZ
                                         175        635,204.20          1
                                       5.500          5,325.75         48
                                       5.250          5,325.75
    MILLBURN         NJ   07078          2            03/24/03         00
    2105085                              05           05/01/03          0
    2105085                              O            11/01/17
    0

    8673715          286/286             F          354,000.00         ZZ
                                         180        350,953.07          1
                                       5.375          2,869.05         65
                                       5.125          2,869.05
    GREAT FALLS      VA   22066          2            03/25/03         00
    2157556                              05           05/01/03          0
    2157556                              O            04/01/18
    0

1

    8673719          286/286             F           50,000.00         ZZ
                                         180         49,459.38          1
                                       5.500            408.55         48
                                       5.250            408.55
    GARLAND          TX   75043          2            02/21/03         00
    1898133                              05           04/01/03          0
    1898133                              N            03/01/18
    0

    8673721          286/286             F          426,550.00         ZZ
                                         180        423,577.92          1
                                       5.875          3,570.73         72
                                       5.625          3,570.73
    FAIRFAX          VA   22030          2            03/24/03         00
    1987797                              05           05/01/03          0
    1987797                              O            04/01/18
    0

    8673725          286/286             F           60,000.00         ZZ
                                         180         59,563.97          1
                                       5.375            486.28         75
                                       5.125            486.28
    OLATHE           KS   66061          5            03/24/03         00
    2073788                              05           05/01/03          0
    2073788                              N            04/01/18
    0

    8673727          286/286             F          390,000.00         ZZ
                                         172        386,973.45          1
                                       5.375          3,256.77         68
                                       5.125          3,256.77
    FLORHAM PARK     NJ   07932          2            03/25/03         00
    2122074                              05           05/01/03          0
    2122074                              O            08/01/17
    0

    8673731          286/286             F           71,250.00         ZZ
                                         180         70,732.20          1
                                       5.375            577.46         75
                                       5.125            577.46
    OLATHE           KS   66061          5            03/24/03         00
    2073809                              05           05/01/03          0
    2073809                              N            04/01/18
    0

    8673733          286/286             F          394,200.00         ZZ
                                         180        391,335.26          1
                                       5.375          3,194.86         58
                                       5.125          3,194.86
1

    FOX ISLAND       WA   98333          2            03/25/03         00
    2164503                              05           05/01/03          0
    2164503                              O            04/01/18
    0

    8673735          286/286             F           61,500.00         ZZ
                                         180         61,053.06          1
                                       5.375            498.44         75
                                       5.125            498.44
    OLATHE           KS   66061          5            03/24/03         00
    2073832                              05           05/01/03          0
    2073832                              N            04/01/18
    0

    8673739          286/286             F          485,000.00         ZZ
                                         180        481,475.40          1
                                       5.375          3,930.76         56
                                       5.125          3,930.76
    CAMARILLO        CA   93012          5            03/20/03         00
    2154324                              05           05/01/03          0
    2154324                              O            04/01/18
    0

    8673741          286/286             F           48,000.00         ZZ
                                         180         47,651.18          1
                                       5.375            389.03         75
                                       5.125            389.03
    OSAWATTANIE      KS   66064          5            03/24/03         00
    2073842                              05           05/01/03          0
    2073842                              N            04/01/18
    0

    8673745          286/286             F          251,250.00         ZZ
                                         180        249,427.26          1
                                       5.875          2,103.27         75
                                       5.625          2,103.27
    WEATHERFORD      TX   76085          5            03/24/03         00
    1547918                              05           05/01/03          0
    1547918                              O            04/01/18
    0

    8673747          286/286             F          350,000.00         ZZ
                                         180        347,535.39          1
                                       5.750          2,906.44         56
                                       5.500          2,906.44
    TARZANA          CA   91356          2            03/17/03         00
    2012399                              05           05/01/03          0
    2012399                              O            04/01/18
    0
1

    8673751          286/286             F          130,429.00         ZZ
                                         180        129,500.83          1
                                       5.625          1,074.39         80
                                       5.375          1,074.39
    CHICAGO          IL   60655          1            03/27/03         00
    2061607                              05           05/01/03          0
    2061607                              O            04/01/18
    0

    8673757          286/286             F          360,000.00         ZZ
                                         180        357,392.07          1
                                       5.750          2,989.48         75
                                       5.500          2,989.48
    LODI             CA   95242          5            03/24/03         00
    2124236                              05           05/01/03          0
    2124236                              O            04/01/18
    0

    8673771          286/286             F           88,000.00         ZZ
                                         180         87,399.71          1
                                       6.125            748.55         80
                                       5.875            748.55
    LAS VEGAS        NV   89107          1            03/20/03         00
    2103338                              05           05/01/03          0
    2103338                              N            04/01/18
    0

    8673775          286/286             F           90,000.00         ZZ
                                         180         89,372.89          1
                                       5.875            753.41         75
                                       5.625            753.41
    NORTH WEBSTER    IN   46555          5            03/25/03         00
    2139343                              05           05/01/03          0
    2139343                              O            04/01/18
    0

    8673781          286/286             F          520,000.00         ZZ
                                         180        516,376.78          1
                                       5.875          4,353.02         55
                                       5.625          4,353.02
    MESA             AZ   85203          5            03/17/03         00
    2170779                              05           05/01/03          0
    2170779                              O            04/01/18
    0

    8673785          286/286             F           60,000.00         ZZ
                                         180         59,586.33          1
1

                                       6.000            506.32         80
                                       5.750            506.32
    CALHOUN          TN   37309          5            03/25/03         00
    1991504                              05           05/01/03          0
    1991504                              O            04/01/18
    0

    8673789          286/286             F          362,200.00         ZZ
                                         180        359,567.80          1
                                       5.375          2,935.51         74
                                       5.125          2,935.51
    VIRGINIA BEACH   VA   23456          2            03/26/03         00
    1241185                              05           05/01/03          0
    1241185                              O            04/01/18
    0

    8673793          286/286             F          125,600.00         ZZ
                                         180        123,785.20          1
                                       5.500          1,026.26         80
                                       5.250          1,026.26
    GRAND RAPIDS     MI   49504          2            01/16/03         00
    1970989                              05           03/01/03          0
    1970989                              O            02/01/18
    0

    8673795          286/286             F           50,000.00         T
                                         180         48,683.27          1
                                       6.000            421.93         50
                                       5.750            421.93
    MOUNTAIN CENTER  CA   92561          5            03/25/03         00
    2120584                              05           05/01/03          0
    2120584                              O            04/01/18
    0

    8673799          286/286             F          124,000.00         ZZ
                                         180        123,126.83          1
                                       5.750          1,029.71         80
                                       5.500          1,029.71
    COLLEGE PARK     MD   20740          1            03/31/03         00
    2151474                              05           05/01/03          0
    2151474                              N            04/01/18
    0

    8673801          286/286             F           93,000.00         ZZ
                                         180         91,190.66          1
                                       6.000            784.79         75
                                       5.750            784.79
    HOUSTON          TX   77041          5            03/26/03         00
    2171934                              05           05/01/03          0
1

    2171934                              O            04/01/18
    0

    8673815          286/286             F           61,200.00         ZZ
                                         180         60,782.51          1
                                       6.125            520.59         65
                                       5.875            520.59
    MADISON          TN   37115          5            03/10/03         00
    2111521                              05           05/01/03          0
    2111521                              O            04/01/18
    0

    8673819          286/286             F          310,000.00         ZZ
                                         180        308,864.22          1
                                       5.250          2,492.03         54
                                       5.000          2,492.03
    VENTURA          CA   93003          5            03/26/03         00
    2155732                              05           06/01/03          0
    2155732                              O            05/01/18
    0

    8673821          286/286             F           55,500.00         ZZ
                                         180         55,078.08          1
                                       5.500            453.49         66
                                       5.250            453.49
    MENTOR ON THE L  OH   44060          2            03/26/03         00
    1988353                              05           05/01/03          0
    1988353                              N            04/01/18
    0

    8673825          286/286             F           71,100.00         ZZ
                                         180         70,609.80          1
                                       6.000            599.99         90
                                       5.750            599.99
    BLOOMINGTON      IL   61701          1            03/28/03         12
    2049975                              05           05/01/03         25
    2049975                              N            04/01/18
    0

    8673833          286/286             F          146,000.00         ZZ
                                         180        144,421.44          4
                                       5.500          1,192.95         73
                                       5.250          1,192.95
    WACO             TX   76706          2            02/21/03         00
    1915045                              05           04/01/03          0
    1915045                              N            03/01/18
    0

1

    8673839          286/286             F           96,000.00         ZZ
                                         180         95,309.60          1
                                       5.500            784.41         80
                                       5.250            784.41
    SAN ANTONIO      TX   78250          5            03/24/03         00
    2108121                              05           05/01/03          0
    2108121                              N            04/01/18
    0

    8673847          286/286             F           75,450.00         ZZ
                                         180         74,929.80          1
                                       6.000            636.70         61
                                       5.750            636.70
    PORTLAND         OR   97220          2            03/18/03         00
    2068281                              05           05/01/03          0
    2068281                              N            04/01/18
    0

    8673849          286/286             F           95,600.00         ZZ
                                         180         94,940.90          1
                                       6.000            806.73         65
                                       5.750            806.73
    PORTLAND         OR   97220          2            03/18/03         00
    2068285                              05           05/01/03          0
    2068285                              N            04/01/18
    0

    8673857          286/286             F           65,350.00         ZZ
                                         180         64,899.44          1
                                       6.000            551.47         69
                                       5.750            551.47
    PORTLAND         OR   97266          5            03/18/03         00
    2068292                              05           05/01/03          0
    2068292                              N            04/01/18
    0

    8673863          286/286             F           80,450.00         ZZ
                                         180         79,895.34          1
                                       6.000            678.89         78
                                       5.750            678.89
    PORTLAND         OR   97218          2            03/18/03         00
    2068295                              05           05/01/03          0
    2068295                              N            04/01/18
    0

    8673867          286/286             F          329,000.00         ZZ
                                         180        326,707.62          1
                                       5.875          2,754.12         80
                                       5.625          2,754.12
1

    COLDSPRING       TX   77331          2            03/25/03         00
    2062420                              05           05/01/03          0
    2062420                              O            04/01/18
    0

    8673873          286/286             F           66,400.00         ZZ
                                         180         65,965.99          1
                                       6.625            582.99         80
                                       6.375            582.99
    BAYTOWN          TX   77521          1            03/26/03         00
    2197684                              05           05/01/03          0
    2197684                              N            04/01/18
    0

    8673875          286/286             F          100,000.00         ZZ
                                         180         99,295.81          1
                                       5.750            830.42         64
                                       5.500            830.42
    COMPTON          CA   90221          5            03/21/03         00
    1855415                              05           05/01/03          0
    1855415                              O            04/01/18
    0

    8673889          286/286             F          158,000.00         ZZ
                                         180        156,863.74          1
                                       5.500          1,291.00         53
                                       5.250          1,291.00
    SILVER SPRING    MD   20906          2            03/07/03         00
    1242556                              05           05/01/03          0
    1242556                              O            04/01/18
    0

    8673895          286/286             F           43,250.00         ZZ
                                         180         42,600.82          1
                                       6.000            364.97         80
                                       5.750            364.97
    VIRGINIA BEACH   VA   23453          1            03/17/03         00
    1241829                              05           05/01/03          0
    1241829                              N            04/01/18
    0

    8674203          M24/G02             F          225,000.00         ZZ
                                         180        224,175.66          1
                                       5.250          1,808.72         77
                                       5.000          1,808.72
    CHANDLER         AZ   85249          2            04/18/03         00
    0435812342                           03           06/01/03          0
    381211736                            O            05/01/18
    0
1

    8674453          975/G02             F          288,750.00         ZZ
                                         180        287,692.08          1
                                       5.250          2,321.20         75
                                       5.000          2,321.20
    LOS ANGELES      CA   90005          1            04/28/03         00
    0435779350                           01           06/01/03          0
    2031579                              O            05/01/18
    0

    8674473          E76/G02             F          150,000.00         ZZ
                                         180        149,461.87          1
                                       5.500          1,225.63         36
                                       5.250          1,225.63
    SEMINOLE         FL   33777          2            05/02/03         00
    0435760483                           05           06/01/03          0
    10023916                             O            05/01/18
    0

    8674727          A52/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       5.750            415.21         33
                                       5.500            415.21
    DECATUR          GA   30032          2            04/30/03         00
    0435883343                           05           07/01/03          0
    25008                                N            06/01/18
    0

    8675217          W68/G02             F          245,600.00         ZZ
                                         180        244,728.16          1
                                       5.625          2,023.09         80
                                       5.375          2,023.09
    VISTA            CA   92083          1            04/15/03         00
    0435798434                           05           06/01/03          0
    3032818                              N            05/01/18
    0

    8675473          E84/G02             F          148,200.00         ZZ
                                         180        147,156.42          1
                                       5.750          1,230.67         65
                                       5.500          1,230.67
    GLENVIEW         IL   60025          5            03/27/03         00
    0435843644                           01           05/01/03          0
    11015751                             N            04/01/18
    0

    8675559          A52/G02             F          134,400.00         ZZ
                                         180        133,937.86          1
1

                                       6.000          1,134.14         80
                                       5.750          1,134.14
    WESTON           FL   33331          1            04/29/03         00
    0435773452                           05           06/01/03          0
    24918                                N            05/01/18
    0

    8675561          K15/G02             F          171,000.00         ZZ
                                         180        170,372.81          1
                                       6.125          1,454.57         95
                                       5.875          1,454.57
    NAVARRE          OH   44662          5            04/25/03         41
    0435770490                           05           06/01/03         25
    028005507921                         O            05/01/18
    0

    8675577          A52/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       5.750            415.21         36
                                       5.500            415.21
    DECATUR          GA   30032          2            04/30/03         00
    0435774435                           05           07/01/03          0
    25009                                N            06/01/18
    0

    8675579          E11/G02             F          100,000.00         ZZ
                                         180         99,637.45          1
                                       5.375            810.47         77
                                       5.125            810.47
    CAMBRIDGE        MN   55008          5            04/22/03         00
    0435787742                           05           06/01/03          0
    1                                    O            05/01/18
    0

    8675589          952/G02             F          250,000.00         ZZ
                                         180        250,000.00          2
                                       5.750          2,076.03         56
                                       5.500          2,076.03
    CLIFTON          NJ   07011          5            05/01/03         00
    0435787924                           05           07/01/03          0
    03002322                             O            06/01/18
    0

    8675653          286/286             F           44,800.00         ZZ
                                         180         44,653.98          1
                                       6.625            393.35         79
                                       6.375            393.35
    MOMENCE          IL   60954          5            04/01/03         00
    2099477                              05           06/01/03          0
1

    2099477                              O            05/01/18
    0

    8675655          286/286             F           64,000.00         ZZ
                                         180         63,549.32          1
                                       5.750            531.47         79
                                       5.500            531.47
    NEWPORT NEWS     VA   23601          2            03/26/03         00
    1697112                              05           05/01/03          0
    1697112                              N            04/01/18
    0

    8675661          286/286             F           45,500.00         ZZ
                                         180         45,179.60          1
                                       5.750            377.84         63
                                       5.500            377.84
    NEWPORT NEWS     VA   23605          2            03/26/03         00
    1740956                              05           05/01/03          0
    1740956                              N            04/01/18
    0

    8675665          286/286             F           58,000.00         ZZ
                                         180         57,591.58          1
                                       5.750            481.64         77
                                       5.500            481.64
    HAMPTON          VA   23669          2            03/26/03         00
    1740965                              05           05/01/03          0
    1740965                              N            04/01/18
    0

    8675671          286/286             F           80,000.00         ZZ
                                         180         79,418.60          1
                                       5.375            648.38         62
                                       5.125            648.38
    ONTARIO          CA   91761          2            03/24/03         00
    2047552                              01           05/01/03          0
    2047552                              N            04/01/18
    0

    8675679          286/286             F          344,000.00         ZZ
                                         180        342,648.33          1
                                       5.750          2,856.62         20
                                       5.500          2,856.62
    SANTA MONICA     CA   90402          2            03/25/03         00
    2012416                              05           06/01/03          0
    2012416                              O            05/01/18
    0

1

    8675683          286/286             F           97,500.00         ZZ
                                         180         96,806.16          1
                                       5.625            803.14         75
                                       5.375            803.14
    BEDFORD          TX   76021          5            03/26/03         00
    2138860                              05           05/01/03          0
    2138860                              N            04/01/18
    0

    8675687          286/286             F          221,500.00         ZZ
                                         180        219,940.26          1
                                       5.750          1,839.36         69
                                       5.500          1,839.36
    OGILVIE          MN   56358          5            03/26/03         00
    2138927                              05           05/01/03          0
    2138927                              O            04/01/18
    0

    8675695          286/286             F           84,000.00         ZZ
                                         180         83,692.24          1
                                       5.250            675.26         70
                                       5.000            675.26
    HIALEAH          FL   33018          2            03/28/03         00
    2084183                              01           06/01/03          0
    2084183                              O            05/01/18
    0

    8675701          286/286             F           44,000.00         ZZ
                                         180         43,683.02          1
                                       5.500            359.52         30
                                       5.250            359.52
    GOODYEAR         AZ   85338          1            02/18/03         00
    2004938                              05           05/01/03          0
    2004938                              N            04/01/18
    0

    8675703          286/286             F           60,000.00         ZZ
                                         180         59,776.32          1
                                       5.500            490.26         76
                                       5.250            490.26
    NORTH CANTON     OH   44720          1            04/04/03         00
    2018289                              01           06/01/03          0
    2018289                              N            05/01/18
    0

    8675705          286/286             F           40,000.00         ZZ
                                         180         39,318.85          1
                                       6.250            342.97         18
                                       6.000            342.97
1

    SANTA FE         NM   87508          5            03/28/03         00
    2112314                              03           06/01/03          0
    2112314                              N            05/01/18
    0

    8675707          286/286             F           52,000.00         ZZ
                                         180         51,629.93          1
                                       5.625            428.35         51
                                       5.375            428.35
    INDIANAPOLIS     IN   46229          2            04/03/03         00
    2137846                              05           05/01/03          0
    2137846                              N            04/01/18
    0

    8675711          286/286             F           88,000.00         ZZ
                                         180         87,700.62          1
                                       6.125            748.55         80
                                       5.875            748.55
    TAMPA            FL   33618          5            04/01/03         00
    2111867                              05           06/01/03          0
    2111867                              O            05/01/18
    0

    8675717          286/286             F          350,000.00         ZZ
                                         180        347,586.98          2
                                       6.000          2,953.50         79
                                       5.750          2,953.50
    MALDEN           MA   02184          2            03/28/03         00
    2127987                              05           05/01/03          0
    2127987                              N            04/01/18
    0

    8675721          286/286             F           89,250.00         ZZ
                                         180         88,614.85          1
                                       5.625            735.19         80
                                       5.375            735.19
    PEORIA           AZ   85381          2            03/31/03         00
    2125978                              05           05/01/03          0
    2125978                              N            04/01/18
    0

    8675723          286/286             F           38,050.00         ZZ
                                         180         37,920.54          1
                                       6.125            323.67         80
                                       5.875            323.67
    ROANOKE          VA   24017          1            04/02/03         00
    2182037                              05           06/01/03          0
    2182037                              N            05/01/18
    0
1

    8675725          286/286             F           45,000.00         ZZ
                                         180         44,686.44          1
                                       5.875            376.71         60
                                       5.625            376.71
    BLOOMINGTON      IL   61701          5            03/26/03         00
    2040167                              05           05/01/03          0
    2040167                              N            04/01/18
    0

    8675727          286/286             F           84,000.00         ZZ
                                         180         83,420.88          1
                                       6.000            708.84         75
                                       5.750            708.84
    WAYNESBORO       PA   17268          5            03/19/03         00
    1241429                              05           05/01/03          0
    1241429                              N            04/01/18
    0

    8675729          286/286             F           86,250.00         ZZ
                                         180         85,655.36          1
                                       6.000            727.83         75
                                       5.750            727.83
    WAYNESBORO       PA   17268          5            03/21/03         00
    1241445                              05           05/01/03          0
    1241445                              N            04/01/18
    0

    8675731          286/286             F           39,920.00         ZZ
                                         180         39,338.19          1
                                       6.375            345.01         80
                                       6.125            345.01
    INDIANAPOLIS     IN   46201          1            04/04/03         00
    2120841                              05           05/01/03          0
    2120841                              N            04/01/18
    0

    8675737          286/286             F           77,600.00         ZZ
                                         180         77,053.56          1
                                       5.750            644.40         80
                                       5.500            644.40
    PLANO            TX   75023          1            03/03/03         00
    2053075                              05           05/01/03          0
    2053075                              N            04/01/18
    0

    8675739          286/286             F           50,400.00         ZZ
                                         180         50,020.47          1
1

                                       5.625            415.17         80
                                       5.375            415.17
    PASADENA         TX   77506          1            03/11/03         00
    2037882                              05           05/01/03          0
    2037882                              N            04/01/18
    0

    8675741          286/286             F          132,000.00         ZZ
                                         180        131,070.48          2
                                       5.750          1,096.15         80
                                       5.500          1,096.15
    EL PASO          TX   79912          1            03/28/03         00
    2198153                              05           05/01/03          0
    2198153                              N            04/01/18
    0

    8675745          286/286             F           29,920.00         ZZ
                                         180         29,702.55          1
                                       5.375            242.49         80
                                       5.125            242.49
    SURPRISE         AZ   85374          1            03/21/03         00
    2102471                              01           05/01/03          0
    2102471                              N            04/01/18
    0

    8675813          Y21/G02             F          228,188.00         ZZ
                                         180        227,360.70          1
                                       5.375          1,849.39         41
                                       5.125          1,849.39
    FRANKTOWN        CO   80116          2            04/04/03         00
    0435783337                           05           06/01/03          0
    203197208                            O            05/01/18
    0

    8675947          E44/G02             F          132,000.00         ZZ
                                         180        131,526.45          2
                                       5.500          1,078.55         53
                                       5.250          1,078.55
    SALT LAKE CITY   UT   84103          5            04/21/03         00
    0435797618                           05           06/01/03          0
    47030023                             O            05/01/18
    0

    8676575          E22/G02             F          112,000.00         ZZ
                                         180        111,589.66          1
                                       5.250            900.34         75
                                       5.000            900.34
    ELLENSBURG       WA   98926          5            04/21/03         00
    0416642114                           05           06/01/03          0
1

    0416642114                           O            05/01/18
    0

    8676579          E22/G02             F          280,000.00         ZZ
                                         180        280,000.00          1
                                       5.625          2,306.45         74
                                       5.375          2,306.45
    SANTA FE         NM   87508          5            05/01/03         00
    0416644037                           05           07/01/03          0
    0416644037                           O            06/01/18
    0

    8676581          E22/G02             F          104,000.00         ZZ
                                         180        103,630.82          1
                                       5.625            856.68         80
                                       5.375            856.68
    MONCKS CORNER    SC   29461          5            05/01/03         00
    0416646198                           05           06/01/03          0
    0416646198                           O            05/01/18
    0

    8676625          E22/G02             F          650,000.00         ZZ
                                         180        647,668.13          1
                                       5.500          5,311.04         75
                                       5.250          5,311.04
    DALLAS           TX   75229          5            04/24/03         00
    0416603900                           05           06/01/03          0
    0416603900                           O            05/01/18
    0

    8676641          E22/G02             F           79,100.00         ZZ
                                         180         78,819.21          1
                                       5.625            651.57         70
                                       5.375            651.57
    VICTORVILLE      CA   92392          5            04/25/03         00
    0416678415                           05           06/01/03          0
    0416678415                           N            05/01/18
    0

    8676651          E22/G02             F           72,000.00         ZZ
                                         180         71,741.70          1
                                       5.500            588.30         44
                                       5.250            588.30
    AKRON            OH   44319          2            05/01/03         00
    0416698942                           05           06/01/03          0
    0416698942                           O            05/01/18
    0

1

    8676655          E22/G02             F          164,000.00         ZZ
                                         180        163,405.42          1
                                       5.375          1,329.16         80
                                       5.125          1,329.16
    SPOKANE          WA   99203          5            04/30/03         00
    0416703999                           05           06/01/03          0
    0416703999                           O            05/01/18
    0

    8676677          E22/G02             F          226,000.00         ZZ
                                         180        226,000.00          1
                                       5.750          1,876.73         87
                                       5.500          1,876.73
    CENTENNIAL       CO   80015          5            05/01/03         01
    0416842730                           05           07/01/03         25
    0416842730                           O            06/01/18
    0

    8676701          E22/G02             F           96,000.00         ZZ
                                         180         96,000.00          1
                                       5.000            759.16         67
                                       4.750            759.16
    HIALEAH          FL   33016          2            05/01/03         00
    0416866960                           05           07/01/03          0
    0416866960                           O            06/01/18
    0

    8676705          E22/G02             F          855,000.00         ZZ
                                         180        851,932.69          1
                                       5.500          6,986.06         53
                                       5.250          6,986.06
    SARATOGA         CA   95070          5            04/22/03         00
    0416869733                           05           06/01/03          0
    0416869733                           O            05/01/18
    0

    8676773          E22/G02             F          151,000.00         ZZ
                                         180        150,452.55          1
                                       5.375          1,223.80         80
                                       5.125          1,223.80
    WATERFORD        MI   48237          1            05/07/03         00
    0417012341                           29           06/01/03          0
    0417012341                           O            05/01/18
    0

    8676817          E22/G02             F           91,600.00         ZZ
                                         180         91,600.00          1
                                       5.625            754.54         80
                                       5.375            754.54
1

    OMAHA            NE   68122          1            05/06/03         00
    0416908440                           05           07/01/03          0
    0416908440                           O            06/01/18
    0

    8676827          E22/G02             F          293,000.00         ZZ
                                         180        291,915.20          1
                                       5.125          2,336.15         56
                                       4.875          2,336.15
    ANAHEIM          CA   92808          2            04/28/03         00
    0416918530                           03           06/01/03          0
    0416918530                           O            05/01/18
    0

    8676889          E22/G02             F           57,000.00         ZZ
                                         180         57,000.00          1
                                       5.750            473.33         85
                                       5.500            473.33
    LEES SUMMIT      MO   64064          1            05/06/03         04
    0416347177                           09           07/01/03         20
    0416347177                           O            06/01/18
    0

    8676919          E22/G02             F          125,000.00         ZZ
                                         180        124,556.28          1
                                       5.625          1,029.66         72
                                       5.375          1,029.66
    MISSOURI CITY    TX   77459          5            05/01/03         00
    0416974806                           03           06/01/03          0
    0416974806                           O            05/01/18
    0

    8676937          E82/G02             F          135,600.00         ZZ
                                         180        135,600.00          2
                                       6.250          1,162.67         40
                                       6.000          1,162.67
    DORCHESTER       MA   02121          2            05/06/03         00
    0400815197                           05           07/01/03          0
    0400815197                           N            06/01/18
    0

    8676963          E82/G02             F          130,000.00         ZZ
                                         180        130,000.00          1
                                       6.000          1,097.01         48
                                       5.750          1,097.01
    DORCHESTER       MA   02122          2            05/06/03         00
    0400815148                           05           07/01/03          0
    0400815148                           N            06/01/18
    0
1

    8676965          E82/G02             F          128,500.00         ZZ
                                         180        128,500.00          4
                                       6.250          1,101.79         25
                                       6.000          1,101.79
    DORCHESTER       MA   02126          2            05/06/03         00
    0400815205                           05           07/01/03          0
    0400815205                           N            06/01/18
    0

    8677299          W47/G02             F          200,000.00         ZZ
                                         180        199,251.74          1
                                       5.000          1,581.59         50
                                       4.750          1,581.59
    SKOKIE           IL   60076          2            04/25/03         00
    0435834056                           05           06/01/03          0
    WH030013                             O            05/01/18
    0

    8677409          H76/G02             F          332,000.00         ZZ
                                         180        330,870.51          2
                                       6.125          2,824.07         85
                                       5.875          2,824.07
    STATEN ISLAND    NY   10305          2            04/14/03         12
    0435764600                           05           06/01/03          6
    2003482285                           O            05/01/18
    0

    8677545          758/G02             F          602,850.00         ZZ
                                         180        600,664.38          1
                                       5.375          4,885.89         65
                                       5.125          4,885.89
    BELLAIRE         TX   77401          2            04/25/03         00
    0435882592                           05           06/01/03          0
    103080                               O            05/01/18
    0

    8678259          Q87/G02             F          125,000.00         ZZ
                                         120        124,211.05          1
                                       5.375          1,348.85         70
                                       5.125          1,348.85
    MARIETTA         GA   30068          5            04/30/03         00
    0435782065                           05           06/05/03          0
    LOCA01                               O            05/05/13
    0

    8678493          Y21/G02             F           95,000.00         ZZ
                                         180         94,316.81          1
1

                                       5.500            776.23         55
                                       5.250            776.23
    GLEN BURNIE      MD   21061          5            03/28/03         00
    0435786454                           05           05/01/03          0
    203176065                            O            04/01/18
    0

    8678591          Q14/G02             F          150,000.00         ZZ
                                         180        149,450.43          1
                                       5.250          1,205.82         60
                                       5.000          1,205.82
    ODESSA           MO   64076          2            04/25/03         00
    0435766035                           05           06/01/03          0
    0000312646                           O            05/01/18
    0

    8678779          A06/G02             F          266,800.00         ZZ
                                         180        265,862.88          3
                                       5.750          2,215.54         59
                                       5.500          2,215.54
    BIRMINGHAM       MI   48009          2            04/30/03         00
    0435768759                           05           06/01/03          0
    1000020306050                        N            05/01/18
    0

    8678819          A06/G02             F          150,000.00         ZZ
                                         180        149,461.87          1
                                       5.500          1,225.63         46
                                       5.250          1,225.63
    MARATHON         FL   33050          2            04/30/03         00
    0435824727                           20           06/01/03          0
    001000010300531                      N            05/01/18
    0

    8678869          K15/G02             F           55,300.00         ZZ
                                         180         55,109.85          1
                                       6.000            466.65         90
                                       5.750            466.65
    RAYNE            LA   70578          5            04/25/03         41
    0435774690                           05           06/01/03         12
    000205514403                         O            05/01/18
    0

    8678891          950/G02             F           34,500.00         ZZ
                                         180         34,376.23          1
                                       5.500            281.89         56
                                       5.250            281.89
    WOODBURN         OR   97071          2            04/11/03         00
    0435826359                           01           06/01/03          0
1

    Y533015                              N            05/01/18
    0

    8678905          Q14/G02             F           70,000.00         ZZ
                                         180         69,761.85          1
                                       6.125            595.44         74
                                       5.875            595.44
    INDEPENDENCE     MO   64052          5            04/25/03         00
    0435780440                           05           06/01/03          0
    0000312559                           O            05/01/18
    0

    8678909          K15/G02             F          224,000.00         ZZ
                                         180        222,987.89          1
                                       5.375          1,815.44         79
                                       5.125          1,815.44
    SAINT ALBANS     NY   11412          5            04/21/03         00
    0435775473                           05           06/01/03          0
    011205513153                         O            05/01/18
    0

    8680497          N47/G02             F          180,000.00         ZZ
                                         180        179,347.41          1
                                       5.375          1,458.84         48
                                       5.125          1,458.84
    EL SOBRANTE      CA   94803          5            04/22/03         00
    0435779491                           05           06/01/03          0
    20505104                             O            05/01/18
    0

    8680685          X67/G02             F          227,000.00         ZZ
                                         180        226,219.44          3
                                       6.000          1,915.56         64
                                       5.750          1,915.56
    BELLFLOWER       CA   90706          5            04/14/03         00
    0435787650                           05           06/01/03          0
    00284721                             N            05/01/18
    0

    8680803          P09/G02             F          129,500.00         ZZ
                                         180        129,028.72          1
                                       5.330          1,046.48         74
                                       5.080          1,046.48
    POWHATAN         VA   23139          2            05/02/03         00
    0435798111                           05           06/01/03          0
    EVERETTE                             O            05/01/18
    0

1

    8680865          U05/G02             F          108,700.00         TX
                                         180        108,326.23          1
                                       6.000            917.27         80
                                       5.750            917.27
    MIDLOTHIAN       TX   76065          5            04/25/03         00
    0435811872                           05           06/01/03          0
    3341131                              O            05/01/18
    0

    8680887          E11/G02             F          366,400.00         ZZ
                                         180        365,071.62          1
                                       5.375          2,969.55         80
                                       5.125          2,969.55
    MAPLE GROVE      MN   55311          1            05/05/03         00
    0435809363                           05           06/01/03          0
    0003001055610                        O            05/01/18
    0

    8680985          U05/G02             F           75,050.00         ZZ
                                         180         74,772.14          1
                                       5.125            598.39         54
                                       4.875            598.39
    ALTAMONTE SPRIN  FL   32701          2            04/24/03         00
    0435781125                           05           06/01/03          0
    3340464                              O            05/01/18
    0

    8681019          U97/G02             F          175,000.00         ZZ
                                         120        173,895.46          1
                                       5.375          1,888.39         70
                                       5.125          1,888.39
    ATLANTA          GA   30341          5            04/25/03         00
    0435775366                           05           06/01/03          0
    7836825                              O            05/01/13
    0

    8681863          E22/G02             F           96,000.00         ZZ
                                         180         95,651.95          1
                                       5.375            778.05         42
                                       5.125            778.05
    GROVER           WY   83122          2            05/02/03         00
    0416359289                           05           06/01/03          0
    0416359289                           O            05/01/18
    0

    8681871          E22/G02             F           73,000.00         ZZ
                                         180         73,000.00          1
                                       5.625            601.32         77
                                       5.375            601.32
1

    HENNESSEY        OK   73742          5            05/02/03         00
    0416361996                           05           07/01/03          0
    0416361996                           O            06/01/18
    0

    8681893          E22/G02             F           94,250.00         ZZ
                                         180         94,250.00          1
                                       5.375            763.86         49
                                       5.125            763.86
    HARPERS FERRY    WV   25425          2            05/07/03         00
    0416383784                           05           07/01/03          0
    0416383784                           N            06/01/18
    0

    8681983          E22/G02             F          135,000.00         ZZ
                                         180        135,000.00          1
                                       5.250          1,085.23         73
                                       5.000          1,085.23
    KENNEWICK        WA   99336          5            04/30/03         00
    0416533487                           05           07/01/03          0
    0416533487                           O            06/01/18
    0

    8681993          E22/G02             F          314,450.00         ZZ
                                         180        313,285.79          2
                                       5.125          2,507.17         56
                                       4.875          2,507.17
    ARLINGTON        MA   02474          5            05/02/03         00
    0416545697                           05           06/01/03          0
    0416545697                           O            05/01/18
    0

    8682025          E22/G02             F          208,000.00         ZZ
                                         180        207,245.90          1
                                       5.375          1,685.77         55
                                       5.125          1,685.77
    HOPKINTON        NH   03229          5            05/02/03         00
    0416594307                           05           06/01/03          0
    0416594307                           O            05/01/18
    0

    8682047          738/G02             F          502,500.00         ZZ
                                         180        500,678.19          1
                                       5.375          4,072.59         72
                                       5.125          4,072.59
    ATLANTA          GA   30345          2            04/15/03         00
    0435770094                           05           06/01/03          0
    40998215                             O            05/01/18
    0
1

    8682055          E22/G02             F          323,000.00         ZZ
                                         180        323,000.00          1
                                       5.750          2,682.22         67
                                       5.500          2,682.22
    041-661665-4     NH   03031          5            05/02/03         00
    0416616654                           05           07/01/03          0
    0416616654                           O            06/01/18
    0

    8682057          E22/G02             F          164,000.00         ZZ
                                         180        164,000.00          1
                                       5.375          1,329.16         66
                                       5.125          1,329.16
    SOUTH LAKE TAHO  CA   96150          5            04/28/03         00
    0416624112                           05           07/01/03          0
    0416624112                           O            06/01/18
    0

    8682187          E22/G02             F          260,000.00         ZZ
                                         180        260,000.00          1
                                       5.500          2,124.42         80
                                       5.250          2,124.42
    DALLAS           TX   75243          5            05/01/03         00
    0416715423                           05           07/01/03          0
    0416715423                           O            06/01/18
    0

    8682275          E22/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
                                       5.625            576.61         26
                                       5.375            576.61
    MIAMI            FL   33165          5            05/02/03         00
    0416758969                           05           07/01/03          0
    0416758969                           O            06/01/18
    0

    8682329          E22/G02             F           89,000.00         ZZ
                                         180         88,680.72          1
                                       5.500            727.20         42
                                       5.250            727.20
    ARVADA           CO   80005          5            05/01/03         00
    0416788933                           05           06/01/03          0
    0416788933                           O            05/01/18
    0

    8682391          E22/G02             F           65,450.00         ZZ
                                         180         65,450.00          1
1

                                       5.625            539.13         85
                                       5.375            539.13
    REYNOLDS         GA   31076          5            05/02/03         10
    0416813020                           05           07/01/03          6
    0416813020                           O            06/01/18
    0

    8682485          E22/G02             F          276,500.00         T
                                         180        275,539.07          1
                                       5.875          2,314.63         62
                                       5.625          2,314.63
    SOUTH LAKE TAHO  CA   96150          2            04/29/03         00
    0416877884                           05           06/01/03          0
    0416877884                           O            05/01/18
    0

    8682487          738/G02             F          555,000.00         ZZ
                                         180        552,987.85          1
                                       5.375          4,498.09         60
                                       5.125          4,498.09
    CORNELIUS        NC   28031          2            04/15/03         00
    0435780416                           05           06/01/03          0
    41082447                             O            05/01/18
    0

    8682497          E22/G02             F           81,000.00         ZZ
                                         180         81,000.00          1
                                       5.875            678.07         75
                                       5.625            678.07
    PLANO            TX   75074          5            05/02/03         00
    0416881134                           05           07/01/03          0
    0416881134                           O            06/01/18
    0

    8682517          E22/G02             F          232,000.00         ZZ
                                         180        231,167.70          1
                                       5.500          1,895.63         80
                                       5.250          1,895.63
    PARKLAND         FL   33067          5            05/02/03         00
    0416891059                           03           06/01/03          0
    0416891059                           O            05/01/18
    0

    8682527          E22/G02             F          112,000.00         ZZ
                                         180        111,591.67          1
                                       5.375            907.72         80
                                       5.125            907.72
    SAINT CLAIR SHO  MI   48081          5            04/29/03         00
    0416908697                           05           06/01/03          0
1

    0416908697                           O            05/01/18
    0

    8682539          E22/G02             F           60,745.00         ZZ
                                         180         60,745.00          1
                                       5.750            504.43         95
                                       5.500            504.43
    SOUTH BEND       IN   46613          2            05/02/03         04
    0416916054                           05           07/01/03         25
    0416916054                           O            06/01/18
    0

    8682693          E82/G02             F           83,900.00         ZZ
                                         180         83,900.00          1
                                       5.500            685.53         68
                                       5.250            685.53
    RED BLUFF        CA   96080          2            05/02/03         00
    0400820544                           05           07/01/03          0
    0400820544                           O            06/01/18
    0

    8682705          E82/G02             F           51,400.00         ZZ
                                         180         51,400.00          3
                                       6.500            447.75         60
                                       6.250            447.75
    HINSDALE         NH   03451          2            05/07/03         00
    0400788824                           05           07/01/03          0
    0400788824                           N            06/01/18
    0

    8682715          E82/G02             F          165,000.00         ZZ
                                         180        165,000.00          1
                                       5.625          1,359.16         49
                                       5.375          1,359.16
    SILVER SPRING    MD   20903          2            05/05/03         00
    0400811030                           05           07/01/03          0
    0400811030                           O            06/01/18
    0

    8682723          E82/G02             F          500,000.00         ZZ
                                         180        500,000.00          1
                                       5.375          4,052.33         66
                                       5.125          4,052.33
    VALLEY VILLAGE   CA   91607          5            05/02/03         00
    0400813333                           05           07/01/03          0
    0400813333                           O            06/01/18
    0

1

    8682755          E82/G02             F           68,600.00         ZZ
                                         180         68,490.13          2
                                       6.125            583.53         53
                                       5.875            583.53
    MAYS LANDING     NJ   08330          2            05/08/03         00
    0400822110                           05           07/01/03          0
    0400822110                           N            06/01/18
    0

    8682761          E82/G02             F           68,500.00         ZZ
                                         180         68,256.83          4
                                       5.625            564.26         86
                                       5.375            564.26
    WILLIAMSPORT     PA   17701          2            04/30/03         04
    0400816518                           05           06/01/03         12
    0400816518                           O            05/01/18
    0

    8683125          X51/G02             F          340,000.00         ZZ
                                         180        340,000.00          1
                                       5.375          2,755.58         80
                                       5.125          2,755.58
    PARKER           CO   80138          5            05/03/03         00
    0435784095                           03           07/01/03          0
    0030403012                           O            06/01/18
    0

    8683189          883/G02             F          193,600.00         ZZ
                                         180        192,912.76          1
                                       5.625          1,594.74         80
                                       5.375          1,594.74
    MIAMI            FL   33133          1            04/30/03         00
    0435773346                           06           06/01/03          0
    05020430                             O            05/01/18
    0

    8683257          X78/G02             F           52,000.00         ZZ
                                         180         51,807.47          1
                                       5.125            414.61         21
                                       4.875            414.61
    CANTON           GA   30114          2            05/01/03         00
    0435768650                           05           06/01/03          0
    990343                               O            05/01/18
    0

    8683533          G51/G02             F          104,300.00         ZZ
                                         180        103,937.52          1
                                       5.875            873.12         62
                                       5.625            873.12
1

    LAS VEGAS        NV   89122          5            04/28/03         00
    0435799325                           03           06/01/03          0
    22000562                             O            05/01/18
    0

    8683581          X80/G02             F          300,000.00         ZZ
                                         180        298,900.87          1
                                       5.250          2,411.63         50
                                       5.000          2,411.63
    LOS ANGELES      CA   90045          5            04/24/03         00
    0435792742                           05           06/01/03          0
    1410142820                           O            05/01/18
    0

    8684013          U05/G02             F          146,000.00         ZZ
                                         180        145,470.68          1
                                       5.375          1,183.28         73
                                       5.125          1,183.28
    HIALEAH          FL   33014          5            04/25/03         00
    0435801063                           05           06/01/03          0
    3341518                              O            05/01/18
    0

    8684051          Q31/G02             F          322,700.00         ZZ
                                         180        322,700.00          1
                                       5.250          2,594.11         88
                                       5.000          2,594.11
    ANTIOCH          CA   94509          5            05/06/03         10
    0435774856                           05           07/01/03         12
    SD887162                             O            06/01/18
    0

    8684063          N74/G02             F           74,500.00         ZZ
                                         180         74,224.18          1
                                       5.125            594.00         77
                                       4.875            594.00
    COLONIAL HEIGHT  VA   23834          2            04/30/03         00
    0435784384                           05           06/05/03          0
    0032310010                           O            05/05/18
    0

    8684093          P21/G02             F          161,000.00         ZZ
                                         180        161,000.00          1
                                       5.750          1,336.96         61
                                       5.500          1,336.96
    HIGHLAND         CA   92346          2            04/25/03         00
    0435767066                           05           07/01/03          0
    0304034                              O            06/01/18
    0
1

    8684165          B76/G02             F          250,000.00         ZZ
                                         180        250,000.00          1
                                       6.000          2,109.65         79
                                       5.750          2,109.65
    MALDEN           MA   02148          1            05/02/03         00
    0435861851                           05           07/01/03          0
    0004745659                           N            06/01/18
    0

    8684345          M37/G02             F          412,000.00         ZZ
                                         180        410,521.95          1
                                       5.500          3,366.38         80
                                       5.250          3,366.38
    FLAGSTAFF        AZ   86001          2            04/24/03         00
    0435816368                           05           06/01/03          0
    612720                               O            05/01/18
    0

    8684377          N74/G02             F           26,400.00         ZZ
                                         180         26,309.22          1
                                       6.000            222.78         60
                                       5.750            222.78
    TULSA            OK   74132          5            04/30/03         00
    0435776604                           05           06/05/03          0
    0032326010                           O            05/05/18
    0

    8684423          A06/G02             F          340,000.00         ZZ
                                         180        338,754.31          1
                                       5.250          2,733.19         80
                                       5.000          2,733.19
    COMMERCE TOWNSH  MI   48382          5            05/02/03         00
    0435783592                           05           06/01/03          0
    1000020305170                        O            05/01/18
    0

    8684449          L96/G02             F          260,000.00         ZZ
                                         180        259,077.05          1
                                       5.625          2,141.70         80
                                       5.375          2,141.70
    PORT HUENEME     CA   93041          5            04/15/03         00
    0435881172                           01           06/01/03          0
    8950140000                           O            05/01/18
    0

    8684523          P34/G02             F           76,950.00         ZZ
                                         180         76,682.56          1
1

                                       5.875            644.17         95
                                       5.625            644.17
    ELMIRA           NY   14904          5            04/25/03         10
    0435810338                           05           06/01/03         30
    16044                                O            05/01/18
    0

    8684549          X13/G02             F          227,500.00         ZZ
                                         180        226,683.84          1
                                       5.500          1,858.87         83
                                       5.250          1,858.87
    STAFFORD         VA   22554          5            04/30/03         10
    0435780531                           05           06/01/03         12
    708947                               O            05/01/18
    0

    8684575          950/G02             F           71,250.00         ZZ
                                         180         70,999.74          1
                                       5.750            591.67         75
                                       5.500            591.67
    PHOENIX          AZ   85015          5            05/01/03         00
    0435790118                           05           06/01/03          0
    EQ33002                              N            05/01/18
    0

    8684577          964/G02             F          230,000.00         ZZ
                                         180        229,148.45          1
                                       5.125          1,833.84         32
                                       4.875          1,833.84
    FREMONT          CA   94555          2            03/28/03         00
    0435796263                           05           06/01/03          0
    372139                               O            05/01/18
    0

    8684621          W39/G02             F           68,500.00         ZZ
                                         180         68,500.00          1
                                       6.000            578.04         58
                                       5.750            578.04
    SAINT MARTINVIL  LA   70582          5            05/01/03         00
    0435780887                           05           07/01/03          0
    032086                               N            06/01/18
    0

    8684645          964/G02             F          285,000.00         ZZ
                                         180        283,944.82          1
                                       5.125          2,272.37         60
                                       4.875          2,272.37
    SAN FRANCISCO    CA   94122          2            04/10/03         00
    0435796834                           05           06/01/03          0
1

    374817                               O            05/01/18
    0

    8684755          964/G02             F          293,000.00         ZZ
                                         180        291,903.80          1
                                       5.000          2,317.03         30
                                       4.750          2,317.03
    SAN FRANCISCO    CA   94127          2            04/09/03         00
    0435796131                           05           06/01/03          0
    379893                               O            05/01/18
    0

    8684801          964/G02             F          252,000.00         ZZ
                                         180        251,047.32          1
                                       4.875          1,976.43         60
                                       4.625          1,976.43
    SAN FRANCISCO    CA   94112          2            04/06/03         00
    0435796800                           05           06/01/03          0
    385661                               O            05/01/18
    0

    8684805          P34/G02             F          114,000.00         ZZ
                                         180        113,616.28          2
                                       6.250            977.47         54
                                       6.000            977.47
    CENTRAL FALLS    RI   02863          5            04/30/03         00
    0435836242                           05           06/01/03          0
    62378                                N            05/01/18
    0

    8684855          X10/G02             F          360,000.00         TX
                                         180        358,722.07          1
                                       5.625          2,965.43         80
                                       5.375          2,965.43
    SAN ANTONIO      TX   78209          5            04/24/03         00
    0435877428                           05           06/01/03          0
    60000844                             O            05/01/18
    0

    8684857          P34/G02             F           84,500.00         ZZ
                                         180         84,215.57          2
                                       6.250            724.53         43
                                       6.000            724.53
    CENTRAL FALLS    RI   02863          5            04/29/03         00
    0435820196                           05           06/01/03          0
    62377                                N            05/01/18
    0

1

    8684881          964/G02             F          266,000.00         ZZ
                                         180        265,035.62          1
                                       5.375          2,155.84         74
                                       5.125          2,155.84
    MORGAN HILL      CA   95037          2            04/03/03         00
    0435796511                           09           06/01/03          0
    370667                               O            05/01/18
    0

    8684945          964/G02             F          230,000.00         ZZ
                                         180        229,139.50          1
                                       5.000          1,818.83         37
                                       4.750          1,818.83
    SAN FRANCISCO    CA   94116          2            04/11/03         00
    0435796461                           05           06/01/03          0
    372313                               O            05/01/18
    0

    8684999          964/G02             F          150,000.00         ZZ
                                         180        149,438.81          1
                                       5.000          1,186.19         54
                                       4.750          1,186.19
    HAYWARD          CA   94544          5            04/03/03         00
    0435796628                           05           06/01/03          0
    372178                               O            05/01/18
    0

    8685061          964/G02             F          300,000.00         ZZ
                                         180        298,877.62          1
                                       5.000          2,372.38         29
                                       4.750          2,372.38
    ALAMO            CA   94507          2            04/04/03         00
    0435796560                           05           06/01/03          0
    370465                               O            05/01/18
    0

    8685095          964/G02             F          298,500.00         ZZ
                                         180        297,417.79          1
                                       5.375          2,419.24         29
                                       5.125          2,419.24
    SAN JOSE         CA   95129          5            04/04/03         00
    0435796651                           05           06/01/03          0
    375669                               O            05/01/18
    0

    8685125          964/G02             F          217,000.00         ZZ
                                         180        215,372.91          1
                                       5.000          1,716.02         68
                                       4.750          1,716.02
1

    MORTON GROVE     IL   60053          2            03/28/03         00
    0435796206                           05           05/01/03          0
    376509                               O            04/01/18
    0

    8685147          964/G02             F          362,000.00         ZZ
                                         180        360,659.74          2
                                       5.125          2,886.30         55
                                       4.875          2,886.30
    SAN FRANCISCO    CA   94134          2            04/01/03         00
    0435796297                           05           06/01/03          0
    358690                               O            05/01/18
    0

    8685189          964/G02             F          300,000.00         ZZ
                                         180        298,877.62          1
                                       5.000          2,372.38         37
                                       4.750          2,372.38
    SAN ANSELMO      CA   94960          5            04/04/03         00
    0435796347                           05           06/01/03          0
    379366                               O            05/01/18
    0

    8685211          964/G02             F          243,000.00         ZZ
                                         180        242,100.32          1
                                       5.125          1,937.49         53
                                       4.875          1,937.49
    OAKLAND          CA   94606          1            04/03/03         00
    0435796420                           05           06/01/03          0
    341408                               O            05/01/18
    0

    8685707          E82/G02             F           85,500.00         ZZ
                                         180         85,500.00          1
                                       5.375            692.95         72
                                       5.125            692.95
    GRISWOLD         CT   06384          2            05/06/03         00
    0400814877                           05           07/01/03          0
    0400814877                           O            06/01/18
    0

    8685721          E82/G02             F           99,500.00         ZZ
                                         180         99,168.66          1
                                       6.375            859.93         22
                                       6.125            859.93
    MILPITAS         CA   95035          5            04/25/03         00
    0400764429                           05           06/01/03          0
    0400764429                           N            05/01/18
    0
1

    8685731          E82/G02             F           58,900.00         ZZ
                                         180         58,900.00          1
                                       5.625            485.18         78
                                       5.375            485.18
    DENTON           TX   76201          2            05/06/03         00
    0400826772                           05           07/01/03          0
    0400826772                           O            06/01/18
    0

    8685741          E82/G02             F          100,200.00         ZZ
                                         180        100,200.00          1
                                       5.500            818.72         79
                                       5.250            818.72
    HOUSTON          TX   77070          2            05/07/03         00
    0400829735                           03           07/01/03          0
    0400829735                           O            06/01/18
    0

    8685745          E82/G02             F          113,700.00         ZZ
                                         180        113,700.00          1
                                       5.625            936.58         66
                                       5.375            936.58
    PLYMOUTH         MA   02360          2            05/06/03         00
    0400822615                           05           07/01/03          0
    0400822615                           O            06/01/18
    0

    8685755          E82/G02             F          158,400.00         ZZ
                                         180        158,400.00          3
                                       5.750          1,315.37         88
                                       5.500          1,315.37
    NEW ORLEANS      LA   70118          2            05/02/03         04
    0400826871                           05           07/01/03         12
    0400826871                           O            06/01/18
    0

    8685763          E82/G02             F          142,900.00         ZZ
                                         180        142,900.00          1
                                       5.625          1,177.11         20
                                       5.375          1,177.11
    BAYVILLE         NY   11709          2            05/07/03         00
    0400780557                           05           07/01/03          0
    0400780557                           O            06/01/18
    0

    8685957          T44/G02             F          192,000.00         ZZ
                                         180        191,332.73          1
1

                                       5.875          1,607.27         80
                                       5.625          1,607.27
    ORANGEVALE       CA   95662          2            04/25/03         00
    0435791645                           05           06/01/03          0
    1073668                              O            05/01/18
    0

    8685975          T44/G02             F          448,000.00         ZZ
                                         180        444,744.28          1
                                       5.375          3,630.89         80
                                       5.125          3,630.89
    CARMEL           IN   46033          1            03/31/03         00
    0435816293                           05           05/01/03          0
    1072178                              O            04/01/18
    0

    8686227          M27/G02             F          187,500.00         ZZ
                                         180        186,827.34          1
                                       5.500          1,532.03         75
                                       5.250          1,532.03
    NASHVILLE        TN   37212          2            04/29/03         00
    0435816772                           05           06/01/03          0
    5000107086                           O            05/01/18
    0

    8686377          U05/G02             F          129,000.00         ZZ
                                         180        128,537.21          1
                                       5.500          1,054.04         76
                                       5.250          1,054.04
    REDDING          CA   96002          5            04/17/03         00
    0435838479                           05           06/01/03          0
    3331558                              O            05/01/18
    0

    8686419          E40/G02             F          127,000.00         ZZ
                                         180        126,544.38          1
                                       5.500          1,037.70         49
                                       5.250          1,037.70
    MERRIMAC         MA   01860          5            04/25/03         00
    0435837745                           05           06/01/03          0
    545000271                            O            05/01/18
    0

    8686745          E22/G02             F          138,500.00         ZZ
                                         180        137,981.83          1
                                       5.000          1,095.25         93
                                       4.750          1,095.25
    ANCHORAGE        AK   99503          5            04/29/03         04
    0416493419                           05           06/01/03         25
1

    0416493419                           O            05/01/18
    0

    8686749          P09/G02             F          272,000.00         ZZ
                                         180        271,034.45          1
                                       5.625          2,240.55         37
                                       5.375          2,240.55
    ARLINGTON        VA   22203          2            05/01/03         00
    0435817911                           05           06/01/03          0
    KIATRUNGRIT                          O            05/01/18
    0

    8686755          E22/G02             F          191,500.00         ZZ
                                         180        190,813.00          1
                                       5.500          1,564.71         69
                                       5.250          1,564.71
    LA QUINTA        CA   92253          2            04/16/03         00
    0416519775                           05           06/01/03          0
    0416519775                           O            05/01/18
    0

    8686869          E22/G02             F          103,500.00         ZZ
                                         180        103,128.69          1
                                       5.500            845.68         41
                                       5.250            845.68
    AUSTIN           TX   78757          5            05/02/03         00
    0416658128                           05           06/01/03          0
    0416658128                           O            05/01/18
    0

    8686965          E22/G02             F           60,000.00         ZZ
                                         120         60,000.00          1
                                       5.625            654.88         79
                                       5.375            654.88
    LARAMIE          WY   82072          2            05/08/03         00
    0416832855                           05           07/01/03          0
    0416832855                           N            06/01/13
    0

    8687135          N74/G02             F           26,000.00         ZZ
                                         180         25,820.75          1
                                       6.000            219.40         75
                                       5.750            219.40
    DYERSBURG        TN   38024          1            04/21/03         00
    0435777024                           05           05/21/03          0
    0032230010                           O            04/21/18
    0

1

    8687219          U19/G02             F           45,000.00         ZZ
                                         180         45,000.00          1
                                       5.875            376.70         24
                                       5.625            376.70
    DENVER           CO   80222          5            05/07/03         00
    0435819099                           05           07/01/03          0
    15150275                             N            06/01/18
    0

    8687267          P09/G02             F          128,000.00         ZZ
                                         180        128,000.00          1
                                       5.125          1,020.57         80
                                       4.875          1,020.57
    WOODBRIDGE       VA   22191          5            05/05/03         00
    0435810593                           09           07/01/03          0
    ANDERSON                             O            06/01/18
    0

    8687283          P09/G02             F          117,000.00         ZZ
                                         120        117,000.00          1
                                       5.125          1,248.13         29
                                       4.875          1,248.13
    RESTON           VA   20191          5            05/05/03         00
    0435808068                           05           07/01/03          0
    KATES                                O            06/01/13
    0

    8687497          S27/G02             F          322,700.00         ZZ
                                         180        321,505.24          1
                                       5.125          2,572.96         44
                                       4.875          2,572.96
    FAIRFAX          VA   22030          1            05/01/03         00
    0435876438                           05           06/01/03          0
    1130013224                           O            05/01/18
    0

    8687547          W35/G02             F           70,000.00         ZZ
                                         120         70,000.00          1
                                       5.125            746.74         63
                                       4.875            746.74
    BANGOR           ME   04401          5            05/02/03         00
    0435811476                           05           07/01/03          0
    7998897                              O            06/01/13
    0

    8687563          E47/G02             F          240,000.00         ZZ
                                         180        239,129.88          1
                                       5.375          1,945.12         66
                                       5.125          1,945.12
1

    WOODLAND         CA   95695          5            04/24/03         00
    0435841648                           05           06/01/03          0
    7359513997                           O            05/01/18
    0

    8687629          X67/G02             F          447,000.00         ZZ
                                         180        445,379.41          1
                                       5.375          3,622.78         78
                                       5.125          3,622.78
    RENO             NV   89511          2            04/24/03         00
    0435803556                           03           06/01/03          0
    00285875                             O            05/01/18
    0

    8688103          E82/G02             F           75,850.00         T
                                         180         75,580.75          1
                                       5.625            624.80         30
                                       5.375            624.80
    INDIAN SHORES    FL   33785          2            04/30/03         00
    0400807889                           21           06/01/03          0
    0400807889                           O            05/01/18
    0

    8688185          X47/G02             F           92,300.00         ZZ
                                         180         91,972.36          1
                                       5.625            760.30         65
                                       5.375            760.30
    FARMERS BRANCH   TX   75234          5            04/23/03         00
    0435896766                           05           06/01/03          0
    K11794                               O            05/01/18
    0

    8688493          X51/G02             F          364,000.00         ZZ
                                         180        364,000.00          1
                                       5.375          2,950.09         80
                                       5.125          2,950.09
    EL DORADO HILLS  CA   95762          5            04/30/03         00
    0435817051                           05           07/01/03          0
    0030321010                           O            06/01/18
    0

    8688625          E22/G02             F          149,600.00         ZZ
                                         180        149,600.00          1
                                       5.125          1,192.79         80
                                       4.875          1,192.79
    HOUSTON          TX   77096          5            05/05/03         00
    0416310191                           03           07/01/03          0
    0416310191                           O            06/01/18
    0
1

    8688695          E22/G02             F           67,500.00         ZZ
                                         180         67,265.42          1
                                       5.875            565.05         28
                                       5.625            565.05
    TURLOCK          CA   95380          2            04/30/03         00
    0416588341                           05           06/01/03          0
    0416588341                           N            05/01/18
    0

    8688745          E22/G02             F           88,000.00         ZZ
                                         180         88,000.00          1
                                       5.500            719.03         63
                                       5.250            719.03
    LEXINGTON        SC   29072          2            05/05/03         00
    0416687838                           05           07/01/03          0
    0416687838                           O            06/01/18
    0

    8688755          E22/G02             F           52,000.00         ZZ
                                         180         52,000.00          1
                                       5.500            424.88         80
                                       5.250            424.88
    SPOKANE          WA   99202          2            05/05/03         00
    0416695849                           05           07/01/03          0
    0416695849                           N            06/01/18
    0

    8688851          E22/G02             F          326,000.00         ZZ
                                         180        326,000.00          1
                                       5.750          2,707.14         78
                                       5.500          2,707.14
    CROFTON          MD   21114          2            05/05/03         00
    0416853067                           05           07/01/03          0
    0416853067                           O            06/01/18
    0

    8688887          E22/G02             F           65,000.00         ZZ
                                         120         65,000.00          1
                                       5.125            693.40         55
                                       4.875            693.40
    IRVING           TX   75061          5            05/05/03         00
    0416906907                           05           07/01/03          0
    0416906907                           O            06/01/13
    0

    8688891          E22/G02             F          572,000.00         ZZ
                                         180        572,000.00          1
1

                                       5.500          4,673.72         78
                                       5.250          4,673.72
    TROY             MI   48098          2            05/05/03         00
    0416909414                           05           07/01/03          0
    0416909414                           O            06/01/18
    0

    8688913          E22/G02             F           60,000.00         ZZ
                                         180         60,000.00          1
                                       5.875            502.27         87
                                       5.625            502.27
    ARDMORE          OK   73401          2            05/05/03         01
    0416940583                           05           07/01/03         25
    0416940583                           O            06/01/18
    0

    8688941          E22/G02             F           52,500.00         ZZ
                                         180         52,500.00          2
                                       6.000            443.02         66
                                       5.750            443.02
    WEST PALM BEACH  FL   33407          5            05/09/03         00
    0416975126                           05           07/01/03          0
    0416975126                           N            06/01/18
    0

    8688971          E22/G02             F          240,000.00         ZZ
                                         180        240,000.00          1
                                       5.375          1,945.12         80
                                       5.125          1,945.12
    LOUISVILLE       KY   40241          1            05/09/03         00
    0417050291                           05           07/01/03          0
    0417050291                           O            06/01/18
    0

    8689023          E82/G02             F           87,600.00         ZZ
                                         180         87,600.00          4
                                       5.375            709.97         88
                                       5.125            709.97
    CHICAGO          IL   60608          2            05/08/03         04
    0400832036                           05           07/01/03         12
    0400832036                           O            06/01/18
    0

    8689035          E82/G02             F          135,700.00         ZZ
                                         180        135,700.00          1
                                       5.375          1,099.80         63
                                       5.125          1,099.80
    WALLINGFORD      PA   19086          2            05/05/03         00
    0400815999                           05           07/01/03          0
1

    0400815999                           O            06/01/18
    0

    8689045          E82/G02             F           87,100.00         ZZ
                                         180         87,100.00          1
                                       5.375            705.92         57
                                       5.125            705.92
    CHANDLER         AZ   85226          2            05/07/03         00
    0400822565                           03           07/01/03          0
    0400822565                           O            06/01/18
    0

    8689059          E82/G02             F           95,050.00         ZZ
                                         180         95,050.00          2
                                       5.875            795.68         61
                                       5.625            795.68
    ROUND ROCK       TX   78681          2            05/12/03         00
    0400821963                           05           07/01/03          0
    0400821963                           N            06/01/18
    0

    8689093          M24/G02             F          540,000.00         ZZ
                                         180        538,062.75          1
                                       5.500          4,412.25         68
                                       5.250          4,412.25
    LOS ANGELES      CA   90036          2            04/21/03         00
    0435873732                           05           06/01/03          0
    201212343                            O            05/01/18
    0

    8689607          N67/G02             F           75,250.00         ZZ
                                         180         74,778.92          1
                                       7.125            681.64         27
                                       6.875            681.64
    HINGHAM          MA   02043          5            03/31/03         00
    0435823802                           05           05/01/03          0
    3275003328                           O            04/01/18
    0

    8690795          N67/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       5.750            830.41         48
                                       5.500            830.41
    HIALEAH          FL   33014          2            05/05/03         00
    0435821863                           05           07/01/03          0
    3254005962                           O            06/01/18
    0

1

    8690807          N67/G02             F          116,000.00         ZZ
                                         180        116,000.00          1
                                       6.000            978.87         57
                                       5.750            978.87
    MIAMI            FL   33134          2            05/01/03         00
    0435821962                           05           07/01/03          0
    3254005970                           O            06/01/18
    0

    8691669          N67/G02             F          480,000.00         ZZ
                                         180        480,000.00          1
                                       5.000          3,795.81         80
                                       4.750          3,795.81
    ROWLAND HEIGHTS  CA   91748          5            05/01/03         00
    0435828710                           03           07/01/03          0
    1260006362                           O            06/01/18
    0

    8691673          N67/G02             F          650,000.00         ZZ
                                         180        647,568.17          1
                                       5.000          5,140.16         74
                                       4.750          5,140.16
    HENDERSON        NV   89074          2            04/25/03         00
    0435828769                           03           06/01/03          0
    1360002005                           O            05/01/18
    0

    8691687          N67/G02             F          120,000.00         ZZ
                                         180        119,551.05          1
                                       5.000            948.95         58
                                       4.750            948.95
    MESA             AZ   85205          5            04/22/03         00
    0435828934                           03           06/01/03          0
    1760004376                           O            05/01/18
    0

    8691699          N67/G02             F          434,000.00         ZZ
                                         180        432,393.17          1
                                       5.125          3,460.37         70
                                       4.875          3,460.37
    PARADISE VALLEY  AZ   85253          5            04/23/03         00
    0435829106                           05           06/01/03          0
    1760004468                           O            05/01/18
    0

    8691707          N67/G02             F          303,300.00         ZZ
                                         180        303,300.00          1
                                       5.125          2,418.27         41
                                       4.875          2,418.27
1

    TEMPE            AZ   85284          2            05/01/03         00
    0435829163                           03           07/01/03          0
    1760004536                           O            06/01/18
    0

    8691721          N67/G02             F          252,000.00         ZZ
                                         180        251,057.20          1
                                       5.000          1,992.80         60
                                       4.750          1,992.80
    FREMONT          CA   94536          1            04/22/03         00
    0435829312                           05           06/01/03          0
    1781005244                           O            05/01/18
    0

    8691907          N67/G02             F           40,800.00         ZZ
                                         180         40,659.71          1
                                       6.000            344.29         80
                                       5.750            344.29
    ORLANDO          FL   32818          1            04/28/03         00
    0435830567                           03           06/01/03          0
    3252004647                           N            05/01/18
    0

    8691915          N67/G02             F           44,000.00         ZZ
                                         180         43,848.70          1
                                       6.000            371.30         80
                                       5.750            371.30
    ORLANDO          FL   32818          1            04/28/03         00
    0435830609                           03           06/01/03          0
    3252004648                           N            05/01/18
    0

    8691923          N67/G02             F           45,600.00         ZZ
                                         180         45,443.20          1
                                       6.000            384.80         80
                                       5.750            384.80
    ORLANDO          FL   32818          1            04/28/03         00
    0435830625                           03           06/01/03          0
    3252004649                           N            05/01/18
    0

    8692397          K15/G02             F          152,700.00         ZZ
                                         180        152,169.31          1
                                       5.875          1,278.28         73
                                       5.625          1,278.28
    HAMDEN           CT   06517          2            04/25/03         00
    0435793153                           05           06/01/03          0
    037405509053                         O            05/01/18
    0
1

    8692475          A06/G02             F          301,000.00         ZZ
                                         180        301,000.00          1
                                       5.500          2,459.43         26
                                       5.250          2,459.43
    WEST BLOOMFIELD  MI   48323          2            05/06/03         00
    0435809462                           05           07/01/03          0
    1000020307911                        O            06/01/18
    0

    8693195          N74/G02             F          117,000.00         ZZ
                                         180        116,566.83          1
                                       5.125            932.86         90
                                       4.875            932.86
    GOOSE CREEK      SC   29445          5            04/30/03         10
    0435863527                           05           06/05/03         30
    0032290010                           O            05/05/18
    0

    8693779          U87/G02             F          292,450.00         ZZ
                                         180        292,450.00          1
                                       5.500          2,389.56         75
                                       5.250          2,389.56
    SANTA CLARITA    CA   91350          5            05/09/03         00
    0435862297                           05           07/01/03          0
    0685                                 O            06/01/18
    0

    8694579          562/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       5.500          1,143.92         50
                                       5.250          1,143.92
    BUDD LAKE        NJ   07828          5            05/07/03         00
    0435802434                           05           07/01/03          0
    297063076                            O            06/01/18
    0

    8694755          W39/G02             F           79,000.00         ZZ
                                         120         79,000.00          1
                                       5.375            852.47         77
                                       5.125            852.47
    HATTIESBURG      MS   39401          5            05/05/03         00
    0435869334                           05           07/01/03          0
    LA031959                             O            06/01/13
    0

    8695843          A21/G02             F          638,000.00         ZZ
                                         180        635,711.17          1
1

                                       5.500          5,213.00         76
                                       5.250          5,213.00
    CRESSKILL        NJ   07626          2            04/30/03         00
    0435791900                           05           06/01/03          0
    0100134689                           O            05/01/18
    0

    8695973          Q87/G02             F           64,000.00         TX
                                         180         63,779.93          1
                                       6.000            540.07         66
                                       5.750            540.07
    TERRELL          TX   75161          5            04/28/03         00
    0435864889                           05           06/02/03          0
    CADA02                               O            05/02/18
    0

    8696171          K15/G02             F           93,000.00         ZZ
                                         180         92,662.83          1
                                       5.375            753.73         80
                                       5.125            753.73
    LISBON FALLS     ME   04252          5            04/24/03         00
    0435795836                           05           06/01/03          0
    007705513745                         O            05/01/18
    0

    8696177          U05/G02             F          600,000.00         ZZ
                                         180        597,824.71          1
                                       5.375          4,862.79         75
                                       5.125          4,862.79
    LINCOLN          CA   95648          5            04/21/03         00
    0435890157                           05           06/01/03          0
    3333432                              O            05/01/18
    0

    8696313          624/G02             F          210,000.00         ZZ
                                         180        209,277.90          4
                                       6.000          1,772.10         80
                                       5.750          1,772.10
    LAS VEGAS        NV   89103          1            04/24/03         00
    0435811401                           05           06/01/03          0
    1000029828                           N            05/01/18
    0

    8696373          N47/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       5.625          1,647.46         38
                                       5.375          1,647.46
    FOSTER CITY      CA   94404          5            05/02/03         00
    0435874433                           09           07/01/03          0
1

    20504114                             O            06/01/18
    0

    8696469          L20/G02             F          101,600.00         ZZ
                                         180        101,600.00          1
                                       5.500            830.16         80
                                       5.250            830.16
    CLINTON          UT   84015          5            05/06/03         00
    0435856257                           05           07/01/03          0
    1061110075                           O            06/01/18
    0

    8696475          624/G02             F          245,600.00         ZZ
                                         180        244,700.18          1
                                       5.250          1,974.32         80
                                       5.000          1,974.32
    SAN DIEGO        CA   92139          5            04/25/03         00
    0435811377                           05           06/01/03          0
    1000030085                           O            05/01/18
    0

    8696511          M27/G02             F           85,000.00         T
                                         180         85,000.00          1
                                       5.375            688.90         78
                                       5.125            688.90
    NORTH MYRTLE BE  SC   29582          1            05/07/03         00
    0435841069                           03           07/01/03          0
    600928376                            O            06/01/18
    0

    8697695          E22/G02             F          165,000.00         ZZ
                                         180        165,000.00          1
                                       5.500          1,348.19         74
                                       5.250          1,348.19
    IRVING           TX   75063          5            05/05/03         00
    0415852599                           03           07/01/03          0
    0415852599                           O            06/01/18
    0

    8697699          E22/G02             F           74,000.00         ZZ
                                         180         73,737.32          1
                                       5.625            609.56         80
                                       5.375            609.56
    FORT WAYNE       IN   46804          2            05/06/03         00
    0416070407                           05           06/01/03          0
    0416070407                           O            05/01/18
    0

1

    8697715          E22/G02             F           96,800.00         ZZ
                                         180         96,800.00          1
                                       5.625            797.37         80
                                       5.375            797.37
    BALCH SPRINGS    TX   75180          5            05/07/03         00
    0416231983                           05           07/01/03          0
    0416231983                           O            06/01/18
    0

    8697737          E22/G02             F          260,000.00         ZZ
                                         180        260,000.00          1
                                       5.375          2,107.21         74
                                       5.125          2,107.21
    BIRMINGHAM       AL   35213          2            05/07/03         00
    0416448843                           05           07/01/03          0
    0416448843                           O            06/01/18
    0

    8697801          E22/G02             F          310,000.00         ZZ
                                         180        310,000.00          1
                                       5.250          2,492.02         76
                                       5.000          2,492.02
    TULSA            OK   74137          5            05/06/03         00
    0416588929                           03           07/01/03          0
    0416588929                           O            06/01/18
    0

    8697829          E22/G02             F          325,600.00         ZZ
                                         180        325,600.00          1
                                       5.875          2,725.66         80
                                       5.625          2,725.66
    ARLINGTON        TX   76016          5            05/07/03         00
    0416661676                           05           07/01/03          0
    0416661676                           O            06/01/18
    0

    8697857          E22/G02             F          358,000.00         ZZ
                                         180        358,000.00          1
                                       5.375          2,901.47         80
                                       5.125          2,901.47
    MELROSE          MA   02176          5            05/07/03         00
    0416707800                           07           07/01/03          0
    0416707800                           O            06/01/18
    0

    8697971          E22/G02             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       5.375          1,215.70         89
                                       5.125          1,215.70
1

    LAWRENCE         KS   66049          5            05/07/03         01
    0416827152                           05           07/01/03         25
    0416827152                           O            06/01/18
    0

    8697983          E22/G02             F           36,500.00         ZZ
                                         180         36,500.00          1
                                       5.750            303.10         65
                                       5.500            303.10
    MOSS POINT       MS   39562          5            05/07/03         00
    0416840882                           05           07/01/03          0
    0416840882                           O            06/01/18
    0

    8698013          E22/G02             F           78,500.00         ZZ
                                         180         78,500.00          1
                                       5.375            636.22         42
                                       5.125            636.22
    SIMPSONVILLE     SC   29681          2            05/07/03         00
    0416885028                           05           07/01/03          0
    0416885028                           O            06/01/18
    0

    8698049          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       5.625            658.99         90
                                       5.375            658.99
    EASTABOGA        AL   36260          5            05/06/03         04
    0416911717                           05           07/01/03         12
    0416911717                           O            06/01/18
    0

    8698077          E22/G02             F          191,100.00         ZZ
                                         180        191,100.00          1
                                       5.875          1,599.73         71
                                       5.625          1,599.73
    PEMBROKE PINES   FL   33028          5            05/07/03         00
    0416939049                           03           07/01/03          0
    0416939049                           O            06/01/18
    0

    8698155          E22/G02             F           69,044.00         ZZ
                                         180         69,044.00          1
                                       5.500            564.15         76
                                       5.250            564.15
    WILMORE          KY   40390          2            05/07/03         00
    0417028461                           05           07/01/03          0
    0417028461                           O            06/01/18
    0
1

    8698303          E82/G02             F           94,200.00         ZZ
                                         180         94,200.00          2
                                       6.250            807.69         59
                                       6.000            807.69
    SPRINGFIELD      OR   97478          2            05/09/03         00
    0400821104                           05           07/01/03          0
    0400821104                           N            06/01/18
    0

    8698341          E82/G02             F          119,800.00         ZZ
                                         180        119,800.00          1
                                       5.375            970.94         35
                                       5.125            970.94
    WOODSIDE         NY   11377          2            05/09/03         00
    0400835278                           05           07/01/03          0
    0400835278                           O            06/01/18
    0

    8698373          E82/G02             F           96,500.00         ZZ
                                         180         96,500.00          1
                                       5.375            782.10         38
                                       5.125            782.10
    FAIR OAKS        CA   95628          2            05/07/03         00
    0400822037                           05           07/01/03          0
    0400822037                           O            06/01/18
    0

    8698389          E82/G02             F           87,000.00         ZZ
                                         180         87,000.00          1
                                       5.625            716.65         55
                                       5.375            716.65
    SPANAWAY         WA   98387          2            05/12/03         00
    0400821286                           05           07/01/03          0
    0400821286                           N            06/01/18
    0

    8699343          253/253             F           75,050.00         ZZ
                                         180         74,786.38          1
                                       5.750            623.23         95
                                       5.500            623.23
    FORT WAYNE       IN   46835          5            04/25/03         10
    464196                               05           06/01/03         30
    464196                               O            05/01/18
    0

    8699411          P34/G02             F          112,500.00         ZZ
                                         180        112,096.40          1
1

                                       5.500            919.22         90
                                       5.250            919.22
    CROFTON          MD   21114          2            04/30/03         10
    0435886676                           01           06/01/03         20
    16075                                N            05/01/18
    0

    8699837          964/G02             F          200,500.00         ZZ
                                         180        199,742.01          1
                                       4.875          1,572.52         59
                                       4.625          1,572.52
    BURBANK          CA   91506          5            04/16/03         00
    0435813258                           05           06/01/03          0
    376658                               O            05/01/18
    0

    8699841          964/G02             F           45,000.00         ZZ
                                         180         44,843.61          1
                                       5.875            376.70         26
                                       5.625            376.70
    FRESNO           CA   93722          5            04/17/03         00
    0435808696                           05           06/01/03          0
    383523                               O            05/01/18
    0

    8699855          964/G02             F          205,000.00         ZZ
                                         180        204,241.01          1
                                       5.125          1,634.51         43
                                       4.875          1,634.51
    SAN JOSE         CA   95123          2            04/09/03         00
    0435816434                           05           06/01/03          0
    331251                               O            05/01/18
    0

    8699865          964/G02             F          212,000.00         ZZ
                                         180        211,231.39          1
                                       5.375          1,718.19         22
                                       5.125          1,718.19
    PALO ALTO        CA   94303          2            04/04/03         00
    0435863774                           05           06/01/03          0
    346922                               O            05/01/18
    0

    8699871          964/G02             F          132,000.00         ZZ
                                         180        131,495.76          1
                                       4.750          1,026.74         44
                                       4.500          1,026.74
    FOUNTAIN VALLEY  CA   92708          5            04/16/03         00
    0435867791                           09           06/01/03          0
1

    388099                               O            05/01/18
    0

    8699873          964/G02             F           92,000.00         ZZ
                                         180         91,680.27          1
                                       5.875            770.15         61
                                       5.625            770.15
    LAS VEGAS        NV   89128          2            04/17/03         00
    0435816640                           05           06/01/03          0
    349994                               N            05/01/18
    0

    8699897          964/G02             F          173,000.00         ZZ
                                         180        172,366.17          1
                                       5.250          1,390.71         35
                                       5.000          1,390.71
    SAN FRANCISCO    CA   94134          2            04/17/03         00
    0435808159                           05           06/01/03          0
    391009                               O            05/01/18
    0

    8699921          964/G02             F          321,500.00         ZZ
                                         120        319,457.13          1
                                       5.250          3,449.43         68
                                       5.000          3,449.43
    VACAVILLE        CA   95687          5            04/09/03         00
    0435867494                           05           06/01/03          0
    389688                               O            05/01/13
    0

    8699929          964/G02             F          131,200.00         ZZ
                                         180        130,719.31          1
                                       5.250          1,054.69         68
                                       5.000          1,054.69
    MIAMI            FL   33189          2            04/17/03         00
    0435807722                           05           06/01/03          0
    409678                               O            05/01/18
    0

    8699939          964/G02             F          121,000.00         ZZ
                                         180        120,561.32          1
                                       5.375            980.66         67
                                       5.125            980.66
    RENO             NV   89509          2            04/15/03         00
    0435809546                           05           06/01/03          0
    391690                               O            05/01/18
    0

1

    8699947          964/G02             F           83,000.00         ZZ
                                         180         82,699.08          1
                                       5.375            672.69         66
                                       5.125            672.69
    LAS VEGAS        NV   89107          5            04/14/03         00
    0435811864                           05           06/01/03          0
    392174                               O            05/01/18
    0

    8699951          964/G02             F          204,000.00         ZZ
                                         180        203,228.78          1
                                       4.875          1,599.97         74
                                       4.625          1,599.97
    PORTLAND         OR   97229          1            04/23/03         00
    0435813886                           03           06/01/03          0
    410962                               O            05/01/18
    0

    8699955          964/G02             F           96,000.00         ZZ
                                         180         95,651.95          1
                                       5.375            778.05         80
                                       5.125            778.05
    HOUSTON          TX   77055          1            04/25/03         00
    0435810346                           05           06/01/03          0
    411717                               N            05/01/18
    0

    8699969          964/G02             F          142,000.00         ZZ
                                         180        141,490.57          1
                                       5.500          1,160.26         79
                                       5.250          1,160.26
    OVERLAND PARK    KS   66207          2            04/23/03         00
    0435816459                           05           06/01/03          0
    398629                               O            05/01/18
    0

    8699991          964/G02             F          260,000.00         ZZ
                                         180        259,037.38          1
                                       5.125          2,073.04         46
                                       4.875          2,073.04
    MILPITAS         CA   95035          2            04/10/03         00
    0435805007                           05           06/01/03          0
    378678                               O            05/01/18
    0

    8699999          964/G02             F          108,500.00         ZZ
                                         180        108,094.07          1
                                       5.000            858.01         63
                                       4.750            858.01
1

    LEAGUE CITY      TX   77573          2            04/23/03         00
    0435814561                           03           06/01/03          0
    402335                               O            05/01/18
    0

    8700003          964/G02             F          212,000.00         ZZ
                                         180        211,206.84          1
                                       5.000          1,676.49         53
                                       4.750          1,676.49
    CARSON CITY      NV   89703          2            04/11/03         00
    0435816160                           05           06/01/03          0
    379536                               O            05/01/18
    0

    8700005          964/G02             F          287,500.00         ZZ
                                         180        286,468.59          1
                                       5.500          2,349.12         53
                                       5.250          2,349.12
    WOODLAND HILLS   CA   91367          2            04/18/03         00
    0435817093                           05           06/01/03          0
    391282                               O            05/01/18
    0

    8700057          964/G02             F          158,000.00         ZZ
                                         180        157,427.17          1
                                       5.375          1,280.54         17
                                       5.125          1,280.54
    FREMONT          CA   94539          2            04/09/03         00
    0435836564                           03           06/01/03          0
    364941                               O            05/01/18
    0

    8700063          964/G02             F          147,000.00         ZZ
                                         180        146,467.05          1
                                       5.375          1,191.39         70
                                       5.125          1,191.39
    MENTONE          CA   92359          5            04/03/03         00
    0435807284                           05           06/01/03          0
    380283                               O            05/01/18
    0

    8700081          964/G02             F           86,500.00         ZZ
                                         180         86,186.40          1
                                       5.375            701.05         70
                                       5.125            701.05
    HOUSTON          TX   77082          2            04/16/03         00
    0435817150                           03           06/01/03          0
    395423                               O            05/01/18
    0
1

    8700083          964/G02             F          180,000.00         ZZ
                                         180        179,326.57          1
                                       5.000          1,423.43         23
                                       4.750          1,423.43
    LOS GATOS        CA   95032          5            04/09/03         00
    0435811575                           05           06/01/03          0
    381578                               O            05/01/18
    0

    8700103          964/G02             F          260,000.00         ZZ
                                         180        259,017.07          1
                                       4.875          2,039.18         34
                                       4.625          2,039.18
    SOUTH SAN FRANC  CA   94080          2            04/09/03         00
    0435817085                           05           06/01/03          0
    372028                               O            05/01/18
    0

    8700105          964/G02             F          157,000.00         ZZ
                                         180        156,442.68          1
                                       5.625          1,293.26         74
                                       5.375          1,293.26
    SEATTLE          WA   98178          2            04/18/03         00
    0435836507                           05           06/01/03          0
    397604                               O            05/01/18
    0

    8700107          964/G02             F          200,000.00         ZZ
                                         180        199,259.53          1
                                       5.125          1,594.64         36
                                       4.875          1,594.64
    SAN FRANCISCO    CA   94116          5            04/03/03         00
    0435867148                           05           06/01/03          0
    372153                               O            05/01/18
    0

    8700111          964/G02             F          120,000.00         ZZ
                                         180        119,546.34          1
                                       4.875            941.16         38
                                       4.625            941.16
    SAN LEANDRO      CA   94577          5            04/10/03         00
    0435817689                           05           06/01/03          0
    372430                               O            05/01/18
    0

    8700127          964/G02             F           93,500.00         ZZ
                                         180         93,146.52          1
1

                                       4.875            733.32         67
                                       4.625            733.32
    STATELINE        NV   89448          2            04/15/03         00
    0435807797                           01           06/01/03          0
    373021                               O            05/01/18
    0

    8700135          964/G02             F          257,000.00         ZZ
                                         180        256,038.49          1
                                       5.000          2,032.34         29
                                       4.750          2,032.34
    HALF MOON BAY    CA   94019          2            04/07/03         00
    0435806963                           05           06/01/03          0
    374564                               O            05/01/18
    0

    8700141          964/G02             F           87,000.00         ZZ
                                         180         86,684.58          1
                                       5.375            705.11         49
                                       5.125            705.11
    EAGLE            CO   81631          2            04/23/03         00
    0435810619                           05           06/01/03          0
    380611                               N            05/01/18
    0

    8700143          964/G02             F          177,000.00         ZZ
                                         180        176,330.85          1
                                       4.875          1,388.21         31
                                       4.625          1,388.21
    SAN FRANCISCO    CA   94116          5            04/11/03         00
    0435816285                           05           06/01/03          0
    374914                               O            05/01/18
    0

    8700157          964/G02             F          135,000.00         ZZ
                                         180        134,494.93          1
                                       5.000          1,067.57         22
                                       4.750          1,067.57
    SAN RAFAEL       CA   94903          5            03/31/03         00
    0435816376                           05           06/01/03          0
    376249                               O            05/01/18
    0

    8700159          964/G02             F          210,000.00         ZZ
                                         180        209,238.65          1
                                       5.375          1,701.98         27
                                       5.125          1,701.98
    SAN JOSE         CA   95129          5            04/16/03         00
    0435817135                           05           06/01/03          0
1

    381450                               O            05/01/18
    0

    8700161          964/G02             F          264,000.00         ZZ
                                         180        263,012.30          1
                                       5.000          2,087.70         62
                                       4.750          2,087.70
    SCOTTSDALE       AZ   85259          2            04/08/03         00
    0435817176                           03           06/01/03          0
    376284                               O            05/01/18
    0

    8700167          964/G02             F          250,000.00         ZZ
                                         180        249,064.68          1
                                       5.000          1,976.99         53
                                       4.750          1,976.99
    TORRANCE         CA   90503          2            04/15/03         00
    0435813712                           05           06/01/03          0
    381927                               O            05/01/18
    0

    8700175          964/G02             F          160,000.00         ZZ
                                         180        159,388.80          1
                                       4.750          1,244.53         29
                                       4.500          1,244.53
    SAN JOSE         CA   95131          2            04/21/03         00
    0435817069                           05           06/01/03          0
    382209                               O            05/01/18
    0

    8700187          964/G02             F          186,000.00         ZZ
                                         180        185,311.35          1
                                       5.125          1,483.02         47
                                       4.875          1,483.02
    SAN FRANCISCO    CA   94112          2            04/11/03         00
    0435815923                           05           06/01/03          0
    376906                               O            05/01/18
    0

    8700189          964/G02             F          160,000.00         ZZ
                                         180        159,425.99          1
                                       5.500          1,307.34         50
                                       5.250          1,307.34
    TEMPLE CITY      CA   91780          5            04/15/03         00
    0435814165                           05           06/01/03          0
    376975                               O            05/01/18
    0

1

    8700199          964/G02             F          190,000.00         ZZ
                                         180        189,281.71          1
                                       4.875          1,490.17         60
                                       4.625          1,490.17
    PETALUMA         CA   94954          2            04/10/03         00
    0435807383                           05           06/01/03          0
    356673                               O            05/01/18
    0

    8700209          964/G02             F          216,000.00         ZZ
                                         180        215,216.89          1
                                       5.375          1,750.61         80
                                       5.125          1,750.61
    FORT COLLINS     CO   80525          5            04/21/03         00
    0435829148                           03           06/01/03          0
    383458                               O            05/01/18
    0

    8700217          964/G02             F          322,700.00         ZZ
                                         180        321,517.70          1
                                       5.250          2,594.11         63
                                       5.000          2,594.11
    LAKE FOREST      CA   92679          2            04/21/03         00
    0435817143                           03           06/01/03          0
    383881                               O            05/01/18
    0

    8700229          964/G02             F          315,000.00         ZZ
                                         180        313,833.75          1
                                       5.125          2,511.56         51
                                       4.875          2,511.56
    FAIRFAX          CA   94930          5            04/16/03         00
    0435811369                           05           06/01/03          0
    384236                               O            05/01/18
    0

    8700237          964/G02             F           66,000.00         ZZ
                                         180         65,753.08          1
                                       5.000            521.92         66
                                       4.750            521.92
    BILLINGS         MT   59105          2            04/11/03         00
    0435809165                           05           06/01/03          0
    363894                               O            05/01/18
    0

    8700239          964/G02             F          131,500.00         ZZ
                                         180        131,002.87          1
                                       4.875          1,031.35         56
                                       4.625          1,031.35
1

    LIBERTY          MO   64068          2            04/18/03         00
    0435817606                           05           06/01/03          0
    384909                               O            05/01/18
    0

    8700263          964/G02             F          600,000.00         ZZ
                                         180        597,892.53          1
                                       5.750          4,982.47         69
                                       5.500          4,982.47
    PENN VALLEY      CA   95946          5            04/16/03         00
    0435809769                           03           06/01/03          0
    385130                               N            05/01/18
    0

    8700271          964/G02             F          116,000.00         ZZ
                                         180        115,575.00          1
                                       5.250            932.50         46
                                       5.000            932.50
    SAN RAFAEL       CA   94901          2            04/14/03         00
    0435816483                           01           06/01/03          0
    385738                               O            05/01/18
    0

    8700273          964/G02             F          130,000.00         ZZ
                                         180        129,508.54          1
                                       4.875          1,019.59         39
                                       4.625          1,019.59
    TEMPLE CITY      CA   91780          2            04/14/03         00
    0435815022                           05           06/01/03          0
    371081                               O            05/01/18
    0

    8700279          964/G02             F          247,000.00         ZZ
                                         180        246,113.88          1
                                       5.500          2,018.20         62
                                       5.250          2,018.20
    SAN JOSE         CA   95122          5            04/16/03         00
    0435822358                           05           06/01/03          0
    386372                               O            05/01/18
    0

    8700349          964/G02             F          225,000.00         ZZ
                                         180        224,184.26          1
                                       5.375          1,823.55         65
                                       5.125          1,823.55
    TEMPLETON        CA   93465          2            04/01/03         00
    0435811658                           05           06/01/03          0
    351654                               O            05/01/18
    0
1

    8700361          964/G02             F           84,000.00         ZZ
                                         180         83,692.24          1
                                       5.250            675.26         75
                                       5.000            675.26
    FORT WORTH       TX   76107          2            04/16/03         00
    0435868252                           05           06/01/03          0
    357034                               O            05/01/18
    0

    8700375          964/G02             F          300,700.00         ZZ
                                         180        299,609.82          1
                                       5.375          2,437.07         32
                                       5.125          2,437.07
    CUPERTINO        CA   95014          2            04/22/03         00
    0435861034                           05           06/01/03          0
    361112                               O            05/01/18
    0

    8700393          964/G02             F          200,000.00         ZZ
                                         180        199,267.24          1
                                       5.250          1,607.76         15
                                       5.000          1,607.76
    ORINDA           CA   94563          5            04/15/03         00
    0435817614                           05           06/01/03          0
    364912                               O            05/01/18
    0

    8700423          964/G02             F          167,000.00         ZZ
                                         180        166,381.70          1
                                       5.125          1,331.53         60
                                       4.875          1,331.53
    CARMICHAEL       CA   95608          5            04/18/03         00
    0435811559                           05           06/01/03          0
    366942                               O            05/01/18
    0

    8700447          964/G02             F          107,500.00         ZZ
                                         180        107,093.60          1
                                       4.875            843.12         70
                                       4.625            843.12
    GARLAND          TX   75040          2            04/22/03         00
    0435807508                           03           06/01/03          0
    370656                               O            05/01/18
    0

    8700453          964/G02             F          136,300.00         ZZ
                                         180        135,784.72          1
1

                                       4.875          1,069.00         75
                                       4.625          1,069.00
    OKLAHOMA CITY    OK   73165          2            04/22/03         00
    0435817986                           05           06/01/03          0
    372192                               O            05/01/18
    0

    8700455          964/G02             F          249,000.00         ZZ
                                         180        248,058.66          1
                                       4.875          1,952.90         26
                                       4.625          1,952.90
    SAN ANSELMO      CA   94960          5            04/09/03         00
    0435811815                           05           06/01/03          0
    372210                               O            05/01/18
    0

    8700469          825/G02             F           71,000.00         ZZ
                                         180         71,000.00          1
                                       5.125            566.10         54
                                       4.875            566.10
    LA VETA          CO   81055          2            05/08/03         00
    0435848767                           05           07/01/03          0
    HENSON                               O            06/01/18
    0

    8700473          964/G02             F          237,000.00         ZZ
                                         180        236,149.76          1
                                       5.500          1,936.49         51
                                       5.250          1,936.49
    ROWLAND HEIGHTS  CA   91748          2            04/16/03         00
    0435806989                           05           06/01/03          0
    373776                               O            05/01/18
    0

    8700475          964/G02             F          322,000.00         ZZ
                                         180        320,795.31          1
                                       5.000          2,546.36         52
                                       4.750          2,546.36
    SAN JOSE         CA   95124          5            04/15/03         00
    0435866991                           03           06/01/03          0
    373849                               O            05/01/18
    0

    8700483          964/G02             F          140,000.00         ZZ
                                         180        139,470.73          1
                                       4.875          1,098.02         39
                                       4.625          1,098.02
    PASO ROBLES      CA   93446          5            04/21/03         00
    0435817978                           05           06/01/03          0
1

    374705                               O            05/01/18
    0

    8700537          964/G02             F          168,000.00         ZZ
                                         180        167,403.63          1
                                       5.625          1,383.87         65
                                       5.375          1,383.87
    GURNEE           IL   60031          2            04/17/03         00
    0435812276                           05           06/01/03          0
    379643                               O            05/01/18
    0

    8700659          L96/G02             F          252,000.00         ZZ
                                         180        252,000.00          1
                                       5.625          2,075.80         56
                                       5.375          2,075.80
    MAKAWAO          HI   96768          2            05/06/03         00
    0435848932                           05           07/01/03          0
    4038140000                           N            06/01/18
    0

    8701031          Q30/G02             F          136,000.00         ZZ
                                         180        136,000.00          1
                                       5.500          1,111.23         80
                                       5.250          1,111.23
    TORRINGTON       CT   06790          5            05/09/03         00
    0435879903                           05           07/01/03          0
    21021899                             O            06/01/18
    0

    8701061          X31/G02             F          135,000.00         ZZ
                                         180        135,000.00          1
                                       5.375          1,094.13         65
                                       5.125          1,094.13
    CALABASAS        CA   91302          2            05/01/03         00
    0435863444                           09           07/01/03          0
    80000807                             N            06/01/18
    0

    8701173          T29/G02             F          183,000.00         ZZ
                                         180        183,000.00          1
                                       5.375          1,483.15         75
                                       5.125          1,483.15
    RANCHO CUCAMONG  CA   91701          2            05/06/03         00
    0435863162                           05           07/01/03          0
    1536076                              O            06/01/18
    0

1

    8701305          624/G02             F          200,000.00         ZZ
                                         180        199,259.53          1
                                       5.125          1,594.64         77
                                       4.875          1,594.64
    NORWALK          CA   90650          5            04/23/03         00
    0435812656                           05           06/01/03          0
    1000028203                           O            05/01/18
    0

    8702219          E82/G02             F           85,200.00         ZZ
                                         180         85,200.00          1
                                       5.375            690.52         66
                                       5.125            690.52
    NORTH LAS VEGAS  NV   89031          2            05/13/03         00
    0400825584                           05           07/01/03          0
    0400825584                           N            06/01/18
    0

    8702221          E82/G02             F           50,800.00         ZZ
                                         180         50,800.00          1
                                       6.250            435.57         48
                                       6.000            435.57
    AURORA           CO   80013          2            05/09/03         00
    0400822870                           01           07/01/03          0
    0400822870                           N            06/01/18
    0

    8702241          E82/G02             F           63,900.00         ZZ
                                         180         63,900.00          1
                                       5.500            522.12         38
                                       5.250            522.12
    MIAMI            FL   33175          2            05/08/03         00
    0400827473                           05           07/01/03          0
    0400827473                           O            06/01/18
    0

    8702253          E82/G02             F           66,800.00         ZZ
                                         180         66,800.00          1
                                       5.875            559.20         57
                                       5.625            559.20
    ESTES PARK       CO   80517          2            05/13/03         00
    0400823712                           01           07/01/03          0
    0400823712                           N            06/01/18
    0

    8702269          E22/G02             F          201,600.00         ZZ
                                         180        201,600.00          1
                                       5.375          1,633.90         80
                                       5.125          1,633.90
1

    MIAMI SPRINGS    FL   33166          5            05/08/03         00
    0416467538                           05           07/01/03          0
    0416467538                           O            06/01/18
    0

    8702371          E22/G02             F          176,000.00         ZZ
                                         180        176,000.00          1
                                       5.625          1,449.77         79
                                       5.375          1,449.77
    CARROLLTON       TX   75006          5            05/08/03         00
    0416977791                           03           07/01/03          0
    0416977791                           O            06/01/18
    0

    8702415          E22/G02             F          125,000.00         ZZ
                                         180        124,542.03          1
                                       5.250          1,004.85         20
                                       5.000          1,004.85
    FREMONT          CA   94536          2            04/18/03         00
    0416347342                           05           06/01/03          0
    0416347342                           O            05/01/18
    0

    8702465          E22/G02             F           76,000.00         ZZ
                                         180         76,000.00          1
                                       5.500            620.98         64
                                       5.250            620.98
    GRAND JUNCTION   CO   81503          2            05/13/03         00
    0416820397                           09           07/01/03          0
    0416820397                           N            06/01/18
    0

    8702479          E22/G02             F           65,000.00         ZZ
                                         180         65,000.00          2
                                       6.000            548.51         73
                                       5.750            548.51
    PONTIAC          MI   48342          5            05/08/03         00
    0416842912                           05           07/01/03          0
    0416842912                           O            06/01/18
    0

    8702511          E22/G02             F           76,500.00         ZZ
                                         180         76,500.00          1
                                       5.875            640.40         90
                                       5.625            640.40
    NEWPORT          TN   37821          5            05/08/03         01
    0416928109                           05           07/01/03         25
    0416928109                           O            06/01/18
    0
1

    8702519          E22/G02             F           47,000.00         ZZ
                                         180         47,000.00          1
                                       6.125            399.79         68
                                       5.875            399.79
    JACKSON          MI   49202          5            05/13/03         00
    0416938900                           05           07/01/03          0
    0416938900                           N            06/01/18
    0

    8702533          E22/G02             F           31,500.00         ZZ
                                         180         31,500.00          1
                                       6.000            265.81         63
                                       5.750            265.81
    TULSA            OK   74107          2            05/12/03         00
    0416945335                           05           07/01/03          0
    0416945335                           N            06/01/18
    0

    8702581          E22/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
                                       5.250            562.71         35
                                       5.000            562.71
    SAN ANTONIO      TX   78209          5            05/05/03         00
    0416792497                           05           07/01/03          0
    0416792497                           O            06/01/18
    0

    8702583          E22/G02             F           49,500.00         ZZ
                                         180         49,500.00          1
                                       6.000            417.71         59
                                       5.750            417.71
    HOUSTON          TX   77066          5            05/08/03         00
    0416793800                           03           07/01/03          0
    0416793800                           O            06/01/18
    0

    8704279          952/G02             F          240,000.00         ZZ
                                         180        240,000.00          2
                                       5.375          1,945.12         56
                                       5.125          1,945.12
    ELMWOOD PARK     NJ   07407          2            05/08/03         00
    0435863469                           05           07/01/03          0
    03002504                             O            06/01/18
    0

    8705147          144/144             F          413,000.00         ZZ
                                         180        410,060.99          1
1

                                       5.625          3,402.01         28
                                       5.375          3,402.01
    PLEASANTVILLE    NY   10570          5            03/25/03         00
    03COLELLAR                           05           05/01/03          0
    03COLELLAR                           O            04/01/18
    0

    8705171          K15/G02             F          380,000.00         ZZ
                                         180        378,679.37          1
                                       5.875          3,181.05         79
                                       5.625          3,181.05
    TOLLAND          CT   06084          5            04/25/03         00
    0435816525                           05           06/01/03          0
    037605509192                         O            05/01/18
    0

    8705503          K15/G02             F           77,000.00         ZZ
                                         180         76,735.23          1
                                       6.000            649.77         90
                                       5.750            649.77
    WAVERLY          NY   14892          5            04/25/03         41
    0435813845                           05           06/01/03         12
    029505514134                         O            05/01/18
    0

    8705583          E57/G02             F          128,000.00         ZZ
                                         180        127,535.93          1
                                       5.375          1,037.40         80
                                       5.125          1,037.40
    RIVERSIDE        CA   92505          2            04/24/03         00
    0435870878                           05           06/01/03          0
    06015154                             O            05/01/18
    0

    8705591          144/144             F           94,250.00         ZZ
                                         180         93,561.25          1
                                       5.375            763.86         65
                                       5.125            763.86
    MIDDLETOWN       NY   10940          5            03/24/03         00
    160717678                            03           05/01/03          0
    160717678                            O            04/01/18
    0

    8705681          K15/G02             F          117,600.00         ZZ
                                         180        117,173.64          1
                                       5.375            953.11         80
                                       5.125            953.11
    SANTA FE         NM   87505          5            04/22/03         00
    0435816814                           05           06/01/03          0
1

    033505515054                         O            05/01/18
    0

    8705757          K15/G02             F           99,000.00         ZZ
                                         180         98,659.58          1
                                       6.000            835.42         90
                                       5.750            835.42
    MARENGO          OH   43334          5            04/25/03         41
    0435832720                           05           06/01/03         12
    028005508016                         O            05/01/18
    0

    8705835          F36/G02             F          240,000.00         ZZ
                                         180        239,148.04          1
                                       5.625          1,976.96         63
                                       5.375          1,976.96
    ENUMCLAW         WA   98022          5            04/25/03         00
    0435870191                           05           06/01/03          0
    06505994                             O            05/01/18
    0

    8705931          M27/G02             F          104,000.00         ZZ
                                         180        104,000.00          1
                                       5.375            842.88         72
                                       5.125            842.88
    NASHVILLE        TN   37211          5            05/06/03         00
    0435860671                           05           07/01/03          0
    5000118131                           O            06/01/18
    0

    8706597          420/G02             F          115,000.00         ZZ
                                         180        115,000.00          1
                                       5.500            939.65         53
                                       5.250            939.65
    LAYTONVILLE      CA   95454          5            04/28/03         00
    0435842489                           05           07/01/03          0
    73001208                             O            06/01/18
    0

    8706971          738/G02             F          119,750.00         ZZ
                                         180        119,338.23          1
                                       6.000          1,010.52         56
                                       5.750          1,010.52
    DEERFIELD BEACH  FL   33442          5            04/23/03         00
    0435810825                           05           06/01/03          0
    41034369                             O            05/01/18
    0

1

    8707013          E82/G02             F          100,600.00         ZZ
                                         180        100,600.00          1
                                       5.375            815.33         63
                                       5.125            815.33
    DARTMOUTH        MA   02747          2            05/12/03         00
    0400830089                           05           07/01/03          0
    0400830089                           O            06/01/18
    0

    8707031          E82/G02             F           59,500.00         ZZ
                                         180         59,500.00          1
                                       5.500            486.16         70
                                       5.250            486.16
    HESPERIA         CA   92345          2            05/09/03         00
    0400834990                           05           07/01/03          0
    0400834990                           O            06/01/18
    0

    8707035          964/G02             F          128,000.00         ZZ
                                         180        127,531.04          1
                                       5.250          1,028.96         32
                                       5.000          1,028.96
    HUNTINGTON BEAC  CA   92648          5            04/04/03         00
    0435878665                           01           06/01/03          0
    382725                               O            05/01/18
    0

    8707039          E82/G02             F           92,100.00         ZZ
                                         180         92,100.00          1
                                       5.500            752.53         61
                                       5.250            752.53
    TUCSON           AZ   85742          2            05/12/03         00
    0400828075                           03           07/01/03          0
    0400828075                           N            06/01/18
    0

    8707051          E82/G02             F           86,000.00         ZZ
                                         180         86,000.00          1
                                       5.375            697.00         26
                                       5.125            697.00
    WESTMINSTER      CA   92683          2            05/09/03         00
    0400826293                           05           07/01/03          0
    0400826293                           O            06/01/18
    0

    8707053          E82/G02             F           47,100.00         ZZ
                                         180         47,100.00          1
                                       6.000            397.46         59
                                       5.750            397.46
1

    AUSTIN           TX   78705          2            05/12/03         00
    0400818290                           01           07/01/03          0
    0400818290                           N            06/01/18
    0

    8707057          E82/G02             F           65,500.00         ZZ
                                         180         65,500.00          1
                                       5.875            548.31         31
                                       5.625            548.31
    SNEADS FERRY     NC   28460          2            05/09/03         00
    0400783346                           05           07/01/03          0
    0400783346                           O            06/01/18
    0

    8707069          E82/G02             F           63,300.00         ZZ
                                         180         63,300.00          1
                                       5.625            521.42         49
                                       5.375            521.42
    RINGLING         OK   73456          2            05/09/03         00
    0400803375                           05           07/01/03          0
    0400803375                           O            06/01/18
    0

    8707071          E82/G02             F           91,200.00         ZZ
                                         180         91,200.00          1
                                       5.625            751.24         50
                                       5.375            751.24
    ARTESIA          CA   90701          2            05/12/03         00
    0400809539                           05           07/01/03          0
    0400809539                           N            06/01/18
    0

    8707075          E82/G02             F          176,100.00         ZZ
                                         180        176,100.00          1
                                       5.750          1,462.35         75
                                       5.500          1,462.35
    TRINITY          AL   35673          2            05/12/03         00
    0400811394                           05           07/01/03          0
    0400811394                           O            06/01/18
    0

    8707077          X31/G02             F          344,000.00         ZZ
                                         180        344,000.00          1
                                       5.125          2,742.78         49
                                       4.875          2,742.78
    FULLERTON        CA   92831          2            05/01/03         00
    0435875745                           05           07/01/03          0
    41000966                             O            06/01/18
    0
1

    8707139          P44/G02             F          195,000.00         ZZ
                                         180        195,000.00          1
                                       5.500          1,593.31         68
                                       5.250          1,593.31
    CENTERVILLE      MA   02632          2            05/09/03         00
    0435879812                           05           07/01/03          0
    1                                    N            06/01/18
    0

    8707253          P09/G02             F           70,000.00         ZZ
                                         180         70,000.00          4
                                       6.000            590.70         38
                                       5.750            590.70
    WASHINGTON       DC   20020          5            05/09/03         00
    0435862701                           05           07/01/03          0
    CHEVALIER                            N            06/01/18
    0

    8707259          P09/G02             F          253,000.00         ZZ
                                         180        253,000.00          1
                                       5.125          2,017.22         43
                                       4.875          2,017.22
    ROCKVILLE        MD   20852          2            05/09/03         00
    0435863956                           05           07/01/03          0
    GUSKY                                O            06/01/18
    0

    8707297          E76/G02             F          128,200.00         ZZ
                                         180        128,200.00          1
                                       5.750          1,064.59         73
                                       5.500          1,064.59
    BARTLETT         TN   38133          2            05/07/03         00
    0435817770                           05           07/01/03          0
    10023879                             O            06/01/18
    0

    8707349          642/G02             F          334,000.00         ZZ
                                         180        334,000.00          1
                                       5.375          2,706.95         86
                                       5.125          2,706.95
    YORKTOWN         VA   23693          2            05/07/03         11
    0435820410                           05           07/01/03         12
    04194603                             O            06/01/18
    0

    8707357          E22/G02             F           46,550.00         ZZ
                                         180         46,550.00          1
1

                                       6.125            395.97         95
                                       5.875            395.97
    CITRUS SPRINGS   FL   34434          5            05/09/03         04
    0416916096                           05           07/01/03         30
    0416916096                           O            06/01/18
    0

    8707407          E22/G02             F          111,800.00         ZZ
                                         180        111,800.00          1
                                       5.375            906.10         79
                                       5.125            906.10
    PLANO            TX   75023          5            05/09/03         00
    0416950871                           03           07/01/03          0
    0416950871                           O            06/01/18
    0

    8707461          E22/G02             F          114,000.00         ZZ
                                         180        114,000.00          1
                                       5.375            923.93         79
                                       5.125            923.93
    AUBRUN           GA   30011          2            05/09/03         00
    0416980076                           05           07/01/03          0
    0416980076                           O            06/01/18
    0

    8707475          E22/G02             F          127,300.00         ZZ
                                         180        127,300.00          1
                                       6.125          1,082.85         95
                                       5.875          1,082.85
    PARMA            OH   44129          5            05/09/03         04
    0416991420                           05           07/01/03         30
    0416991420                           O            06/01/18
    0

    8707521          E22/G02             F           46,350.00         ZZ
                                         180         46,350.00          1
                                       5.875            388.00         90
                                       5.625            388.00
    EL DORADO SPRIN  MO   64744          5            05/09/03         01
    0417052339                           05           07/01/03         12
    0417052339                           O            06/01/18
    0

    8707539          E22/G02             F           50,000.00         ZZ
                                         120         50,000.00          1
                                       5.625            545.73         35
                                       5.375            545.73
    DAVIE            FL   33314          5            05/09/03         00
    0417065794                           01           07/01/03          0
1

    0417065794                           O            06/01/13
    0

    8707551          E22/G02             F          171,618.00         ZZ
                                         180        171,618.00          1
                                       5.375          1,390.90         68
                                       5.125          1,390.90
    WEST BLOOMFIED   MI   48324          2            05/09/03         00
    0417093283                           05           07/01/03          0
    0417093283                           O            06/01/18
    0

    8707595          E22/G02             F           97,000.00         ZZ
                                         180         97,000.00          1
                                       5.375            786.15         80
                                       5.125            786.15
    MCALLEN          TX   78504          5            05/09/03         00
    0416427615                           05           07/01/03          0
    0416427615                           O            06/01/18
    0

    8707621          E22/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       5.625            411.87         66
                                       5.375            411.87
    HOUSTON          TX   77087          5            05/09/03         00
    0416571479                           05           07/01/03          0
    0416571479                           O            06/01/18
    0

    8707625          E22/G02             F          162,000.00         ZZ
                                         180        162,000.00          1
                                       5.375          1,312.95         74
                                       5.125          1,312.95
    GAINESVILLE      VA   20155          2            05/14/03         00
    0416591113                           09           07/01/03          0
    0416591113                           N            06/01/18
    0

    8707629          E22/G02             F          300,000.00         ZZ
                                         180        300,000.00          1
                                       5.750          2,491.23         71
                                       5.500          2,491.23
    CHEYENNE         WY   82009          5            05/09/03         00
    0416612919                           05           07/01/03          0
    0416612919                           O            06/01/18
    0

1

    8707635          E22/G02             F          122,400.00         ZZ
                                         180        122,400.00          1
                                       5.375            992.01         80
                                       5.125            992.01
    CHOCOWINITY      NC   27817          5            05/09/03         00
    0416620474                           05           07/01/03          0
    0416620474                           O            06/01/18
    0

    8707661          E22/G02             F          356,000.00         ZZ
                                         180        356,000.00          1
                                       5.500          2,908.82         80
                                       5.250          2,908.82
    BARRINGTON       IL   60010          5            05/09/03         00
    0414849950                           05           07/01/03          0
    0414849950                           O            06/01/18
    0

    8707713          E22/G02             F          120,000.00         ZZ
                                         180        120,000.00          1
                                       5.625            988.48         86
                                       5.375            988.48
    SUGAR LAND       TX   77478          2            05/09/03         04
    0416734622                           05           07/01/03         12
    0416734622                           O            06/01/18
    0

    8707715          E22/G02             F           66,500.00         ZZ
                                         180         66,500.00          1
                                       5.250            534.58         67
                                       5.000            534.58
    RISING SUN       IN   47040          5            05/09/03         00
    0416735140                           05           07/01/03          0
    0416735140                           O            06/01/18
    0

    8707719          E22/G02             F          263,750.00         ZZ
                                         180        263,750.00          1
                                       5.125          2,102.93         74
                                       4.875          2,102.93
    BURIEN           WA   98166          2            05/01/03         00
    0416739316                           05           07/01/03          0
    0416739316                           O            06/01/18
    0

    8707781          E22/G02             F          118,300.00         ZZ
                                         180        118,300.00          1
                                       5.625            974.47         62
                                       5.375            974.47
1

    LAWTON           MI   49065          5            05/09/03         00
    0416780187                           05           07/01/03          0
    0416780187                           O            06/01/18
    0

    8707789          E22/G02             F          123,200.00         ZZ
                                         180        123,200.00          1
                                       5.375            998.49         75
                                       5.125            998.49
    HOUSTON          TX   77077          5            05/07/03         00
    0416789311                           03           07/01/03          0
    0416789311                           O            06/01/18
    0

    8707835          E22/G02             F           72,000.00         ZZ
                                         120         72,000.00          1
                                       5.875            794.84         76
                                       5.625            794.84
    MISSOURI CITY    TX   77489          5            05/09/03         00
    0416821668                           03           07/01/03          0
    0416821668                           O            06/01/13
    0

    8707863          E22/G02             F          117,000.00         ZZ
                                         180        117,000.00          1
                                       6.125            995.23         92
                                       5.875            995.23
    KENNEWICK        WA   99337          5            05/09/03         04
    0416853265                           05           07/01/03         25
    0416853265                           O            06/01/18
    0

    8707869          E22/G02             F          256,000.00         ZZ
                                         180        256,000.00          1
                                       5.250          2,057.93         80
                                       5.000          2,057.93
    WINDER           GA   30680          5            05/09/03         00
    0416862472                           05           07/01/03          0
    0416862472                           O            06/01/18
    0

    8707905          P67/G02             F          160,000.00         ZZ
                                         180        160,000.00          3
                                       5.875          1,339.39         43
                                       5.625          1,339.39
    GLOUCESTER       MA   01930          5            05/13/03         00
    0435873187                           05           07/01/03          0
    1                                    N            06/01/18
    0
1

    8707983          S43/G02             F          190,000.00         ZZ
                                         180        190,000.00          1
                                       5.750          1,577.78         69
                                       5.500          1,577.78
    ALBUQUERQUE      NM   87114          5            05/08/03         00
    0435866447                           05           07/01/03          0
    038835                               O            06/01/18
    0

    8708055          M27/G02             F           93,000.00         ZZ
                                         180         93,000.00          1
                                       5.125            741.51         52
                                       4.875            741.51
    YOUNGSVILLE      NC   27596          5            05/06/03         00
    0435871868                           05           07/01/03          0
    0100126569                           O            06/01/18
    0

    8708245          W35/G02             F          115,000.00         ZZ
                                         180        114,574.23          1
                                       5.125            916.92         72
                                       4.875            916.92
    LEOMINSTER       MA   01453          5            04/23/03         00
    0435871876                           01           06/01/03          0
    19288                                O            05/01/18
    0

    8708691          N74/G02             F          127,700.00         ZZ
                                         180        127,700.00          1
                                       5.375          1,034.96         87
                                       5.125          1,034.96
    OGDEN            UT   84401          2            05/01/03         10
    0435840004                           05           07/01/03         25
    0032333010                           O            06/01/18
    0

    8708897          E47/G02             F          171,000.00         ZZ
                                         180        170,386.54          1
                                       5.500          1,397.21         62
                                       5.250          1,397.21
    SHEPHERDSTOWN    WV   25443          5            04/25/03         00
    0435861927                           05           06/01/03          0
    7351010021                           O            05/01/18
    0

    8708919          N74/G02             F           35,700.00         ZZ
                                         180         35,570.57          1
1

                                       5.375            289.34         85
                                       5.125            289.34
    LITTLE ROCK      AR   72209          5            05/09/03         10
    0435830336                           05           06/14/03         12
    0032372010                           O            05/14/18
    0

    8708921          K15/G02             F           88,300.00         ZZ
                                         180         87,996.37          1
                                       6.000            745.13         95
                                       5.750            745.13
    CEDAR RAPIDS     IA   52403          5            04/25/03         41
    0435841168                           05           06/01/03         25
    009905509011                         O            05/01/18
    0

    8708935          N74/G02             F           52,500.00         ZZ
                                         180         52,319.48          1
                                       6.000            443.02         95
                                       5.750            443.02
    DANVILLE         VA   24540          5            05/05/03         10
    0435829122                           05           06/09/03         30
    0032343010                           O            05/09/18
    0

    8708953          E11/G02             F          142,600.00         ZZ
                                         180        142,093.80          1
                                       5.625          1,174.64         61
                                       5.375          1,174.64
    BLOOMINGTON      MN   55437          2            04/30/03         00
    0435871140                           05           06/01/03          0
    1                                    N            05/01/18
    0

    8709045          G51/G02             F           94,200.00         ZZ
                                         180         94,200.00          1
                                       5.875            788.57         76
                                       5.625            788.57
    CLEARWATER       FL   33756          5            05/08/03         00
    0435856927                           05           07/01/03          0
    25002732                             O            06/01/18
    0

    8710809          N74/G02             F          252,700.00         ZZ
                                         180        251,783.84          1
                                       5.375          2,048.05         78
                                       5.125          2,048.05
    HERNDON          VA   20171          5            05/01/03         00
    0435832118                           03           06/06/03          0
1

    0032332010                           O            05/06/18
    0

    8710979          N74/G02             F           89,000.00         ZZ
                                         180         89,000.00          1
                                       5.750            739.06         90
                                       5.500            739.06
    TIMMONSVILLE     SC   29161          5            05/01/03         01
    0435837497                           05           07/01/03         30
    0032336010                           O            06/01/18
    0

    8712013          676/G02             F          179,200.00         ZZ
                                         120        178,068.96          1
                                       5.375          1,933.71         64
                                       5.125          1,933.71
    KAPOLEI          HI   96707          2            04/11/03         00
    0435876909                           05           06/01/03          0
    6004153940                           O            05/01/13
    0

    8712061          E82/G02             F          110,400.00         ZZ
                                         180        110,400.00          1
                                       6.125            939.09         80
                                       5.875            939.09
    SAN ANTONIO      TX   78217          2            05/16/03         00
    0400826988                           03           07/01/03          0
    0400826988                           N            06/01/18
    0

    8712065          E82/G02             F           37,500.00         ZZ
                                         180         37,500.00          1
                                       5.625            308.90         50
                                       5.375            308.90
    CHANNELVIEW      TX   77530          2            05/16/03         00
    0400820296                           03           07/01/03          0
    0400820296                           N            06/01/18
    0

    8712257          E22/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
                                       5.875            585.98         28
                                       5.625            585.98
    SAN JOSE         CA   95118          5            05/05/03         00
    0416645430                           01           07/01/03          0
    0416645430                           N            06/01/18
    0

1

    8712263          E60/G02             F          285,800.00         ZZ
                                         180        285,800.00          1
                                       5.000          2,260.09         57
                                       4.750          2,260.09
    TEMPLETON        CA   93465          5            05/02/03         00
    0435870100                           05           07/01/03          0
    SL01210403                           O            06/01/18
    0

    8713101          408/G02             F           68,000.00         ZZ
                                         180         68,000.00          1
                                       5.875            569.24         80
                                       5.625            569.24
    INDEPENDENCE     MO   64055          1            05/08/03         00
    0435861802                           05           07/01/03          0
    703035758                            N            06/01/18
    0

    8713345          N74/G02             F           45,000.00         ZZ
                                         180         44,836.85          1
                                       5.375            364.71         59
                                       5.125            364.71
    DANVILLE         VA   24541          5            05/09/03         00
    0435873740                           05           06/14/03          0
    0032350010                           O            05/14/18
    0

    8713413          Q87/G02             F           84,000.00         ZZ
                                         180         83,710.91          1
                                       5.990            708.39         80
                                       5.740            708.39
    MORRISON         MO   65061          5            04/22/03         00
    0435865035                           05           06/01/03          0
    HUMI02                               O            05/01/18
    0

    8713569          K15/G02             F           86,400.00         ZZ
                                         180         86,102.91          1
                                       6.000            729.09         90
                                       5.750            729.09
    TALLAHASSEE      FL   32305          5            04/25/03         41
    0435859467                           05           06/01/03         12
    009805509029                         O            05/01/18
    0

    8714223          E84/G02             F          224,000.00         ZZ
                                         180        222,372.15          1
                                       5.375          1,815.44         80
                                       5.125          1,815.44
1

    ALOHA            OR   97007          2            03/17/03         00
    0435883731                           03           05/01/03          0
    60115403                             O            04/01/18
    0

    8714269          W35/G02             F          160,000.00         ZZ
                                         180        160,000.00          1
                                       5.125          1,275.71         70
                                       4.875          1,275.71
    LYNN             MA   01902          5            05/09/03         00
    0435877204                           05           07/01/03          0
    19864                                O            06/01/18
    0

    8714453          P09/G02             F           94,000.00         T
                                         180         94,000.00          1
                                       5.750            780.59         62
                                       5.500            780.59
    CHEVY CHASE      MD   20815          2            05/14/03         00
    0435878822                           06           07/01/03          0
    1                                    O            06/01/18
    0

    8714467          P09/G02             F          146,000.00         ZZ
                                         180        146,000.00          1
                                       5.375          1,183.28         63
                                       5.125          1,183.28
    BOZRAH           CT   06334          5            05/12/03         00
    0435878681                           05           07/01/03          0
    PRYOR                                O            06/01/18
    0

    8714475          W35/G02             F           58,000.00         ZZ
                                         180         57,794.12          1
                                       5.625            477.76         48
                                       5.375            477.76
    FLORENCE         KY   41042          5            05/08/03         00
    0435872973                           05           06/13/03          0
    19875                                O            05/13/18
    0

    8714611          K15/G02             F           60,100.00         ZZ
                                         180         59,893.34          1
                                       6.000            507.16         59
                                       5.750            507.16
    ELKO             NV   89801          5            04/25/03         00
    0435865068                           05           06/01/03          0
    022105514328                         O            05/01/18
    0
1

    8714621          K15/G02             F          235,000.00         ZZ
                                         180        234,111.59          1
                                       4.875          1,843.10         74
                                       4.625          1,843.10
    ELMONT           NY   11003          5            04/25/03         00
    0435871363                           05           06/01/03          0
    021205511314                         O            05/01/18
    0

    8714723          K15/G02             F           80,100.00         ZZ
                                         180         79,815.66          1
                                       5.625            659.81         29
                                       5.375            659.81
    AMHERST          NH   03031          5            04/23/03         00
    0435870969                           05           06/01/03          0
    033105514693                         O            05/01/18
    0

    8714807          588/G02             F           89,000.00         ZZ
                                         180         88,684.07          1
                                       5.625            733.12         52
                                       5.375            733.12
    BOROUGH OF KEYP  NJ   07735          2            04/25/03         00
    0435857032                           01           06/01/03          0
    1089452                              O            05/01/18
    0

    8715237          E82/G02             F           91,000.00         ZZ
                                         180         91,000.00          1
                                       5.500            743.55         74
                                       5.250            743.55
    COLUMBUS         OH   43235          2            05/15/03         00
    0400833174                           05           07/01/03          0
    0400833174                           O            06/01/18
    0

    8715247          E82/G02             F          262,000.00         ZZ
                                         180        262,000.00          1
                                       5.375          2,123.42         50
                                       5.125          2,123.42
    SANTA ROSA       CA   95404          2            05/16/03         00
    0400811428                           05           07/01/03          0
    0400811428                           N            06/01/18
    0

    8715255          E82/G02             F          110,600.00         ZZ
                                         180        110,600.00          1
1

                                       5.750            918.43         70
                                       5.500            918.43
    OAKDALE          MN   55128          2            05/15/03         00
    0400815882                           05           07/01/03          0
    0400815882                           N            06/01/18
    0

    8715269          E82/G02             F          491,000.00         ZZ
                                         180        491,000.00          1
                                       5.375          3,979.39         73
                                       5.125          3,979.39
    ALEXANDRIA       VA   22301          2            05/15/03         00
    0400836672                           05           07/01/03          0
    0400836672                           O            06/01/18
    0

    8715271          E82/G02             F           74,500.00         ZZ
                                         180         74,500.00          1
                                       5.625            613.68         13
                                       5.375            613.68
    MAHWAH           NJ   07430          2            05/12/03         00
    0400820502                           05           07/01/03          0
    0400820502                           O            06/01/18
    0

    8715273          E82/G02             F          136,500.00         ZZ
                                         180        136,500.00          2
                                       5.875          1,142.67         46
                                       5.625          1,142.67
    SOUTH OZONE PAR  NY   11420          2            05/16/03         00
    0400815577                           05           07/01/03          0
    0400815577                           N            06/01/18
    0

    8715285          E82/G02             F           64,750.00         ZZ
                                         180         64,750.00          1
                                       6.250            555.18         47
                                       6.000            555.18
    LONG LAKE        MN   55356          2            05/19/03         00
    0400805974                           01           07/01/03          0
    0400805974                           N            06/01/18
    0

    8715493          E84/G02             F          481,000.00         ZZ
                                         180        479,237.73          1
                                       5.250          3,866.65         77
                                       5.000          3,866.65
    FAIRFAX STATION  VA   22039          5            04/16/03         00
    0435897269                           09           06/01/03          0
1

    87230042                             O            05/01/18
    0

    8715539          737/G02             F          224,000.00         ZZ
                                         180        224,000.00          1
                                       5.375          1,815.44         70
                                       5.125          1,815.44
    GRAPEVINE        TX   76051          1            05/08/03         00
    0435856612                           03           07/01/03          0
    6011957                              O            06/01/18
    0

    8715585          K15/G02             F           60,100.00         ZZ
                                         180         60,100.00          1
                                       5.750            499.08         77
                                       5.500            499.08
    AKRON            OH   44314          5            05/05/03         00
    0435876487                           05           07/01/03          0
    028005508680                         O            06/01/18
    0

    8715691          E22/G02             F          228,000.00         ZZ
                                         180        228,000.00          1
                                       5.500          1,862.95         80
                                       5.250          1,862.95
    MIAMI            FL   33155          5            05/12/03         00
    0416793552                           05           07/01/03          0
    0416793552                           O            06/01/18
    0

    8715703          E22/G02             F          133,500.00         ZZ
                                         180        133,500.00          1
                                       6.125          1,135.58         80
                                       5.875          1,135.58
    STERLING HEIGHT  MI   48314          2            05/12/03         00
    0416796647                           01           07/01/03          0
    0416796647                           O            06/01/18
    0

    8715721          E22/G02             F          119,000.00         ZZ
                                         180        119,000.00          1
                                       5.500            972.33         76
                                       5.250            972.33
    AUSTIN           TX   78704          5            05/12/03         00
    0416815447                           05           07/01/03          0
    0416815447                           O            06/01/18
    0

1

    8715725          E22/G02             F          165,000.00         ZZ
                                         180        165,000.00          1
                                       6.000          1,392.36         77
                                       5.750          1,392.36
    BEDMINSTER       NJ   07921          1            05/16/03         00
    0416837649                           01           07/01/03          0
    0416837649                           N            06/01/18
    0

    8715799          E22/G02             F           61,500.00         ZZ
                                         180         61,500.00          1
                                       6.125            523.13         75
                                       5.875            523.13
    CHANNELVIEW      TX   77530          5            05/16/03         00
    0416881324                           05           07/01/03          0
    0416881324                           N            06/01/18
    0

    8715831          X64/G02             F          272,000.00         ZZ
                                         180        272,000.00          1
                                       5.125          2,168.71         64
                                       4.875          2,168.71
    BIRMINGHAM       MI   48009          5            05/12/03         00
    0435876685                           05           07/01/03          0
    0000008100                           O            06/01/18
    0

    8715843          E22/G02             F          119,400.00         ZZ
                                         180        119,400.00          1
                                       5.500            975.60         63
                                       5.250            975.60
    MARIETTA         GA   30062          2            05/16/03         00
    0416916393                           05           07/01/03          0
    0416916393                           N            06/01/18
    0

    8715885          E22/G02             F          103,800.00         ZZ
                                         180        103,800.00          2
                                       5.750            861.97         29
                                       5.500            861.97
    LYNDHURST        NJ   07071          2            05/16/03         00
    0416971323                           05           07/01/03          0
    0416971323                           N            06/01/18
    0

    8716111          E22/G02             F          208,000.00         ZZ
                                         180        208,000.00          1
                                       5.375          1,685.77         66
                                       5.125          1,685.77
1

    PLEASANTON       CA   94588          5            05/09/03         00
    0416381010                           09           07/01/03          0
    0416381010                           O            06/01/18
    0

    8716137          E22/G02             F          128,100.00         ZZ
                                         120        128,100.00          1
                                       5.625          1,398.17         77
                                       5.375          1,398.17
    PLANO            TX   75075          5            05/09/03         00
    0416511145                           05           07/01/03          0
    0416511145                           O            06/01/13
    0

    8716713          U05/G02             F          144,000.00         TX
                                         180        144,000.00          1
                                       5.750          1,195.79         80
                                       5.500          1,195.79
    HOUSTON          TX   77068          5            05/09/03         00
    0435875273                           03           07/01/03          0
    3348486                              O            06/01/18
    0

    8716717          U05/G02             F          212,713.00         ZZ
                                         180        211,941.81          1
                                       5.375          1,723.97         65
                                       5.125          1,723.97
    MODESTO          CA   95355          1            04/28/03         00
    0435874342                           05           06/01/03          0
    3348580                              O            05/01/18
    0

    8717095          W02/G02             F          361,700.00         ZZ
                                         180        360,402.39          1
                                       5.500          2,955.40         52
                                       5.250          2,955.40
    SANIBEL          FL   33957          5            04/25/03         00
    0435889266                           05           06/01/03          0
    1002350542                           O            05/01/18
    0

    8717139          N74/G02             F           87,500.00         ZZ
                                         180         87,176.04          1
                                       5.125            697.66         80
                                       4.875            697.66
    NORTH CHARLESTO  SC   29418          2            05/13/03         00
    0435846902                           05           06/19/03          0
    0032387010                           O            05/19/18
    0
1

    8717153          Q59/G02             F          301,000.00         ZZ
                                         180        301,000.00          2
                                       5.750          2,499.53         70
                                       5.500          2,499.53
    MONTEREY PARK    CA   91755          5            05/05/03         00
    0435881933                           05           07/01/03          0
    0000503094                           O            06/01/18
    0

    8717193          Q87/G02             F           62,000.00         ZZ
                                         180         61,779.92          1
                                       5.625            510.71         72
                                       5.375            510.71
    CLARKSVILLE      TX   75426          5            04/30/03         00
    0435886726                           05           06/05/03          0
    HAER02                               O            05/05/18
    0

    8717297          R26/G02             F          118,000.00         ZZ
                                         180        118,000.00          1
                                       5.750            979.88         66
                                       5.500            979.88
    TUCSCON          AZ   85719          2            05/02/03         00
    0435873773                           05           07/01/03          0
    0001220000                           N            06/01/18
    0

    8717305          964/G02             F          215,000.00         ZZ
                                         180        214,228.69          1
                                       5.500          1,756.73         39
                                       5.250          1,756.73
    LAGUNA NIGUEL    CA   92677          2            04/10/03         00
    0435878830                           03           06/01/03          0
    364338                               O            05/01/18
    0

    8717343          E84/G02             F          432,000.00         ZZ
                                         180        430,450.20          1
                                       5.500          3,529.80         80
                                       5.250          3,529.80
    COSTA MESA       CA   92627          5            04/21/03         00
    0435870167                           05           06/01/03          0
    75531772                             O            05/01/18
    0

    8717345          964/G02             F          244,200.00         T
                                         180        243,295.88          1
1

                                       5.125          1,947.06         34
                                       4.875          1,947.06
    THE SEA RANCH    CA   95497          2            04/10/03         00
    0435878806                           03           06/01/03          0
    379309                               O            05/01/18
    0

    8717383          940/G02             F           71,000.00         ZZ
                                         180         71,000.00          1
                                       5.375            575.43         45
                                       5.125            575.43
    APPLE VALLEY     CA   92307          2            05/02/03         00
    0435888995                           05           07/01/03          0
    40030513                             N            06/01/18
    0

    8717411          N74/G02             F           63,500.00         ZZ
                                         180         63,262.43          1
                                       5.000            502.15         85
                                       4.750            502.15
    HUNTINGTON       AR   72940          2            05/14/03         10
    0435846266                           05           06/19/03         12
    0032391010                           O            05/19/18
    0

    8717417          R65/G02             F          250,000.00         ZZ
                                         180        250,000.00          1
                                       5.500          2,042.71         64
                                       5.250          2,042.71
    FOUNTAIN HILLS   AZ   85268          5            05/02/03         00
    0435908975                           01           07/01/03          0
    4193206366                           O            06/01/18
    0

    8717513          E82/G02             F          177,200.00         ZZ
                                         180        177,200.00          1
                                       5.500          1,447.87         74
                                       5.250          1,447.87
    SOUTH WINDSOR    CT   06074          2            05/13/03         00
    0400829347                           05           07/01/03          0
    0400829347                           O            06/01/18
    0

    8717529          E82/G02             F          128,000.00         ZZ
                                         180        128,000.00          1
                                       5.625          1,054.38         80
                                       5.375          1,054.38
    CALEDONIA        IL   61101          2            05/14/03         00
    0400815965                           05           07/01/03          0
1

    0400815965                           O            06/01/18
    0

    8718171          624/G02             F          250,000.00         ZZ
                                         180        249,112.55          1
                                       5.625          2,059.33         73
                                       5.375          2,059.33
    WOODLAND HILLS   CA   91367          5            04/24/03         00
    0435880273                           05           06/01/03          0
    1000031026                           O            05/01/18
    0

    8718465          U19/G02             F           75,000.00         ZZ
                                         180         75,000.00          1
                                       5.000            593.10         29
                                       4.750            593.10
    MENIFEE          CA   92584          5            05/15/03         00
    0435864855                           05           07/01/03          0
    15150422                             O            06/01/18
    0

    8718497          Q14/G02             F           85,000.00         ZZ
                                         180         85,000.00          1
                                       5.375            688.90         73
                                       5.125            688.90
    BLUE SPRINGS     MO   64015          5            05/12/03         00
    0435862354                           05           07/01/03          0
    0000312891                           O            06/01/18
    0

    8718511          738/G02             F          112,000.00         ZZ
                                         180        111,606.61          1
                                       5.750            930.06         64
                                       5.500            930.06
    MIAMI            FL   33186          2            04/29/03         00
    0435880430                           05           06/01/03          0
    41070682                             N            05/01/18
    0

    8718517          893/G02             F           97,000.00         ZZ
                                         180         97,000.00          1
                                       5.250            779.76         11
                                       5.000            779.76
    SARATOGA         CA   95070          2            05/12/03         00
    0435879671                           05           07/01/03          0
    M30411041                            O            06/01/18
    0

1

    8718547          168/168             F          236,000.00         ZZ
                                         180        235,179.82          1
                                       5.875          1,975.60         73
                                       5.625          1,975.60
    LAPEER           MI   48446          5            05/02/03         00
    0339325224                           05           06/01/03          0
    0339325224                           O            05/01/18
    0

    8718617          N74/G02             F           37,500.00         ZZ
                                         180         37,365.46          1
                                       5.500            306.41         75
                                       5.250            306.41
    FORT SMITH       AR   72901          5            05/14/03         00
    0435847009                           05           06/19/03          0
    0032392010                           N            05/19/18
    0

    8718619          738/G02             F           93,000.00         ZZ
                                         180         93,000.00          1
                                       5.750            772.29         41
                                       5.500            772.29
    MIAMI            FL   33196          5            04/29/03         00
    0435878145                           05           07/01/03          0
    41070019                             O            06/01/18
    0

    8718635          U05/G02             F           52,000.00         TX
                                         180         52,000.00          1
                                       6.125            442.32         80
                                       5.875            442.32
    HOUSTON          TX   77022          5            05/02/03         00
    0435873096                           05           07/01/03          0
    3344096                              O            06/01/18
    0

    8718637          N74/G02             F           92,000.00         ZZ
                                         180         91,669.95          1
                                       5.500            751.72         69
                                       5.250            751.72
    JAMESTOWN        NC   27282          2            05/14/03         00
    0435846472                           05           06/19/03          0
    0032354010                           O            05/19/18
    0

    8718673          E82/G02             F           49,500.00         ZZ
                                         180         49,500.00          1
                                       6.125            421.06         51
                                       5.875            421.06
1

    MESQUITE         TX   75149          2            05/15/03         00
    0400817425                           05           07/01/03          0
    0400817425                           N            06/01/18
    0

    8718735          E82/G02             F          382,250.00         T
                                         180        382,250.00          1
                                       5.875          3,199.89         77
                                       5.625          3,199.89
    BETHEL ISLAND    CA   94511          2            05/16/03         00
    0400825436                           05           07/01/03          0
    0400825436                           O            06/01/18
    0

    8718747          E82/G02             F           47,800.00         ZZ
                                         180         47,800.00          1
                                       5.625            393.74         64
                                       5.375            393.74
    CORAL SPRINGS    FL   33071          2            05/16/03         00
    0400830741                           01           07/01/03          0
    0400830741                           N            06/01/18
    0

    8718779          E82/G02             F          108,800.00         ZZ
                                         180        108,800.00          1
                                       5.500            888.99         55
                                       5.250            888.99
    WOBURN           MA   01801          2            05/16/03         00
    0400811279                           05           07/01/03          0
    0400811279                           O            06/01/18
    0

    8718785          N74/G02             F           60,000.00         ZZ
                                         180         59,780.17          1
                                       5.250            482.33         62
                                       5.000            482.33
    LYNDHURST        VA   22952          5            05/13/03         00
    0435846605                           05           06/19/03          0
    0032374010                           O            05/19/18
    0

    8718809          E82/G02             F          123,300.00         ZZ
                                         180        123,300.00          3
                                       6.125          1,048.82         78
                                       5.875          1,048.82
    BRISTOL          CT   06010          2            05/13/03         00
    0400824348                           05           07/01/03          0
    0400824348                           N            06/01/18
    0
1

    8718841          E82/G02             F           64,500.00         ZZ
                                         180         64,500.00          1
                                       5.625            531.31         71
                                       5.375            531.31
    BOYNTON BEACH    FL   33435          2            05/20/03         00
    0400828620                           05           07/01/03          0
    0400828620                           N            06/01/18
    0

    8718911          E22/G02             F          144,047.00         ZZ
                                         180        144,047.00          1
                                       5.625          1,186.56         78
                                       5.375          1,186.56
    MIAMI            FL   33165          5            05/14/03         00
    0416868081                           05           07/01/03          0
    0416868081                           O            06/01/18
    0

    8718959          E22/G02             F           65,000.00         ZZ
                                         180         65,000.00          1
                                       5.250            522.52         52
                                       5.000            522.52
    MIAMI            FL   33177          2            05/13/03         00
    0416902534                           05           07/01/03          0
    0416902534                           O            06/01/18
    0

    8718969          E22/G02             F          476,000.00         ZZ
                                         180        476,000.00          1
                                       5.500          3,889.32         44
                                       5.250          3,889.32
    PETOSKEY         MI   49770          2            05/13/03         00
    0416705366                           05           07/01/03          0
    0416705366                           O            06/01/18
    0

    8719031          E22/G02             F           91,120.00         ZZ
                                         180         91,120.00          1
                                       5.375            738.50         80
                                       5.125            738.50
    CHEYENNE         WY   82007          1            05/19/03         00
    0416760387                           05           07/01/03          0
    0416760387                           N            06/01/18
    0

    8719071          E22/G02             F           64,000.00         ZZ
                                         180         64,000.00          1
1

                                       5.500            522.93         80
                                       5.250            522.93
    HOUSTON          TX   77015          5            05/13/03         00
    0417010105                           05           07/01/03          0
    0417010105                           O            06/01/18
    0

    8719091          E22/G02             F          208,000.00         ZZ
                                         180        208,000.00          1
                                       5.500          1,699.53         75
                                       5.250          1,699.53
    MIDLAND          MI   48640          2            05/13/03         00
    0416484582                           05           07/01/03          0
    0416484582                           O            06/01/18
    0

    8719109          E22/G02             F          133,000.00         ZZ
                                         180        133,000.00          1
                                       4.875          1,043.12         38
                                       4.625          1,043.12
    NORTH BRANCH     MN   55056          2            05/14/03         00
    0416533065                           05           07/01/03          0
    0416533065                           O            06/01/18
    0

    8719221          E22/G02             F          215,000.00         ZZ
                                         180        215,000.00          1
                                       5.375          1,742.50         48
                                       5.125          1,742.50
    DALLAS           TX   75230          5            05/13/03         00
    0416931269                           05           07/01/03          0
    0416931269                           O            06/01/18
    0

    8719227          E22/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       5.500            817.08         80
                                       5.250            817.08
    NORTH RICHLAND   TX   76180          5            05/14/03         00
    0416762920                           05           07/01/03          0
    0416762920                           O            06/01/18
    0

    8719229          E22/G02             F          118,300.00         ZZ
                                         180        118,300.00          1
                                       5.500            966.61         65
                                       5.250            966.61
    JACKSON          MI   49201          5            05/14/03         00
    0416765923                           05           07/01/03          0
1

    0416765923                           O            06/01/18
    0

    8719241          E22/G02             F          125,000.00         ZZ
                                         180        125,000.00          1
                                       5.375          1,013.08         70
                                       5.125          1,013.08
    HANOVER PARK     IL   60133          5            05/14/03         00
    0416779296                           01           07/01/03          0
    0416779296                           O            06/01/18
    0

    8719247          E22/G02             F           68,000.00         ZZ
                                         180         68,000.00          1
                                       6.125            578.42         91
                                       5.875            578.42
    CHICKASHA        OK   73018          5            05/14/03         01
    0416779734                           05           07/01/03         30
    0416779734                           O            06/01/18
    0

    8719283          E22/G02             F           60,750.00         ZZ
                                         180         60,750.00          1
                                       5.250            488.36         75
                                       5.000            488.36
    TAYLOR           TX   76574          5            05/13/03         00
    0416819696                           05           07/01/03          0
    0416819696                           O            06/01/18
    0

    8719361          E22/G02             F           68,000.00         ZZ
                                         180         68,000.00          2
                                       6.125            578.42         48
                                       5.875            578.42
    KALAMAZOO        MI   49009          2            05/19/03         00
    0416850824                           05           07/01/03          0
    0416850824                           N            06/01/18
    0

    8719475          E22/G02             F          230,000.00         ZZ
                                         180        230,000.00          1
                                       5.375          1,864.07         16
                                       5.125          1,864.07
    SAN FRANCISCO    CA   94123          5            05/07/03         00
    0416934909                           05           07/01/03          0
    0416934909                           O            06/01/18
    0

1

    8719531          E22/G02             F          444,000.00         ZZ
                                         180        444,000.00          1
                                       5.500          3,627.85         41
                                       5.250          3,627.85
    HOUSTON          TX   77019          5            05/14/03         00
    0416954402                           06           07/01/03          0
    0416954402                           O            06/01/18
    0

    8719533          E22/G02             F           63,400.00         ZZ
                                         180         63,400.00          1
                                       5.375            513.84         80
                                       5.125            513.84
    MEMPHIS          TN   38116          5            05/13/03         00
    0416956324                           05           07/01/03          0
    0416956324                           O            06/01/18
    0

    8719551          E22/G02             F          487,500.00         T
                                         180        487,500.00          1
                                       5.375          3,951.02         65
                                       5.125          3,951.02
    PEBBLE BEACH     CA   93953          1            05/12/03         00
    0415026053                           05           07/01/03          0
    0415026053                           O            06/01/18
    0

    8719567          E22/G02             F           86,000.00         ZZ
                                         180         86,000.00          1
                                       5.125            685.70         60
                                       4.875            685.70
    DALLAS           TX   75229          2            05/14/03         00
    0416479442                           05           07/01/03          0
    0416479442                           O            06/01/18
    0

    8719573          E22/G02             F          103,500.00         ZZ
                                         180        103,500.00          1
                                       5.250            832.01         73
                                       5.000            832.01
    GREAT FALLS      MT   59405          2            05/13/03         00
    0416257335                           05           07/01/03          0
    0416257335                           O            06/01/18
    0

    8719575          E22/G02             F          125,000.00         ZZ
                                         180        125,000.00          1
                                       5.375          1,013.08         31
                                       5.125          1,013.08
1

    SAN FRANCISCO    CA   94134          2            05/06/03         00
    0416349447                           07           07/01/03          0
    0416349447                           O            06/01/18
    0

    8719581          E22/G02             F          253,500.00         ZZ
                                         180        253,500.00          1
                                       5.250          2,037.83         94
                                       5.000          2,037.83
    WALDORF          MD   20603          2            05/14/03         10
    0416377950                           03           07/01/03         25
    0416377950                           O            06/01/18
    0

    8719593          E22/G02             F          265,000.00         ZZ
                                         180        265,000.00          1
                                       5.375          2,147.73         49
                                       5.125          2,147.73
    WEST BLOOMFIELD  MI   48322          5            05/13/03         00
    0417093549                           05           07/01/03          0
    0417093549                           O            06/01/18
    0

    8719595          E22/G02             F           91,600.00         ZZ
                                         120         91,600.00          2
                                       5.375            988.44         60
                                       5.125            988.44
    UNIVERSITY HEIG  OH   44118          2            05/14/03         00
    0417094257                           05           07/01/03          0
    0417094257                           O            06/01/13
    0

    8719975          N74/G02             F          340,000.00         ZZ
                                         180        338,714.64          1
                                       4.875          2,666.61         74
                                       4.625          2,666.61
    MOORESVILLE      NC   28117          2            05/15/03         00
    0435888326                           05           06/20/03          0
    0032394010                           O            05/20/18
    0

    8720279          N74/G02             F          127,600.00         ZZ
                                         180        127,600.00          1
                                       5.250          1,025.75         50
                                       5.000          1,025.75
    RESTON           VA   20190          2            05/13/03         00
    0435873617                           09           07/01/03          0
    0032385010                           O            06/01/18
    0
1

    8720399          408/G02             F          260,000.00         ZZ
                                         180        259,067.25          1
                                       5.500          2,124.42         80
                                       5.250          2,124.42
    MIDWEST CITY     OK   73110          2            04/24/03         00
    0435876693                           05           06/01/03          0
    703034998                            O            05/01/18
    0

    8720499          Q14/G02             F          212,000.00         ZZ
                                         180        212,000.00          1
                                       5.250          1,704.22         78
                                       5.000          1,704.22
    DAVENPORT        IA   52807          5            05/13/03         00
    0435872874                           05           07/01/03          0
    0000313109                           O            06/01/18
    0

    8720925          U42/G02             F           64,000.00         ZZ
                                         180         63,779.93          1
                                       6.000            540.07         80
                                       5.750            540.07
    KATY             TX   77449          1            04/28/03         00
    0435882451                           03           06/01/03          0
    31300117                             N            05/01/18
    0

    8721061          K15/G02             F          180,000.00         ZZ
                                         120        180,000.00          1
                                       5.375          1,942.34         67
                                       5.125          1,942.34
    WOODFORD         VA   22580          5            05/02/03         00
    0435878046                           05           07/01/03          0
    017405513191                         O            06/01/13
    0

    8721645          K15/G02             F          108,000.00         ZZ
                                         180        108,000.00          1
                                       5.750            896.84         80
                                       5.500            896.84
    ORLANDO          FL   32808          5            05/07/03         00
    0435876610                           05           07/01/03          0
    009405509051                         O            06/01/18
    0

    8722423          168/168             F          344,000.00         ZZ
                                         180        342,765.90          1
1

                                       5.500          2,810.77         80
                                       5.250          2,810.77
    DULUTH           GA   30097          2            04/29/03         00
    0319918408                           03           06/01/03          0
    0319918408                           O            05/01/18
    0

    8722535          E76/G02             F           96,000.00         ZZ
                                         180         96,000.00          1
                                       5.500            784.40         59
                                       5.250            784.40
    INOLA            OK   74036          5            05/12/03         00
    0435887062                           05           07/01/03          0
    10024133                             O            06/01/18
    0

    8722911          742/G02             F          575,000.00         ZZ
                                         180        575,000.00          1
                                       5.625          4,736.46         68
                                       5.375          4,736.46
    PLEASANTVILLE    NY   10570          5            05/07/03         00
    0435879465                           05           07/01/03          0
    5921796                              O            06/01/18
    0

    8722933          K15/G02             F           55,300.00         ZZ
                                         180         55,109.85          1
                                       6.000            466.65         90
                                       5.750            466.65
    MOULTRIE         GA   31768          5            04/25/03         41
    0435876362                           05           06/01/03         12
    009805509170                         O            05/01/18
    0

    8723025          N74/G02             F           73,600.00         ZZ
                                         180         73,338.73          1
                                       5.625            606.27         80
                                       5.375            606.27
    JACKSONVILLE     NC   28546          5            05/14/03         00
    0435888466                           05           06/19/03          0
    032382010                            O            05/19/18
    0

    8723157          E47/G02             F          200,000.00         ZZ
                                         180        199,282.50          1
                                       5.500          1,634.17         50
                                       5.250          1,634.17
    RIVERVIEW        FL   33569          5            04/25/03         00
    0435877667                           05           06/01/03          0
1

    7361013757                           O            05/01/18
    0

    8723537          E82/G02             F          192,500.00         ZZ
                                         180        192,500.00          1
                                       5.750          1,598.54         90
                                       5.500          1,598.54
    EASTON           PA   18040          2            05/15/03         10
    0400821302                           05           07/01/03         12
    0400821302                           O            06/01/18
    0

    8723547          E82/G02             F          129,750.00         ZZ
                                         180        129,750.00          1
                                       5.750          1,077.46         37
                                       5.500          1,077.46
    LOS ANGELES      CA   90036          2            05/15/03         00
    0400823217                           01           07/01/03          0
    0400823217                           O            06/01/18
    0

    8723559          E82/G02             F          300,000.00         ZZ
                                         180        300,000.00          4
                                       5.375          2,431.40         75
                                       5.125          2,431.40
    ATLANTIC HIGHLA  NJ   07716          2            05/16/03         00
    0400809653                           05           07/01/03          0
    0400809653                           O            06/01/18
    0

    8723719          E22/G02             F           93,000.00         ZZ
                                         180         93,000.00          1
                                       5.875            778.52         70
                                       5.625            778.52
    MOUNT PLEASANT   SC   29464          5            05/20/03         00
    0416907384                           05           07/01/03          0
    0416907384                           N            06/01/18
    0

    8723721          E22/G02             F          112,000.00         ZZ
                                         180        112,000.00          1
                                       5.875            937.57         70
                                       5.625            937.57
    MOUNT PLEASANT   SC   29464          5            05/20/03         00
    0416908085                           05           07/01/03          0
    0416908085                           N            06/01/18
    0

1

    8723783          E22/G02             F           65,000.00         ZZ
                                         180         65,000.00          1
                                       6.000            548.51         65
                                       5.750            548.51
    DELRAY BEACH     FL   33483          5            05/20/03         00
    0416310407                           01           07/01/03          0
    0416310407                           N            06/01/18
    0

    8723827          E22/G02             F           64,800.00         ZZ
                                         180         64,800.00          1
                                       5.750            538.11         80
                                       5.500            538.11
    DELAND           FL   32720          5            05/15/03         00
    0416607497                           05           07/01/03          0
    0416607497                           O            06/01/18
    0

    8723857          E22/G02             F          127,500.00         ZZ
                                         180        127,500.00          1
                                       5.750          1,058.77         75
                                       5.500          1,058.77
    UNIVERSITY PLAC  WA   98467          5            05/15/03         00
    0416658953                           05           07/01/03          0
    0416658953                           N            06/01/18
    0

    8724023          E22/G02             F           48,500.00         ZZ
                                         180         48,500.00          1
                                       5.625            399.51         21
                                       5.375            399.51
    BLOOMINGDALE     IL   60108          5            05/15/03         00
    0416987519                           05           07/01/03          0
    0416987519                           O            06/01/18
    0

    8724063          E22/G02             F          101,600.00         ZZ
                                         180        101,600.00          1
                                       5.250            816.74         80
                                       5.000            816.74
    DAPHNE           AL   36526          5            05/15/03         00
    0417054780                           03           07/01/03          0
    0417054780                           O            06/01/18
    0

    8724067          E22/G02             F           95,000.00         ZZ
                                         180         95,000.00          1
                                       5.875            795.26         95
                                       5.625            795.26
1

    CHARLESTON       SC   29407          5            05/15/03         01
    0417056884                           05           07/01/03         25
    0417056884                           O            06/01/18
    0

    8724571          X78/G02             F           52,000.00         ZZ
                                         180         52,000.00          1
                                       5.250            418.02         42
                                       5.000            418.02
    ALPHARETTA       GA   30004          2            05/21/03         00
    0435899703                           01           07/01/03          0
    990403                               N            06/01/18
    0

    8724627          Q73/G02             F          649,600.00         ZZ
                                         180        649,600.00          1
                                       5.500          5,307.77         80
                                       5.250          5,307.77
    MOUNTAIN BROOK   AL   35223          5            05/09/03         00
    0435891551                           05           07/01/03          0
    3046304                              O            06/01/18
    0

    8724735          W02/G02             F           65,000.00         ZZ
                                         180         65,000.00          1
                                       5.250            522.53         70
                                       5.000            522.53
    PORT ST LUCIE    FL   34952          5            05/13/03         00
    0435903109                           05           07/01/03          0
    1002265535                           O            06/01/18
    0

    8724805          T23/G02             F           52,250.00         ZZ
                                         180         52,064.52          1
                                       5.625            430.40         95
                                       5.375            430.40
    PITTSBURGH       PA   15212          5            05/16/03         10
    0435886262                           05           06/21/03         25
    6423                                 O            05/21/18
    0

    8724863          K15/G02             F           64,600.00         ZZ
                                         180         64,600.00          1
                                       6.000            545.13         76
                                       5.750            545.13
    JASPER           TN   37347          5            05/01/03         00
    0435881131                           05           07/01/03          0
    003405508351                         O            06/01/18
    0
1

    8725005          K15/G02             F          101,000.00         ZZ
                                         180        101,000.00          1
                                       5.625            831.97         76
                                       5.375            831.97
    WATERFORD        MI   48329          5            05/08/03         00
    0435880596                           05           07/01/03          0
    035605515529                         O            06/01/18
    0

    8725073          X89/G02             F          274,000.00         ZZ
                                         180        274,000.00          1
                                       5.375          2,220.68         77
                                       5.125          2,220.68
    ALISO VIEJO      CA   92656          2            05/13/03         00
    0435891601                           01           07/01/03          0
    2006015                              O            06/01/18
    0

    8725075          L76/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
                                       5.375            567.33         72
                                       5.125            567.33
    OWATONNA         MN   55060          5            05/16/03         00
    0435886767                           05           07/01/03          0
    9507689                              O            06/01/18
    0

    8725081          K15/G02             F          155,700.00         ZZ
                                         180        155,700.00          1
                                       6.000          1,313.89         90
                                       5.750          1,313.89
    SANBORTON        NH   03289          5            05/08/03         41
    0435880984                           05           07/01/03         12
    033405515302                         O            06/01/18
    0

    8726355          477/G02             F          145,500.00         ZZ
                                         180        145,500.00          1
                                       5.500          1,188.86         51
                                       5.250          1,188.86
    SCOTTSDALE       AZ   85260          5            05/05/03         00
    0435893078                           05           07/01/03          0
    239159                               O            06/01/18
    0

    8726369          Q87/G02             F          169,200.00         ZZ
                                         180        168,560.35          1
1

                                       4.875          1,327.03         66
                                       4.625          1,327.03
    FRANKLIN         TN   37064          5            05/15/03         00
    0435888490                           05           06/20/03          0
    HACA03                               O            05/20/18
    0

    8727105          738/G02             F           95,150.00         T
                                         180         94,826.29          1
                                       6.125            809.37         80
                                       5.875            809.37
    GULF BREEZE      FL   32563          1            04/22/03         00
    0435881537                           09           06/01/03          0
    41058044                             O            05/01/18
    0

    8727183          A06/G02             F          228,500.00         T
                                         180        227,688.86          1
                                       5.625          1,882.23         70
                                       5.375          1,882.23
    MARATHON         FL   33050          2            04/30/03         00
    0435874706                           20           06/01/03          0
    001000010300533                      O            05/01/18
    0

    8727259          964/G02             F          207,000.00         ZZ
                                         180        206,241.60          1
                                       5.250          1,664.03         75
                                       5.000          1,664.03
    PARK CITY        UT   84098          5            04/22/03         00
    0435857172                           05           06/01/03          0
    384746                               O            05/01/18
    0

    8727299          U05/G02             F          110,000.00         ZZ
                                         180        110,000.00          1
                                       5.500            898.79         50
                                       5.250            898.79
    DREXEL HILL      PA   19026          2            05/09/03         00
    0435881644                           05           07/01/03          0
    3351487                              O            06/01/18
    0

    8727495          P44/G02             F          264,000.00         ZZ
                                         180        264,000.00          1
                                       5.375          2,139.63         80
                                       5.125          2,139.63
    BARNSTABLE (HYA  MA   02601          5            05/12/03         00
    0435877469                           05           07/01/03          0
1

    1                                    O            06/01/18
    0

    8728019          E22/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       5.125          1,116.25         76
                                       4.875          1,116.25
    KATY             TX   77494          5            05/15/03         00
    0416108140                           05           07/01/03          0
    0416108140                           O            06/01/18
    0

    8728029          E22/G02             F          117,600.00         ZZ
                                         180        117,600.00          1
                                       5.500            960.89         63
                                       5.250            960.89
    WILLITS          CA   95490          5            04/30/03         00
    0416314698                           05           07/01/03          0
    0416314698                           O            06/01/18
    0

    8728035          E22/G02             F          195,000.00         ZZ
                                         180        195,000.00          1
                                       5.125          1,554.77         33
                                       4.875          1,554.77
    WINDSOR          CA   95492          2            05/14/03         00
    0416393288                           05           07/01/03          0
    0416393288                           N            06/01/18
    0

    8728111          E22/G02             F           53,000.00         ZZ
                                         180         53,000.00          1
                                       5.500            433.05         80
                                       5.250            433.05
    BIRMINGHAM       AL   35208          5            05/16/03         00
    0416865384                           05           07/01/03          0
    0416865384                           O            06/01/18
    0

    8728119          168/168             F          418,000.00         ZZ
                                         180        418,000.00          1
                                       6.000          3,527.32         73
                                       5.750          3,527.32
    FAIRFAX STATION  VA   22039          2            05/08/03         00
    0339589418                           03           07/01/03          0
    0339589418                           O            06/01/18
    0

1

    8728147          E22/G02             F          250,000.00         ZZ
                                         180        250,000.00          1
                                       5.375          2,026.16         41
                                       5.125          2,026.16
    GILROY           CA   95020          2            05/15/03         00
    0416979680                           05           07/01/03          0
    0416979680                           N            06/01/18
    0

    8728197          E22/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       5.250            401.94         56
                                       5.000            401.94
    CECILIA          KY   42724          5            05/16/03         00
    0417080967                           05           07/01/03          0
    0417080967                           O            06/01/18
    0

    8728283          E22/G02             F          155,000.00         ZZ
                                         180        155,000.00          1
                                       5.250          1,246.01         37
                                       5.000          1,246.01
    AUSTIN           TX   78703          5            05/05/03         00
    0416672608                           05           07/01/03          0
    0416672608                           O            06/01/18
    0

    8728329          E22/G02             F          114,000.00         ZZ
                                         180        114,000.00          1
                                       5.625            939.05         80
                                       5.375            939.05
    FORT WORTH       TX   76133          2            05/16/03         00
    0416853224                           05           07/01/03          0
    0416853224                           O            06/01/18
    0

    8728333          E22/G02             F           56,080.00         ZZ
                                         180         56,080.00          1
                                       5.375            454.51         80
                                       5.125            454.51
    CARLYLE          IL   62231          2            05/16/03         00
    0416856037                           05           07/01/03          0
    0416856037                           O            06/01/18
    0

    8728349          E22/G02             F          205,000.00         ZZ
                                         180        205,000.00          1
                                       5.250          1,647.95         74
                                       5.000          1,647.95
1

    GONZALES         LA   70737          5            05/16/03         00
    0416946457                           05           07/01/03          0
    0416946457                           O            06/01/18
    0

    8728363          U19/G02             F           39,600.00         ZZ
                                         180         39,600.00          1
                                       5.625            326.20         39
                                       5.375            326.20
    COLORADO SPRING  CO   80911          5            05/14/03         00
    0435888953                           05           07/01/03          0
    0304250005                           N            06/01/18
    0

    8728365          E22/G02             F          460,000.00         ZZ
                                         180        460,000.00          1
                                       5.375          3,728.14         66
                                       5.125          3,728.14
    LOS ANGELES      CA   90049          5            05/13/03         00
    0416966612                           05           07/01/03          0
    0416966612                           O            06/01/18
    0

    8728497          E82/G02             F          128,000.00         ZZ
                                         180        128,000.00          1
                                       5.500          1,045.87         80
                                       5.250          1,045.87
    BANNING          CA   92220          2            05/16/03         00
    0400823720                           05           07/01/03          0
    0400823720                           O            06/01/18
    0

    8728559          E82/G02             F          130,300.00         ZZ
                                         180        130,300.00          1
                                       5.375          1,056.04         83
                                       5.125          1,056.04
    MIDLAND          MI   48640          2            05/19/03         10
    0400829982                           05           07/01/03         12
    0400829982                           O            06/01/18
    0

    8728571          S64/G02             F           43,300.00         ZZ
                                         180         43,300.00          1
                                       6.000            365.39         85
                                       5.750            365.39
    NILES            MI   49120          5            05/19/03         11
    0435888870                           05           07/01/03          6
    03304055                             O            06/01/18
    0
1

    8728579          940/G02             F          126,500.00         ZZ
                                         180        126,500.00          1
                                       5.500          1,033.61         54
                                       5.250          1,033.61
    BALDWIN PARK     CA   91706          2            05/07/03         00
    0435887047                           05           07/01/03          0
    40030553                             N            06/01/18
    0

    8728625          N74/G02             F           85,000.00         ZZ
                                         180         84,685.30          1
                                       5.125            677.72         66
                                       4.875            677.72
    WOODBRIDGE       VA   22192          5            05/16/03         00
    0435888599                           09           06/21/03          0
    0032417010                           O            05/21/18
    0

    8728773          168/168             F           69,000.00         ZZ
                                         180         69,000.00          1
                                       5.375            559.22         80
                                       5.125            559.22
    ROCHESTER        NY   14623          1            05/12/03         00
    0319789063                           05           07/01/03          0
    0319789063                           O            06/01/18
    0

    8728783          998/998             F          368,000.00         ZZ
                                         180        366,665.82          1
                                       5.375          2,982.51         75
                                       5.125          2,982.51
    OWINGS MILLS     MD   21117          2            04/24/03         00
    5601047                              05           06/01/03          0
    5601047                              O            05/01/18
    0

    8728817          Q87/G02             F           50,000.00         ZZ
                                         180         49,826.23          1
                                       5.875            418.56         65
                                       5.625            418.56
    EDWARDS          MO   65326          5            04/30/03         00
    0435886247                           05           06/05/03          0
    ABCH02                               O            05/05/18
    0

    8729491          U19/G02             F          248,000.00         ZZ
                                         180        248,000.00          1
1

                                       5.500          2,026.37         72
                                       5.250          2,026.37
    PHOENIX          AZ   85048          5            05/07/03         00
    0435882923                           03           07/01/03          0
    11000800                             O            06/01/18
    0

    8729897          U19/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       5.250            401.94         38
                                       5.000            401.94
    PHOENIX          AZ   85032          5            05/02/03         00
    0435887906                           05           07/01/03          0
    11000774                             O            06/01/18
    0

    8730115          K15/G02             F          123,000.00         ZZ
                                         180        123,000.00          1
                                       5.250            988.77         60
                                       5.000            988.77
    POMFRET          VT   05053          5            05/07/03         00
    0435884994                           05           07/01/03          0
    037105508129                         O            06/01/18
    0

    8730141          K15/G02             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       5.625          1,235.60         56
                                       5.375          1,235.60
    PAXTON           MA   01612          2            05/09/03         00
    0435883905                           05           07/01/03          0
    024605514344                         O            06/01/18
    0

    8730263          U87/G02             F          322,200.00         ZZ
                                         180        322,200.00          1
                                       5.000          2,547.94         60
                                       4.750          2,547.94
    SIMI VALLEY      CA   93065          2            05/20/03         00
    0435892930                           05           07/01/03          0
    9858                                 O            06/01/18
    0

    8730793          Q30/G02             F          322,000.00         ZZ
                                         180        322,000.00          1
                                       5.375          2,609.70         38
                                       5.125          2,609.70
    PORT WASHINGTON  NY   11050          5            05/16/03         00
    0435886825                           05           07/01/03          0
1

    21021365                             O            06/01/18
    0

    8731447          E82/G02             F           59,500.00         ZZ
                                         180         59,500.00          1
                                       5.625            490.12         60
                                       5.375            490.12
    MARSHALL         MN   56258          2            05/21/03         00
    0400828398                           05           07/01/03          0
    0400828398                           O            06/01/18
    0

    8731497          E22/G02             F          158,700.00         ZZ
                                         180        158,700.00          1
                                       4.875          1,244.68         29
                                       4.625          1,244.68
    CAPTIVA          FL   33924          2            05/16/03         00
    0416737930                           01           07/01/03          0
    0416737930                           O            06/01/18
    0

    8731659          E22/G02             F           83,000.00         ZZ
                                         180         83,000.00          1
                                       5.500            678.18         90
                                       5.250            678.18
    PIXLEY           CA   93256          5            05/14/03         01
    0416493070                           05           07/01/03         12
    0416493070                           O            06/01/18
    0

    8731669          E22/G02             F          185,000.00         ZZ
                                         180        185,000.00          3
                                       5.625          1,523.90         35
                                       5.375          1,523.90
    CHICAGO          IL   60062          5            05/16/03         00
    0416592020                           05           07/01/03          0
    0416592020                           O            06/01/18
    0

    8731971          313/G02             F          144,800.00         ZZ
                                         180        144,800.00          1
                                       5.500          1,183.14         80
                                       5.250          1,183.14
    CHANDLER         AZ   85224          5            05/13/03         00
    0435888078                           03           07/01/03          0
    0009556663                           O            06/01/18
    0

1

    8732449          K15/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       4.875            392.15         63
                                       4.625            392.15
    CINCINNATI       OH   45216          5            05/02/03         00
    0435886924                           05           07/01/03          0
    028305508166                         N            06/01/18
    0

    8733521          952/G02             F           71,250.00         T
                                         180         71,250.00          1
                                       5.250            572.76         75
                                       5.000            572.76
    BOYNTON BEACH    FL   33436          5            05/20/03         00
    0435898648                           01           07/01/03          0
    20028499                             O            06/01/18
    0

    8733853          X31/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       5.375            405.23         44
                                       5.125            405.23
    HEMET            CA   92543          5            05/16/03         00
    0435900246                           05           07/01/03          0
    80001070                             O            06/01/18
    0

    8734925          N74/G02             F           48,300.00         ZZ
                                         180         48,300.00          1
                                       5.125            385.11         52
                                       4.875            385.11
    BRYANT           AR   72022          2            05/21/03         00
    0435902176                           05           07/01/03          0
    0032434010                           O            06/01/18
    0

    8736947          P09/G02             F           60,000.00         ZZ
                                         180         60,000.00          1
                                       5.625            494.24         45
                                       5.375            494.24
    BALTIMORE        MD   21230          5            05/21/03         00
    0435894217                           07           07/01/03          0
    30020050                             O            06/01/18
    0

    8737195          X67/G02             F          115,000.00         ZZ
                                         180        115,000.00          1
                                       5.750            954.97         53
                                       5.500            954.97
1

    CHINO            CA   91710          5            05/07/03         00
    0435901293                           03           07/01/03          0
    285348                               O            06/01/18
    0

    8737199          U05/G02             F          288,500.00         TX
                                         180        288,500.00          1
                                       5.500          2,357.29         69
                                       5.250          2,357.29
    EL PASO          TX   79932          2            05/16/03         00
    0435886106                           05           07/01/03          0
    3355520                              O            06/01/18
    0

    8737231          624/G02             F          149,100.00         ZZ
                                         180        148,547.98          1
                                       5.125          1,188.80         88
                                       4.875          1,188.80
    LEMOORE          CA   93245          2            04/30/03         01
    0435895289                           05           06/01/03         12
    1000031676                           O            05/01/18
    0

    8737935          624/G02             F          216,000.00         ZZ
                                         180        216,000.00          1
                                       5.375          1,750.61         70
                                       5.125          1,750.61
    SANTA ANA        CA   92703          5            05/08/03         00
    0435892583                           05           07/01/03          0
    1000031483                           O            06/01/18
    0

    8739771          E22/G02             F           61,000.00         ZZ
                                         180         61,000.00          1
                                       5.625            502.48         39
                                       5.375            502.48
    SUGAR LAND       TX   77479          2            05/19/03         00
    0416088037                           03           07/01/03          0
    0416088037                           O            06/01/18
    0

    8739791          E22/G02             F           64,000.00         ZZ
                                         180         64,000.00          1
                                       5.625            527.19         76
                                       5.375            527.19
    HENNESSEY        OK   73742          2            05/19/03         00
    0416494839                           05           07/01/03          0
    0416494839                           O            06/01/18
    0
1

    8739821          E82/G02             F          117,850.00         ZZ
                                         180        117,850.00          1
                                       5.625            970.77         74
                                       5.375            970.77
    BLANCHESTER      OH   45107          5            05/20/03         00
    0400815726                           05           07/01/03          0
    0400815726                           O            06/01/18
    0

    8739843          E22/G02             F          246,000.00         ZZ
                                         180        246,000.00          1
                                       5.250          1,977.54         79
                                       5.000          1,977.54
    FARMINGTON       MI   48331          2            05/22/03         00
    0417235454                           05           07/01/03          0
    0417235454                           O            06/01/18
    0

    8739895          E22/G02             F          375,000.00         ZZ
                                         180        375,000.00          1
                                       5.250          3,014.54         80
                                       5.000          3,014.54
    CROFTON          MD   21114          2            05/19/03         00
    0416963015                           05           07/01/03          0
    0416963015                           O            06/01/18
    0

    8739931          E82/G02             F          125,400.00         ZZ
                                         180        125,400.00          1
                                       5.500          1,024.62         80
                                       5.250          1,024.62
    MELBOURNE        FL   32904          2            05/19/03         00
    0400831152                           03           07/01/03          0
    0400831152                           O            06/01/18
    0

    8739943          E82/G02             F           75,900.00         ZZ
                                         180         75,900.00          1
                                       5.500            620.17         79
                                       5.250            620.17
    EUDORA           AR   71640          2            05/19/03         00
    0400821039                           05           07/01/03          0
    0400821039                           O            06/01/18
    0

    8740267          E22/G02             F           93,000.00         ZZ
                                         180         93,000.00          1
1

                                       5.375            753.73         69
                                       5.125            753.73
    HOUSTON          TX   77089          5            05/19/03         00
    0416876225                           03           07/01/03          0
    0416876225                           O            06/01/18
    0

    8740335          E22/G02             F          145,000.00         ZZ
                                         180        145,000.00          1
                                       5.500          1,184.77         77
                                       5.250          1,184.77
    INGLESIDE        IL   60041          5            05/20/03         00
    0416986800                           05           07/01/03          0
    0416986800                           O            06/01/18
    0

    8740449          E22/G02             F          123,500.00         ZZ
                                         180        123,500.00          1
                                       5.625          1,017.31         95
                                       5.375          1,017.31
    PAPILLION        NE   68046          5            05/21/03         01
    0416948461                           05           07/01/03         30
    0416948461                           O            06/01/18
    0

    8740455          E22/G02             F          142,500.00         ZZ
                                         180        142,500.00          1
                                       5.875          1,192.89         95
                                       5.625          1,192.89
    BROKEN ARROW     OK   74014          2            05/19/03         01
    0416954980                           05           07/01/03         30
    0416954980                           O            06/01/18
    0

    8740459          E22/G02             F           93,000.00         ZZ
                                         180         93,000.00          1
                                       5.250            747.61         65
                                       5.000            747.61
    KAWKAWLIN        MI   48631          2            05/19/03         00
    0416959005                           05           07/01/03          0
    0416959005                           O            06/01/18
    0

    8740477          E22/G02             F          145,500.00         ZZ
                                         180        145,500.00          1
                                       5.000          1,150.60         64
                                       4.750          1,150.60
    ROCKLIN          CA   95677          2            05/15/03         00
    0417077542                           05           07/01/03          0
1

    0417077542                           O            06/01/18
    0

    8740519          E22/G02             F           77,000.00         ZZ
                                         180         77,000.00          1
                                       6.250            660.22         70
                                       6.000            660.22
    MARTINEZ         GA   30907          5            05/15/03         00
    0416654671                           05           07/01/03          0
    0416654671                           N            06/01/18
    0

    8741039          S27/G02             F          294,500.00         ZZ
                                         180        294,500.00          1
                                       5.750          2,445.56         80
                                       5.500          2,445.56
    FAIRFAX          VA   22030          2            05/07/03         00
    0435904537                           05           07/01/03          0
    1130013259                           O            06/01/18
    0

    8741135          X89/G02             F          430,000.00         ZZ
                                         180        430,000.00          1
                                       5.625          3,542.05         79
                                       5.375          3,542.05
    ALBUQUERQUE      NM   87107          5            05/14/03         00
    0435890165                           05           07/01/03          0
    2004052                              O            06/01/18
    0

    8741163          K15/G02             F           77,500.00         ZZ
                                         180         77,500.00          1
                                       5.625            638.39         60
                                       5.375            638.39
    HUMBLE           TX   77396          5            05/09/03         00
    0435896352                           03           07/01/03          0
    031705508543                         O            06/01/18
    0

    8741507          M37/G02             F          118,000.00         ZZ
                                         180        118,000.00          1
                                       5.625            972.00         76
                                       5.375            972.00
    GLENDALE         AZ   85302          5            05/12/03         00
    0435908041                           05           07/01/03          0
    612996                               O            06/01/18
    0

1

    8741551          U05/G02             F           85,000.00         TX
                                         180         85,000.00          1
                                       5.500            694.52         69
                                       5.250            694.52
    MCALLEN          TX   78501          5            05/15/03         00
    0435888219                           05           07/01/03          0
    3349956                              O            06/01/18
    0

    8741575          T23/G02             F           90,250.00         ZZ
                                         180         90,250.00          1
                                       5.375            731.45         95
                                       5.125            731.45
    DAYTON           OH   45407          2            05/21/03         10
    0435911565                           05           07/01/03         25
    6432                                 O            06/01/18
    0

    8741583          A06/G02             F          122,400.00         ZZ
                                         180        122,400.00          1
                                       5.375            992.01         79
                                       5.125            992.01
    BROWNSTOWN       MI   48192          5            05/15/03         00
    0435896881                           05           07/01/03          0
    1000020307847                        O            06/01/18
    0

    8741629          U05/G02             F          145,200.00         TX
                                         180        145,200.00          1
                                       5.500          1,186.41         80
                                       5.250          1,186.41
    ARANSAS PASS     TX   78336          5            05/14/03         00
    0435887898                           05           07/01/03          0
    3349042                              O            06/01/18
    0

    8741635          N74/G02             F           39,425.00         ZZ
                                         180         39,279.04          1
                                       5.125            314.34         95
                                       4.875            314.34
    NORTH WILKESBOR  NC   28659          1            05/21/03         10
    0435909445                           05           06/21/03         30
    0032428010                           O            05/21/18
    0

    8741681          L76/G02             F          270,000.00         ZZ
                                         180        270,000.00          1
                                       5.000          2,135.14         70
                                       4.750          2,135.14
1

    FARIBAULT        MN   55021          5            05/21/03         00
    0435906615                           05           07/01/03          0
    9507751                              O            06/01/18
    0

    8741895          K15/G02             F          127,500.00         ZZ
                                         180        127,500.00          1
                                       6.000          1,075.92         85
                                       5.750          1,075.92
    DANIELSON        CT   06239          5            05/10/03         41
    0435893029                           05           07/01/03          6
    037605509133                         O            06/01/18
    0

    8742745          E22/G02             F           71,250.00         ZZ
                                         180         71,250.00          1
                                       5.750            591.67         93
                                       5.500            591.67
    DORA             AL   35062          5            05/21/03         11
    0416948172                           05           07/01/03         25
    0416948172                           O            06/01/18
    0

    8742943          E22/G02             F           92,000.00         ZZ
                                         180         92,000.00          1
                                       5.250            739.57         17
                                       5.000            739.57
    SAN BRUNO        CA   94066          5            05/06/03         00
    0416590610                           05           07/01/03          0
    0416590610                           O            06/01/18
    0

    8742993          E22/G02             F          120,000.00         ZZ
                                         180        120,000.00          1
                                       5.750            996.49         80
                                       5.500            996.49
    NEW BRAUNFELS    TX   78130          5            05/20/03         00
    0416855559                           05           07/01/03          0
    0416855559                           O            06/01/18
    0

    8743041          E22/G02             F           74,800.00         ZZ
                                         180         74,800.00          1
                                       5.875            626.16         80
                                       5.625            626.16
    BROKEN ARROW     OK   74011          5            05/21/03         00
    0416985299                           05           07/01/03          0
    0416985299                           O            06/01/18
    0
1

    8744265          K15/G02             F           82,400.00         ZZ
                                         180         82,400.00          1
                                       5.375            667.82         60
                                       5.125            667.82
    WALES            ME   04280          5            05/21/03         00
    0435896774                           05           07/01/03          0
    007705514236                         O            06/01/18
    0

    8745051          624/G02             F          124,250.00         ZZ
                                         180        123,804.25          1
                                       5.500          1,015.23         79
                                       5.250          1,015.23
    PHEONIX          AZ   85029          5            04/22/03         00
    0435895156                           05           06/01/03          0
    1000030001                           O            05/01/18
    0

    8745271          U05/G02             F          378,600.00         TX
                                         180        378,600.00          1
                                       5.625          3,118.65         78
                                       5.375          3,118.65
    AUSTIN           TX   78733          2            05/13/03         00
    0435894563                           03           07/01/03          0
    3343338                              O            06/01/18
    0

    8745865          E22/G02             F           96,200.00         ZZ
                                         180         96,200.00          1
                                       5.125            767.02         74
                                       4.875            767.02
    KANSAS CITY      MO   64118          2            05/21/03         00
    0417098472                           05           07/01/03          0
    0417098472                           O            06/01/18
    0

    8745939          E22/G02             F          146,400.00         ZZ
                                         180        146,400.00          1
                                       5.875          1,225.54         80
                                       5.625          1,225.54
    DENTON           TX   76205          5            05/22/03         00
    0413682311                           05           07/01/03          0
    0413682311                           O            06/01/18
    0

    8746159          E82/G02             F           62,400.00         ZZ
                                         180         62,400.00          1
1

                                       5.375            505.73         74
                                       5.125            505.73
    FORT LAUDERDALE  FL   33309          2            05/23/03         00
    0400836383                           05           07/01/03          0
    0400836383                           O            06/01/18
    0

    8746295          E22/G02             F          150,400.00         ZZ
                                         180        150,400.00          1
                                       5.250          1,209.03         80
                                       5.000          1,209.03
    PORT ORCHARD     WA   98366          5            05/19/03         00
    0417010436                           05           07/01/03          0
    0417010436                           O            06/01/18
    0

    8746465          E82/G02             F          145,600.00         ZZ
                                         180        145,600.00          1
                                       5.375          1,180.04         80
                                       5.125          1,180.04
    GAITHERSBURG     MD   20886          2            05/23/03         00
    0400803938                           09           07/01/03          0
    0400803938                           O            06/01/18
    0

    8746559          E22/G02             F           86,000.00         ZZ
                                         180         86,000.00          1
                                       5.250            691.33         54
                                       5.000            691.33
    WESTMINSTER      CO   80030          2            05/22/03         00
    0417131026                           05           07/01/03          0
    0417131026                           O            06/01/18
    0

    8746579          E22/G02             F          131,000.00         ZZ
                                         180        131,000.00          2
                                       5.500          1,070.38         66
                                       5.250          1,070.38
    DELRAY BEACH     FL   33444          2            05/28/03         00
    0417164308                           05           07/01/03          0
    0417164308                           N            06/01/18
    0

    8747503          950/G02             F          208,000.00         ZZ
                                         180        208,000.00          1
                                       5.500          1,699.53         80
                                       5.250          1,699.53
    SHORELINE        WA   98155          5            05/13/03         00
    0435902168                           05           07/01/03          0
1

    E034036                              O            06/01/18
    0

    8747593          K15/G02             F          147,500.00         ZZ
                                         180        147,500.00          1
                                       5.500          1,205.20         80
                                       5.250          1,205.20
    STERLING         OH   44276          5            05/20/03         00
    0435898614                           05           07/01/03          0
    003690005508791                      O            06/01/18
    0

    8747915          624/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
                                       5.375            567.33         28
                                       5.125            567.33
    OAKDALE          CA   95361          1            05/15/03         00
    0435895123                           05           07/01/03          0
    1000031707                           O            06/01/18
    0

    8748101          624/G02             F          130,000.00         ZZ
                                         180        130,000.00          1
                                       5.625          1,070.85         48
                                       5.375          1,070.85
    NORWALK          CA   90650          5            05/05/03         00
    0435895339                           05           07/01/03          0
    1000030123                           O            06/01/18
    0

    8748543          Q14/G02             F           85,500.00         ZZ
                                         180         85,500.00          1
                                       5.375            692.95         90
                                       5.125            692.95
    CLINTON          IA   52732          2            05/15/03         01
    0435901194                           05           07/01/03         25
    0000312858                           O            06/01/18
    0

    8748549          E22/G02             F          362,000.00         ZZ
                                         180        362,000.00          1
                                       5.375          2,933.88         80
                                       5.125          2,933.88
    TACOMA           WA   98422          5            05/16/03         00
    0416989580                           05           07/01/03          0
    0416989580                           O            06/01/18
    0

1

    8748689          E22/G02             F          224,000.00         ZZ
                                         180        224,000.00          1
                                       5.250          1,800.69         80
                                       5.000          1,800.69
    HOUSTON          TX   77008          5            05/23/03         00
    0416933752                           05           07/01/03          0
    0416933752                           O            06/01/18
    0

    8749371          E22/G02             F          247,000.00         ZZ
                                         180        247,000.00          1
                                       5.250          1,985.58         95
                                       5.000          1,985.58
    SALT LAKE CITY   UT   84106          2            05/21/03         04
    0417048634                           05           07/01/03         30
    0417048634                           O            06/01/18
    0

    8749543          E22/G02             F          339,000.00         ZZ
                                         180        339,000.00          1
                                       5.375          2,747.48         62
                                       5.125          2,747.48
    AUSTIN           TX   78730          2            05/23/03         00
    0417150315                           03           07/01/03          0
    0417150315                           O            06/01/18
    0

    8752189          253/253             F           95,000.00         ZZ
                                         180         95,000.00          1
                                       5.750            788.89         68
                                       5.500            788.89
    LOUISVILLE       KY   40218          5            05/15/03         00
    459351                               05           07/01/03          0
    459351                               O            06/01/18
    0

    8753131          E82/G02             F           75,000.00         ZZ
                                         180         75,000.00          1
                                       5.375            607.85         56
                                       5.125            607.85
    EL PASO          IL   61738          2            05/28/03         00
    0400823886                           05           07/01/03          0
    0400823886                           O            06/01/18
    0

    8753349          E22/G02             F          116,800.00         ZZ
                                         180        116,800.00          1
                                       5.750            969.92         80
                                       5.500            969.92
1

    INDIANAPOLIS     IN   46260          1            05/30/03         00
    0417124567                           05           07/01/03          0
    0417124567                           N            06/01/18
    0

    8756135          K15/G02             F          157,500.00         ZZ
                                         180        157,500.00          1
                                       5.500          1,286.91         59
                                       5.250          1,286.91
    NASHUA           NH   03062          5            05/14/03         00
    0435911730                           05           07/01/03          0
    033105515549                         O            06/01/18
    0

   TOTAL NUMBER OF LOANS   :      1,555

   TOTAL ORIGINAL BALANCE  :   259,581,725.80

   TOTAL PRINCIPAL BALANCE :   258,252,490.02

   TOTAL ORIGINAL P+I      :     2,141,049.97

   TOTAL CURRENT P+I       :     2,141,049.97

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

<PAGE>
<TABLE>
<CAPTION>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>             <C>
      8366242         $264,029.10           4.970%             0.6000%         $1,584.17
      8367400         $111,589.66           4.970%             0.6000%          $669.54
      8367428         $199,259.53           4.845%             3.1000%         $6,177.05
      8367892         $121,145.06           4.720%             5.6000%         $6,784.12
      8367982         $117,069.50           4.970%             0.6000%          $702.42
      8371182         $322,700.00           4.845%             3.1000%        $10,003.70
      8371190         $642,500.00           4.970%             0.6000%         $3,855.00
      8371974         $215,000.00           4.595%             8.1000%        $17,415.00
      8523295         $231,389.81           4.845%             3.1000%         $7,173.08
      8523317         $319,062.93           4.720%             5.6000%        $17,867.52
      8524459         $458,689.55           4.970%             0.6000%         $2,752.14
      8524479         $338,541.84           4.845%             3.1000%        $10,494.80
      8529671         $285,443.54           4.720%             5.6000%        $15,984.84
      8539659         $320,305.40           4.845%             3.1000%         $9,929.47
      8562869         $78,717.65            4.970%             0.6000%          $472.31
      8568999         $99,265.64            4.970%             0.6000%          $595.59
      8569189         $140,857.95           4.970%             0.6000%          $845.15
      8569191         $168,725.31           4.720%             5.6000%         $9,448.62
      8589923         $118,451.20           4.720%             5.6000%         $6,633.27
      8593913         $58,779.26            4.720%             5.6000%         $3,291.64
      8610877         $140,393.41           4.970%             0.6000%          $842.36
      8613217         $164,395.48           4.970%             0.6000%          $986.37
      8613407         $197,602.74           4.970%             0.6000%         $1,185.62
      8613695         $79,687.79            4.720%             5.6000%         $4,462.52
      8619007         $281,963.16           4.970%             0.6000%         $1,691.78
      8622927         $138,490.74           4.970%             0.6000%          $830.94
      8624883         $78,109.62            4.720%             5.6000%         $4,374.14
      8625513         $96,108.25            4.970%             0.6000%          $576.65
      8625539         $148,344.07           4.970%             0.6000%          $890.06
      8625619         $29,467.48            4.970%             0.6000%          $176.80
      8626989         $144,468.76           4.970%             0.6000%          $866.81
      8629721         $139,481.67           4.845%             3.1000%         $4,323.93
      8630395         $317,377.28           4.845%             3.1000%         $9,838.70
      8631119         $153,365.42           4.970%             0.6000%          $920.19
      8632543         $201,259.92           4.970%             0.6000%         $1,207.56
      8633591         $211,206.85           4.720%             5.6000%        $11,827.58
      8634031         $199,251.74           4.720%             5.6000%        $11,158.10
      8634067         $98,563.13            4.845%             3.1000%         $3,055.46
      8635197         $97,640.95            4.970%             0.6000%          $585.85
      8635393         $98,338.38            4.970%             0.6000%          $590.03
      8637687         $249,074.41           4.845%             3.1000%         $7,721.31
      8639011         $87,079.79            4.970%             0.6000%          $522.48
      8640871         $498,168.11           4.970%             0.6000%         $2,989.01
      8642467         $259,047.42           4.970%             0.6000%         $1,554.28
      8644211         $124,532.34           4.720%             5.6000%         $6,973.81
      8645111         $205,245.26           4.970%             0.6000%         $1,231.47
      8645333         $108,102.48           4.970%             0.6000%          $648.61
      8647139         $246,759.13           4.970%             0.6000%         $1,480.55
      8647143         $333,772.63           4.970%             0.6000%         $2,002.64
      8647497         $50,723.13            4.970%             0.6000%          $304.34
      8647967         $113,582.33           4.970%             0.6000%          $681.49
      8647987         $277,977.81           4.970%             0.6000%         $1,667.87
      8648297         $130,514.99           4.845%             3.1000%         $4,045.96

 Friday, June 20, 2003                                                          Page 1 of 5

      8648601         $555,887.58           4.970%             0.6000%         $3,335.33
      8648895         $510,104.39           4.845%             3.1000%        $15,813.24
      8649355         $302,713.07           4.720%             5.6000%        $16,951.93
      8651203         $163,217.50           4.970%             0.6000%          $979.31
      8651211         $293,884.76           4.595%             8.1000%        $23,804.67
      8651329         $313,809.15           4.595%             8.1000%        $25,418.54
      8651337         $121,054.85           4.970%             0.6000%          $726.33
      8651377         $206,217.44           4.595%             8.1000%        $16,703.61
      8651419         $124,532.34           4.720%             5.6000%         $6,973.81
      8651437         $144,164.27           4.845%             3.1000%         $4,469.09
      8651455         $97,625.64            4.470%            10.6000%        $10,348.32
      8651779         $323,156.86           4.970%             0.6000%         $1,938.94
      8651803         $119,560.35           4.970%             0.6000%          $717.36
      8651977         $184,122.21           4.970%             0.6000%         $1,104.73
      8652003         $191,289.14           4.845%             3.1000%         $5,929.96
      8653545         $213,697.49           4.720%             5.6000%        $11,967.06
      8653565         $135,496.47           4.845%             3.1000%         $4,200.39
      8653571         $249,074.41           4.845%             3.1000%         $7,721.31
      8653741         $303,858.91           4.720%             5.6000%        $17,016.10
      8653747         $274,988.80           4.970%             0.6000%         $1,649.93
      8653765         $184,307.86           4.720%             5.6000%        $10,321.24
      8653851         $138,216.95           4.970%             0.6000%          $829.30
      8653937         $105,607.55           4.845%             3.1000%         $3,273.83
      8653955         $122,544.60           4.845%             3.1000%         $3,798.88
      8653961         $155,404.08           4.470%            10.6000%        $16,472.83
      8653967         $159,911.97           4.970%             0.6000%          $959.47
      8653985         $242,579.45           4.595%             8.1000%        $19,648.94
      8653993         $199,243.90           4.595%             8.1000%        $16,138.76
      8654503         $174,558.11           4.970%             0.6000%         $1,047.35
      8654663         $148,898.46           4.970%             0.6000%          $893.39
      8655507         $590,129.94           4.970%             0.6000%         $3,540.78
      8655557         $196,278.24           4.970%             0.6000%         $1,177.67
      8655731         $64,759.34            4.845%             3.1000%         $2,007.54
      8655905         $133,254.80           4.845%             3.1000%         $4,130.90
      8655963         $199,267.24           4.970%             0.6000%         $1,195.60
      8657391         $259,047.42           4.970%             0.6000%         $1,554.28
      8657439         $156,418.73           4.845%             3.1000%         $4,848.98
      8657595         $113,025.55           4.720%             5.6000%         $6,329.43
      8657599         $104,615.31           4.970%             0.6000%          $627.69
      8657705         $231,349.28           4.970%             0.6000%         $1,388.10
      8658135         $242,290.12           4.720%             5.6000%        $13,568.25
      8658311         $186,326.92           4.970%             0.6000%         $1,117.96
      8661863         $88,175.76            4.970%             0.6000%          $529.05
      8661971         $173,349.02           4.720%             5.6000%         $9,707.55
      8662349         $538,021.56           4.970%             0.6000%         $3,228.13
      8662611         $84,884.55            4.845%             3.1000%         $2,631.42
      8664183         $251,574.90           4.970%             0.6000%         $1,509.45
      8666437         $129,922.24           4.970%             0.6000%          $779.53
      8666743         $134,267.88           4.970%             0.6000%          $805.61
      8667311         $159,413.80           4.970%             0.6000%          $956.48
      8667321         $140,500.00           4.970%             0.6000%          $843.00
      8667359         $394,000.00           4.845%             3.1000%        $12,214.00
      8667471         $321,517.70           4.970%             0.6000%         $1,929.11
      8668187         $143,721.50           4.970%             0.6000%          $862.33
      8668945         $302,000.00           4.720%             5.6000%        $16,912.00
      8669001         $114,269.28           4.970%             0.6000%          $685.62
      8669245         $423,442.90           4.970%             0.6000%         $2,540.66

 Friday, June 20, 2003                                                          Page 2 of 5
      8669249         $570,900.66           4.970%             0.6000%         $3,425.40
      8669315         $189,303.88           4.970%             0.6000%         $1,135.82
      8669411         $199,267.24           4.970%             0.6000%         $1,195.60
      8669725         $65,018.99            4.970%             0.6000%          $390.11
      8670183         $123,089.39           4.970%             0.6000%          $738.54
      8670215         $239,684.50           4.970%             0.6000%         $1,438.11
      8673037         $229,962.50           4.720%             5.6000%        $12,877.90
      8673623         $553,902.28           4.970%             0.6000%         $3,323.41
      8673819         $308,864.22           4.970%             0.6000%         $1,853.19
      8674203         $224,175.66           4.970%             0.6000%         $1,345.05
      8674453         $287,692.08           4.970%             0.6000%         $1,726.15
      8675695         $83,692.24            4.970%             0.6000%          $502.15
      8676575         $111,589.66           4.970%             0.6000%          $669.54
      8676701         $96,000.00            4.720%             5.6000%         $5,376.00
      8676827         $291,915.20           4.845%             3.1000%         $9,049.37
      8677299         $199,251.74           4.720%             5.6000%        $11,158.10
      8678591         $149,450.43           4.970%             0.6000%          $896.70
      8680985         $74,772.14            4.845%             3.1000%         $2,317.94
      8681983         $135,000.00           4.970%             0.6000%          $810.00
      8681993         $313,285.79           4.845%             3.1000%         $9,711.86
      8683257         $51,807.47            4.845%             3.1000%         $1,606.03
      8683581         $298,900.87           4.970%             0.6000%         $1,793.41
      8684051         $322,700.00           4.970%             0.6000%         $1,936.20
      8684063         $74,224.18            4.845%             3.1000%         $2,300.95
      8684423         $338,754.31           4.970%             0.6000%         $2,032.53
      8684577         $229,148.45           4.845%             3.1000%         $7,103.60
      8684645         $283,944.82           4.845%             3.1000%         $8,802.29
      8684755         $291,903.80           4.720%             5.6000%        $16,346.61
      8684801         $251,047.32           4.595%             8.1000%        $20,334.83
      8684945         $229,139.50           4.720%             5.6000%        $12,831.81
      8684999         $149,438.81           4.720%             5.6000%         $8,368.57
      8685061         $298,877.62           4.720%             5.6000%        $16,737.15
      8685125         $215,372.91           4.720%             5.6000%        $12,060.88
      8685147         $360,659.74           4.845%             3.1000%        $11,180.45
      8685189         $298,877.62           4.720%             5.6000%        $16,737.15
      8685211         $242,100.32           4.845%             3.1000%         $7,505.11
      8686745         $137,981.83           4.720%             5.6000%         $7,726.98
      8687267         $128,000.00           4.845%             3.1000%         $3,968.00
      8687283         $117,000.00           4.845%             3.1000%         $3,627.00
      8687497         $321,505.24           4.845%             3.1000%         $9,966.66
      8687547         $70,000.00            4.845%             3.1000%         $2,170.00
      8688625         $149,600.00           4.845%             3.1000%         $4,637.60
      8688887         $65,000.00            4.845%             3.1000%         $2,015.00
      8691669         $480,000.00           4.720%             5.6000%        $26,880.00
      8691673         $647,568.17           4.720%             5.6000%        $36,263.82
      8691687         $119,551.05           4.720%             5.6000%         $6,694.86
      8691699         $432,393.17           4.845%             3.1000%        $13,404.19
      8691707         $303,300.00           4.845%             3.1000%         $9,402.30
      8691721         $251,057.20           4.720%             5.6000%        $14,059.20
      8693195         $116,566.83           4.845%             3.1000%         $3,613.57
      8696475         $244,700.18           4.970%             0.6000%         $1,468.20
      8697801         $310,000.00           4.970%             0.6000%         $1,860.00
      8699837         $199,742.01           4.595%             8.1000%        $16,179.10
      8699855         $204,241.01           4.845%             3.1000%         $6,331.47
      8699871         $131,495.76           4.470%            10.6000%        $13,938.55
      8699897         $172,366.17           4.970%             0.6000%         $1,034.20
      8699921         $319,457.13           4.970%             0.6000%         $1,916.74

 Friday, June 20, 2003                                                          Page 3 of 5

      8699929         $130,719.31           4.970%             0.6000%          $784.32
      8699951         $203,228.78           4.595%             8.1000%        $16,461.53
      8699991         $259,037.38           4.845%             3.1000%         $8,030.16
      8699999         $108,094.07           4.720%             5.6000%         $6,053.27
      8700003         $211,206.84           4.720%             5.6000%        $11,827.58
      8700083         $179,326.57           4.720%             5.6000%        $10,042.29
      8700103         $259,017.07           4.595%             8.1000%        $20,980.38
      8700107         $199,259.53           4.845%             3.1000%         $6,177.05
      8700111         $119,546.34           4.595%             8.1000%         $9,683.25
      8700127         $93,146.52            4.595%             8.1000%         $7,544.87
      8700135         $256,038.49           4.720%             5.6000%        $14,338.16
      8700143         $176,330.85           4.595%             8.1000%        $14,282.80
      8700157         $134,494.93           4.720%             5.6000%         $7,531.72
      8700161         $263,012.30           4.720%             5.6000%        $14,728.69
      8700167         $249,064.68           4.720%             5.6000%        $13,947.62
      8700175         $159,388.80           4.470%            10.6000%        $16,895.21
      8700187         $185,311.35           4.845%             3.1000%         $5,744.65
      8700199         $189,281.71           4.595%             8.1000%        $15,331.82
      8700217         $321,517.70           4.970%             0.6000%         $1,929.11
      8700229         $313,833.75           4.845%             3.1000%         $9,728.85
      8700237         $65,753.08            4.720%             5.6000%         $3,682.17
      8700239         $131,002.87           4.595%             8.1000%        $10,611.23
      8700271         $115,575.00           4.970%             0.6000%          $693.45
      8700273         $129,508.54           4.595%             8.1000%        $10,490.19
      8700361         $83,692.24            4.970%             0.6000%          $502.15
      8700393         $199,267.24           4.970%             0.6000%         $1,195.60
      8700423         $166,381.70           4.845%             3.1000%         $5,157.83
      8700447         $107,093.60           4.595%             8.1000%         $8,674.58
      8700453         $135,784.72           4.595%             8.1000%        $10,998.56
      8700455         $248,058.66           4.595%             8.1000%        $20,092.75
      8700469         $71,000.00            4.845%             3.1000%         $2,201.00
      8700475         $320,795.31           4.720%             5.6000%        $17,964.54
      8700483         $139,470.73           4.595%             8.1000%        $11,297.13
      8701305         $199,259.53           4.845%             3.1000%         $6,177.05
      8702415         $124,542.03           4.970%             0.6000%          $747.25
      8702581         $70,000.00            4.970%             0.6000%          $420.00
      8707035         $127,531.04           4.970%             0.6000%          $765.19
      8707077         $344,000.00           4.845%             3.1000%        $10,664.00
      8707259         $253,000.00           4.845%             3.1000%         $7,843.00
      8707715         $66,500.00            4.970%             0.6000%          $399.00
      8707719         $263,750.00           4.845%             3.1000%         $8,176.25
      8707869         $256,000.00           4.970%             0.6000%         $1,536.00
      8708055         $93,000.00            4.845%             3.1000%         $2,883.00
      8708245         $114,574.23           4.845%             3.1000%         $3,551.80
      8712263         $285,800.00           4.720%             5.6000%        $16,004.80
      8714269         $160,000.00           4.845%             3.1000%         $4,960.00
      8714621         $234,111.59           4.595%             8.1000%        $18,963.04
      8715493         $479,237.73           4.970%             0.6000%         $2,875.43
      8715831         $272,000.00           4.845%             3.1000%         $8,432.00
      8717139         $87,176.04            4.845%             3.1000%         $2,702.46
      8717345         $243,295.88           4.845%             3.1000%         $7,542.17
      8717411         $63,262.43            4.720%             5.6000%         $3,542.70
      8718465         $75,000.00            4.720%             5.6000%         $4,200.00
      8718517         $97,000.00            4.970%             0.6000%          $582.00
      8718785         $59,780.17            4.970%             0.6000%          $358.68
      8718959         $65,000.00            4.970%             0.6000%          $390.00
      8719109         $133,000.00           4.595%             8.1000%        $10,773.00

 Friday, June 20, 2003                                                          Page 4 of 5

      8719283         $60,750.00            4.970%             0.6000%          $364.50
      8719567         $86,000.00            4.845%             3.1000%         $2,666.00
      8719573         $103,500.00           4.970%             0.6000%          $621.00
      8719581         $253,500.00           4.970%             0.6000%         $1,521.00
      8719975         $338,714.64           4.595%             8.1000%        $27,435.89
      8720279         $127,600.00           4.970%             0.6000%          $765.60
      8720499         $212,000.00           4.970%             0.6000%         $1,272.00
      8724063         $101,600.00           4.970%             0.6000%          $609.60
      8724571         $52,000.00            4.970%             0.6000%          $312.00
      8724735         $65,000.00            4.970%             0.6000%          $390.00
      8726369         $168,560.35           4.595%             8.1000%        $13,653.39
      8727259         $206,241.60           4.970%             0.6000%         $1,237.45
      8728019         $140,000.00           4.845%             3.1000%         $4,340.00
      8728035         $195,000.00           4.845%             3.1000%         $6,045.00
      8728197         $50,000.00            4.970%             0.6000%          $300.00
      8728283         $155,000.00           4.970%             0.6000%          $930.00
      8728349         $205,000.00           4.970%             0.6000%         $1,230.00
      8728625         $84,685.30            4.845%             3.1000%         $2,625.24
      8729897         $50,000.00            4.970%             0.6000%          $300.00
      8730115         $123,000.00           4.970%             0.6000%          $738.00
      8730263         $322,200.00           4.720%             5.6000%        $18,043.20
      8731497         $158,700.00           4.595%             8.1000%        $12,854.70
      8732449         $50,000.00            4.595%             8.1000%         $4,050.00
      8733521         $71,250.00            4.970%             0.6000%          $427.50
      8734925         $48,300.00            4.845%             3.1000%         $1,497.30
      8737231         $148,547.98           4.845%             3.1000%         $4,604.99
      8739843         $246,000.00           4.970%             0.6000%         $1,476.00
      8739895         $375,000.00           4.970%             0.6000%         $2,250.00
      8740459         $93,000.00            4.970%             0.6000%          $558.00
      8740477         $145,500.00           4.720%             5.6000%         $8,148.00
      8741635         $39,279.04            4.845%             3.1000%         $1,217.65
      8741681         $270,000.00           4.720%             5.6000%        $15,120.00
      8742943         $92,000.00            4.970%             0.6000%          $552.00
      8745865         $96,200.00            4.845%             3.1000%         $2,982.20
      8746295         $150,400.00           4.970%             0.6000%          $902.40
      8746559         $86,000.00            4.970%             0.6000%          $516.00
      8748689         $224,000.00           4.970%             0.6000%         $1,344.00
      8749371         $247,000.00           4.970%             0.6000%         $1,482.00

 Friday, June 20, 2003                                                          Page 5 of 5
</TABLE>

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

(i) (a) the amount of such distribution to the  Certificateholders of such Class
applied  to  reduce  the  Certificate  Principal  Balance  thereof,  and (b) the
aggregate amount included therein representing Principal Prepayments;

(ii) the amount of such  distribution  to Holders of such Class of  Certificates
allocable to interest;

(iii) if the  distribution  to the Holders of such Class of Certificates is less
than the full amount that would be  distributable  to such Holders if there were
sufficient funds available therefor, the amount of the shortfall;

(iv) the amount of any Advance by the Master Servicer pursuant to Section 4.04;

(v) the number and Pool Stated  Principal  Balance of the  Mortgage  Loans after
giving effect to the distribution of principal on such Distribution Date;

(vi) the aggregate  Certificate  Principal Balance of each Class of Certificates
and each of the Senior Percentage and Subordinate Class Percentage, after giving
effect  to  the  amounts  distributed  on  such  Distribution  Date,  separately
identifying any reduction  thereof due to Realized Losses other than pursuant to
an actual distribution of principal;

(vii) the  related  Subordinate  Principal  Distribution  Amount and  Prepayment
Distribution Percentage, if applicable;

(viii) on the basis of the most recent reports furnished to it by Sub-Servicers,
(a) the number and  aggregate  principal  balances  of  Mortgage  Loans that are
Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number
and aggregate  principal balance of Mortgage Loans that are in foreclosure,  (b)
the number and  aggregate  principal  balances of Reportable  Modified  Mortgage
Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days
and the number and aggregate  principal balance of Reportable  Modified Mortgage
Loans that are in  foreclosure  and are REO  Property,  indicating  in each case
capitalized  Mortgage Loans,  other Servicing  Modifications and totals, and (c)
for all Reportable  Modified  Mortgage  Loans,  the number and aggregate  Stated
Principal  Balance  of  Reportable   Modified  Mortgage  Loans  that  have  been
liquidated, the subject of pay-offs and that have been repurchased by the Master
Servicer or Seller;

(ix)  the  number,  aggregate  principal  balance  and  book  value  of any  REO
Properties;

(x) the aggregate  Accrued  Certificate  Interest  remaining unpaid, if any, for
each Class of Certificates, after giving effect to the distribution made on such
Distribution Date;

(xi) the Special  Hazard Amount,  Fraud Loss Amount and Bankruptcy  Amount as of
the close of business on such  Distribution Date and a description of any change
in the calculation of such amounts;

(xii) the weighted  average Pool Strip Rate for such  Distribution  Date and the
Pass-Through  Rate with respect to the Class A-V Certificates and each Subclass,
if any, thereof;

(xiii) the  Pass-Through  Rates on the Floater  Certificates and Inverse Floater
Certificates for such Distribution Date,  separately  identifying LIBOR for such
Distribution Date;

(xiv)  the  Notional  Amount  with  respect  to  each  class  of  Interest  Only
Certificates and each Subclass Notional Amount;

(xv) the occurrence of the Credit Support Depletion Date;

(xvi) the related Senior Accelerated  Distribution Percentage applicable to such
distribution;

(xvii) the related Senior Percentage for such Distribution Date;

(xviii) the aggregate amount of Realized Losses for such Distribution Date;

(xix) 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;

(xx) the weighted average remaining term to maturity of the Mortgage Loans after
giving effect to the amounts distributed on such Distribution Date; and

(xxi) the weighted  average  Mortgage  Rates of the Mortgage  Loans after giving
effect to the amounts distributed on such Distribution Date.

        In the case of  information  furnished  pursuant to clauses (i) and (ii)
above,  the amounts shall be expressed as a dollar amount per Certificate with a
$1,000 denomination.

        The Trustee's internet website, and assistance in using the website, can
be  obtained  by  calling  the  Trustee's  Shareholder  Relations  desk at (800)
735-7777.  To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF MARCH 1, 2003

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of March 1, 2003

                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates

================================================================================
<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                        PAGE

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01. Definitions...........................................................2

        Section 1.02. Use of Words and Phrases.............................................32

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........33

        Section 2.01. Conveyance of Mortgage Loans.........................................33

        Section 2.02. Acceptance by Trustee................................................39

        Section 2.03. Representations, Warranties and Covenants of the Master Servicer
               and the Company.............................................................40

        Section 2.04. Representations and Warranties of Sellers............................42

        Section 2.05. Execution and Authentication of Certificates/Issuance of
                Certificates Evidencing Interests in REMIC I Certificates..................44

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                Acceptance by the Trustee..................................................44

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............44

        Section 2.08. Purposes and Powers of the Trust.....................................44

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................45

        Section 3.01. Master Servicer to Act as Servicer...................................45

        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
                Enforcement of Subservicers' and Sellers' Obligations......................46
        Section 3.03. Successor Subservicers...............................................47

        Section 3.04. Liability of the Master Servicer.....................................48

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                Certificateholders ........................................................48

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee..... 48

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                Account ...................................................................49

        Section 3.08. Subservicing Accounts; Servicing Accounts............................51

        Section 3.09. Access to Certain Documentation and  Information Regarding the Mortgage
                Loans .....................................................................53

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................53

                                        i

<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections Thereunder55

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity Coverage...56

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and  Modification Agreements;
               Certain Assignments.........................................................57

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................59

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................63

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............64

        Section 3.17. Reports to the Trustee and the Company...............................65

        Section 3.18. Annual Statement as to Compliance....................................65

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............66

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............66

        Section 3.21. Administration of Buydown Funds......................................67

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................68

        Section 4.01. Certificate Account..................................................68

        Section 4.02. Distributions........................................................68

        Section 4.03. Statements to Certificateholders; Statements to Rating Agencies;
                Exchange Act Reporting.....................................................68

        Section 4.04. Distribution of Reports to the Trustee and  the Company; Advances
                by the Master Servicer.............. ......................................70

        Section 4.05. Allocation of Realized Losses........................................72

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........72

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................72

        Section 4.08. Surety Bond..........................................................72

Article V         THE CERTIFICATES.........................................................74

        Section 5.01. The Certificates.....................................................74

        Section 5.02. Registration of Transfer and Exchange of Certificates................76

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................81

        Section 5.04. Persons Deemed Owners................................................82

        Section 5.05. Appointment of Paying Agent..........................................82

                                        ii
<PAGE>

Article VI        THE COMPANY AND THE MASTER SERVICER......................................83

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........83

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of
               Rights and Delegation of Duties by Master Servicer..........................83

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer and Others 84

        Section 6.04. Company and Master Servicer Not to Resign............................85

Article VII       DEFAULT..................................................................86

        Section 7.01. Events of Default....................................................86

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................88

        Section 7.03. Notification to Certificateholders...................................89

        Section 7.04. Waiver of Events of Default..........................................89

Article VIII      CONCERNING THE TRUSTEE...................................................90

        Section 8.01. Duties of Trustee....................................................90

        Section 8.02. Certain Matters Affecting the Trustee................................91

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................93

        Section 8.04. Trustee May Own Certificates.........................................93

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses; Indemnification.93

        Section 8.06. Eligibility Requirements for Trustee.................................94

        Section 8.07. Resignation and Removal of the Trustee...............................95

        Section 8.08. Successor Trustee....................................................95

        Section 8.09. Merger or Consolidation of Trustee...................................96

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................96

        Section 8.11. Appointment of Custodians............................................97

        Section 8.12. Appointment of Office or Agency......................................98

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................99

        Section 9.01. Optional  Purchase by the Master Servicer of All Certificates;
                Termination Upon Purchase by the Master Servicer or Liquidation of All
                Mortgage Loans........ ....................................................99

                        iii
<PAGE>

        Section 9.02. Additional Termination Requirements.................................102

        Section 9.03. Termination of Multiple REMICs......................................103

Article X         REMIC PROVISIONS........................................................104

        Section 10.01.REMIC Administration................................................104

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....107

        Section 10.03.Designation of REMIC(s).............................................108

Article XI        MISCELLANEOUS PROVISIONS................................................109

        Section 11.01.Amendment...........................................................109

        Section 11.02.Recordation of Agreement; Counterparts..............................111

        Section 11.03.Limitation on Rights of Certificateholders..........................112

        Section 11.04.Governing Law.......................................................112

        Section 11.05.Notices.............................................................113

        Section 11.06.Required Notices to Rating Agency and Subservicer...................114

        Section 11.07.Severability of Provisions..........................................114

        Section 11.08.Supplemental Provisions for Resecuritization........................114

        Section 11.09.Allocation of Voting Rights.........................................114

        Section 11.10.No Petition.........................................................114

                                        iv
<PAGE>

                                    EXHIBITS

Exhibit A:            Form of Class A Certificate
Exhibit B:            Form of Class M Certificate
Exhibit C:            Form of Class B Certificate
Exhibit D:            Form of Class R Certificate
Exhibit E:            Form of Seller/Servicer Contract
Exhibit F:            Forms of Request for Release
Exhibit G-1:          Form of Transfer Affidavit and Agreement
Exhibit G-2:          Form of Transferor Certificate
Exhibit H:            Form of Investor Representation Letter
Exhibit I:            Form of Transferor Representation Letter
Exhibit J:            Form of Rule 144A Investment Representation Letter
Exhibit K:            Text of Amendment to Pooling and Servicing Agreement Pursuant to Section 11.01(e) for a
                      Limited Guaranty
Exhibit L:            Form of Limited Guaranty
Exhibit M:            Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:            Request for Exchange Form
Exhibit O:            Form of Form 10-K Certification
Exhibit P:            Form of Back-Up Certification to Form 10-K Certificate
Exhibit Q:            Information to be Provided by the Master Servicer to the Rating Agencies Relating to
                      Reportable Modified Mortgage Loans

</TABLE>

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of March 1, 2003 (the "Standard Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or  "Agreement"),  among  RESIDENTIAL  ACCREDIT  LOANS,  INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and assigns,  the "Master  Servicer"),  and the trustee named in the
applicable  Series  Supplement  (together  with  its  permitted  successors  and
assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  asset-backed  pass-through
certificates  (collectively,  the  "Certificates"),   to  be  issued  under  the
Agreement in multiple  classes,  which in the aggregate will evidence the entire
beneficial ownership interest in the Mortgage Loans.

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

                                       1
<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

         (ii)  the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard  Losses,  Excess Fraud Losses,  Excess  Bankruptcy
               Losses and  Extraordinary  Losses) not allocated solely to one or
               more specific Classes of Certificates pursuant to Section 4.05,

         (iii) the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO Property and (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

                                       2
<PAGE>

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

        Addendum  and   Assignment   Agreement:   The  Addendum  and  Assignment
Agreement, dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

        Advance:  As to any  Mortgage  Loan,  any  advance  made  by the  Master
Servicer, pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

                                       3
<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Subsequent Recoveries,  Insurance Proceeds,  Curtailments,
Mortgage Loan  purchases made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and
Mortgage  Loan  substitutions  made pursuant to Section 2.03 or 2.04 received or
made in the  month  of such  Distribution  Date  (other  than  such  Liquidation
Proceeds,  Insurance  Proceeds and  purchases of Mortgage  Loans that the Master
Servicer has deemed to have been received in the  preceding  month in accordance
with Section 3.07(b)),  and Principal Prepayments in Full made after the related
Prepayment  Period, and (ii) payments which represent early receipt of scheduled
payments of  principal  and interest  due on a date or dates  subsequent  to the
related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan

                                       4
<PAGE>

Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date, including any Subsequent  Recoveries,
and  amounts   deposited  in  the  Custodial  Account  in  connection  with  the
substitution  of Qualified  Substitute  Mortgage  Loans,  (ii) the amount of any
Advance made on the  immediately  preceding  Certificate  Account  Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section  3.12(a),  (iv)
any amount  deposited in the Certificate  Account  pursuant to Section 4.07, (v)
any amount  that the Master  Servicer  is not  permitted  to  withdraw  from the
Custodial Account or the Certificate  Account pursuant to Section 3.16(e),  (vi)
any amount  received  by the  Trustee  pursuant to the Surety Bond in respect of
such  Distribution Date and (vii) the proceeds of any Pledged Assets received by
the Master  Servicer,  reduced by (b) the sum as of the close of business on the
immediately  preceding  Determination Date of (w) aggregate Foreclosure Profits,
(x) the Amount Held for Future  Distribution,  and (y) amounts  permitted  to be
withdrawn by the Master  Servicer from the  Custodial  Account in respect of the
Mortgage Loans pursuant to clauses (ii)-(x), inclusive, of Section 3.10(a). Such
amount shall be determined  separately for each Loan Group.  Additionally,  with
respect to any Mortgage Pool that is comprised of two or more Loan Groups, if on
any Distribution  Date  Compensating  Interest provided pursuant to this Section
3.16(e) is less than  Prepayment  Interest  Shortfalls  incurred on the Mortgage
Loans in connection with Principal  Prepayments in Full and Curtailments made in
the prior calendar month, such Compensating  Interest shall be allocated on such
Distribution Date to the Available  Distribution Amount for each Loan Group on a
pro rata basis in  accordance  with the  respective  amounts of such  Prepayment
Interest Shortfalls incurred on the Mortgage Loans in such Loan Group in respect
of such Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

                                       5
<PAGE>

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Capitalization  Reimbursement  Amount: As to any Distribution  Date, the
amount of Advances or Servicing Advances that were added to the Stated Principal
Balance of the Mortgage  Loans during the prior calendar month and reimbursed to
the  Master  Servicer  or  Subservicer  on or  prior to such  Distribution  Date
pursuant  to  Section  3.10(a)(vii),   plus  the  Capitalization   Reimbursement
Shortfall Amount remaining  unreimbursed  from any prior  Distribution  Date and
reimbursed  to  the  Master   Servicer  or  Subservicer  on  or  prior  to  such
Distribution Date.

        Capitalization  Reimbursement  Shortfall  Amount: As to any Distribution
Date, the amount, if any, by which the amount of Advances or Servicing  Advances
that were added to the Stated Principal Balance of the Mortgage Loans during the
preceding  calendar  month  exceeds  the  amount of  principal  payments  on the
Mortgage  Loans  included  in  the  Available   Distribution   Amount  for  that
Distribution Date.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

        Certificate  Account  Deposit Date:  As to any  Distribution  Date,  the
Business Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

                                       6
<PAGE>

        Certificate Insurer: As defined in the Series Supplement.

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

        Certificate  Principal Balance:  With respect to each Certificate (other
than any Interest Only  Certificate),  on any date of  determination,  an amount
equal to:

         (i)   the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

         (ii)  any  Subsequent  Recoveries  added to the  Certificate  Principal
               Balance of such Certificate pursuant to Section 4.02, plus

        (iii)  in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

         (iv)  the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of each  Certificate of the
Class of  Subordinate  Certificates  with the Lowest  Priority at any given time
shall  be  further  reduced  by an  amount  equal  to  the  Percentage  Interest
represented  by such  Certificate  multiplied by the excess,  if any, of (A) the
then aggregate Certificate Principal Balance of all Classes of Certificates then
outstanding over (B) the then aggregate Stated Principal Balance of the Mortgage
Loans.

        Certificate Register and Certificate Registrar:  The register maintained
and the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

        Class A-P Certificate: Any one of the Certificates designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

                                       7
<PAGE>

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Commission:  The Securities and Exchange Commission.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced  pursuant to Section  7.02(a) except as may be required  pursuant to the
last sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,

                                       8
<PAGE>

each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

        Cooperative  Stock:  With  respect  to a  Cooperative  Loan,  the single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

        Cooperative Stock  Certificate:  With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments  of principal  due on or prior  thereto (or due during the month of
the Cut-off Date), whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

                                       9
<PAGE>

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

        Destroyed  Mortgage  Note:  A Mortgage  Note the  original  of which was
permanently lost or destroyed and has not been replaced.

        Determination Date: As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

                                       10
<PAGE>

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a corporation if all of its  activities  are subject to tax and,  except for the
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

        Due Date: With respect to any  Distribution  Date and any Mortgage Loan,
the day during the related Due Period on which the Monthly Payment is due.

        Due Period:  With respect to any Distribution Date, the one-month period
set forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating

                                       11
<PAGE>

assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then pplicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Exchange Act:  The Securities and Exchange Act of 1934, as amended.
        ------------

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

(a)     losses that are of the type that would be covered by the  fidelity  bond
        and the errors and omissions  insurance policy required to be maintained
        pursuant to Section 3.12(b) but are in excess of the coverage maintained
        thereunder;

(b)     nuclear reaction or nuclear radiation or radioactive contamination,  all
        whether  controlled or uncontrolled,  and whether such loss be direct or
        indirect,  proximate  or  remote  or be in whole or in part  caused  by,
        contributed to or aggravated by a peril covered by the definition of the
        term "Special Hazard Loss";

(c)     hostile or warlike action in time of peace or war,  including  action in
        hindering,  combating  or  defending  against  an actual,  impending  or
        expected attack:

1.      by any  government or sovereign  power,  de jure or de facto,  or by any
        authority maintaining or using military, naval or air forces; or

                                       12
<PAGE>

2.      by military, naval or air forces; or

3.      by an agent of any such government, power, authority or forces;

(d)     any weapon of war employing atomic fission or radioactive  force whether
        in time of peace or war; or

(e)     insurrection,  rebellion, revolution, civil war, usurped power or action
        taken by  governmental  authority in  hindering,  combating or defending
        against such an occurrence,  seizure or destruction  under quarantine or
        customs  regulations,  confiscation by order of any government or public
        authority; or risks of contraband or illegal transportation or trade.

        Extraordinary  Losses: Any loss incurred on a Mortgage Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

        FASIT: A "financial asset  securitization  investment  trust" within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.
        ----

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch Ratings or its successor in interest.
        -----

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

        Form 10-K Certification:  As defined in Section 4.03(e).

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

                                       13
<PAGE>

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero, with the earliest  priority for payments  pursuant to Section
4.02(a),  in the following  order:  Class M-1,  Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

        Insurer:  Any named  insurer under any Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

                                       14
<PAGE>

        Interim Certification:  As defined in Section 2.02.

        International Borrower: In connection with any Mortgage Loan, a borrower
who  is (a) a  United  States  citizen  employed  in a  foreign  country,  (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

        Junior  Certificateholder:  The  Holder  of  not  less  than  95% of the
Percentage Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02 (a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero,  with the latest  priority  for payments  pursuant to Section
4.02(a),  in the following  order:  Class B-3,  Class B-2, Class B-1, Class M-3,
Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

                                       15
<PAGE>

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

        MIN: The Mortgage  Identification  Number for Mortgage Loans  registered
with MERS on the MERS(R) System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

        Moody's:  Moody's Investors Service, Inc., or its successor in interest.

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative

                                       16
<PAGE>

Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

        Mortgage Pool: The pool of mortgage loans, including all Loan Groups, if
any, consisting of the Mortgage Loans.

        Mortgage  Rate: As to any Mortgage  Loan, the interest rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.
        ---------

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer or Subservicer in respect of a Mortgage Loan (other
than a Deleted  Mortgage  Loan) which,  in the good faith judgment of the Master
Servicer,  will not,  or,  in the case of a  proposed  Advance,  would  not,  be
ultimately  recoverable  by the Master  Servicer from related Late  Collections,
Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds or amounts reimbursable
to the Master Servicer  pursuant to Section  4.02(a) hereof.  To the extent that
any Mortgagor is not obligated  under the related  Mortgage  documents to pay or
reimburse  any  portion of any  Servicing  Advances  that are  outstanding  with
respect  to the  related  Mortgage  Loan as a result of a  modification  of such
Mortgage Loan by the Master  Servicer,  which forgives  amounts which the Master
Servicer  or  Subservicer  had  previously  advanced,  and the  Master  Servicer
determines that no other source of payment or reimbursement for such advances is
available to it, such Servicing  Advances  shall be deemed to be  Nonrecoverable
Advances.  The  determination  by  the  Master  Servicer  that  it  has  made  a
Nonrecoverable   Advance  or  that  any  proposed  Advance  would  constitute  a
Nonrecoverable Advance, shall be evidenced by an Officers' Certificate delivered
to the Company, the Trustee and any Certificate Insurer.

        Nonsubserviced  Mortgage  Loan:  Any Mortgage  Loan that, at the time of
reference thereto, is not subject to a Subservicing Agreement.

                                       17
<PAGE>

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As  to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

(i)     obligations  of or guaranteed as to principal and interest by the United
        States or any agency or  instrumentality  thereof when such  obligations
        are backed by the full faith and credit of the United States;

(ii)    repurchase  agreements on  obligations  specified in clause (i) maturing
        not more than one month from the date of acquisition  thereof,  provided
        that the unsecured  obligations of the party agreeing to repurchase such
        obligations  are at the time rated by each Rating  Agency in its highest
        short-term rating available;

                                       18
<PAGE>

(iii)federal funds,  certificates of deposit, demand deposits, time deposits and
     bankers'  acceptances  (which  shall each have an original  maturity of not
     more than 90 days and,  in the case of  bankers'  acceptances,  shall in no
     event  have an  original  maturity  of more  than 365  days or a  remaining
     maturity of more than 30 days)  denominated in United States dollars of any
     U.S. depository institution or trust company incorporated under the laws of
     the  United  States or any state  thereof  or of any  domestic  branch of a
     foreign  depository  institution or trust  company;  provided that the debt
     obligations  of such  depository  institution  or trust company (or, if the
     only  Rating  Agency is  Standard  & Poor's,  in the case of the  principal
     depository  institution in a depository  institution holding company,  debt
     obligations of the depository  institution  holding company) at the date of
     acquisition  thereof  have been rated by each Rating  Agency in its highest
     short-term rating available;  and provided further that, if the only Rating
     Agency is  Standard & Poor's and if the  depository  or trust  company is a
     principal  subsidiary of a bank holding company and the debt obligations of
     such subsidiary are not separately  rated,  the applicable  rating shall be
     that of the bank  holding  company;  and,  provided  further  that,  if the
     original maturity of such short-term  obligations of a domestic branch of a
     foreign  depository  institution or trust company shall exceed 30 days, the
     short-term rating of such institution shall be A-1+ in the case of Standard
     & Poor's if Standard & Poor's is the Rating Agency;

(iv)    commercial  paper and demand notes  (having  original  maturities of not
        more than 365 days) of any  corporation  incorporated  under the laws of
        the United States or any state thereof which on the date of  acquisition
        has been rated by each Rating  Agency in its highest  short-term  rating
        available;  provided that such  commercial  paper shall have a remaining
        maturity of not more than 30 days;

(v)     a money market fund or a qualified  investment fund rated by each Rating
        Agency in its highest long-term rating available; and

(vi)    other  obligations  or  securities  that are  acceptable  to each Rating
        Agency as a  Permitted  Investment  hereunder  and will not  reduce  the
        rating assigned to any Class of Certificates by such Rating Agency below
        the lower of the  then-current  rating or the  rating  assigned  to such
        Certificates as of the Closing Date by such Rating Agency,  as evidenced
        in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

                                       19
<PAGE>

        Permitted  Transferee:  Any Transferee of a Class R  Certificate,  other
than a Disqualified Organization or Non-United States Person.

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

        Pledged  Amount:  With respect to any Pledged Asset Loan,  the amount of
money  remitted  to Combined  Collateral  LLC,  at the  direction  of or for the
benefit of the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description  pledged by Combined  Collateral LLC as security in
respect of any Realized  Losses in connection  with such Mortgage Loan up to the
Pledged Amount for such Mortgage Loan, and any related collateral, or such other
collateral as may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

        Pool  Stated  Principal  Balance:  As  to  any  Distribution  Date,  the
aggregate of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest

                                       20
<PAGE>

(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
in which that  Distribution  Date occurs and ending on the 15th day of the month
in which such Distribution Date occurs.

        Primary  Insurance  Policy:  Each  primary  policy of mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

        Principal Only  Certificates:  A Class of  Certificates  not entitled to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

        Principal  Prepayment in Full:  Any  Principal  Prepayment of the entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

     Program  Guide:  Collectively,  the Client Guide and the Servicer Guide for
Residential Funding's Expanded Criteria Mortgage Program.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate

                                       21
<PAGE>

               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

          (v)  comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi)   have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

          (a)  as to which a Cash  Liquidation or REO  Disposition has occurred,
               an amount (not less than zero) equal to (i) the Stated  Principal
               Balance of the Mortgage  Loan (or REO Property) as of the date of
               Cash Liquidation or REO Disposition,  plus (ii) interest (and REO

                                       22
<PAGE>

               Imputed  Interest,  if any) at the Net Mortgage Rate from the Due
               Date  as  to  which   interest  was  last  paid  or  advanced  to
               Certificateholders  up to the Due Date in the Due Period  related
               to the  Distribution  Date on which  such  Realized  Loss will be
               allocated  pursuant  to  Section  4.05  on the  Stated  Principal
               Balance  of such  Mortgage  Loan  (or REO  Property)  outstanding
               during  each  Due  Period  that  such  interest  was not  paid or
               advanced,  minus (iii) the proceeds,  if any, received during the
               month  in  which  such  Cash  Liquidation  (or  REO  Disposition)
               occurred,  to the extent applied as recoveries of interest at the
               Net Mortgage Rate and to principal of the Mortgage  Loan,  net of
               the portion  thereof  reimbursable  to the Master Servicer or any
               Subservicer with respect to related Advances,  Servicing Advances
               or other expenses as to which the Master  Servicer or Subservicer
               is entitled to  reimbursement  thereunder but which have not been
               previously reimbursed,

        (b)    which is the  subject of a  Servicing  Modification,  (i) (1) the
               amount by which the interest  portion of a Monthly Payment or the
               principal  balance of such  Mortgage  Loan was reduced or (2) the
               sum of any other  amounts owing under the Mortgage Loan that were
               forgiven  and  that  constitute   Servicing   Advances  that  are
               reimbursable  to the Master  Servicer or a Subservicer,  and (ii)
               any such amount  with  respect to a Monthly  Payment  that was or
               would have been due in the month immediately  following the month
               in which a Principal  Prepayment  or the  Purchase  Price of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent  such  recoveries  are  applied to reduce the
Certificate  Principal  Balance of any Class of Certificates on any Distribution
Date.

                                       23
<PAGE>

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Reportable  Modified  Mortgage Loan: Any Mortgage Loan that (i) has been
subject to an interest rate reduction, (ii) has been subject to a term extension
or (iii) has had amounts owing on such Mortgage Loan  capitalized by adding such
amount to the Stated Principal Balance of such Mortgage Loan; provided, however,
that a  Mortgage  Loan  modified  in  accordance  with  clause  (i)  above for a
temporary  period  shall  not be a  Reportable  Modified  Mortgage  Loan if such

                                       24
<PAGE>

Mortgage Loan has not been  delinquent in payments of principal and interest for
six months since the date of such  modification  if that interest rate reduction
is not made permanent thereafter.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

        Residential  Funding:   Residential  Funding  Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary,  any  Trust  Officer  or  Assistant  Trust  Officer  with  particular
responsibility  for  this  transaction,  or any  other  officer  of the  Trustee
customarily  performing functions similar to those performed by any of the above
designated officers to whom, with respect to a particular matter, such matter is
referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

        Security  Agreement:  With respect to a Cooperative  Loan, the agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

        Seller:  As to any Mortgage Loan, a Person,  including any  Subservicer,
that executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with

                                       25
<PAGE>

respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)     for any  Distribution  Date after the 60th  Distribution  Date but on or
        prior to the 72nd  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 70% of the related  Subordinate  Percentage
        for such Distribution Date;

(ii)    for any  Distribution  Date after the 72nd  Distribution  Date but on or
        prior to the 84th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 60% of the related  Subordinate  Percentage
        for such Distribution Date;

(iii)   for any  Distribution  Date after the 84th  Distribution  Date but on or
        prior to the 96th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 40% of the related  Subordinate  Percentage
        for such Distribution Date;

(iv)    for any  Distribution  Date after the 96th  Distribution  Date but on or
        prior to the 108th  Distribution Date, the related Senior Percentage for
        such  Distribution Date plus 20% of the related  Subordinate  Percentage
        for such Distribution Date; and

(v)     for any  Distribution  Date thereafter,  the Senior  Percentage for such
        Distribution Date;

provided, however,
--------  -------

        (i) that any scheduled reduction to the Senior Accelerated  Distribution
Percentage  described above shall not occur as of any  Distribution  Date unless
either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

                (b)(1)  the  outstanding  principal  balance of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

                                       26
<PAGE>

        (ii) that for any  Distribution  Date on which the Senior  Percentage is
greater  than  the  Senior  Percentage  as  of  the  Closing  Date,  the  Senior
Accelerated  Distribution  Percentage for such  Distribution Date shall be 100%,
or,  if the  Mortgage  Pool is  comprised  of two or more Loan  Groups,  for any
Distribution  Date on which the weighted  average of the Senior  Percentages for
each Loan Group,  weighted on the basis of the Stated Principal  Balances of the
Mortgage  Loans in the related Loan Group,  exceeds the weighted  average of the
initial Senior Percentages  (calculated on such basis) for each Loan Group, each
of the Senior  Accelerated  Distribution  Percentages for such Distribution Date
will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.
        ------------------

        Senior Percentage: As defined in the Series Supplement.
        -----------------

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

        Series:  All  of the  Certificates  issued  pursuant  to a  Pooling  and
Servicing Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

        Servicing  Accounts:  The  account or accounts  created  and  maintained
pursuant to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event  by the  Master  Servicer  or a  Subservicer  in the
performance  of its servicing  obligations,  including,  but not limited to, the
cost of (i) the preservation, restoration and protection of a Mortgaged Property
or, with respect to a Cooperative Loan, the related Cooperative Apartment,  (ii)
any enforcement or judicial proceedings,  including foreclosures,  including any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property,  (iv) any mitigation procedures  implemented in
accordance  with Section 3.07, and (v)  compliance  with the  obligations  under
Sections 3.01, 3.08, 3.11, 3.12(a) and 3.14,  including,  if the Master Servicer
or any Affiliate of the Master Servicer provides services such as appraisals and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

                                       27
<PAGE>

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan,  any extension of the final
maturity date of a Mortgage Loan, and any increase to the outstanding  principal
balance of a  Mortgage  Loan by adding to the Stated  Principal  Balance  unpaid
principal and interest and other amounts owing under the Mortgage  Loan, in each
case pursuant to a  modification  of a Mortgage Loan that is in default,  or for
which, in the judgment of the Master Servicer, default is reasonably foreseeable
in accordance with Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard & Poor's:  Standard & Poor's Ratings  Services,  a division of The
McGraw-Hill Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time,  (i) the sum of (a) the Cut-off Date Principal
Balance of the Mortgage  Loan plus (b) any amount by which the Stated  Principal
Balance  of the  Mortgage  Loan  has  been  increased  pursuant  to a  Servicing
Modification,  minus (ii) the sum of (a) the  principal  portion of the  Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

                                       28
<PAGE>

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

        Subsequent Recoveries:  As of any Distribution Date, amounts received by
the Master  Servicer  (net of any related  expenses  permitted to be  reimbursed
pursuant  to Section  3.10) or surplus  amounts  held by the Master  Servicer to
cover estimated expenses  (including,  but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable  Seller's  Agreement and assigned to the Trustee  pursuant to Section
2.04)  specifically  related to a Mortgage  Loan that was the  subject of a Cash
Liquidation or an REO Disposition  prior to the related  Prepayment  Period that
resulted in a Realized Loss.

        Subserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

        Subservicing  Account:  An  account  established  by  a  Subservicer  in
accordance with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

                                       29
<PAGE>

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

        Surety:  Ambac,  or its successors in interest,  or such other surety as
may be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

        Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation
or other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

(i)     the  Mortgage  Loans  and the  related  Mortgage  Files  and  collateral
        securing such Mortgage Loans,

(ii)    all payments on and  collections  in respect of the  Mortgage  Loans due
        after the Cut-off Date as shall be on deposit in the  Custodial  Account
        or in the  Certificate  Account and identified as belonging to the Trust
        Fund,   including  the  proceeds  from  the  liquidation  of  Additional
        Collateral for any Additional  Collateral Loan or Pledged Assets for any
        Pledged Asset Loan, but not including  amounts on deposit in the Initial
        Monthly Payment Fund,

                                       30
<PAGE>

(iii)   property that secured a Mortgage Loan and that has been acquired for the
        benefit  of the  Certificateholders  by  foreclosure  or deed in lieu of
        foreclosure,

(iv)    the hazard insurance  policies and Primary Insurance  Policies,  if any,
        the Pledged  Assets with  respect to each  Pledged  Asset Loan,  and the
        interest  in the Surety  Bond  transferred  to the  Trustee  pursuant to
        Section 2.01, and

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

        Voting  Rights:  The  portion  of  the  voting  rights  of  all  of  the
Certificates  which is  allocated  to any  Certificate,  and  more  specifically
designated in Article XI of the Series Supplement.

Section 1.02.  Use of Words and Phrases.

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

                                       31
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01.  Conveyance of Mortgage Loans.
               ----------------------------

(a)     The Company,  concurrently with the execution and delivery hereof,  does
        hereby assign to the Trustee without  recourse all the right,  title and
        interest  of the Company in and to the  Mortgage  Loans,  including  all
        interest and principal received on or with respect to the Mortgage Loans
        after the Cut-off Date (other than  payments of  principal  and interest
        due on the  Mortgage  Loans  in the  month  of  the  Cut-off  Date).  In
        connection  with such transfer and  assignment,  the Company does hereby
        deliver to the Trustee the Certificate  Policy (as defined in the Series
        Supplement), if any.

(b)     In  connection  with such  assignment,  except  as set forth in  Section
        2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby
        deliver to, and deposit  with,  the Trustee,  or to and with one or more
        Custodians,  as the duly  appointed  agent or agents of the  Trustee for
        such purpose,  the following documents or instruments (or copies thereof
        as permitted by this  Section) (I) with respect to each Mortgage Loan so
        assigned (other than a Cooperative Loan):

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee,  and showing an unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    The  original  Mortgage,  noting the presence of the MIN of the Mortgage
        Loan and language indicating that the Mortgage Loan is a MOM Loan if the
        Mortgage  Loan is a MOM  Loan,  with  evidence  of  recording  indicated
        thereon or a copy of the Mortgage with  evidence of recording  indicated
        thereon;

(iii)   Unless  the  Mortgage  Loan is  registered  on the  MERS(R)  System,  an
        original  Assignment  of the  Mortgage to the Trustee  with  evidence of
        recording  indicated  thereon or a copy of such assignment with evidence
        of recording indicated thereon;

(iv)    The original recorded  assignment or assignments of the Mortgage showing
        an  unbroken  chain of title from the  originator  thereof to the Person
        assigning  it to the  Trustee  (or to  MERS,  if the  Mortgage  Loan  is
        registered on the MERS(R)  System and noting the presence of a MIN) with
        evidence of recordation noted thereon or attached thereto,  or a copy of
        such  assignment  or  assignments  of  the  Mortgage  with  evidence  of
        recording indicated thereon; and

(v)     The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Mortgage Loan or a copy of each
        modification, assumption agreement or preferred loan agreement.

                                       32
<PAGE>

        and (II) with respect to each Cooperative Loan so assigned:

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee  and showing an  unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    A counterpart of the Cooperative Lease and the Assignment of Proprietary
        Lease  to  the  originator  of the  Cooperative  Loan  with  intervening
        assignments  showing an unbroken chain of title from such  originator to
        the Trustee;

(iii)   The related  Cooperative  Stock  Certificate,  representing  the related
        Cooperative  Stock  pledged  with  respect  to  such  Cooperative  Loan,
        together  with an  undated  stock  power (or other  similar  instrument)
        executed in blank;

(iv)    The original  recognition  agreement by the Cooperative of the interests
        of the mortgagee with respect to the related Cooperative Loan;

(v)     The Security Agreement;

(vi)    Copies of the original UCC-1 financing  statement,  and any continuation
        statements,  filed by the originator of such Cooperative Loan as secured
        party, each with evidence of recording thereof,  evidencing the interest
        of the  originator  under the Security  Agreement and the  Assignment of
        Proprietary Lease;

(vii)   Copies  of  the  filed  UCC-3   assignments  of  the  security  interest
        referenced in clause (vi) above showing an unbroken  chain of title from
        the originator to the Trustee,  each with evidence of recording thereof,
        evidencing the interest of the originator  under the Security  Agreement
        and the Assignment of Proprietary Lease;

(viii)  An executed assignment of the interest of the originator in the Security
        Agreement, Assignment of Proprietary Lease and the recognition agreement
        referenced in clause (iv) above, showing an unbroken chain of title from
        the originator to the Trustee;

(ix)    The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Cooperative Loan; and

(x)     A duly completed UCC-1 financing  statement  showing the Master Servicer
        as debtor,  the Company as secured party and the Trustee as assignee and
        a duly completed UCC-1 financing statement showing the Company as debtor
        and the Trustee as secured party,  each in a form sufficient for filing,
        evidencing the interest of such debtors in the Cooperative Loans.

(c)     The Company may, in lieu of delivering the original of the documents set
        forth  in  Section  2.01(b)(I)(ii),  (iii),  (iv)  and (v)  and  Section
        (b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted

                                       33
<PAGE>

        by Section  2.01(b))  to the  Trustee or the  Custodian  or  Custodians,
        deliver such documents to the Master  Servicer,  and the Master Servicer
        shall  hold  such  documents  in trust  for the use and  benefit  of all
        present and future Certificateholders until such time as is set forth in
        the next sentence.  Within thirty Business Days following the earlier of
        (i) the receipt of the original of all of the  documents or  instruments
        set forth in Section  2.01(b)(I)(ii),  (iii),  (iv) and (v) and  Section
        (b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted
        by such Section) for any Mortgage Loan and (ii) a written request by the
        Trustee to deliver  those  documents  with  respect to any or all of the
        Mortgage  Loans  then  being  held by the  Master  Servicer,  the Master
        Servicer  shall deliver a complete set of such  documents to the Trustee
        or the  Custodian or  Custodians  that are the duly  appointed  agent or
        agents of the Trustee.

(d)     Notwithstanding  the provisions of Section  2.01(c),  in connection with
        any Mortgage  Loan,  if the Company  cannot  deliver the original of the
        Mortgage,   any  assignment,   modification,   assumption  agreement  or
        preferred  loan  agreement  (or copy  thereof  as  permitted  by Section
        2.01(b))  with  evidence  of  recording  thereon  concurrently  with the
        execution and delivery of this  Agreement  because of (i) a delay caused
        by  the  public  recording  office  where  such  Mortgage,   assignment,
        modification,  assumption  agreement or preferred  loan agreement as the
        case may be, has been delivered for recordation,  or (ii) a delay in the
        receipt  of  certain  information   necessary  to  prepare  the  related
        assignments,  the Company  shall deliver or cause to be delivered to the
        Trustee or the respective Custodian a copy of such Mortgage, assignment,
        modification, assumption agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage

                                       34
<PAGE>

in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

(e) Residential  Funding hereby assigns to the Trustee its security  interest in
and to any Additional Collateral or Pledged Assets, its right to receive amounts
due or to become due in respect of any  Additional  Collateral or Pledged Assets
pursuant to the related  Subservicing  Agreement  and its rights as  beneficiary
under the Surety  Bond in  respect  of any  Additional  Collateral  Loans.  With
respect to any  Additional  Collateral  Loan or Pledged Asset Loan,  Residential
Funding  shall  cause to be filed in the  appropriate  recording  office a UCC-3
statement  giving notice of the assignment of the related  security  interest to
the Trust Fund and shall  thereafter  cause the timely  filing of all  necessary
continuation statements with regard to such financing statements.

(f) It is  intended  that the  conveyance  by the  Company to the Trustee of the
Mortgage  Loans as provided for in this  Section 2.01 be and the  Uncertificated
REMIC Regular Interests,  if any (as provided for in Section 2.06), be construed
as a  sale  by the  Company  to  the  Trustee  of the  Mortgage  Loans  and  any
Uncertificated    REMIC    Regular    Interests   for   the   benefit   of   the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company.  Nonetheless,  (a) this Agreement is intended to be and hereby is a
security  agreement  within  the  meaning  of  Articles  8 and 9 of the New York
Uniform  Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction; (b) the conveyance provided for in Section 2.01 shall be deemed to
be,  and hereby  is,  (1) a grant by the  Company  to the  Trustee of a security
interest in all of the  Company's  right  (including  the power to convey  title
thereto), title and interest, whether now owned or hereafter acquired, in and to
any and all general intangibles,  payment intangibles,  accounts, chattel paper,
instruments, documents, money, deposit accounts, certificates of deposit, goods,
letters of credit,  advices of credit and investment property and other property
of whatever kind or description  now existing or hereafter  acquired  consisting
of,  arising from or relating to any of the following:  (A) the Mortgage  Loans,

                                       35
<PAGE>

including (i) with respect to each Cooperative  Loan, the related Mortgage Note,
Security   Agreement,   Assignment  of  Proprietary  Lease,   Cooperative  Stock
Certificate and Cooperative Lease, (ii) with respect to each Mortgage Loan other
than a Cooperative  Loan, the related Mortgage Note and Mortgage,  and (iii) any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof,  (C) any Uncertificated REMIC Regular Interests and (D) all proceeds of
the  conversion,   voluntary  or  involuntary,   of  the  foregoing  into  cash,
instruments,  securities or other  property,  including  without  limitation all
amounts  from time to time held or  invested in the  Certificate  Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property  and (2) an  assignment  by the Company to the Trustee of any  security
interest in any and all of Residential  Funding's right  (including the power to
convey  title  thereto),  title and  interest,  whether  now owned or  hereafter
acquired, in and to the property described in the foregoing clauses (1)(A), (B),
(C) and (D)  granted by  Residential  Funding  to the  Company  pursuant  to the
Assignment  Agreement;  (c) the possession by the Trustee,  the Custodian or any
other agent of the Trustee of Mortgage  Notes or such other items of property as
constitute instruments, money, payment intangibles, negotiable documents, goods,
deposit accounts,  letters of credit,  advices of credit,  investment  property,
certificated  securities or chattel paper shall be deemed to be  "possession  by
the secured party," or possession by a purchaser or a person  designated by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable  jurisdiction as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 thereof);  and (d) notifications to persons holding such
property,  and  acknowledgments,  receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of
any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

                                       36
<PAGE>

(g) The Master  Servicer  hereby  acknowledges  the receipt by it of the Initial
Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial  Monthly
Payment Fund in the  Custodial  Account and shall  include such Initial  Monthly
Payment Fund in the Available  Distribution Amount for the initial  Distribution
Date.  Notwithstanding  anything  herein to the  contrary,  the Initial  Monthly
Payment Fund shall not be an asset of any REMIC.  To the extent that the Initial
Monthly Payment Fund constitutes a reserve fund for federal income tax purposes,
(1) it shall be an outside  reserve  fund and not an asset of any REMIC,  (2) it
shall be owned by the Seller  and (3)  amounts  transferred  by any REMIC to the
Initial  Monthly  Payment Fund shall be treated as  transferred to the Seller or
any  successor,  all within the meaning of Section  1.860G-2(h)  of the Treasury
Regulations.

(h) The Company agrees that the sale of each Pledged Asset Loan pursuant to this
Agreement will also constitute the assignment, sale, setting-over,  transfer and
conveyance  to the  Trustee,  without  recourse  (but  subject to the  Company's
covenants,  representations and warranties specifically provided herein), of all
of the Company's  obligations and all of the Company's right, title and interest
in, to and under,  whether now  existing or  hereafter  acquired as owner of the
Mortgage  Loan  with  respect  to  any  and  all  money,  securities,   security
entitlements,  accounts, general intangibles, payment intangibles,  instruments,
documents, deposit accounts, certificates of deposit, commodities contracts, and
other  investment  property and other  property of whatever kind or  description
consisting of, arising from or related to (i) the Assigned  Contracts,  (ii) all
rights,  powers and remedies of the Company as owner of such Mortgage Loan under
or in connection with the Assigned Contracts, whether arising under the terms of
such Assigned  Contracts,  by statute, at law or in equity, or otherwise arising
out of any default by the  Mortgagor  under or in  connection  with the Assigned
Contracts,  including  all rights to exercise  any election or option or to make
any  decision  or  determination  or to give or  receive  any  notice,  consent,
approval  or  waiver  thereunder,  (iii)  the  Pledged  Amounts  and all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or other  distributions  of cash or other  property that secures a Pledged Asset
Loan, (iv) all documents,  books and records concerning the foregoing (including
all  computer  programs,  tapes,  disks and related  items  containing  any such
information) and (v) all insurance proceeds (including proceeds from the Federal
Deposit Insurance Corporation or the Securities Investor Protection  Corporation
or any other insurance company) of any of the foregoing or replacements  thereof
or substitutions therefor, proceeds of proceeds and the conversion, voluntary or
involuntary,  of any thereof.  The  foregoing  transfer,  sale,  assignment  and
conveyance does not constitute and is not intended to result in the creation, or
an assumption  by the Trustee,  of any  obligation of the Company,  or any other
person  in  connection  with the  Pledged  Assets  or  under  any  agreement  or
instrument  relating thereto,  including any obligation to the Mortgagor,  other
than as owner of the Mortgage Loan.

Section 2.02.  Acceptance by Trustee.
               ---------------------

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section

                                       37
<PAGE>

2.01(b)(i)  above  (except  that for  purposes of such  acknowledgement  only, a
Mortgage  Note may be endorsed in blank) and declares that it, or a Custodian as
its  agent,  holds  and  will  hold  such  documents  and  the  other  documents
constituting a part of the Mortgage Files delivered to it, or a Custodian as its
agent, and the rights of Residential Funding with respect to any Pledged Assets,
Additional  Collateral  and the Surety Bond assigned to the Trustee  pursuant to
Section  2.01,  in trust  for the use and  benefit  of all  present  and  future
Certificateholders.  The Trustee or Custodian (such Custodian being so obligated
under a Custodial Agreement) agrees, for the benefit of  Certificateholders,  to
review each Mortgage File delivered to it pursuant to Section  2.01(b) within 45
days  after  the  Closing  Date  to  ascertain   that  all  required   documents
(specifically as set forth in Section 2.01(b)), have been executed and received,
and that such documents  relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented, that have been conveyed to it, and to deliver to
the Trustee a certificate (the "Interim  Certification")  to the effect that all
documents  required to be delivered  pursuant to Section 2.01(b) above have been
executed  and  received and that such  documents  relate to the  Mortgage  Loans
identified on the Mortgage Loan Schedule,  except for any  exceptions  listed on
Schedule A attached to such Interim Certification. Upon delivery of the Mortgage
Files by the  Company or the Master  Servicer,  the  Trustee  shall  acknowledge
receipt (or, with respect to Mortgage  Loans  subject to a Custodial  Agreement,
and based  solely upon a receipt or  certification  executed  by the  Custodian,
receipt by the respective  Custodian as the duly appointed agent of the Trustee)
of the documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the

                                       38
<PAGE>

Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

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

(a)     The Master  Servicer  hereby  represents and warrants to the Trustee for
        the benefit of the Certificateholders that:

(i)     The Master Servicer is a corporation  duly organized,  validly  existing
        and in good standing under the laws governing its creation and existence
        and is or will be in compliance with the laws of each state in which any
        Mortgaged  Property  is located to the  extent  necessary  to ensure the
        enforceability  of each Mortgage  Loan in  accordance  with the terms of
        this Agreement;

(ii)    The execution and delivery of this Agreement by the Master  Servicer and
        its performance and compliance with the terms of this Agreement will not
        violate the Master Servicer's  Certificate of Incorporation or Bylaws or
        constitute a material  default (or an event which,  with notice or lapse
        of time, or both, would constitute a material  default) under, or result
        in the  material  breach of, any material  contract,  agreement or other
        instrument  to which  the  Master  Servicer  is a party or which  may be
        applicable to the Master Servicer or any of its assets;

(iii)   This Agreement,  assuming due  authorization,  execution and delivery by
        the  Trustee and the  Company,  constitutes  a valid,  legal and binding
        obligation of the Master Servicer,  enforceable against it in accordance
        with the terms  hereof  subject to  applicable  bankruptcy,  insolvency,
        reorganization,  moratorium and other laws affecting the  enforcement of
        creditors'  rights  generally  and  to  general  principles  of  equity,
        regardless of whether such  enforcement is considered in a proceeding in
        equity or at law;

(iv)    The  Master  Servicer  is not in  default  with  respect to any order or
        decree of any court or any order,  regulation  or demand of any federal,
        state,  municipal  or  governmental  agency,  which  default  might have
        consequences  that would  materially and adversely  affect the condition
        (financial  or  other)  or  operations  of the  Master  Servicer  or its
        properties or might have  consequences  that would materially  adversely
        affect its performance hereunder;

                                       39
<PAGE>

(v)     No  litigation  is  pending  or,  to the best of the  Master  Servicer's
        knowledge,  threatened  against the Master Servicer which would prohibit
        its entering into this  Agreement or performing  its  obligations  under
        this Agreement;

(vi)    The  Master  Servicer  will  comply  in  all  material  respects  in the
        performance of this Agreement with all reasonable rules and requirements
        of each insurer under each Required Insurance Policy;

(vii)   No  information,  certificate  of an  officer,  statement  furnished  in
        writing or report delivered to the Company, any Affiliate of the Company
        or the Trustee by the Master  Servicer  will,  to the  knowledge  of the
        Master Servicer, contain any untrue statement of a material fact or omit
        a  material  fact  necessary  to  make  the  information,   certificate,
        statement or report not misleading;

(viii)  The Master  Servicer has examined each  existing,  and will examine each
        new,  Subservicing  Agreement  and is or will be familiar with the terms
        thereof.  The terms of each  existing  Subservicing  Agreement  and each
        designated Subservicer are acceptable to the Master Servicer and any new
        Subservicing Agreements will comply with the provisions of Section 3.02;
        and

(ix)    The  Master  Servicer  is a member  of MERS in good  standing,  and will
        comply in all material respects with the rules and procedures of MERS in
        connection  with the servicing of the Mortgage Loans that are registered
        with MERS.

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

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

(b)  Representations and warranties relating to the Mortgage Loans are set forth
in Section 2.03(b) of the Series Supplement.

                                       40
<PAGE>

Section 2.04.  Representations and Warranties of Sellers.
               -----------------------------------------

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment of the Mortgage in recordable  form, if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing

                                       41
<PAGE>

Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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

               As provided in Section 2.05 of the Series Supplement.

                                       42
<PAGE>

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

               As provided in Section 2.06 of the Series Supplement.

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

               As provided in Section 2.07 of the Series Supplement.

Section 2.08.  Purposes and Powers of the Trust.
               --------------------------------

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

(a) to sell the Certificates to the Company in exchange for the Mortgage Loans;

(b) to enter into and perform its obligations under this Agreement;

(c) to engage in those activities that are necessary,  suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and

(d)  subject  to  compliance  with  this  Agreement,  to  engage  in such  other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

               The  trust  is  hereby  authorized  to  engage  in the  foregoing
activities. Notwithstanding the provisions of Section 11.01, the trust shall not
engage in any activity other than in connection with the foregoing or other than
as required or authorized by the terms of this Agreement  while any  Certificate
is outstanding, and this Section 2.08 may not be amended, without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                       43
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master Servicer to Act as Servicer.
               ----------------------------------

(a) The Master  Servicer  shall  service and  administer  the Mortgage  Loans in
accordance  with the terms of this Agreement and the  respective  Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain,  the  taking  of a  deed  in  lieu  of  foreclosure,  the  commencement,
prosecution  or  completion  of  judicial  or  non-judicial   foreclosure,   the
conveyance of a Mortgaged  Property to the related  Insurer,  the acquisition of
any property  acquired by  foreclosure  or deed in lieu of  foreclosure,  or the
management,  marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure  with respect to the Mortgage Loans and with respect
to the Mortgaged  Properties.  The Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or  re-recording  of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing  or becoming unable to continue  operations in connection with the
MERS System,  it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the  Trustee,  then any related  expenses  shall be  reimbursable  to the Master
Servicer.  Notwithstanding the foregoing, subject to Section 3.07(a), the Master
Servicer  shall not permit any  modification  with respect to any Mortgage  Loan
that would both  constitute a sale or exchange of such  Mortgage Loan within the
meaning  of  Section  1001 of the  Code  and any  proposed,  temporary  or final
regulations  promulgated  thereunder  (other than in connection  with a proposed
conveyance  or  assumption  of such Mortgage Loan that is treated as a Principal
Prepayment  in Full  pursuant  to Section  3.13(d)  hereof)  and cause any REMIC
formed under the Series Supplement to fail to qualify as a REMIC under the Code.

                                       44
<PAGE>

The Trustee  shall  furnish the Master  Servicer with any powers of attorney and
other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in accordance  with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee,  obtain credit  information in the form
of a "credit score" from a credit repository.

(b) All costs incurred by the Master  Servicer or by  Subservicers  in effecting
the timely payment of taxes and  assessments  on the  properties  subject to the
Mortgage Loans shall not, for the purpose of calculating  monthly  distributions
to the  Certificateholders,  be added to the  amount  owing  under  the  related
Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so permit,
and  such  costs  shall  be  recoverable  to the  extent  permitted  by  Section
3.10(a)(ii).

(c) The Master Servicer may enter into one or more agreements in connection with
the offering of pass-through certificates evidencing interests in one or more of
the  Certificates  providing  for the payment by the Master  Servicer of amounts
received by the Master Servicer as servicing compensation hereunder and required
to cover certain  Prepayment  Interest  Shortfalls on the Mortgage Loans,  which
payment  obligation  will  thereafter be an  obligation  of the Master  Servicer
hereunder.

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations.

(a) The Master Servicer may continue in effect  Subservicing  Agreements entered
into by Residential Funding and Subservicers prior to the execution and delivery
of  this  Agreement,  and  may  enter  into  new  Subservicing  Agreements  with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer

                                       45
<PAGE>

may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

(b) As part of its servicing activities hereunder,  the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts  to  enforce  the  obligations  of each  Subservicer  under the  related
Subservicing  Agreement and of each Seller under the related Seller's  Agreement
insofar as the  Company's  rights with respect to Seller's  obligation  has been
assigned to the Trustee hereunder, to the extent that the non-performance of any
such Seller's  obligation would have a material and adverse effect on a Mortgage
Loan, including,  without limitation, the obligation to purchase a Mortgage Loan
on account of  defective  documentation,  as described  in Section  2.02,  or on
account of a breach of a  representation  or  warranty,  as described in Section
2.04. Such enforcement,  including, without limitation, the legal prosecution of
claims,  termination  of  Subservicing  Agreements  or Seller's  Agreements,  as
appropriate,  and the pursuit of other  appropriate  remedies,  shall be in such
form and carried  out to such an extent and at such time as the Master  Servicer
would employ in its good faith business  judgment and which are normal and usual
in its general mortgage servicing activities.  The Master Servicer shall pay the
costs of such enforcement at its own expense,  and shall be reimbursed  therefor
only (i) from a general recovery  resulting from such enforcement to the extent,
if any,  that such  recovery  exceeds  all amounts due in respect of the related
Mortgage Loan or (ii) from a specific  recovery of costs,  expenses or attorneys
fees against the party against whom such  enforcement is directed.  For purposes
of clarification  only, the parties agree that the foregoing is not intended to,
and does not,  limit the  ability of the Master  Servicer to be  reimbursed  for
expenses  that are incurred in  connection  with the  enforcement  of a Seller's
obligations  (insofar  as the  Company's  rights with  respect to such  Seller's
obligations  have been assigned to the Trustee  hereunder) and are  reimbursable
pursuant to Section 3.10(a)(viii).

Section 3.03.  Successor Subservicers.
               ----------------------

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties

                                       46
<PAGE>

made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

Section 3.04.  Liability of the Master Servicer.
               --------------------------------

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

Section 3.05.  No Contractual Relationship Between Subservicer and
                      Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

Section 3.06.  Assumption or Termination of Subservicing Agreements by Trustee.
               ---------------------------------------------------------------

(a) If the Master Servicer shall for any reason no longer be the master servicer
(including by reason of an Event of Default),  the Trustee,  its designee or its
successor shall thereupon assume all of the rights and obligations of the Master
Servicer under each Subservicing  Agreement that may have been entered into. The
Trustee,  its designee or the successor servicer for the Trustee shall be deemed
to have  assumed  all of the  Master  Servicer's  interest  therein  and to have
replaced  the Master  Servicer as a party to the  Subservicing  Agreement to the
same extent as if the  Subservicing  Agreement had been assigned to the assuming
party  except  that the Master  Servicer  shall not  thereby be  relieved of any
liability or obligations under the Subservicing Agreement.

(b) The Master Servicer shall, upon request of the Trustee but at the expense of
the Master  Servicer,  deliver to the assuming  party all  documents and records
relating  to each  Subservicing  Agreement  and the  Mortgage  Loans  then being
serviced and an accounting of amounts collected and held by it and otherwise use
its  best  efforts  to  effect  the  orderly  and  efficient  transfer  of  each
Subservicing Agreement to the assuming party.

                                       47
<PAGE>

Section 3.07.  Collection of Certain Mortgage Loan Payments;
                      Deposits to Custodial Account.
                      -----------------------------

(a)     The Master  Servicer  shall  make  reasonable  efforts  to  collect  all
        payments  called  for under the terms  and  provisions  of the  Mortgage
        Loans, and shall, to the extent such procedures shall be consistent with
        this  Agreement  and the terms and  provisions  of any  related  Primary
        Insurance Policy,  follow such collection  procedures as it would employ
        in its good faith  business  judgment  and which are normal and usual in
        its  general  mortgage   servicing   activities.   Consistent  with  the
        foregoing,  the Master Servicer may in its discretion (i) waive any late
        payment  charge  or  any  prepayment   charge  or  penalty  interest  in
        connection  with the  prepayment  of a Mortgage Loan and (ii) extend the
        Due Date for  payments  due on a Mortgage  Loan in  accordance  with the
        Program Guide;  provided,  however, that the Master Servicer shall first
        determine that any such waiver or extension will not impair the coverage
        of any related Primary  Insurance Policy or materially  adversely affect
        the lien of the related Mortgage.  In the event of any such arrangement,
        the Master Servicer shall make timely  advances on the related  Mortgage
        Loan during the  scheduled  period in accordance  with the  amortization
        schedule of such Mortgage Loan without modification thereof by reason of
        such  arrangements  unless  otherwise  agreed to by the  Holders  of the
        Classes of Certificates  affected thereby;  provided,  however,  that no
        such   extension   shall  be  made  if  any  such  advance  would  be  a
        Nonrecoverable Advance. Consistent with the terms of this Agreement, the
        Master Servicer may also waive,  modify or vary any term of any Mortgage
        Loan or consent to the  postponement of strict  compliance with any such
        term or in any manner grant indulgence to any Mortgagor if in the Master
        Servicer's  determination  such waiver,  modification,  postponement  or
        indulgence   is  not   materially   adverse  to  the  interests  of  the
        Certificateholders (taking into account any estimated Realized Loss that
        might result absent such  action);  provided,  however,  that the Master
        Servicer may not modify  materially or permit any  Subservicer to modify
        any Mortgage Loan,  including  without  limitation any modification that
        would change the Mortgage Rate,  forgive the payment of any principal or
        interest  (unless in  connection  with the  liquidation  of the  related
        Mortgage Loan or except in  connection  with  prepayments  to the extent
        that  such  reamortization  is not  inconsistent  with the  terms of the
        Mortgage  Loan),  capitalize  any amounts  owing on the Mortgage Loan by
        adding such amount to the outstanding  principal balance of the Mortgage
        Loan, or extend the final  maturity date of such Mortgage  Loan,  unless
        such  Mortgage  Loan is in  default  or, in the  judgment  of the Master
        Servicer,  such default is reasonably  foreseeable;  provided,  further,
        that  (1) no such  modification  shall  reduce  the  interest  rate on a
        Mortgage  Loan below  one-half of the Mortgage  Rate as in effect on the
        Cut-off  Date,  but not  less  than the sum of the  rates  at which  the
        Servicing  Fee and the  Subservicing  Fee with respect to such  Mortgage
        Loan accrues plus the rate at which the premium paid to the  Certificate
        Insurer,  if any, accrues,  (2) the final maturity date for any Mortgage
        Loan shall not be  extended  beyond the  Maturity  Date,  (3) the Stated
        Principal  Balance of all Reportable  Modified Mortgage Loans subject to
        Servicing   Modifications   (measured  at  the  time  of  the  Servicing
        Modification and after giving effect to any Servicing  Modification) can
        be no more than five percent of the aggregate  principal  balance of the
        Mortgage  Loans as of the Cut-off  Date,  unless such limit is increased
        from  time to time  with the  consent  of the  Rating  Agencies  and the
        Certificate  Insurer,  if any.  In  addition,  any  amounts  owing  on a
        Mortgage  Loan  added  to the  outstanding  principal  balance  of  such
        Mortgage  Loan must be fully  amortized  over the term of such  Mortgage
        Loan, and such amounts may be added to the outstanding principal balance
        of a  Mortgage  Loan only once  during the life of such  Mortgage  Loan.
        Also, the addition of such amounts  described in the preceding  sentence

                                       48
<PAGE>

        shall be  implemented  in  accordance  with the Program Guide and may be
        implemented  only by Subservicers  that have been approved by the Master
        Servicer for such  purpose.  In  connection  with any  Curtailment  of a
        Mortgage Loan, the Master Servicer,  to the extent not inconsistent with
        the terms of the Mortgage  Note and local law and  practice,  may permit
        the Mortgage  Loan to be  reamortized  such that the Monthly  Payment is
        recalculated as an amount that will fully amortize the remaining  Stated
        Principal  Balance  thereof by the original  Maturity  Date based on the
        original Mortgage Rate; provided, that such re-amortization shall not be
        permitted if it would  constitute a reissuance  of the Mortgage Loan for
        federal income tax purposes,  except if such  reissuance is described in
        Treasury Regulation Section 1.860G-2(b)(3).

(b)     The Master Servicer shall establish and maintain a Custodial  Account in
        which the Master  Servicer  shall  deposit or cause to be deposited on a
        daily  basis,  except as otherwise  specifically  provided  herein,  the
        following payments and collections  remitted by Subservicers or received
        by it in respect of the Mortgage  Loans  subsequent  to the Cut-off Date
        (other than in respect of principal  and interest on the Mortgage  Loans
        due on or before the Cut-off Date):

(i)     All payments on account of principal,  including  Principal  Prepayments
        made by Mortgagors on the Mortgage Loans and the principal  component of
        any  Subservicer  Advance or of any REO Proceeds  received in connection
        with an REO Property for which an REO Disposition has occurred;

(ii)    All payments on account of interest at the Adjusted Mortgage Rate on the
        Mortgage  Loans,  including  Buydown  Funds,  if any,  and the  interest
        component of any Subservicer  Advance or of any REO Proceeds received in
        connection  with  an REO  Property  for  which  an REO  Disposition  has
        occurred;

(iii)   Insurance Proceeds,  Subsequent Recoveries and Liquidation Proceeds (net
        of any related expenses of the Subservicer);

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.03,  2.04  or  4.07  and  all  amounts  required  to be  deposited  in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

(v)     Any amounts  required  to be  deposited  pursuant to Section  3.07(c) or
        3.21;

(vi)    All amounts  transferred  from the Certificate  Account to the Custodial
        Account in accordance with Section 4.02(a);

(vii)   Any  amounts  realized  by the  Subservicer  and  received by the Master
        Servicer in respect of any Additional Collateral; and

(viii)  Any  amounts  received  by the  Master  Servicer  in  respect of Pledged
        Assets.

The  foregoing  requirements  for  deposit  in the  Custodial  Account  shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in

                                       49
<PAGE>

the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

(c) The Master  Servicer  shall use its best  efforts  to cause the  institution
maintaining the Custodial  Account to invest the funds in the Custodial  Account
attributable to the Mortgage Loans in Permitted  Investments  which shall mature
not later than the  Certificate  Account Deposit Date next following the date of
such investment (with the exception of the Amount Held for Future  Distribution)
and which shall not be sold or disposed of prior to their maturities. All income
and gain  realized  from any such  investment  shall be for the  benefit  of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal  or order from time to time.  The amount of any  losses  incurred  in
respect of any such  investments  attributable  to the  investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds  immediately as realized  without any right
of reimbursement.

(d) The Master  Servicer shall give notice to the Trustee and the Company of any
change  in the  location  of the  Custodial  Account  and  the  location  of the
Certificate Account prior to the use thereof.

Section 3.08.  Subservicing Accounts; Servicing Accounts.
               -----------------------------------------

(a) In those cases where a Subservicer  is servicing a Mortgage Loan pursuant to
a  Subservicing  Agreement,  the Master  Servicer  shall cause the  Subservicer,
pursuant to the  Subservicing  Agreement,  to establish and maintain one or more
Subservicing  Accounts which shall be an Eligible Account or, if such account is
not an Eligible Account, shall generally satisfy the requirements of the Program
Guide and be otherwise acceptable to the Master Servicer and each Rating Agency.
The  Subservicer  will be  required  thereby  to deposit  into the  Subservicing
Account  on a daily  basis  all  proceeds  of  Mortgage  Loans  received  by the
Subservicer,  less its Subservicing Fees and unreimbursed advances and expenses,
to the extent  permitted  by the  Subservicing  Agreement.  If the  Subservicing
Account is not an Eligible Account,  the Master Servicer shall be deemed to have
received such monies upon receipt  thereof by the  Subservicer.  The Subservicer

                                       50
<PAGE>

shall not be  required  to  deposit  in the  Subservicing  Account  payments  or
collections  in the nature of  prepayment  charges or late charges or assumption
fees.  On or before the date  specified  in the Program  Guide,  but in no event
later  than  the  Determination  Date,  the  Master  Servicer  shall  cause  the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

(b)  The  Subservicer  may  also  be  required,  pursuant  to  the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).

(c) In addition to the Custodial Account and the Certificate Account, the Master
Servicer  shall  for any  Nonsubserviced  Mortgage  Loan,  and  shall  cause the
Subservicers  for Subserviced  Mortgage Loans to,  establish and maintain one or
more Servicing  Accounts and deposit and retain therein all collections from the
Mortgagors   (or  advances  from   Subservicers)   for  the  payment  of  taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

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<PAGE>

(d) The Master Servicer shall advance the payments  referred to in the preceding
subsection  that  are not  timely  paid by the  Mortgagors  or  advanced  by the
Subservicers  on the date when the tax,  premium  or other  cost for which  such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

Section 3.09.  Access to Certain Documentation and
                      Information Regarding the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

Section 3.10.  Permitted Withdrawals from the Custodial Account.
               --------------------------------------------------

(a)  The  Master  Servicer  may,  from  time to time as  provided  herein,  make
     withdrawals  from the  Custodial  Account of  amounts  on  deposit  therein
     pursuant to Section 3.07 that are  attributable  to the Mortgage  Loans for
     the following purposes:

(i)  to make  deposits  into the  Certificate  Account in the amounts and in the
     manner provided for in Section 4.01;

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     Advances,  Servicing  Advances or other  expenses made pursuant to Sections
     3.01, 3.07(a), 3.08, 3.11, 3.12(a), 3.14 and 4.04 or otherwise reimbursable
     pursuant  to the  terms of this  Agreement,  such  withdrawal  right  being
     limited to amounts received on the related Mortgage Loans  (including,  for
     this purpose,  REO Proceeds,  Insurance Proceeds,  Liquidation Proceeds and
     proceeds  from the purchase of a Mortgage  Loan  pursuant to Section  2.02,
     2.03,  2.04 or 4.07)  which  represent  (A)  Late  Collections  of  Monthly
     Payments  for which any such  advance  was made in the case of  Subservicer
     Advances or Advances pursuant to Section 4.04 and (B) recoveries of amounts
     in  respect  of which  such  advances  were  made in the case of  Servicing
     Advances;

(iii)to pay to itself or the related  Subservicer (if not previously retained by
     such  Subservicer)  out of each payment  received by the Master Servicer on
     account of interest on a Mortgage Loan as contemplated by Sections 3.14 and
     3.16, an amount equal to that  remaining  portion of any such payment as to
     interest (but not in excess of the Servicing Fee and the Subservicing  Fee,
     if not  previously  retained)  which,  when  deducted,  will  result in the
     remaining  amount of such interest  being interest at the Net Mortgage Rate

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<PAGE>

     (or Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan) on
     the amount specified in the  amortization  schedule of the related Mortgage
     Loan as the  principal  balance  thereof  at the  beginning  of the  period
     respecting which such interest was paid after giving effect to any previous
     Curtailments;

(iv)    to pay to itself as additional  servicing  compensation  any interest or
        investment  income  earned on funds and other  property  deposited in or
        credited  to the  Custodial  Account  that it is  entitled  to  withdraw
        pursuant to Section 3.07(c);

(v)     to pay to itself as additional  servicing  compensation  any Foreclosure
        Profits,  any amounts remitted by Subservicers as interest in respect of
        Curtailments  pursuant to Section  3.08(b),  and any  amounts  paid by a
        Mortgagor in connection  with a Principal  Prepayment in Full in respect
        of  interest  for any  period  during the  calendar  month in which such
        Principal   Prepayment   in   Full   is  to  be   distributed   to   the
        Certificateholders;

(vi)    to pay to itself,  a Subservicer,  a Seller,  Residential  Funding,  the
        Company  or any  other  appropriate  Person,  as the case  may be,  with
        respect to each  Mortgage Loan or property  acquired in respect  thereof
        that has been  purchased  or otherwise  transferred  pursuant to Section
        2.02,  2.03,  2.04, 4.07 or 9.01, all amounts  received  thereon and not
        required to be distributed to the  Certificateholders  as of the date on
        which  the  related  Stated  Principal  Balance  or  Purchase  Price  is
        determined;

(vii)   to reimburse  itself or the related  Subservicer for any  Nonrecoverable
        Advance  or  Advances  in  the  manner  and to the  extent  provided  in
        subsection  (c) below,  and any  Advance or  Servicing  Advance  made in
        connection  with a modified  Mortgage Loan that is in default or, in the
        judgment  of the  Master  Servicer,  default is  reasonably  foreseeable
        pursuant to Section 3.07(a),  to the extent the amount of the Advance or
        Servicing  Advance  was added to the  Stated  Principal  Balance  of the
        Mortgage Loan in the prior calendar month,  or any Advance  reimbursable
        to the Master Servicer pursuant to Section 4.02(a);

(viii)  to  reimburse  itself  or  the  Company  for  expenses  incurred  by and
        reimbursable to it or the Company  pursuant to Sections  3.01(a),  3.11,
        3.13,  3.14(c),  6.03,  10.01  or  otherwise,   or  in  connection  with
        enforcing,   in  accordance   with  this   Agreement,   any  repurchase,
        substitution or indemnification  obligation of any Seller (other than an
        Affiliate of the Company) pursuant to the related Seller's Agreement;

(ix)    to reimburse itself for Servicing  Advances  expended by it (a) pursuant
        to Section  3.14 in good faith in  connection  with the  restoration  of
        property  damaged by an Uninsured  Cause, and (b) in connection with the
        liquidation  of a Mortgage Loan or disposition of an REO Property to the
        extent not otherwise reimbursed pursuant to clause (ii) or (viii) above;
        and

(x)     to withdraw any amount  deposited in the Custodial  Account that was not
        required to be deposited therein pursuant to Section 3.07.

                                       53
<PAGE>

(b)     Since, in connection with withdrawals  pursuant to clauses (ii),  (iii),
        (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
        collections or other recoveries on the related Mortgage Loan, the Master
        Servicer shall keep and maintain separate accounting, on a Mortgage Loan
        by Mortgage  Loan basis,  for the purpose of justifying  any  withdrawal
        from the Custodial Account pursuant to such clauses.

(c)     The Master Servicer shall be entitled to reimburse itself or the related
        Subservicer  for any advance made in respect of a Mortgage Loan that the
        Master Servicer determines to be a Nonrecoverable  Advance by withdrawal
        from the Custodial Account of amounts on deposit therein attributable to
        the Mortgage Loans on any  Certificate  Account  Deposit Date succeeding
        the date of such  determination.  Such right of reimbursement in respect
        of a  Nonrecoverable  Advance relating to an Advance pursuant to Section
        4.04 on any such Certificate Account Deposit Date shall be limited to an
        amount not  exceeding  the portion of such  advance  previously  paid to
        Certificateholders   (and  not  theretofore  reimbursed  to  the  Master
        Servicer or the related Subservicer).

Section 3.11.  Maintenance of the Primary Insurance
                      Policies; Collections Thereunder.

(a) The Master  Servicer shall not take, or permit any  Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy  of any  loss  which,  but for the  actions  of the  Master  Servicer  or
Subservicer,  would have been  covered  thereunder.  To the extent  coverage  is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

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<PAGE>

(b) In  connection  with its  activities  as  administrator  and servicer of the
Mortgage  Loans,  the Master  Servicer agrees to present or to cause the related
Subservicer to present,  on behalf of the Master Servicer,  the Subservicer,  if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and,  in this  regard,  to take or cause to be taken such  reasonable  action as
shall be  necessary  to permit  recovery  under any Primary  Insurance  Policies
respecting  defaulted  Mortgage  Loans.  Pursuant to Section 3.07, any Insurance
Proceeds  collected  by or  remitted  to the Master  Servicer  under any Primary
Insurance  Policies  shall be deposited  in the  Custodial  Account,  subject to
withdrawal pursuant to Section 3.10.

Section 3.12.  Maintenance of Fire Insurance and
                      Omissions and Fidelity Coverage.

(a) The Master  Servicer  shall cause to be  maintained  for each  Mortgage Loan
(other than a Cooperative  Loan) fire  insurance  with  extended  coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

                                       55
<PAGE>

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect  throughout the term of this Agreement a blanket  fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities  under this Agreement.  The amount of coverage
shall be at least equal to the coverage  that would be required by Fannie Mae or
Freddie Mac,  whichever is greater,  with respect to the Master  Servicer if the
Master Servicer were servicing and  administering  the Mortgage Loans for Fannie
Mae or Freddie  Mac.  In the event that any such bond or policy  ceases to be in
effect, the Master Servicer shall obtain a comparable replacement bond or policy
from an issuer or insurer, as the case may be, meeting the requirements, if any,
of the  Program  Guide and  acceptable  to the  Company.  Coverage of the Master
Servicer under a policy or bond obtained by an Affiliate of the Master  Servicer
and  providing the coverage  required by this Section  3.12(b) shall satisfy the
requirements of this Section 3.12(b).

Section 3.13.  Enforcement of Due-on-Sale Clauses; Assumption and
                      Modification Agreements; Certain Assignments.

(a)     When any  Mortgaged  Property is conveyed by the  Mortgagor,  the Master
        Servicer  or  Subservicer,  to the  extent  it  has  knowledge  of  such
        conveyance,  shall  enforce  any  due-on-sale  clause  contained  in any
        Mortgage Note or Mortgage,  to the extent permitted under applicable law
        and  governmental  regulations,   but  only  to  the  extent  that  such
        enforcement will not adversely  affect or jeopardize  coverage under any
        Required Insurance Policy. Notwithstanding the foregoing:

(i)     the  Master  Servicer  shall not be deemed to be in  default  under this
        Section 3.13(a) by reason of any transfer or assumption which the Master
        Servicer is restricted by law from preventing; and

(ii)    if the Master Servicer  determines that it is reasonably likely that any
        Mortgagor will bring,  or if any Mortgagor  does bring,  legal action to
        declare invalid or otherwise avoid  enforcement of a due-on-sale  clause
        contained in any Mortgage Note or Mortgage,  the Master  Servicer  shall
        not be  required to enforce the  due-on-sale  clause or to contest  such
        action.

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<PAGE>

(b)     Subject to the Master Servicer's duty to enforce any due-on-sale  clause
        to the  extent  set  forth in  Section  3.13(a),  in any case in which a
        Mortgaged  Property is to be conveyed  to a Person by a  Mortgagor,  and
        such Person is to enter into an assumption or modification  agreement or
        supplement to the Mortgage Note or Mortgage which requires the signature
        of the Trustee,  or if an instrument of release signed by the Trustee is
        required  releasing the Mortgagor  from  liability on the Mortgage Loan,
        the Master  Servicer is authorized,  subject to the  requirements of the
        sentence  next  following,  to  execute  and  deliver,  on behalf of the
        Trustee,  the assumption agreement with the Person to whom the Mortgaged
        Property is to be conveyed and such modification agreement or supplement
        to the Mortgage Note or Mortgage or other  instruments as are reasonable
        or necessary to carry out the terms of the Mortgage  Note or Mortgage or
        otherwise to comply with any applicable  laws  regarding  assumptions or
        the  transfer  of the  Mortgaged  Property  to  such  Person;  provided,
        however,  none of such terms and requirements  shall either (i) both (A)
        constitute  a  "significant   modification"  effecting  an  exchange  or
        reissuance  of such  Mortgage  Loan under the REMIC  Provisions  and (B)
        cause any portion of any REMIC  formed  under the Series  Supplement  to
        fail to  qualify  as a REMIC  under  the  Code or  (subject  to  Section
        10.01(f)),   result  in  the   imposition  of  any  tax  on  "prohibited
        transactions" or (ii) constitute "contributions" after the start-up date
        under the REMIC  Provisions.  The  Master  Servicer  shall  execute  and
        deliver such  documents  only if it reasonably  determines  that (i) its
        execution  and delivery  thereof  will not conflict  with or violate any
        terms of this  Agreement or cause the unpaid balance and interest on the
        Mortgage Loan to be uncollectible in whole or in part, (ii) any required
        consents of insurers  under any Required  Insurance  Policies  have been
        obtained  and  (iii)  subsequent  to  the  closing  of  the  transaction
        involving the assumption or transfer (A) the Mortgage Loan will continue
        to be  secured by a first  mortgage  lien  pursuant  to the terms of the
        Mortgage,  (B) such  transaction  will not adversely affect the coverage
        under any Required Insurance Policies,  (C) the Mortgage Loan will fully
        amortize  over the remaining  term thereof,  (D) no material term of the
        Mortgage Loan (including the interest rate on the Mortgage Loan) will be
        altered nor will the term of the Mortgage Loan be changed and (E) if the
        seller/transferor  of the  Mortgaged  Property  is to be  released  from
        liability  on the  Mortgage  Loan,  such  release will not (based on the
        Master Servicer's or Subservicer's good faith  determination)  adversely
        affect  the  collectability  of  the  Mortgage  Loan.  Upon  receipt  of
        appropriate instructions from the Master Servicer in accordance with the
        foregoing,  the Trustee shall execute any necessary instruments for such
        assumption  or  substitution  of liability as directed in writing by the
        Master Servicer.  Upon the closing of the  transactions  contemplated by
        such  documents,  the Master  Servicer shall cause the originals or true
        and correct copies of the assumption agreement, the release (if any), or
        the  modification  or  supplement to the Mortgage Note or Mortgage to be
        delivered  to the  Trustee  or the  Custodian  and  deposited  with  the
        Mortgage  File for such Mortgage  Loan.  Any fee collected by the Master
        Servicer or such related  Subservicer for entering into an assumption or
        substitution  of  liability  agreement  will be  retained  by the Master
        Servicer or such Subservicer as additional servicing compensation.

(c)     The Master  Servicer  or the  related  Subservicer,  as the case may be,
        shall be  entitled to approve a request  from a Mortgagor  for a partial
        release of the related Mortgaged  Property,  the granting of an easement
        thereon in favor of another Person,  any alteration or demolition of the
        related Mortgaged  Property (or, with respect to a Cooperative Loan, the

                                       57
<PAGE>

        related  Cooperative  Apartment)  without any right of  reimbursement or
        other similar  matters if it has  determined,  exercising its good faith
        business judgment in the same manner as it would if it were the owner of
        the related  Mortgage  Loan,  that the security  for, and the timely and
        full  collectability  of,  such  Mortgage  Loan  would not be  adversely
        affected  thereby  and that any  portion of any REMIC  formed  under the
        Series Supplement would not fail to continue to qualify as a REMIC under
        the Code as a result  thereof and (subject to Section  10.01(f)) that no
        tax on "prohibited  transactions" or  "contributions"  after the startup
        day would be  imposed  on any such  REMIC as a result  thereof.  Any fee
        collected  by  the  Master  Servicer  or  the  related  Subservicer  for
        processing  such a request  will be retained  by the Master  Servicer or
        such Subservicer as additional servicing compensation.

(d)     Subject to any other  applicable terms and conditions of this Agreement,
        the  Trustee  and  Master  Servicer  shall be  entitled  to  approve  an
        assignment in lieu of  satisfaction  with respect to any Mortgage  Loan,
        provided the obligee with respect to such Mortgage Loan  following  such
        proposed  assignment  provides  the Trustee and Master  Servicer  with a
        "Lender  Certification  for  Assignment  of  Mortgage  Loan" in the form
        attached hereto as Exhibit M, in form and substance  satisfactory to the
        Trustee  and Master  Servicer,  providing  the  following:  (i) that the
        substance of the  assignment is, and is intended to be, a refinancing of
        such  Mortgage;  (ii) that the  Mortgage  Loan  following  the  proposed
        assignment  will have a rate of interest at least 0.25 percent  below or
        above the rate of interest on such  Mortgage Loan prior to such proposed
        assignment;  and (iii)  that such  assignment  is at the  request of the
        borrower under the related Mortgage Loan. Upon approval of an assignment
        in lieu of  satisfaction  with respect to any Mortgage  Loan, the Master
        Servicer  shall receive cash in an amount equal to the unpaid  principal
        balance of and  accrued  interest on such  Mortgage  Loan and the Master
        Servicer shall treat such amount as a Principal  Prepayment in Full with
        respect to such Mortgage Loan for all purposes hereof.

Section 3.14.  Realization Upon Defaulted Mortgage Loans.
               -----------------------------------------

(a) The Master  Servicer shall  foreclose upon or otherwise  comparably  convert
(which may include an REO Acquisition) the ownership of properties securing such
of the  Mortgage  Loans as come into and  continue in default and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant to Section  3.07.  Alternatively,  the Master  Servicer  may take other
actions in respect of a defaulted Mortgage Loan, which may include (i) accepting
a short sale (a payoff of the  Mortgage  Loan for an amount  less than the total
amount  contractually  owed in  order  to  facilitate  a sale  of the  Mortgaged
Property by the  Mortgagor) or permitting a short  refinancing  (a payoff of the
Mortgage  Loan for an amount less than the total  amount  contractually  owed in
order to facilitate  refinancing  transactions  by the Mortgagor not involving a
sale of the Mortgaged  Property),  (ii)  arranging for a repayment plan or (iii)
agreeing to a modification  in accordance  with Section 3.07. In connection with
such foreclosure or other conversion, the Master Servicer shall, consistent with
Section 3.11, follow such practices and procedures as it shall deem necessary or
advisable,  as shall be  normal  and  usual in its  general  mortgage  servicing
activities and as shall be required or permitted by the Program Guide;  provided
that the Master  Servicer  shall not be liable in any respect  hereunder  if the
Master  Servicer  is acting in  connection  with any such  foreclosure  or other
conversion in a manner that is consistent with the provisions of this Agreement.
The Master Servicer,  however,  shall not be required to expend its own funds or
incur  other  reimbursable  charges  in  connection  with  any  foreclosure,  or

                                       58
<PAGE>

attempted foreclosure which is not completed,  or towards the restoration of any
property unless it shall determine (i) that such restoration  and/or foreclosure
will  increase the proceeds of  liquidation  of the Mortgage  Loan to Holders of
Certificates  of one or more  Classes  after  reimbursement  to itself  for such
expenses or charges and (ii) that such  expenses or charges will be  recoverable
to  it  through  Liquidation  Proceeds,  Insurance  Proceeds,  or  REO  Proceeds
(respecting  which it shall have priority for purposes of  withdrawals  from the
Custodial  Account  pursuant to Section  3.10,  whether or not such expenses and
charges are actually  recoverable from related Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds).  In the event of such a  determination  by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10.

               In addition to the foregoing,  the Master  Servicer shall use its
best  reasonable  efforts to realize upon any Additional  Collateral for such of
the Additional  Collateral  Loans as come into and continue in default and as to
which no  satisfactory  arrangements  can be made for  collection  of delinquent
payments pursuant to Section 3.07;  provided that the Master Servicer shall not,
on behalf of the Trustee,  obtain title to any such  Additional  Collateral as a
result of or in lieu of the  disposition  thereof  or  otherwise;  and  provided
further  that (i) the Master  Servicer  shall not proceed  with  respect to such
Additional  Collateral  in any manner  that would  impair the ability to recover
against the  related  Mortgaged  Property,  and (ii) the Master  Servicer  shall
proceed with any REO Acquisition in a manner that preserves the ability to apply
the  proceeds  of such  Additional  Collateral  against  amounts  owed under the
defaulted  Mortgage Loan. Any proceeds realized from such Additional  Collateral
(other than amounts to be released to the Mortgagor or the related  guarantor in
accordance  with  procedures  that the Master Servicer would follow in servicing
loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and

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conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               Concurrently  with the foregoing,  the Master Servicer may pursue
any  remedies  that  may  be  available  in  connection   with  a  breach  of  a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections  2.03 and 2.04.  However,  the Master  Servicer is not required to
continue to pursue both  foreclosure  (or similar  remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation  and
warranty if the Master Servicer determines in its reasonable discretion that one
such  remedy is more likely to result in a greater  recovery as to the  Mortgage
Loan. Upon the occurrence of a Cash  Liquidation or REO  Disposition,  following
the deposit in the  Custodial  Account of all  Insurance  Proceeds,  Liquidation
Proceeds and other  payments and  recoveries  referred to in the  definition  of
"Cash  Liquidation"  or "REO  Disposition,"  as applicable,  upon receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without recourse, as shall be necessary to vest in the Master Servicer
or its designee,  as the case may be, the related  Mortgage Loan, and thereafter
such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the
foregoing or any other  provision of this  Agreement,  in the Master  Servicer's
sole discretion  with respect to any defaulted  Mortgage Loan or REO Property as
to either of the following provisions, (i) a Cash Liquidation or REO Disposition
may be deemed to have  occurred if  substantially  all  amounts  expected by the
Master Servicer to be received in connection with the related defaulted Mortgage
Loan or REO Property have been  received,  and (ii) for purposes of  determining
the amount of any Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any
other  unscheduled  collections  or the amount of any Realized  Loss, the Master
Servicer may take into account minimal amounts of additional  receipts  expected
to be received or any estimated  additional  liquidation expenses expected to be
incurred in connection with the related defaulted Mortgage Loan or REO Property.

(b) If title to any  Mortgaged  Property is acquired by the Trust Fund as an REO
Property  by  foreclosure  or by  deed  in  lieu  of  foreclosure,  the  deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

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<PAGE>

(c) If the Trust Fund  acquires  any REO  Property as  aforesaid or otherwise in
connection  with a default or imminent  default on a Mortgage  Loan,  the Master
Servicer on behalf of the Trust Fund shall  dispose of such REO Property as soon
as   practicable,   giving   due   consideration   to  the   interests   of  the
Certificateholders,  but in all cases  within three full years after the taxable
year of its acquisition by the Trust Fund for purposes of Section  860G(a)(8) of
the Code (or such shorter  period as may be  necessary  under  applicable  state
(including  any state in which such  property  is located)  law to maintain  the
status of any portion of any REMIC formed under the Series Supplement as a REMIC
under  applicable state law and avoid taxes resulting from such property failing
to be foreclosure property under applicable state law) or, at the expense of the
Trust Fund, request, more than 60 days before the day on which such grace period
would  otherwise  expire,  an extension  of such grace period  unless the Master
Servicer  (subject  to Section  10.01(f))  obtains for the Trustee an Opinion of
Counsel,  addressed to the Trustee and the Master  Servicer,  to the effect that
the  holding by the Trust Fund of such REO  Property  subsequent  to such period
will not  result in the  imposition  of taxes on  "prohibited  transactions"  as
defined in Section  860F of the Code or cause any REMIC  formed under the Series
Supplement to fail to qualify as a REMIC (for federal (or any  applicable  State
or  local)  income  tax  purposes)  at  any  time  that  any   Certificates  are
outstanding, in which case the Trust Fund may continue to hold such REO Property
(subject to any  conditions  contained in such  Opinion of Counsel).  The Master
Servicer shall be entitled to be reimbursed  from the Custodial  Account for any
costs  incurred in  obtaining  such  Opinion of Counsel,  as provided in Section
3.10.  Notwithstanding  any other provision of this  Agreement,  no REO Property
acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant
to any terms  that  would (i) cause  such REO  Property  to fail to  qualify  as
"foreclosure  property" within the meaning of Section  860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO  Property,  including any taxes imposed by reason of
Section 860G(c) of the Code,  unless the Master Servicer has agreed to indemnify
and hold  harmless  the Trust Fund with  respect to the  imposition  of any such
taxes.

(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property);  fourth,  to all
Servicing Fees and Subservicing  Fees payable therefrom (and the Master Servicer
and the Subservicer  shall have no claims for any  deficiencies  with respect to
such fees which result from the foregoing allocation); and fifth, to Foreclosure
Profits.

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<PAGE>

(e) In the event of a default on a Mortgage  Loan one or more of whose  obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure  (together,  "foreclosure")  in respect of such
Mortgage Loan, the Master Servicer will cause  compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.

Section 3.15.  Trustee to Cooperate; Release of Mortgage Files.
               -----------------------------------------------

(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master  Servicer of a  notification  that payment in full will be
escrowed in a manner  customary  for such  purposes,  the Master  Servicer  will
immediately  notify the Trustee (if it holds the related  Mortgage  File) or the
Custodian by a certification of a Servicing Officer (which  certification  shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the forms attached hereto as Exhibit F, or, in the case
of the Custodian,  an electronic  request in a form acceptable to the Custodian,
requesting  delivery to it of the Mortgage  File.  Within two  Business  Days of
receipt of such certification and request,  the Trustee shall release,  or cause
the Custodian to release, the related Mortgage File to the Master Servicer.  The
Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
request for  reconveyance,  deed of  reconveyance  or release or satisfaction of
mortgage or such  instrument  releasing the lien of the Mortgage,  together with
the Mortgage Note with, as appropriate, written evidence of cancellation thereon
and to cause the removal  from the  registration  on the MERS(R)  System of such
Mortgage  and to  execute  and  deliver,  on  behalf  of  the  Trustee  and  the
Certificateholders  or any of them, any and all  instruments of  satisfaction or
cancellation or of partial or full release.  No expenses  incurred in connection
with any instrument of satisfaction or deed of reconveyance  shall be chargeable
to the Custodial Account or the Certificate Account.

(b) From time to time as is appropriate  for the servicing or foreclosure of any
Mortgage Loan, the Master  Servicer shall deliver to the Custodian,  with a copy
to the Trustee, a certificate of a Servicing Officer substantially in one of the
forms  attached  as  Exhibit F  hereto,  or,  in the case of the  Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the

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<PAGE>

Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

(c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and
deliver to the Master Servicer, if necessary, any court pleadings,  requests for
trustee's sale or other documents necessary to the foreclosure or trustee's sale
in respect of a  Mortgaged  Property  or to any legal  action  brought to obtain
judgment  against any  Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment,  or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise  available at law or in equity.  Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
shall deliver to the Trustee a  certificate  of a Servicing  Officer  requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such  documents or pleadings  are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required  Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage,  except  for the  termination  of such a lien upon  completion  of the
foreclosure or trustee's sale.

Section 3.16.  Servicing and Other Compensation; Compensating Interest.
               ---------------------------------------------------------

(a) The Master Servicer, as compensation for its activities hereunder,  shall be
entitled  to receive  on each  Distribution  Date the  amounts  provided  for by
clauses  (iii),  (iv),  (v) and (vi) of Section  3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

(b)  Additional  servicing  compensation  in the  form  of  prepayment  charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

(c) The Master  Servicer  shall be  required  to pay,  or cause to be paid,  all
expenses  incurred by it in connection with its servicing  activities  hereunder
(including  payment of premiums for the Primary Insurance  Policies,  if any, to
the extent such premiums are not required to be paid by the related  Mortgagors,
and the fees and  expenses of the Trustee  and any  Custodian)  and shall not be
entitled to reimbursement  therefor except as specifically  provided in Sections
3.10 and 3.14.

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<PAGE>

(d) The Master  Servicer's  right to receive  servicing  compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its   responsibilities  and  obligations  of  the  Master  Servicer  under  this
Agreement.

(e)  Notwithstanding  any  other  provision  herein,  the  amount  of  servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii), and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled pursuant to Section  3.10(a)(iii),  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

Section 3.17.  Reports to the Trustee and the Company.
               --------------------------------------

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

Section 3.18.  Annual Statement as to Compliance.
               ---------------------------------

        The Master  Servicer  will  deliver to the Company and the Trustee on or
before the earlier of (a) March 31 of each year,  beginning with the first March
31 that occurs at least six months after the Cut-off Date or (b) with respect to
any  calendar  year during  which the  Company's  annual  report on Form 10-K is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and
regulations of the Commission,  the date on which the annual report on Form 10-K
is required to be filed in  accordance  with the  Exchange Act and the rules and
regulations of the  Commission,  an Officers'  Certificate  stating,  as to each
signer  thereof,  that (i) a review of the  activities  of the  Master  Servicer
during the preceding  calendar  year related to its servicing of mortgage  loans
and its  performance  under pooling and  servicing  agreements,  including  this
Agreement,  has been made under such officers' supervision,  (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum  servicing  standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material  obligations  relating to this  Agreement in all material  respects
throughout  such year,  or, if there has been material  noncompliance  with such
servicing  standards or a default in the fulfillment in all material respects of
any such obligation  relating to this Agreement,  such statement shall include a
description of such noncompliance or specify each such default,  as the case may
be,  known to such  officer  and the nature and status  thereof and (iii) to the
best of such officers' knowledge,  each Subservicer has complied in all material

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<PAGE>

respects with the minimum  servicing  standards set forth in the Uniform  Single
Attestation  Program for Mortgage  Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year,  or, if there has been  material  noncompliance  with such  servicing
standards or a material default in the fulfillment of such obligations  relating
to  this  Agreement,   such  statement  shall  include  a  description  of  such
noncompliance  or specify each such  default,  as the case may be, known to such
officer and the nature and status thereof.

Section 3.19.  Annual Independent Public Accountants' Servicing Report.

        On or before the  earlier of (a) March 31 of each year,  beginning  with
the first March 31 that occurs at least six months  after the Cut-off  Date,  or
(b) with respect to any calendar year during which the  Company's  annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission,  the date on which the annual report is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and
regulations of the Commission,  the Master Servicer at its expense shall cause a
firm of independent public  accountants,  which shall be members of the American
Institute of Certified  Public  Accountants,  to furnish a report to the Company
and the  Trustee  stating  its  opinion  that,  on the  basis of an  examination
conducted by such firm substantially in accordance with standards established by
the American  Institute of Certified  Public  Accountants,  the assertions  made
pursuant  to  Section  3.18  regarding  compliance  with the  minimum  servicing
standards  set forth in the Uniform  Single  Attestation  Program  for  Mortgage
Bankers  during the  preceding  calendar  year are fairly stated in all material
respects,  subject to such  exceptions  and other  qualifications  that,  in the
opinion of such  firm,  such  accounting  standards  require  it to  report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

Section 3.20.  Rights of the Company in Respect of the Master Servicer.
               --------------------------------------------------------

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or

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<PAGE>

liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

Section 3.21.  Administration of Buydown Funds

(a) With respect to any Buydown  Mortgage  Loan, the  Subservicer  has deposited
Buydown Funds in an account that satisfies the  requirements  for a Subservicing
Account  (the  "Buydown   Account").   The  Master   Servicer  shall  cause  the
Subservicing  Agreement to require  that upon receipt from the  Mortgagor of the
amount due on a Due Date for each Buydown  Mortgage Loan, the  Subservicer  will
withdraw from the Buydown Account the  predetermined  amount that, when added to
the amount due on such date from the Mortgagor,  equals the full Monthly Payment
and  transmit  that  amount in  accordance  with the  terms of the  Subservicing
Agreement to the Master  Servicer  together with the related payment made by the
Mortgagor or advanced by the Subservicer.

(b) If the  Mortgagor  on a  Buydown  Mortgage  Loan  prepays  such  loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

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                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.

(a) The Master  Servicer on behalf of the Trustee shall establish and maintain a
Certificate  Account in which the Master Servicer shall cause to be deposited on
behalf of the Trustee on or before 2:00 P.M.  New York time on each  Certificate
Account  Deposit Date by wire transfer of immediately  available funds an amount
equal to the sum of (i) any Advance for the immediately succeeding  Distribution
Date,  (ii) any amount  required  to be  deposited  in the  Certificate  Account
pursuant to Section  3.12(a),  (iii) any amount  required to be deposited in the
Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount
required  to be  paid  pursuant  to  Section  9.01  and (v)  all  other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

(b) The Trustee shall, upon written request from the Master Servicer,  invest or
cause the institution maintaining the Certificate Account to invest the funds in
the Certificate Account in Permitted  Investments  designated in the name of the
Trustee for the  benefit of the  Certificateholders,  which  shall  mature or be
payable  on  demand  not  later  than  the  Business  Day  next   preceding  the
Distribution  Date next following the date of such  investment  (except that (i)
any  investment  in the  institution  with  which  the  Certificate  Account  is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of  reimbursement.  The Trustee or its Affiliates are permitted to receive
compensation that could be deemed to be in the Trustee's economic  self-interest
for (i) serving as investment  adviser (with respect to investments made through
its  Affiliates),  administrator,  shareholder  servicing  agent,  custodian  or
sub-custodian with respect to certain of the Permitted  Investments,  (ii) using
Affiliates to effect  transactions  in certain  Permitted  Investments and (iii)
effecting transactions in certain Permitted Investments.

Section 4.02.  Distributions.
               -------------

                      As provided in Section 4.02 of the Series Supplement.

Section 4.03. Statements to  Certificateholders;  Statements to Rating Agencies;
     Exchange Act Reporting.

               (a)   Concurrently   with  each   distribution   charged  to  the
Certificate  Account  and with  respect  to each  Distribution  Date the  Master
Servicer  shall forward to the Trustee and the Trustee  shall either  forward by

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<PAGE>

mail or make  available  to each  Holder  and  the  Company,  via the  Trustee's
internet  website,  a  statement  (and  at  its  option,  any  additional  files
containing  the  same  information  in  an  alternative  format)  setting  forth
information  as to each Class of  Certificates,  the  Mortgage  Pool and, if the
Mortgage Pool is comprised of two or more Loan Groups,  each Loan Group,  to the
extent  applicable.  This statement will include the information set forth in an
exhibit to the Series  Supplement.  Such exhibit  shall set forth the  Trustee's
internet website address together with a phone number. The Trustee shall mail to
each Holder that requests a paper copy by telephone a paper copy via first class
mail.  The  Trustee  may modify the  distribution  procedures  set forth in this
Section   provided  that  such   procedures  are  no  less  convenient  for  the
Certificateholders. The Trustee shall provide prior notification to the Company,
the Master Servicer and the Certificateholders  regarding any such modification.
In addition,  the Master  Servicer  shall provide to any manager of a trust fund
consisting of some or all of the  Certificates,  upon reasonable  request,  such
additional  information as is reasonably obtainable by the Master Servicer at no
additional  expense to the Master  Servicer.  Also,  at the  request of a Rating
Agency,  the Master  Servicer  shall  provide  the  information  relating to the
Reportable  Modified Mortgage Loans substantially in the form attached hereto as
Exhibit Q to such Rating  Agency within a reasonable  period of time;  provided,
however,  that the  Master  Servicer  shall  not be  required  to  provide  such
information more than four times in a calendar year to any Rating Agency.

               (b)  Within a  reasonable  period  of time  after the end of each
calendar year, the Master Servicer shall prepare,  or cause to be prepared,  and
shall forward,  or cause to be forwarded,  to each Person who at any time during
the  calendar  year  was  the  Holder  of a  Certificate,  other  than a Class R
Certificate, a statement containing the information set forth in clauses (i) and
(ii) of the exhibit to the Series Supplement referred to in subsection (a) above
aggregated  for such calendar year or applicable  portion  thereof  during which
such Person was a  Certificateholder.  Such  obligation  of the Master  Servicer
shall  be  deemed  to have  been  satisfied  to the  extent  that  substantially
comparable  information shall be provided by the Master Servicer pursuant to any
requirements of the Code.

               (c)  Within a  reasonable  period  of time  after the end of each
calendar year, the Master Servicer shall prepare,  or cause to be prepared,  and
shall forward,  or cause to be forwarded,  to each Person who at any time during
the  calendar  year  was  the  Holder  of a  Class R  Certificate,  a  statement
containing the applicable  distribution  information  provided  pursuant to this
Section 4.03  aggregated  for such calendar year or applicable  portion  thereof
during  which  such  Person  was  the  Holder  of a Class  R  Certificate.  Such
obligation of the Master  Servicer shall be deemed to have been satisfied to the
extent that substantially comparable information shall be provided by the Master
Servicer pursuant to any requirements of the Code.

               (d) Upon the written request of any Certificateholder, the Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

               (e) The Master  Servicer shall, on behalf of the Depositor and in
respect of the Trust Fund,  sign and cause to be filed with the  Commission  any
periodic  reports required to be filed under the provisions of the Exchange Act,

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<PAGE>

and the rules and regulations of the Commission  thereunder.  In connection with
the  preparation and filing of such periodic  reports,  the Trustee shall timely
provide to the Master Servicer (I) a list of  Certificateholders as shown on the
Certificate  Register as of the end of each  calendar  year,  (II) copies of all
pleadings,  other legal process and any other documents  relating to any claims,
charges or complaints involving the Trustee, as trustee hereunder,  or the Trust
Fund that are received by the Trustee,  (III) notice of all matters that, to the
actual knowledge of a Responsible Officer of the Trustee, have been submitted to
a vote of the  Certificateholders,  other  than  those  matters  that  have been
submitted to a vote of the Certificateholders at the request of the Depositor or
the Master  Servicer,  and (IV) notice of any failure of the Trustee to make any
distribution  to the  Certificateholders  as  required  pursuant  to the  Series
Supplement. Neither the Master Servicer nor the Trustee shall have any liability
with respect to the Master  Servicer's  failure to properly prepare or file such
periodic reports resulting from or relating to the Master  Servicer's  inability
or failure to obtain any  information  not resulting from the Master  Servicer's
own negligence or willful misconduct. Any Form 10-K filed with the Commission in
connection  with this Section 4.03(e) shall include a  certification,  signed by
the senior officer in charge of the servicing  functions of the Master Servicer,
in the form  attached  as Exhibit O hereto or such other form as may be required
or permitted by the Commission  (the "Form 10-K  Certification"),  in compliance
with  Rules  13a-14  and  15d-14  under  the  Exchange  Act and  any  additional
directives of the Commission.  In connection  with the Form 10-K  Certification,
the Trustee  shall  provide  the Master  Servicer  with a back-up  certification
substantially in the form attached hereto as Exhibit P. This Section 4.03(e) may
be  amended  in  accordance  with this  Agreement  without  the  consent  of the
Certificateholders.

Section               4.04.  Distribution  of  Reports  to the  Trustee  and the
                      Company; Advances by the Master Servicer.

(a)  Prior to the  close of  business  on the  Determination  Date,  the  Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

(b) On or before 2:00 P.M.  New York time on each  Certificate  Account  Deposit
Date, the Master  Servicer shall either (i) deposit in the  Certificate  Account
from its own funds, or funds received therefor from the Subservicers,  an amount
equal to the  Advances  to be made by the  Master  Servicer  in  respect  of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which

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<PAGE>

Monthly Payments were not received as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

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<PAGE>

Section 4.05.  Allocation of Realized Losses.
               -----------------------------

                             As   provided   in  Section   4.05  of  the  Series
Supplement.

Section 4.06.  Reports of Foreclosures and Abandonment of Mortgaged Property.
               --------------------------------------------------------------

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

Section 4.07.  Optional Purchase of Defaulted Mortgage Loans.
               ----------------------------------------------

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however,  the Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

Section 4.08.  Surety Bond.
               -----------

(a) If a Required  Surety  Payment is payable  pursuant  to the Surety Bond with
respect to any Additional  Collateral  Loan, the Master Servicer shall so notify
the Trustee as soon as reasonably  practicable  and the Trustee  shall  promptly
complete  the notice in the form of  Attachment  1 to the Surety  Bond and shall
promptly submit such notice to the Surety as a claim for a Required Surety.  The
Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

(b) Upon receipt of a Required  Surety  Payment from the Surety on behalf of the
Holders of Certificates,  the Trustee shall deposit such Required Surety Payment

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<PAGE>

in the Certificate Account and shall distribute such Required Surety Payment, or
the proceeds thereof, in accordance with the provisions of Section 4.02.

(c) The  Trustee  shall (i)  receive  as  attorney-in-fact  of each  Holder of a
Certificate  any Required  Surety  Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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<PAGE>

                                   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

                                       73
<PAGE>

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.

                                       74
<PAGE>

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

(a)            The  Trustee  shall  cause  to be kept at one of the  offices  or
               agencies to be  appointed by the Trustee in  accordance  with the
               provisions  of  Section  8.12 a  Certificate  Register  in which,
               subject to such reasonable  regulations as it may prescribe,  the
               Trustee shall provide for the registration of Certificates and of
               transfers and exchanges of Certificates as herein  provided.  The
               Trustee is  initially  appointed  Certificate  Registrar  for the
               purpose of registering  Certificates  and transfers and exchanges
               of Certificates as herein provided. The Certificate Registrar, or
               the Trustee,  shall provide the Master  Servicer with a certified
               list of  Certificateholders  as of each  Record Date prior to the
               related Determination Date.

(b)            Upon surrender for registration of transfer of any Certificate at
               any office or agency of the Trustee  maintained  for such purpose
               pursuant to Section 8.12 and, in the case of any Class M, Class B
               or Class R Certificate,  upon  satisfaction of the conditions set
               forth  below,  the  Trustee  shall  execute  and the  Certificate
               Registrar  shall  authenticate  and  deliver,  in the name of the
               designated   transferee   or   transferees,   one  or  more   new
               Certificates   of  a  like  Class  (or  Subclass)  and  aggregate
               Percentage Interest.

(c)            At the  option  of the  Certificateholders,  Certificates  may be
               exchanged for other Certificates of authorized denominations of a
               like Class (or Subclass) and aggregate Percentage Interest,  upon
               surrender of the  Certificates to be exchanged at any such office
               or agency.  Whenever  any  Certificates  are so  surrendered  for
               exchange the Trustee shall execute and the Certificate  Registrar
               shall  authenticate  and deliver the  Certificates  of such Class
               which the  Certificateholder  making the  exchange is entitled to
               receive.  Every Certificate presented or surrendered for transfer
               or  exchange  shall  (if  so  required  by  the  Trustee  or  the
               Certificate  Registrar) be duly endorsed by, or be accompanied by
               a written  instrument  of  transfer in form  satisfactory  to the
               Trustee  and the  Certificate  Registrar  duly  executed  by, the
               Holder thereof or his attorney duly authorized in writing.

(d)            No  transfer,  sale,  pledge  or other  disposition  of a Class B
               Certificate  shall be made unless such transfer,  sale, pledge or
               other disposition is exempt from the registration requirements of
               the Securities Act of 1933, as amended,  and any applicable state
               securities  laws or is made in accordance with said Act and laws.
               In the event that a transfer  of a Class B  Certificate  is to be
               made either (i)(A) the Trustee shall require a written Opinion of
               Counsel  acceptable to and in form and substance  satisfactory to
               the  Trustee  and the  Company  that  such  transfer  may be made
               pursuant to an exemption, describing the applicable exemption and
               the  basis  therefor,  from  said Act and  laws or is being  made
               pursuant to said Act and laws, which Opinion of Counsel shall not
               be an expense of the Trustee,  the Company or the Master Servicer
               (except  that,  if such  transfer  is made by the  Company or the
               Master  Servicer  or any  Affiliate  thereof,  the Company or the
               Master  Servicer  shall  provide such Opinion of Counsel at their
               own  expense);  provided that such Opinion of Counsel will not be
               required  in  connection  with the  initial  transfer of any such
               Certificate  by the  Company  or  any  Affiliate  thereof  to the
               Company or an Affiliate of the Company and (B) the Trustee  shall
               require  the  transferee  to  execute  a  representation  letter,
               substantially  in the form of Exhibit H hereto,  and the  Trustee
               shall require the transferor to execute a representation  letter,
               substantially in the form of Exhibit I hereto, each acceptable to
               and in form and  substance  satisfactory  to the  Company and the
               Trustee  certifying  to the  Company  and the  Trustee  the facts
               surrounding such transfer, which representation letters shall not
               be an expense of the Trustee, the Company or the Master Servicer;
               provided,  however, that such representation  letters will not be

                                       75
<PAGE>

               required in connection with any transfer of any such  Certificate
               by the  Company or any  Affiliate  thereof  to the  Company or an
               Affiliate  of the Company,  and the Trustee  shall be entitled to
               conclusively rely upon a representation  (which, upon the request
               of the  Trustee,  shall  be a  written  representation)  from the
               Company,  of the status of such transferee as an Affiliate of the
               Company or (ii) the prospective  transferee of such a Certificate
               shall be  required to provide  the  Trustee,  the Company and the
               Master Servicer with an investment  letter  substantially  in the
               form of  Exhibit J  attached  hereto  (or such  other form as the
               Company  in  its  sole  discretion   deems   acceptable),   which
               investment  letter  shall not be an expense of the  Trustee,  the
               Company  or the  Master  Servicer,  and which  investment  letter
               states  that,  among  other  things,  such  transferee  (A)  is a
               "qualified  institutional  buyer" as  defined  under  Rule  144A,
               acting for its own account or the  accounts  of other  "qualified
               institutional  buyers"  as defined  under  Rule 144A,  and (B) is
               aware  that  the  proposed  transferor  intends  to  rely  on the
               exemption from registration requirements under the Securities Act
               of 1933,  as amended,  provided  by Rule 144A.  The Holder of any
               such  Certificate  desiring  to effect any such  transfer,  sale,
               pledge or other  disposition  shall,  and does  hereby  agree to,
               indemnify the Trustee,  the Company,  the Master Servicer and the
               Certificate  Registrar  against any liability  that may result if
               the transfer,  sale, pledge or other disposition is not so exempt
               or is not made in accordance with such federal and state laws.

     (e)  (i) In the case of any Class B or Class R  Certificate  presented  for
          registration  in the name of any Person,  either (A) the Trustee shall
          require an Opinion of Counsel  acceptable to and in form and substance
          satisfactory  to the Trustee,  the Company and the Master  Servicer to
          the  effect  that the  purchase  or holding of such Class B or Class R
          Certificate is permissible  under  applicable law, will not constitute
          or result in any non-exempt  prohibited  transaction under Section 406
          of the Employee  Retirement  Income  Security Act of 1974,  as amended
          ("ERISA"),  or Section 4975 of the Code (or  comparable  provisions of
          any  subsequent  enactments),  and will not subject the  Trustee,  the
          Company  or  the  Master  Servicer  to  any  obligation  or  liability
          (including  obligations or liabilities  under ERISA or Section 4975 of
          the Code) in addition to those  undertaken  in this  Agreement,  which
          Opinion of Counsel shall not be an expense of the Trustee, the Company
          or the Master  Servicer  or (B) the  prospective  Transferee  shall be
          required to provide the Trustee,  the Company and the Master  Servicer
          with a  certification  to the  effect  set forth in  paragraph  six of
          Exhibit H (with  respect  to any  Class B  Certificate)  or  paragraph
          fifteen of  Exhibit  G-1 (with  respect  to any Class R  Certificate),
          which  the  Trustee  may  rely  upon   without   further   inquiry  or
          investigation,  or such other  certifications  as the Trustee may deem
          desirable or necessary in order to establish  that such  Transferee or
          the Person in whose name such  registration is requested either (a) is
          not an employee  benefit plan or other plan subject to the  prohibited
          transaction  provisions  of ERISA or Section 4975 of the Code,  or any
          Person  (including  an  investment  manager,  a named  fiduciary  or a
          trustee of any such plan) who is using "plan  assets" of any such plan
          to effect such  acquisition  (each,  a "Plan  Investor") or (b) in the
          case  of  any  Class  B  Certificate,  the  following  conditions  are
          satisfied:  (i) such  Transferee  is an  insurance  company,  (ii) the

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<PAGE>

          source of funds used to purchase or hold such Certificate (or interest
          therein) is an "insurance company general account" (as defined in U.S.
          Department of Labor Prohibited  Transaction  Class Exemption  ("PTCE")
          95-60,  and (iii) the  conditions  set forth in  Sections I and III of
          PTCE 95-60 have been satisfied (each entity that satisfies this clause
          (b), a "Complying Insurance Company").

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
               have  represented  by virtue of its  purchase  or holding of such
               Certificate (or interest therein) that either (a) such Transferee
               is not a Plan  Investor,  (b) it has acquired and is holding such
               Certificate  in  reliance  on  Prohibited  Transaction  Exemption
               ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by
               PTE 97-34,  62 Fed. Reg. 39021 (July 21, 1997),  PTE 2000-58,  65
               Fed. Reg.  67765  (November 13, 2000),  and PTE 2002-41,  67 Fed.
               Reg. 54487 (August 22, 2002) (the "RFC  Exemption"),  and that it
               understands that there are certain conditions to the availability
               of the RFC  Exemption  including  that such  Certificate  must be
               rated,  at the time of  purchase,  not lower than  "BBB-" (or its
               equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c) such
               Transferee is a Complying Insurance Company.

               (iii) (A) If any Class M Certificate (or any interest therein) is
               acquired  or  held  by any  Person  that  does  not  satisfy  the
               conditions  described  in  paragraph  (ii)  above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

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

(f)            (i) Each Person who has or who acquires any Ownership Interest in
               a Class R  Certificate  shall  be  deemed  by the  acceptance  or
               acquisition of such Ownership Interest to have agreed to be bound
               by the following  provisions and to have  irrevocably  authorized
               the  Trustee  or its  designee  under  clause  (iii)(A)  below to
               deliver  payments  to a Person  other  than  such  Person  and to
               negotiate the terms of any mandatory  sale under clause  (iii)(B)
               below and to execute all  instruments  of transfer  and to do all
               other things  necessary  in  connection  with any such sale.  The
               rights of each Person acquiring any Ownership Interest in a Class
               R Certificate are expressly subject to the following provisions:

(A)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class R  Certificate  shall be a Permitted  Transferee  and shall
               promptly notify the Trustee of any change or impending  change in
               its status as a Permitted Transferee.

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<PAGE>

(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

(C)            Notwithstanding   the  delivery  of  a  Transfer   Affidavit  and
               Agreement by a proposed  Transferee  under clause (B) above, if a
               Responsible  Officer  of the  Trustee  who is  assigned  to  this
               Agreement has actual  knowledge  that the proposed  Transferee is
               not a Permitted Transferee,  no Transfer of an Ownership Interest
               in a Class R  Certificate  to such proposed  Transferee  shall be
               effected.

(D)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class  R  Certificate  shall  agree  (x) to  require  a  Transfer
               Affidavit and Agreement from any other Person to whom such Person
               attempts  to  transfer  its  Ownership  Interest  in  a  Class  R
               Certificate and (y) not to transfer its Ownership Interest unless
               it provides a  certificate  to the  Trustee in the form  attached
               hereto as Exhibit G-2.

(E)            Each Person holding or acquiring an Ownership Interest in a Class
               R  Certificate,  by  purchasing  an  Ownership  Interest  in such
               Certificate, agrees to give the Trustee written notice that it is
               a "pass-through  interest holder" within the meaning of Temporary
               Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon
               acquiring an Ownership  Interest in a Class R Certificate,  if it
               is, or is holding an Ownership  Interest in a Class R Certificate
               on behalf of, a "pass-through interest holder."

(ii)           The Trustee will register the Transfer of any Class R Certificate
               only  if it  shall  have  received  the  Transfer  Affidavit  and
               Agreement,  a certificate of the Holder  requesting such transfer
               in the form attached  hereto as Exhibit G-2 and all of such other
               documents as shall have been  reasonably  required by the Trustee
               as a condition  to such  registration.  Transfers  of the Class R
               Certificates  to  Non-United   States  Persons  and  Disqualified
               Organizations (as defined in Section  860E(e)(5) of the Code) are
               prohibited.

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<PAGE>

(iii)(A) If any  Disqualified  Organization  shall  become a holder of a Class R
     Certificate,   then  the  last  preceding  Permitted  Transferee  shall  be
     restored,  to the extent permitted by law, to all rights and obligations as
     Holder thereof  retroactive to the date of registration of such Transfer of
     such Class R  Certificate.  If a  Non-United  States  Person shall become a
     holder of a Class R  Certificate,  then the last  preceding  United  States
     Person shall be restored, to the extent permitted by law, to all rights and
     obligations as Holder thereof  retroactive to the date of  registration  of
     such  Transfer  of such Class R  Certificate.  If a  transfer  of a Class R
     Certificate  is   disregarded   pursuant  to  the  provisions  of  Treasury
     Regulations  Section 1.860E-1 or Section 1.860G-3,  then the last preceding
     Permitted Transferee shall be restored,  to the extent permitted by law, to
     all rights and  obligations  as Holder  thereof  retroactive to the date of
     registration  of such  Transfer  of such Class R  Certificate.  The Trustee
     shall be under no liability to any Person for any  registration of Transfer
     of a Class R  Certificate  that is in fact not  permitted  by this  Section
     5.02(f) or for making any  payments due on such  Certificate  to the holder
     thereof or for taking any other  action with  respect to such holder  under
     the provisions of this Agreement.

     (B)  If any  purported  Transferee  shall  become  a  Holder  of a  Class R
          Certificate in violation of the  restrictions  in this Section 5.02(f)
          and to the extent that the  retroactive  restoration  of the rights of
          the Holder of such Class R Certificate as described in clause (iii)(A)
          above  shall be  invalid,  illegal or  unenforceable,  then the Master
          Servicer  shall  have the right,  without  notice to the holder or any
          prior  holder  of such  Class R  Certificate,  to  sell  such  Class R
          Certificate  to a purchaser  selected  by the Master  Servicer on such
          terms as the Master  Servicer may choose.  Such  purported  Transferee
          shall  promptly  endorse  and  deliver  each  Class R  Certificate  in
          accordance  with  the  instructions  of  the  Master  Servicer.   Such
          purchaser  may be the Master  Servicer  itself or any Affiliate of the
          Master  Servicer.  The proceeds of such sale,  net of the  commissions
          (which may include  commissions  payable to the Master Servicer or its
          Affiliates),  expenses and taxes due, if any,  will be remitted by the
          Master Servicer to such purported Transferee. The terms and conditions
          of any sale under this clause (iii)(B) shall be determined in the sole
          discretion of the Master  Servicer,  and the Master Servicer shall not
          be liable to any  Person  having an  Ownership  Interest  in a Class R
          Certificate as a result of its exercise of such discretion.

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified
     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

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<PAGE>

(v)  The  provisions of this Section  5.02(f) set forth prior to this clause (v)
     may be modified,  added to or  eliminated,  provided  that there shall have
     been delivered to the Trustee the following:

     (A)  written  notification  from each Rating  Agency to the effect that the
          modification,  addition to or elimination of such  provisions will not
          cause such Rating Agency to downgrade  its  then-current  ratings,  if
          any, of any Class of the Senior, Class M or Class B Certificates below
          the lower of the  then-current  rating or the rating  assigned to such
          Certificates as of the Closing Date by such Rating Agency; and

     (B)  subject to Section  10.01(f),  an Officers'  Certificate of the Master
          Servicer  stating that the Master  Servicer has received an Opinion of
          Counsel, in form and substance satisfactory to the Master Servicer, to
          the  effect  that such  modification,  addition  to or absence of such
          provisions  will not cause any portion of any REMIC  formed  under the
          Series  Supplement  to cease to  qualify as a REMIC and will not cause
          (x) any portion of any REMIC formed under the Series  Supplement to be
          subject to an  entity-level  tax caused by the Transfer of any Class R
          Certificate to a Person that is a Disqualified  Organization  or (y) a
          Certificateholder  or another Person to be subject to a  REMIC-related
          tax caused by the Transfer of a Class R  Certificate  to a Person that
          is not a Permitted Transferee.

(g)  No  service   charge  shall  be  made  for  any  transfer  or  exchange  of
     Certificates  of any Class,  but the Trustee  may require  payment of a sum
     sufficient to cover any tax or  governmental  charge that may be imposed in
     connection with any transfer or exchange of Certificates.

(h)  All  Certificates  surrendered for transfer and exchange shall be destroyed
     by the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.
               --------------------------------------------------

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the

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<PAGE>

Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

Section 5.04.  Persons Deemed Owners.
               ---------------------

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

Section 5.05.  Appointment of Paying Agent.
               ---------------------------

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

                                       81
<PAGE>

ARTICLE VI

<PAGE>

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.
               --------------------------------------------------------------

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

Section 6.02.  Merger or  Consolidation  of the Company or the Master  Servicer;
     Assignment of Rights and Delegation of Duties by Master Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of Fannie Mae or Freddie
Mac; and  provided  further that each Rating  Agency's  ratings,  if any, of the
Senior,  Class M or Class B  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's
rating of the Classes of Certificates that have been rated in effect immediately

                                       82
<PAGE>

prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

Section 6.03.  Limitation on Liability of the Company,
                      the Master Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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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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<PAGE>

(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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<PAGE>

Section 7.02.  Trustee or Company to Act; Appointment of Successor.
               ----------------------------------------------------

(a) On and after the time the Master  Servicer  receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which  is  also  a  Fannie  Mae-  or  Freddie  Mac-approved  mortgage  servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the  Master  Servicer  hereunder  in the  assumption  of all or any  part of the
responsibilities,  duties  or  liabilities  of the  Master  Servicer  hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall become  successor to the Master Servicer and shall act in such capacity as
hereinabove  provided.  In connection with such appointment and assumption,  the
Trustee may make such arrangements for the compensation of such successor out of
payments on  Mortgage  Loans as it and such  successor  shall  agree;  provided,
however,  that no such  compensation  shall be in excess of that  permitted  the
initial Master Servicer hereunder.  The Company,  the Trustee, the Custodian and
such successor shall take such action,  consistent with this Agreement, as shall
be  necessary to  effectuate  any such  succession.  The  Servicing  Fee for any
successor  Master  Servicer  appointed  pursuant  to this  Section  7.02 will be
lowered with respect to those Mortgage Loans, if any, where the Subservicing Fee
accrues at a rate of less than  0.20% per annum in the event that the  successor
Master  Servicer  is  not  servicing  such  Mortgage  Loans  directly  and it is
necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum in
order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the

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<PAGE>

transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

Section 7.03.  Notification to Certificateholders.
               -----------------------------------

(a) Upon any such  termination  or  appointment  of a  successor  to the  Master
Servicer,   the  Trustee  shall  give  prompt  written  notice  thereof  to  the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

(b) Within 60 days after the  occurrence  of any Event of  Default,  the Trustee
shall transmit by mail to all Holders of Certificates  notice of each such Event
of Default  hereunder  known to the Trustee,  unless such Event of Default shall
have been cured or waived.

Section 7.04.  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.
               -----------------

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c)     No provision of this Agreement shall be construed to relieve the Trustee
        from liability for its own negligent  action,  its own negligent failure
        to act or its own willful misconduct; provided, however, that:

     (i)  Prior to the  occurrence of an Event of Default,  and after the curing
          or waiver of all such Events of Default which may have  occurred,  the
          duties and  obligations  of the Trustee shall be determined  solely by
          the express  provisions  of this  Agreement,  the Trustee shall not be
          liable except for the  performance  of such duties and  obligations as
          are specifically set forth in this Agreement,  no implied covenants or
          obligations shall be read into this Agreement against the Trustee and,
          in the  absence of bad faith on the part of the  Trustee,  the Trustee
          may  conclusively  rely,  as to the  truth of the  statements  and the
          correctness of the opinions expressed  therein,  upon any certificates
          or  opinions  furnished  to the  Trustee by the  Company or the Master

                                       89
<PAGE>

          Servicer and which on their face, do not contradict  the  requirements
          of this Agreement;

     (ii) The Trustee  shall not be  personally  liable for an error of judgment
          made in good faith by a Responsible Officer or Responsible Officers of
          the Trustee,  unless it shall be proved that the Trustee was negligent
          in ascertaining the pertinent facts;

(iii)   The Trustee  shall not be  personally  liable with respect to any action
        taken, suffered or omitted to be taken by it in good faith in accordance
        with  the   direction  of   Certificateholders   of  any  Class  holding
        Certificates  which  evidence,  as to such Class,  Percentage  Interests
        aggregating  not  less  than 25% as to the  time,  method  and  place of
        conducting any proceeding  for any remedy  available to the Trustee,  or
        exercising  any trust or power  conferred  upon the Trustee,  under this
        Agreement;

(iv)    The Trustee  shall not be charged with  knowledge of any default  (other
        than a default in payment to the  Trustee)  specified in clauses (i) and
        (ii) of Section 7.01 or an Event of Default  under clauses  (iii),  (iv)
        and (v) of Section  7.01  unless a  Responsible  Officer of the  Trustee
        assigned to and working in the  Corporate  Trust Office  obtains  actual
        knowledge  of such  failure  or event or the  Trustee  receives  written
        notice of such failure or event at its  Corporate  Trust Office from the
        Master Servicer, the Company or any Certificateholder; and

(v)     Except to the extent  provided in Section  7.02,  no  provision  in this
        Agreement  shall  require  the  Trustee  to expend or risk its own funds
        (including,  without limitation, the making of any Advance) or otherwise
        incur any personal financial  liability in the performance of any of its
        duties as Trustee hereunder,  or in the exercise of any of its rights or
        powers, if the Trustee shall have reasonable  grounds for believing that
        repayment of funds or adequate  indemnity against such risk or liability
        is not reasonably assured to it.

(d)     The Trustee shall timely pay, from its own funds,  the amount of any and
        all  federal,  state and local  taxes  imposed  on the Trust Fund or its
        assets or transactions  including,  without limitation,  (A) "prohibited
        transaction"  penalty taxes as defined in Section 860F of the Code,  if,
        when  and as  the  same  shall  be  due  and  payable,  (B)  any  tax on
        contributions  to a REMIC  after the  Closing  Date  imposed  by Section
        860G(d)  of the Code  and (C) any tax on "net  income  from  foreclosure
        property"  as defined in Section  860G(c) of the Code,  but only if such
        taxes arise out of a breach by the Trustee of its obligations hereunder,
        which  breach  constitutes  negligence  or  willful  misconduct  of  the
        Trustee.

Section 8.02.  Certain Matters Affecting the Trustee.
               -------------------------------------

(a)     Except as otherwise provided in Section 8.01:

(i)     The Trustee may rely and shall be protected in acting or refraining from
        acting  upon  any  resolution,  Officers'  Certificate,  certificate  of
        auditors  or any  other  certificate,  statement,  instrument,  opinion,
        report, notice, request,  consent, order, appraisal, bond or other paper
        or  document  believed  by it to be genuine  and to have been  signed or
        presented by the proper party or parties;

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<PAGE>

(ii)    The Trustee may consult with counsel and any Opinion of Counsel shall be
        full and complete  authorization and protection in respect of any action
        taken or  suffered  or  omitted  by it  hereunder  in good  faith and in
        accordance with such Opinion of Counsel;

(iii)The Trustee  shall be under no  obligation to exercise any of the trusts or
     powers vested in it by this  Agreement or to  institute,  conduct or defend
     any  litigation  hereunder or in relation  hereto at the request,  order or
     direction of any of the  Certificateholders,  pursuant to the provisions of
     this Agreement,  unless such  Certificateholders  shall have offered to the
     Trustee  reasonable  security or indemnity against the costs,  expenses and
     liabilities  which may be incurred  therein or thereby;  nothing  contained
     herein  shall,  however,  relieve the Trustee of the  obligation,  upon the
     occurrence of an Event of Default (which has not been cured or waived),  to
     exercise such of the rights and powers vested in it by this Agreement,  and
     to use the same  degree  of care and skill in their  exercise  as a prudent
     investor  would exercise or use under the  circumstances  in the conduct of
     such investor's own affairs;

(iv) The Trustee shall not be personally  liable for any action taken,  suffered
     or omitted  by it in good  faith and  believed  by it to be  authorized  or
     within  the  discretion  or  rights  or  powers  conferred  upon it by this
     Agreement;

(v)  Prior to the  occurrence  of an Event of  Default  hereunder  and after the
     curing or waiver of all  Events of  Default  which may have  occurred,  the
     Trustee  shall  not be bound to make any  investigation  into the  facts or
     matters  stated  in any  resolution,  certificate,  statement,  instrument,
     opinion,  report, notice, request,  consent, order, approval, bond or other
     paper or  document,  unless  requested  in  writing  so to do by Holders of
     Certificates  of  any  Class  evidencing,  as  to  such  Class,  Percentage
     Interests,  aggregating not less than 50%; provided,  however,  that if the
     payment within a reasonable  time to the Trustee of the costs,  expenses or
     liabilities likely to be incurred by it in the making of such investigation
     is, in the opinion of the Trustee, not reasonably assured to the Trustee by
     the security afforded to it by the terms of this Agreement, the Trustee may
     require  reasonable  indemnity  against  such  expense  or  liability  as a
     condition  to  so  proceeding.   The  reasonable   expense  of  every  such
     examination  shall be paid by the Master  Servicer,  if an Event of Default
     shall   have   occurred   and  is   continuing,   and   otherwise   by  the
     Certificateholder requesting the investigation;

(vi) The Trustee may  execute any of the trusts or powers  hereunder  or perform
     any duties  hereunder either directly or by or through agents or attorneys;
     and

(vii)To the extent  authorized  under the Code and the  regulations  promulgated
     thereunder,  each  Holder  of a  Class  R  Certificate  hereby  irrevocably
     appoints and authorizes the Trustee to be its attorney-in-fact for purposes
     of  signing  any Tax  Returns  required  to be filed on behalf of the Trust
     Fund. The Trustee shall sign on behalf of the Trust Fund and deliver to the
     Master Servicer in a timely manner any Tax Returns prepared by or on behalf
     of the Master  Servicer  that the Trustee is required to sign as determined
     by the Master Servicer pursuant to applicable  federal,  state or local tax

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<PAGE>

     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

(b)     Following the issuance of the Certificates, the Trustee shall not accept
        any  contribution of assets to the Trust Fund unless (subject to Section
        10.01(f)) it shall have  obtained or been  furnished  with an Opinion of
        Counsel  to the  effect  that such  contribution  will not (i) cause any
        portion  of any REMIC  formed  under the  Series  Supplement  to fail to
        qualify as a REMIC at any time that any  Certificates are outstanding or
        (ii) cause the Trust Fund to be subject to any  federal  tax as a result
        of such  contribution  (including  the  imposition of any federal tax on
        "prohibited transactions" imposed under Section 860F(a) of the Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a)     The Master  Servicer  covenants and agrees to pay to the Trustee and any
        co-trustee  from time to time, and the Trustee and any co-trustee  shall
        be entitled to, reasonable  compensation  (which shall not be limited by
        any  provision of law in regard to the  compensation  of a trustee of an
        express  trust)  for  all  services  rendered  by  each  of  them in the
        execution  of  the  trusts  hereby  created  and  in  the  exercise  and
        performance of any of the powers and duties hereunder of the Trustee and
        any  co-trustee,  and the  Master  Servicer  will pay or  reimburse  the
        Trustee and any  co-trustee  upon request for all  reasonable  expenses,
        disbursements  and  advances  incurred  or  made by the  Trustee  or any
        co-trustee in accordance  with any of the  provisions of this  Agreement
        (including   the   reasonable   compensation   and  the   expenses   and
        disbursements  of its counsel and of all  persons not  regularly  in its
        employ,  and the expenses  incurred by the Trustee or any  co-trustee in
        connection  with the  appointment  of an office or  agency  pursuant  to
        Section  8.12) except any such expense,  disbursement  or advance as may
        arise from its negligence or bad faith.

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(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
originally named as trustee herein. The predecessor trustee shall deliver to the

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successor  trustee all Mortgage Files and related  documents and statements held
by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

(b) No successor  trustee shall accept  appointment  as provided in this Section
unless at the time of such acceptance  such successor  trustee shall be eligible
under the provisions of Section 8.06.

(c) Upon  acceptance of appointment  by a successor  trustee as provided in this
Section,  the  Company  shall  mail  notice of the  succession  of such  trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

Section 8.09.  Merger or Consolidation of Trustee.
               ----------------------------------

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

Section 8.10.  Appointment of Co-Trustee or Separate Trustee.
               ---------------------------------------------

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Fund or property securing the same may at the time be located,  the Master
Servicer and the Trustee  acting  jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act as  co-trustee  or  co-trustees,  jointly  with the  Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

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<PAGE>

(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.
               -------------------------

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.
               -------------------------------

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where

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<PAGE>

Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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<PAGE>

                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

Section 9.01.  Optional  Purchase by the Master  Servicer  of All  Certificates;
     Termination  Upon  Purchase by the Master  Servicer or  Liquidation  of All
     Mortgage Loans

(a)     Subject to Section 9.02, the respective obligations and responsibilities
        of the Company,  the Master  Servicer and the Trustee  created hereby in
        respect of the Certificates (other than the obligation of the Trustee to
        make   certain   payments   after   the  Final   Distribution   Date  to
        Certificateholders  and the  obligation  of the Company to send  certain
        notices as hereinafter  set forth) shall  terminate upon the last action
        required  to be taken by the  Trustee  on the  Final  Distribution  Date
        pursuant to this Article IX following the earlier of:

(i)  the later of the final  payment or other  liquidation  (or any Advance with
     respect  thereto) of the last Mortgage Loan  remaining in the Trust Fund or
     the disposition of all property  acquired upon  foreclosure or deed in lieu
     of foreclosure of any Mortgage Loan, or

(ii) the purchase by the Master  Servicer of all Mortgage Loans and all property
     acquired in respect of any Mortgage  Loan  remaining in the Trust Fund at a
     price equal to 100% of the unpaid  principal  balance of each Mortgage Loan
     or, if less than such unpaid  principal  balance,  the fair market value of
     the related  underlying  property  of such  Mortgage  Loan with  respect to
     Mortgage  Loans as to which  title has been  acquired  if such fair  market
     value is less than such unpaid  principal  balance (net of any unreimbursed
     Advances  attributable  to principal) on the day of repurchase plus accrued
     interest thereon at the Net Mortgage Rate (or Modified Net Mortgage Rate in
     the case of any Modified  Mortgage Loan) to, but not  including,  the first
     day of the month in which such repurchase  price is distributed,  provided,
     however,  that in no event shall the trust created hereby  continue  beyond
     the  expiration  of  --------  -------  21 years from the death of the last
     survivor of the  descendants of Joseph P. Kennedy,  the late  ambassador of
     the United States to the Court of St. James,  living on the date hereof and
     provided further that the purchase price set forth above shall be increased
     as  is  necessary,   as  determined  by  the  Master  Servicer,   to  avoid
     disqualification  of any  portion  of any REMIC  formed  under  the  Series
     Supplement as a REMIC.

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans.

        If such right is exercised by the Master  Servicer,  the Master Servicer
shall be deemed to have been reimbursed for the full amount of any  unreimbursed
Advances theretofore made by it with respect to the Mortgage Loans. In addition,
the Master Servicer shall provide to the Trustee the  certification  required by
Section 3.15 and the Trustee and any Custodian shall, promptly following payment
of the  purchase  price,  release  to the Master  Servicer  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

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<PAGE>

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage Loans,  the Master Servicer shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

(b)     The Master  Servicer shall give the Trustee not less than 60 days' prior
        notice of the Distribution Date on which the Master Servicer anticipates
        that the final distribution will be made to Certificateholders  (whether
        as a result  of the  exercise  by the  Master  Servicer  of its right to
        purchase  the  assets of the Trust  Fund or  otherwise)  or on which the
        Master Servicer  anticipates that the Certificates will be purchased (as
        a  result  of the  exercise  by the  Master  Servicer  to  purchase  the
        outstanding  Certificates).  Notice of any  termination  specifying  the
        anticipated  Final  Distribution  Date (which shall be a date that would
        otherwise be a Distribution Date) upon which the  Certificateholders may
        surrender their Certificates to the Trustee (if so required by the terms
        hereof) for payment of the final distribution and cancellation or notice
        of  any  purchase  of  the  outstanding  Certificates,   specifying  the
        Distribution   Date  upon  which  the   Holders  may   surrender   their
        Certificates to the Trustee for payment,  shall be given promptly by the
        Master Servicer (if it is exercising its right to purchase the assets of
        the Trust Fund or to purchase the outstanding  Certificates),  or by the
        Trustee (in any other case) by letter to the  Certificateholders  mailed
        not  earlier  than the 15th day and not  later  than the 25th day of the
        month next preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated where required  pursuant to this Agreement or, in the case of
        the purchase by the Master Servicer of the outstanding Certificates, the
        Distribution Date on which such purchase is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates,  or in the
        case of all of the  Certificates  in connection with the exercise by the
        Master Servicer of its right to purchase the Certificates,  that payment
        will be made only upon presentation and surrender of the Certificates at
        the office or agency of the Trustee therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to

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<PAGE>

Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c) In the case of the Senior  Certificates,  upon presentation and surrender of
the Certificates by the Certificateholders thereof, and in the case of the Class
M and Class B Certificates,  upon presentation and surrender of the Certificates
by the Certificateholders  thereof in connection with the exercise by the Master
Servicer of its right to purchase the Certificates,  and otherwise in accordance
with Section 4.01(a), the Trustee shall distribute to the Certificateholders (i)
the  amount  otherwise  distributable  on  such  Distribution  Date,  if  not in
connection with the Master  Servicer's  election to repurchase the assets of the
Trust  Fund or the  outstanding  Certificates,  or (ii) if the  Master  Servicer
elected  to so  repurchase  the  assets  of the  Trust  Fund or the  outstanding
Certificates,  an  amount  determined  as  follows:  (A)  with  respect  to each
Certificate the outstanding  Certificate Principal Balance thereof, plus Accrued
Certificate  Interest for the related  Interest  Accrual  Period thereon and any
previously  unpaid  Accrued  Certificate  Interest,  subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates,  any
excess of the amounts available for distribution (including the repurchase price
specified  in clause  (ii) of  subsection  (a) of this  Section)  over the total
amount distributed under the immediately  preceding clause (A).  Notwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for cancellation,  the Trustee shall pay to the Master

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<PAGE>

Servicer  all  amounts  distributable  to the  holders  thereof  and the  Master
Servicer shall  thereafter hold such amounts until  distributed to such Holders.
No interest  shall accrue or be payable to any  Certificateholder  on any amount
held in the  escrow  account  or by the  Master  Servicer  as a  result  of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

(e) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase of the outstanding  Certificates is to
be made,  the  Trustee  shall on such date  cause  all funds in the  Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain  outstanding  hereunder until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of the  Certificates  pursuant to this  Article IX. The Master  Servicer
shall be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.
               -----------------------------------

(a)     Each  REMIC  that  comprises  the  Trust  Fund  shall be  terminated  in
        accordance with the following additional  requirements,  unless (subject
        to Section  10.01(f)) the Trustee and the Master  Servicer have received
        an Opinion of Counsel  (which Opinion of Counsel shall not be an expense
        of the  Trustee)  to the effect  that the  failure of each such REMIC to
        comply with the requirements of this Section 9.02 will not (i) result in
        the  imposition on the Trust of taxes on "prohibited  transactions,"  as
        described in Section  860F of the Code,  or (ii) cause any such REMIC to
        fail  to  qualify  as a  REMIC  at any  time  that  any  Certificate  is
        outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

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(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during
        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b)     Each Holder of a Certificate and the Trustee hereby irrevocably approves
        and appoints the Master Servicer as its attorney-in-fact to adopt a plan
        of complete  liquidation for each REMIC at the expense of the Trust Fund
        in accordance with the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.
               --------------------

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

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(e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information  as is necessary for the  application  of any tax
relating  to the  transfer of a Class R  Certificate  to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

(f) The Master Servicer and the REMIC  Administrator shall take such actions and
shall cause each REMIC created  hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's  control and the scope
of its  duties  more  specifically  set forth  herein as shall be  necessary  or
desirable  to  maintain  the  status  of each  REMIC as a REMIC  under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code)  (either  such  event,  in the  absence  of an  Opinion  of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no

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<PAGE>

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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<PAGE>

(c) The Master  Servicer  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the Trustee for any taxes and costs (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

Section 10.03. Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

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<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.
               ---------

(a)     This  Agreement or any  Custodial  Agreement may be amended from time to
        time by the Company,  the Master  Servicer and the Trustee,  without the
        consent of any of the Certificateholders:

(i)     to cure any ambiguity,

(ii)    to correct or supplement any provisions herein or therein,  which may be
        inconsistent  with any other provisions  herein or therein or to correct
        any error,

(iii)   to modify,  eliminate or add to any of its  provisions to such extent as
        shall be necessary or  desirable  to maintain the  qualification  of the
        Trust Fund as a REMIC at all times that any  Certificate  is outstanding
        or to avoid or  minimize  the risk of the  imposition  of any tax on the
        Trust Fund  pursuant to the Code that would be a claim against the Trust
        Fund,  provided  that the Trustee has  received an Opinion of Counsel to
        the effect that (A) such action is  necessary  or  desirable to maintain
        such qualification or to avoid or minimize the risk of the imposition of
        any such tax and (B)  such  action  will  not  adversely  affect  in any
        material respect the interests of any Certificateholder,

(iv) to change the timing and/or  nature of deposits into the Custodial  Account
     or the  Certificate  Account or to change  the name in which the  Custodial
     Account is maintained,  provided that (A) the  Certificate  Account Deposit
     Date shall in no event be later than the  related  Distribution  Date,  (B)
     such change  shall not, as  evidenced  by an Opinion of Counsel,  adversely
     affect in any material respect the interests of any  Certificateholder  and
     (C) such change shall not result in a reduction  of the rating  assigned to
     any Class of Certificates below the lower of the then-current rating or the
     rating  assigned to such  Certificates as of the Closing Date, as evidenced
     by a letter from each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi)    to make any other  provisions  with  respect  to  matters  or  questions
        arising under this Agreement or such Custodial Agreement which shall not

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<PAGE>

        be  materially  inconsistent  with  the  provisions  of this  Agreement,
        provided  that such  action  shall not,  as  evidenced  by an Opinion of
        Counsel,  adversely  affect in any material respect the interests of any
        Certificateholder or

               (vii)  to amend  any  provision  herein  or  therein  that is not
        material to any of the Certificateholders.

(b)     This Agreement or any Custodial  Agreement may also be amended from time
        to time by the  Company,  the Master  Servicer  and the Trustee with the
        consent of the Holders of  Certificates  evidencing in the aggregate not
        less than 66% of the Percentage  Interests of each Class of Certificates
        with a Certificate  Principal Balance greater than zero affected thereby
        for the purpose of adding any provisions to or changing in any manner or
        eliminating  any of the  provisions of this  Agreement or such Custodial
        Agreement  or of  modifying  in any manner the rights of the  Holders of
        Certificates of such Class;  provided,  however,  that no such amendment
        shall:

(i)     reduce in any manner  the  amount  of, or delay the timing of,  payments
        which are  required to be  distributed  on any  Certificate  without the
        consent of the Holder of such Certificate,

(ii)    reduce the aforesaid percentage of Certificates of any Class the Holders
        of which are required to consent to any such amendment, in any such case
        without  the consent of the  Holders of all  Certificates  of such Class
        then outstanding.

(c)     Notwithstanding  any contrary  provision of this Agreement,  the Trustee
        shall not consent to any  amendment  to this  Agreement  unless it shall
        have first received an Opinion of Counsel  (subject to Section  10.01(f)
        and at the expense of the party  seeking such  amendment)  to the effect
        that such  amendment or the exercise of any power  granted to the Master
        Servicer,  the Company or the Trustee in accordance  with such amendment
        will not result in the  imposition of a federal tax on the Trust Fund or
        cause any REMIC created  under the Series  Supplement to fail to qualify
        as a REMIC at any time that any Certificate is outstanding.

(d)     Promptly  after the  execution of any such  amendment  the Trustee shall
        furnish  written  notification of the substance of such amendment to the
        Custodian and each Certificateholder.  It shall not be necessary for the
        consent of  Certificateholders  under this Section  11.01 to approve the
        particular form of any proposed amendment, but it shall be sufficient if
        such  consent  shall  approve  the  substance  thereof.  The  manner  of
        obtaining  such  consents and of  evidencing  the  authorization  of the
        execution  thereof  by  Certificateholders  shall  be  subject  to  such
        reasonable regulations as the Trustee may prescribe.

(e)     The Company shall have the option, in its sole discretion, to obtain and
        deliver to the  Trustee  any  corporate  guaranty,  payment  obligation,
        irrevocable letter of credit,  surety bond,  insurance policy or similar
        instrument or a reserve fund, or any  combination of the foregoing,  for
        the  purpose  of  protecting  the  Holders  of the Class B  Certificates
        against  any or all  Realized  Losses  or  other  shortfalls.  Any  such
        instrument  or fund shall be held by the  Trustee for the benefit of the
        Class B Certificateholders,  but shall not be and shall not be deemed to
        be under any  circumstances  included in the Trust  Fund.  To the extent
        that any such instrument or fund  constitutes a reserve fund for federal

                                      109
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        income tax  purposes,  (i) any reserve fund so  established  shall be an
        outside  reserve fund and not an asset of the Trust Fund,  (ii) any such
        reserve  fund  shall  be  owned  by  the  Company,   and  (iii)  amounts
        transferred  by the Trust Fund to any such reserve fund shall be treated
        as  amounts  distributed  by  the  Trust  Fund  to  the  Company  or any
        successor,  all  within  the  meaning of  Treasury  Regulations  Section
        1.860G-2(h)  as it reads as of the Cut-off Date. In connection  with the
        provision  of any  such  instrument  or  fund,  this  Agreement  and any
        provision hereof may be modified, added to, deleted or otherwise amended
        in any manner that is related or incidental  to such  instrument or fund
        or the  establishment or  administration  thereof,  such amendment to be
        made by written  instrument  executed or consented to by the Company but
        without the consent of any  Certificateholder and without the consent of
        the  Master  Servicer  or the  Trustee  being  required  unless any such
        amendment  would  impose  any  additional  obligation  on, or  otherwise
        adversely  affect the  interests of the Senior  Certificateholders,  the
        Class M  Certificateholders,  the Master  Servicer  or the  Trustee,  as
        applicable;  provided  that the  Company  obtains  (subject  to  Section
        10.01(f))  an  Opinion  of  Counsel  (which  need not be an  opinion  of
        Independent  counsel)  to the effect  that any such  amendment  will not
        cause (a) any  federal  tax to be imposed on the Trust  Fund,  including
        without limitation, any federal tax imposed on "prohibited transactions"
        under  Section  860F(a)(1)  of the Code or on  "contributions  after the
        startup  date" under  Section  860G(d)(1)  of the Code and (b) any REMIC
        created  hereunder  to fail to  qualify  as a REMIC at any time that any
        Certificate  is  outstanding.  In the event that the  Company  elects to
        provide  such  coverage  in the form of a limited  guaranty  provided by
        General Motors  Acceptance  Corporation,  the Company may elect that the
        text of such amendment to this Agreement shall be  substantially  in the
        form attached hereto as Exhibit K (in which case  Residential  Funding's
        Subordinate  Certificate  Loss  Obligation  as described in such exhibit
        shall be established by Residential Funding's consent to such amendment)
        and that the limited  guaranty  shall be  executed in the form  attached
        hereto as Exhibit L, with such  changes as the Company  shall deem to be
        appropriate;  it being  understood  that the  Trustee has  reviewed  and
        approved  the  content of such forms and that the  Trustee's  consent or
        approval to the use thereof is not required.

Section 11.02. Recordation of Agreement; Counterparts.
               ---------------------------------------

(a) To the extent  permitted by  applicable  law,  this  Agreement is subject to
recordation in all appropriate  public offices for real property  records in all
the  counties  or other  comparable  jurisdictions  in  which  any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

(b) For the purpose of facilitating  the recordation of this Agreement as herein
provided and for other purposes,  this Agreement may be executed  simultaneously
in any number of counterparts,  each of which counterparts shall be deemed to be
an  original,  and  such  counterparts  shall  constitute  but one and the  same
instrument.

                                      110
<PAGE>

Section 11.03. Limitation on Rights of Certificateholders.
               -------------------------------------------

(a) The  death or  incapacity  of any  Certificateholder  shall not  operate  to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal  representatives  or heirs to claim an accounting or to take any action or
proceeding  in any court for a partition  or winding up of the Trust  Fund,  nor
otherwise  affect the rights,  obligations and liabilities of any of the parties
hereto.

(b) No  Certificateholder  shall  have any right to vote  (except  as  expressly
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto,  nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third  person by reason of any action  taken by the  parties  to this  Agreement
pursuant to any provision hereof.

(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute  any suit,  action or proceeding in equity or at law upon
or under or with respect to this Agreement,  unless such Holder previously shall
have given to the  Trustee a written  notice of default  and of the  continuance
thereof, as hereinbefore  provided,  and unless also the Holders of Certificates
of any  Class  evidencing  in the  aggregate  not less  than 25% of the  related
Percentage  Interests of such Class,  shall have made  written  request upon the
Trustee to institute such action,  suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable  indemnity as it
may require against the costs,  expenses and liabilities to be incurred  therein
or  thereby,  and the  Trustee,  for 60 days after its  receipt of such  notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action,  suit or proceeding  it being  understood  and intended,  and being
expressly    covenanted   by   each    Certificateholder    with   every   other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

Section 11.04. Governing Law.
               -------------

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

                                      111
<PAGE>

Section 11.05. Notices.
               -------

        As provided in Section 11.05 of the Series Supplement.

Section 11.06. Required Notices to Rating Agency and Subservicer.
               --------------------------------------------------

        The Company,  the Master  Servicer or the Trustee,  as  applicable,  (i)
shall  notify  each  Rating  Agency  at such  time as it is  otherwise  required
pursuant  to this  Agreement  to give  notice of the  occurrence  of, any of the
events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below,  (ii)
shall notify the Subservicer at such time as it is otherwise  required  pursuant
to this  Agreement  to give  notice  of the  occurrence  of,  any of the  events
described in clause (a), (b), (c)(1),  (g)(1),  or (i) below, or (iii) provide a
copy to each Rating  Agency at such time as  otherwise  required to be delivered
pursuant to this Agreement of any of the statements described in clauses (e) and
(f) below:

(a)     a material change or amendment to this Agreement,

(b)     the occurrence of an Event of Default,

(c)     (1) the termination or appointment of a successor Master Servicer or (2)
        the termination or appointment of a successor Trustee or a change in the
        majority ownership of the Trustee,

(d)     the filing of any claim  under the Master  Servicer's  blanket  fidelity
        bond and the errors and omissions  insurance  policy required by Section
        3.12 or the  cancellation  or  modification  of coverage  under any such
        instrument,

(e)     the  statement  required to be delivered to the Holders of each Class of
        Certificates pursuant to Section 4.03,

(f)     the  statements  required to be delivered  pursuant to Sections 3.18 and
        3.19,

(g)     (1) a change in the location of the Custodial Account or (2) a change in
        the location of the Certificate Account,

(h)     the  occurrence of any monthly cash flow shortfall to the Holders of any
        Class of Certificates  resulting from the failure by the Master Servicer
        to make an Advance pursuant to Section 4.04,

(i)     the occurrence of the Final Distribution Date, and

(j)  the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt written notice to each Rating Agency and the Subservicer,  if applicable,
of any such event known to the Master Servicer.

                                      112
<PAGE>

Section 11.07. Severability of Provisions.
               --------------------------

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

Section 11.08. Supplemental Provisions for Resecuritization.
               ---------------------------------------------

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

Section 11.09. Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

Section 11.10. No Petition.
               -----------

               As provided in Section 11.10 of the Series Supplement.

                                      113
<PAGE>

                                    EXHIBIT A

FORM OF  CLASS  A  CERTIFICATE,   [PRINCIPAL  ONLY/CLASS  A-P]  CERTIFICATE  AND
     [INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

        [THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH RATE EQUAL TO THE INITIAL  PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED WITH NO MORE THAN $[ ] OF OID PER  [$1,000]  [$100,000]  OF [INITIAL
CERTIFICATE  PRINCIPAL BALANCE] [NOTIONAL AMOUNT], THE YIELD TO MATURITY IS [ ]%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$[  ]  PER  [$1,000]  [$100,000]  OF  [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO REPRESENTATION IS
MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT SPEED
ASSUMPTION  OR AT ANY  OTHER  RATE OR AS TO THE  CONSTANCY  OF THE  PASS-THROUGH
RATE.]

                                       1
<PAGE>

Certificate No.                  [        %][Variable] Pass-Through Rate
                --------          --------
                                 [based on a Notional Amount]
Class A-     Senior
Date of Pooling and Servicing    [Percentage Interest:       %]
                                                       ------
Agreement and Cut-off Date:
___________ 1, ____              Aggregate Initial [Certificate Principal
                                 Balance] [[Interest Only/Class A-V] Notional
First Distribution Date:         Amount] [Subclass Notional Amount] of the
_________ 25, ____               Class A-     Certificates:
                                         ----

Master Servicer:                 [Initial] [Certificate Principal
Residential Funding              Balance] [Interest Only/Class A-V] [Subclass]
Corporation                      Notional Amount] of this Certificate:
                                 $                          ]
Assumed Final
Distribution Date:               CUSIP 76110F-
___________ 25, ____

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES ____-___

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  A-  Certificates  with  respect  to a  Trust  Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL ACCREDIT LOANS, INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

     This  certifies  that  _________________  is the  registered  owner  of the
Percentage  Interest  evidenced by this  Certificate  [(obtained by dividing the
[Initial  Certificate  Principal  Balance]  [Initial  [Interest  Only/Class A-V]
Notional  Amount] of this  Certificate  by the  aggregate  [Initial  Certificate
Principal Balance of all Class A- Certificates]  [Initial  [Interest  Only/Class
A-V] Notional Amounts of all [Interest  Only/Class A-V]  Certificates],  both as
specified  above)]  in  certain  distributions  with  respect  to the Trust Fund
consisting  primarily  of  an  interest  in  a  pool  of  conventional  one-  to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred
to below).  The Trust  Fund was  created  pursuant  to a Pooling  and  Servicing

                                       2
<PAGE>

Agreement  dated as specified  above (the  "Agreement")  among the Company,  the
Master Servicer and __________________, as trustee (the "Trustee"), a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  Holders of Class A-
Certificates on such Distribution Date. [The [Interest  Only/Class A-V] Notional
Amount  of  the  [Interest  Only/Class  A-V]  Certificates  as of  any  date  of
determination is equal to the aggregate Stated Principal Balance of the Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such [Interest  Only/Class A-V]  Certificates.] [The Subclass Notional Amount of
the [Interest  Only/Class A-V]-  Certificates as of any date of determination is
equal  to  the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
[Interest  Only/Class A-V]-  Certificates  immediately prior to such date.] [The
[Interest  Only/Class  A-V][-  ]  Certificates  have  no  Certificate  Principal
Balance.]

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial Certificate  Principal Balance] [Initial [Interest Only/Class
A-V] Notional Amount] [initial  Subclass Notional Amount] of this Certificate is
set forth above.] [The Certificate  Principal  Balance hereof will be reduced to
the extent of  distributions  allocable  to principal  and any  Realized  Losses
allocable hereto.]

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is

                                       3
<PAGE>

reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is

                                       4
<PAGE>

registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purposes have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                       5
<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_________________________],
                                              as Trustee

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  A-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                       6
<PAGE>

                                              A-1

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor

                                           _______________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.

     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.

                                       7
<PAGE>

                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY  FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN ISSUED WITH NO MORE THAN $[____] OF OID PER $[1,000] OF INITIAL CERTIFICATE
PRINCIPAL  BALANCE,  THE YIELD TO  MATURITY  IS  [_____]%  AND THE AMOUNT OF OID
ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $[____] PER $[1,000]
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.

        Any Transferee of this Certificate will be deemed to have represented by
virtue of its purchase or holding of this  Certificate (or interest herein) that
EITHER (a) such Transferee is not an investment  manager, a named fiduciary or a
trustee of any Plan, OR ANY OTHER PERSON,  acting,  directly or  indirectly,  on
behalf of or purchasing any Certificate  with "plan assets" of any Plan (a "plan
investor"),  (B) it has acquired and is holding such  Certificate in reliance on
Prohibited  Transaction  Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29,

                                       1
<PAGE>

1994), as amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE 2000-58,
65 Fed. Reg.  67765  (November 13, 2000),  AND PTE 2002-41,  67 Fed. Reg.  54487
(August 22, 2002) (the "RFC Exemption"),  and that it understands that there are
certain conditions to the availability of the RFC Exemption  including that such
Certificate  must be rated,  at the time of purchase,  not lower than "BBB-" (or
its equivalent) by Standard & Poor's, Fitch or Moody's or (C) (I) the transferee
is an insurance  company,  (II) the source of funds to be used by it to purchase
the Certificate is an "insurance company general account" (within the meaning of
U.S. Department of Labor Prohibited Transaction Class Exemption ("PTCE") 95-60),
and (iii) the CONDITIONS SET FORTH IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN
SATISFIED  (EACH ENTITY THAT SATISFIES  THIS CLAUSE (C), A "cOMPLYING  INSURANCE
COMPANY).

        If this  Certificate (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD BY ANY
PERSON  THAT  DOES  NOT  SATISFY  THE  CONDITIONS  DESCRIBED  IN  THE  PRECEDING
PARAGRAPH,  THEN THE LAST  preceding  Transferee  that  either (i) is not a Plan
Investor,  (II) ACQUIRED SUCH  CERTIFICATE IN COMPLIANCE WITH THE RFC EXEMPTION,
or (iiI) is a  Complying  Insurance  Company  shall be  restored,  to the extent
permitted by law, to all rights and  obligations  as  Certificate  Owner thereof
retroactive to the date of such Transfer of this Certificate.  The Trustee shall
be  under no  liability  to any  Person  for  making  any  payments  due on this
Certificate to such preceding Transferee.

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

                                       2
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

     This  certifies  that  _______________  is  the  registered  owner  of  the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal  Balance of all Class M-  Certificates,  both as  specified  above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set
forth hereafter.  To the extent not defined herein,  the capitalized  terms used

                                       3
<PAGE>

herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  In addition,  any purported  Certificate  Owner whose
acquisition or holding of this  Certificate (or interest herein) was effected in
violation  of  the  restrictions  in  Section  5.02(e)  of the  Agreement  shall
indemnify and hold harmless the Company, the Trustee,  the Master Servicer,  any
Subservicer,  and the  Trust  Fund  from and  against  any and all  liabilities,
claims,  costs  or  expenses  incurred  by  such  parties  as a  result  of such
acquisition or holding.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer

                                       4
<PAGE>

funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the

                                       5
<PAGE>

Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                       6
<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [-------------------------],
                                                  as Certificate Registrar

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                       7
<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor

                                           _______________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.

     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.

                                       8
<PAGE>

                                    EXHIBIT C

                           FORM OF CLASS B CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR  CERTIFICATES
AND CLASS M CERTIFICATES [AND CLASS B-1] [CLASS B-2  CERTIFICATES]  DESCRIBED IN
THE AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE.  THE  FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S.  FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.  THE ISSUE
DATE OF THIS  CERTIFICATE  IS ___________  __, ____.  ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 100% OF THE  PREPAYMENT  SPEED  ASSUMPTION  (AS DESCRIBED IN THE
PROSPECTUS SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $[ ]
OF OID PER  $[1,000]  OF INITIAL  CERTIFICATE  PRINCIPAL  BALANCE,  THE YIELD TO
MATURITY  IS [ ]% AND THE  AMOUNT OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL
PERIOD  IS NO MORE  THAN $[ ] PER  $[1,000]  OF  INITIAL  CERTIFICATE  PRINCIPAL
BALANCE,  COMPUTED UNDER THE APPROXIMATE  METHOD. NO REPRESENTATION IS MADE THAT
THE  MORTGAGE  LOANS  WILL  PREPAY  AT A  RATE  BASED  ON THE  PREPAYMENT  SPEED
ASSUMPTION OR AT ANY OTHER RATE.

                                       1
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class B-     Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

       evidencing a percentage  interest in any  distributions  allocable to the
       Class B- Certificates with respect to the Trust Fund consisting primarily
       of a pool of conventional  one- to four-family  fixed interest rate first
       mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

               This  certifies  that  Residential  Accredit  Loans,  Inc. is the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate  Principal Balance of all Class B- Certificates,  both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined

                                       2
<PAGE>

herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               No transfer of this Class B Certificate  will be made unless such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by the  Agreement.  The Holder hereof  desiring to effect
such  transfer  shall,  and does hereby agree to,  indemnify  the  Trustee,  the
Company,  the Master Servicer and the Certificate  Registrar acting on behalf of
the Trustee  against  any  liability  that may result if the  transfer is not so
exempt  or is not made in  accordance  with such  Federal  and  state  laws.  In
connection  with any such transfer,  the Trustee will also require either (i) an
opinion of counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee  Retirement  Income Security Act of 1974, as
amended  ("ERISA"),  and Section 4975 of the Internal  Revenue Code (the "Code")
and stating, among other things, that the transferee's  acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation

                                       3
<PAGE>

letter,  in the form as described by Section  5.02(e) of the  Agreement,  either
stating that the transferee is not an employee  benefit or other plan subject to
the  prohibited  transaction  provisions of ERISA or Section 4975 of the Code (a
"Plan"), or any other person (including an investment manager, a named fiduciary
or a trustee  of any  Plan)  acting,  directly  or  indirectly,  on behalf of or
purchasing any  Certificate  with "plan assets" of any Plan, or stating that the
transferee  is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of Department of Labor Prohibited  Transaction Class Exemption  ("PTCE")
95-60),  and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Sections I and III of PTCE 95-60.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new

                                       4
<PAGE>

Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                       5
<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_____________________________],
                                   as Trustee

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                       6
<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor

                                           _______________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.

     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.

                                       7
<PAGE>

                                    EXHIBIT D

                           FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST"  IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL  SUBDIVISION  THEREOF,  ANY POSSESSION OF THE UNITED STATES, OR ANY
AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION  IF ALL OF ITS  ACTIVITIES  ARE SUBJECT TO TAX AND EXCEPT
FOR FREDDIE  MAC, A MAJORITY OF ITS BOARD OF  DIRECTORS  IS NOT SELECTED BY SUCH
GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY  OF EITHER OF THE FOREGOING,  (C) ANY ORGANIZATION
(OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS  EXEMPT  FROM THE TAX  IMPOSED  BY  CHAPTER 1 OF THE CODE  UNLESS  SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
THE TAX  IMPOSED  BY  SECTION  511 OF THE  CODE ON  UNRELATED  BUSINESS  TAXABLE
INCOME),  (D) RURAL  ELECTRIC AND  TELEPHONE  COOPERATIVES  DESCRIBED IN SECTION
1381(a)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER  SECTION
775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED  ORGANIZATION"),  OR
(F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES
CERTAIN  ADDITIONAL  CONDITIONS  RELATING  TO  THE  FINANCIAL  CONDITION  OF THE

                                       1
<PAGE>

PROPOSED  TRANSFEREE.   NOTWITHSTANDING  THE  REGISTRATION  IN  THE  CERTIFICATE
REGISTER OR ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE TO A
DISQUALIFIED  ORGANIZATION  OR AN AGENT  OF A  DISQUALIFIED  ORGANIZATION,  SUCH
REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH  PERSON  SHALL  NOT BE  DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY  PURPOSE
HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No.                                   [      ]% Pass-Through Rate

Class R Senior                                    Aggregate Initial Certificate
                                                  Principal Balance of the
Date of Pooling and Servicing                     Class R Certificates:
Agreement and Cut-off Date:                       $100.00
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  Percentage Interest:
Residential Funding Corporation                                 %
                                                  --------------

Assumed Final Distribution Date:                  CUSIP 76110F-
___________ 25, ____

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class R Certificates with respect to the Trust Fund consisting primarily
        of a pool of conventional  one- to four-family fixed interest rate first
        mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                                       2
<PAGE>

               This  certifies  that is the  registered  owner of the Percentage
Interest  evidenced  by this  Certificate  (obtained  by  dividing  the  Initial
Certificate  Principal  Balance of this  Certificate  by the  aggregate  Initial
Certificate  Principal  Balance of all Class R  Certificates,  both as specified
above) in  certain  distributions  with  respect  to the Trust  Fund  consisting
primarily of a pool of  conventional  one- to  four-family  fixed  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Accredit Loans, Inc.  (hereinafter called the "Company," which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant to a Pooling and Servicing  Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and __________________,
as trustee (the "Trustee"),  a summary of certain of the pertinent provisions of
which is set forth hereafter.  To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.  This Certificate
is issued under and is subject to the terms,  provisions  and  conditions of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the

                                       3
<PAGE>

Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

               No transfer of this Class R  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the  transferee's  acquisition  of a Class R Certificate  will not constitute or
result in a  non-exempt  prohibited  transaction  under  Section 406 of ERISA or
Section  4975 of the  Code  or  (ii) a  representation  letter,  in the  form as
described  by the  Agreement,  stating  that the  transferee  is not an employee
benefit or other plan subject to the prohibited  transaction provisions of ERISA
or  Section  4975 of the Code (a  "Plan"),  or any other  person  (including  an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly,  on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                                       4
<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                       5
<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of  the  Class  R  Certificates  referred  to in the
within-mentioned Agreement.

                                            [----------------------------],
                                                 as Certificate Registrar

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                       6
<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor

                                           _______________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.

     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.

                                       7
<PAGE>

                                    EXHIBIT E

                        FORM OF SELLER/SERVICER CONTRACT

        This  Seller/Servicer  Contract  (as  may be  amended,  supplemented  or
otherwise  modified from time to time, this "Contract") is made this day of , 20
, by and between  Residential  Funding  Corporation,  its successors and assigns
("Residential   Funding")  and  (the   "Seller/Servicer,"   and,  together  with
Residential Funding, the "parties" and each, individually, a "party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.      REPRESENTATIONS AND WARRANTIES.

a.      Reciprocal Representations and Warranties.

               The  Seller/Servicer  and Residential Funding each represents and
warrants to the other that as of the date of this Contract:

                                  1
<PAGE>

(1)                   Each party is duly  organized,  validly  existing,  and in
                      good  standing  under  the  laws  of its  jurisdiction  of
                      organization,  is qualified,  if necessary, to do business
                      and in good standing in each  jurisdiction  in which it is
                      required to be so qualified,  and has the requisite  power
                      and  authority  to enter into this  Contract and all other
                      agreements  which are contemplated by this Contract and to
                      carry out its  obligations  hereunder and under the Guides
                      and under such other agreements.

(2)                   This  Contract  has been  duly  authorized,  executed  and
                      delivered  by each  party  and  constitutes  a  valid  and
                      legally  binding  agreement of each party  enforceable  in
                      accordance with its terms.

(3)                   There is no action, proceeding or investigation pending or
                      threatened,  and no basis  therefor  is  known  to  either
                      party,  that could  affect  the  validity  or  prospective
                      validity of this Contract.

(4)                   Insofar as its capacity to carry out any obligation  under
                      this Contract is concerned,  neither party is in violation
                      of  any  charter,   articles  of  incorporation,   bylaws,
                      mortgage, indenture, indebtedness,  agreement, instrument,
                      judgment,  decree,  order, statute, rule or regulation and
                      none of the  foregoing  adversely  affects its capacity to
                      fulfill any of its  obligations  under this Contract.  Its
                      execution of, and  performance  pursuant to, this Contract
                      will not result in a violation of any of the foregoing.

b.                    Seller/Servicer's    Representations,    Warranties    and
                      Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

                                      2
<PAGE>

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

      Attention:
      Telefacsimile Number:  (      )       -
                              ------  ------
9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner  provided by law. Each of the parties  further agrees not
to institute  any legal  actions or  proceedings  against the other party or any
director,  officer,  employee,  attorney,  agent or property of the other party,
arising  out of or  relating  to  this  Contract  in any  court  other  than  as
hereinabove specified in this paragraph 9.

10.     MISCELLANEOUS.

                                       3
<PAGE>

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

                                       4
<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                 SELLER/SERVICER

[Corporate Seal]

                                                       (Name of Seller/Servicer)
By:                                     By:
   --------------------------------
      (Signature) (Signature) By: By:
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------
======================================= ========================================

ATTEST:                                 RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]

By:                                     By:
   --------------------------------
      (Signature) (Signature) By: By:
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------

                                       5
<PAGE>

                                    EXHIBIT F
                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
MIN#:
Borrower Name(s):
Reason for Document Request:      (circle one)

        Mortgage Loan Prepaid in Full              Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

Residential Funding Corporation
Authorized Signature

******************************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:          [ ]  Promissory Note
                             [ ]  Primary Insurance Policy
                             [ ]  Mortgage or Deed of Trust
                             [ ] Assignment(s) of Mortgage or Deed of Trust
                             [ ]  Title Insurance Policy
                             [ ]  Other:

Name:
     ------------------------
Title:
      -----------------------
Date:
     ------------------------

                                       1
<PAGE>

                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                         )
                                 )    ss.:
COUNTY OF                        )
               [NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he is [Title of Officer] of [Name of Owner] (record or beneficial  owner
of the Mortgage Asset-Backed Pass-Through Certificates, Series ____-___, Class R
(the  "Owner")),  a  [savings  institution]  [corporation]  duly  organized  and
existing under the laws of [the State of
                                    ] [the United States], on behalf of which he
makes this affidavit and
agreement.

2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing  large  partnership  as of [date of  transfer]  within  the  meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code,  (ii) will endeavor to remain other than a  disqualified  organization
for so long as it retains its  ownership  interest in the Class R  Certificates,
and (iii) is acquiring the Class R  Certificates  for its own account or for the
account of another  Owner from which it has received an affidavit  and agreement
in  substantially  the same  form as this  affidavit  and  agreement.  (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States,  any state or political  subdivision
thereof,  any agency or  instrumentality  of any of the foregoing (other than an
instrumentality  all of the  activities of which are subject to tax and,  except
for the Federal  Home Loan  Mortgage  Corporation,  a majority of whose board of
directors  is not  selected  by any such  governmental  entity)  or any  foreign
government,  international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on  transfers of
Class  R  Certificates   to   disqualified   organizations   or  electing  large
partnerships,  under  the  Code,  that  applies  to all  transfers  of  Class  R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or,  with  respect to transfers to electing  large  partnerships,  on each such
partnership),  or, if such transfer is through an agent (which person includes a
broker,  nominee or middleman)  for a disqualified  organization,  on the agent;
(iii) that the person  (other than with respect to  transfers to electing  large
partnerships)  otherwise  liable for the tax shall be relieved of liability  for
the tax if the  transferee  furnishes  to such  person  an  affidavit  that  the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates  may be  "noneconomic  residual  interests"  within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes

                                      1
<PAGE>

due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R  Certificates  if either the  pass-through  entity is an electing  large
partnership  under  Section 775 of the Code or if at any time during the taxable
year of the pass-through entity a disqualified organization is the record holder
of an  interest in such  entity.  (For this  purpose,  a "pass  through  entity"
includes a  regulated  investment  company,  a real estate  investment  trust or
common trust fund, a partnership, trust or estate, and certain cooperatives.)

5. The Owner is either (i) a citizen or  resident of the United  States,  (ii) a
corporation,  partnership  or  other  entity  treated  as  a  corporation  or  a
partnership for U.S.  federal income tax purposes and created or organized in or
under the laws of the  United  States,  any state  thereof  or the  District  of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.

6. The  Owner  hereby  agrees  that it will not  cause  income  from the Class R
Certificates to be attributable to a foreign  permanent  establishment  or fixed
base  (within  the meaning of an  applicable  income tax treaty) of the Owner or
another United States taxpayer.

7. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

8. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

9. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

10. The Owner's Taxpayer Identification Number is .

11. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.

                                       2
<PAGE>

12. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax; in making this representation,  the Owner warrants that the Owner is
familiar with (i) Treasury  Regulation Section 1.860E-1(c) and recent amendments
thereto,  effective as of July 19, 2002,  and (ii) the preamble  describing  the
adoption of the  amendments  to such  regulation,  which is  attached  hereto as
Exhibit 1.

13.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

14. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

15. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974,  as amended  ("ERISA"),  or Section 4975 of the Code,  or an investment
manager,  named  fiduciary  or a trustee of any such plan,  or any other  Person
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any such plan.

                                       3
<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this day of , 200 .

                                            [NAME OF OWNER]

                                            By:
                                               ---------------------------------
                                                 [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:

[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

          Subscribed and sworn before me this _______ day of _____, 200___.

                                  NOTARY PUBLIC

                        COUNTY OF
                                 ---------------------------
                        STATE OF
                                ----------------------------
                         My Commission  expires the ____ day of _____,20 .

                                       4
<PAGE>

                                    EXHIBIT 1

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9004]
RIN 1545-AW98

Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

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

SUMMARY:  This  document  contains  final  regulations  relating  to safe harbor
transfers of noneconomic  residual interests in real estate mortgage  investment
conduits (REMICs).  The final regulations provide additional  limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES: Effective Date: These regulations are effective July 19, 2002.
    Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

    The  collection  of  information  in this final rule has been  reviewed and,
pending  receipt and  evaluation of public  comments,  approved by the Office of
Management  and Budget (OMB) under 44 U.S.C.  3507 and assigned  control  number
1545-1675.
    The  collection  of  information  in  this  regulation  is in  Sec.  1.860E-
1(c)(5)(ii).  This  information  is  required to enable the IRS to verify that a
taxpayer is complying with the conditions of this regulation.  The collection of
information  is mandatory  and is  required.  Otherwise,  the taxpayer  will not
receive the benefit of safe harbor treatment as provided in the regulation.  The
likely respondents are businesses and other for-profit institutions.

                                       5
<PAGE>

    Comments on the  collection of  information  should be sent to the Office of
Management  and Budget,  Attn:  Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to  the  Internal  Revenue  Service,   Attn:  IRS  Reports  Clearance   Officer,
W:CAR:MP:FP:S,  Washington,  DC 20224. Comments on the collection of information
should be received by September 17, 2002.  Comments are  specifically  requested
concerning:
    Whether  the   collection  of   information  is  necessary  for  the  proper
performance of the functions of the Internal Revenue Service,  including whether
the information will have practical utility;
    The accuracy of the  estimated  burden  associated  with the  collection  of
information (see below);
    How the quality, utility, and clarity of the information to be
collected may be enhanced;
    How the  burden of  complying  with the  collection  of  information  may be
minimized,  including through the application of automated collection techniques
or other forms of information technology; and
    Estimates of capital or start-up costs and costs of operation,  maintenance,
and purchase of service to provide information.
    An agency  may not  conduct  or  sponsor,  and a person is not  required  to
respond to, a  collection  of  information  unless it  displays a valid  control
number assigned by the Office of Management and Budget.
    The  estimated  total  annual  reporting  burden is 470  hours,  based on an
estimated  number of respondents  of 470 and an estimated  average annual burden
hours per respondent of one hour.
    Books or records relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

    This document contains final regulations  regarding the proposed  amendments
to 26 CFR part 1 under  section  860E of the Internal  Revenue Code (Code).  The
regulations  provide the circumstances under which a transferor of a noneconomic
REMIC  residual   interest   meeting  the   investigation   and   representation
requirements  may avail  itself  of the safe  harbor by  satisfying  either  the
formula test or the asset test.
    Final regulations  governing REMICs, issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests.  In general, a transfer of
a  noneconomic  residual  interest  is  disregarded  for all tax  purposes  if a
significant purpose of the transfer is to

[[Page 47452]]

enable the  transferor to impede the  assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor,  at the time of the transfer,  either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the

                                       6
<PAGE>

REMIC's taxable income.
    Under a safe harbor, the transferor of a REMIC noneconomic residual interest
is presumed not to have a wrongful  purpose if two  requirements  are satisfied:
(1) the  transferor  conducts a  reasonable  investigation  of the  transferee's
financial  condition  (the  investigation  requirement);  and (2) the transferor
secures a  representation  from the transferee to the effect that the transferee
understands the tax obligations  associated with holding a residual interest and
intends to pay those taxes (the representation requirement).
    The  IRS  and  Treasury  have  been  concerned  that  some   transferors  of
noneconomic  residual  interests  claim they  satisfy  the safe  harbor  even in
situations  where the economics of the transfer  clearly indicate the transferee
is unwilling or unable to pay the tax associated with holding the interest.  For
this reason,  on February 7, 2000, the IRS published in the Federal Register (65
FR 5807) a notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed
to clarify the safe harbor by adding the "formula  test," an economic  test. The
proposed  regulation  provides  that the safe harbor is  unavailable  unless the
present value of the  anticipated  tax  liabilities  associated with holding the
residual  interest  does not  exceed the sum of:  (1) The  present  value of any
consideration  given to the transferee to acquire the interest;  (2) the present
value of the expected future distributions on the interest;  and (3) the present
value of the anticipated tax savings associated with holding the interest as the
REMIC generates losses.
    The notice of proposed  rulemaking also contained rules for FASITs.  Section
1.860H-6(g) of the proposed regulations  provides  requirements for transfers of
FASIT  ownership  interests  and adopts a safe harbor by  reference  to the safe
harbor provisions of the REMIC regulations.
    In January 2001, the IRS published Rev. Proc. 2001-12 (2001-3 I.R.B. 335) to
set forth an alternative  safe harbor that taxpayers could use while the IRS and
the  Treasury  considered  comments  on  the  proposed  regulations.  Under  the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation  requirement but the transfer fails to meet the formula test,
the transferor  may invoke the safe harbor if the transferee  meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of  transfer,  the  transferee's  gross  assets  exceed $100 million and its net
assets exceed $10 million. A transferee generally meets the second prong of this
test if it is a  domestic,  taxable  corporation  and agrees in  writing  not to
transfer  the  interest  to any person  other  than  another  domestic,  taxable
corporation that also satisfies the requirements of the asset test. A transferor
cannot rely on the asset test if the  transferor  knows,  or has reason to know,
that the  transferee  will not comply  with its written  agreement  to limit the

                                       7
<PAGE>

restrictions on subsequent transfers of the residual interest.
    Rev. Proc. 2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise  eligible  transferee.  If such a transfer or  assignment
were permitted,  a corporate taxpayer might seek to claim that the provisions of
an  applicable  income tax treaty  would  resource  excess  inclusion  income as
foreign  source  income,  and that,  as a  consequence,  any U.S. tax  liability
attributable  to the excess  inclusion  income  could be offset by  foreign  tax
credits.  Such a claim would impede the  assessment or collection of U.S. tax on
excess inclusion income,  contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1),  (b),
(e) and 860G(b) of the Code.
    The Treasury and the IRS have  learned that certain  taxpayers  transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula  test to obtain  safe  harbor  treatment  in an  effort  to  impede  the
assessment or collection of U.S. tax on excess  inclusion  income.  Accordingly,
the  final  regulations  provide  that if a  noneconomic  residual  interest  is
transferred  to a  foreign  permanent  establishment  or  fixed  base  of a U.S.
taxpayer,  the transfer is not eligible for safe harbor  treatment  under either
the asset  test or the  formula  test.  The  final  regulations  also  require a
transferee  to  represent  that it will not cause  income  from the  noneconomic
residual  interest to be attributable to a foreign  permanent  establishment  or
fixed base.
    Section 1.860E-1(c)(8)  provides computational rules that a taxpayer may use
to  qualify  for  safe  harbor   status   under  the   formula   test.   Section
1.860E-1(c)(8)(i)  provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b).  Some  commentators
were  concerned that this presumed rate of taxation was too high because it does
not take into  consideration  taxpayers  subject to the alternative  minimum tax
rate. In light of the comments received,  this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative  minimum tax rate to use the alternative  minimum tax rate
applicable to corporations.
    Additionally,  Sec.  1.860E-1(c)(8)(iii) provides that the present values in
the  formula  test  are to be  computed  using  a  discount  rate  equal  to the
applicable  Federal  short-term  rate prescribed by section  1274(d).  This is a
change  from  the  proposed   regulation  and  Rev.  Proc.   2001-12.  In  those
publications  the  provision  stated that "present  values are computed  using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded  semiannually"  and that "[a] lower  discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or  business,  substantial  funds at such  lower  rate from an  unrelated  third
party." The IRS and the Treasury  Department  have learned  that,  based on this
provision,  certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test,  frustrating  the intent of the
test.  Furthermore,  the  Treasury  Department  and the IRS believe  that a rule
allowing  for a rate  other than a rate based on an  objective  index  would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed
regulations  that  permits a transferee  to use a lower  discount  rate,  if the
transferee can demonstrate that it regularly  borrows  substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term

                                       8
<PAGE>

rate  has  been  substituted  for  the  applicable  Federal  rate.  To  simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term  rates,  provided  that  the  present  values  are  computed  with  a
corresponding  period  of  compounding.  With the  exception  of the  provisions
relating to transfers to foreign  branches,  these  changes  generally  have the
proposed  applicability  date of February 4, 2000,  but  taxpayers may choose to
apply the interest  rate formula set forth in the proposed  regulation  and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.
    It is anticipated that when final regulations are adopted with respect to

[[Page 47453]]

FASITs,  Sec.  1.860H-6(g)  of the  proposed  regulations  will  be  adopted  in
substantially  its  present  form,  with the result  that the final  regulations
contained  in this  document  will  also  govern  transfers  of FASIT  ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

    Rev.  Proc.  2001-12  (2001-3  I.R.B.  335) is  obsolete  for  transfers  of
noneconomic residual interests in REMICs occurring on or after August 19, 2002.

Special Analyses

    It is hereby  certified that these  regulations  will not have a significant
economic impact on a substantial number of small entities. This certification is
based  on the  fact  that it is  unlikely  that a  substantial  number  of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis  under  the  Regulatory  Flexibility  Act (5 U.S.C.  chapter  6) is not
required.  It  has  been  determined  that  this  Treasury  decision  is  not  a
significant regulatory action as defined in Executive Order 12866.  Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the  Administrative  Procedure Act (5 U.S.C.  chapter 5) do
not apply to these regulations.

Drafting Information

    The principal author of these regulations is Courtney  Shepardson.  However,
other  personnel  from the IRS and  Treasury  Department  participated  in their
development.

List of Subjects

26 CFR Part 1

    Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

    Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

    Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

    Paragraph 1. The authority  citation for part 1 continues to read in part as
follows:

    Authority: 26 U.S.C. 7805 * * *

                                       9
<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE

                                           __________   , 20    ____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, Class R

Ladies and Gentlemen:

               This letter is delivered to you in  connection  with the transfer
by (the  "Seller")  to (the  "Purchaser")  of $  Initial  Certificate  Principal
Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series ____-___,
Class R (the  "Certificates"),  pursuant  to  Section  5.02 of the  Pooling  and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
___________  1, ____ among  Residential  Accredit  Loans,  Inc.,  as seller (the
"Company"), Residential Funding Corporation, as master
servicer  (the  "Master  Servicer"),  and  __________________,  as trustee  (the
"Trustee").  All terms used  herein  and not  otherwise  defined  shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

1. No purpose of the Seller  relating to the transfer of the  Certificate by the
Seller to the Purchaser is or will be to impede the  assessment or collection of
any tax.

2. The Seller  understands  that the  Purchaser has delivered to the Trustee and
the Master  Servicer a transfer  affidavit and agreement in the form attached to
the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does not know or
believe that any representation contained therein is false.

3.  The  Seller  has  at  the  time  of  the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to

                                       10
<PAGE>

indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R
Certificate  may not be respected for United States income tax purposes (and the
Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.

4. The Seller has no actual knowledge that the proposed Transferee is not both a
United States Person and a Permitted Transferee.

                                Very truly yours,

                                            (Seller)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                       11
<PAGE>

                                    EXHIBIT H

                     FORM OF INVESTOR REPRESENTATION LETTER

                                  ______________, 20 ____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

               (the  "Purchaser")  intends to  purchase  from (the  "Seller")  $
Initial  Certificate  Principal  Balance of Mortgage  Asset-Backed  Pass-Through
Certificates,  Series ____-___,  Class (the "Certificates"),  issued pursuant to
the Pooling and Servicing  Agreement  (the  "Pooling and Servicing  Agreement"),
dated as of  ___________  1, ____ among  Residential  Accredit  Loans,  Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer (the
"Master  Servicer"),  and  __________________,  as trustee (the "Trustee").  All
terms used herein and not otherwise defined shall have the meanings set forth in
the Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents
and warrants to, and  covenants  with,  the Company,  the Trustee and the Master
Servicer that:

1.             The Purchaser understands that (a) the Certificates have not been
               and will not be registered or qualified  under the Securities Act
               of 1933, as amended (the "Act") or any state  securities law, (b)
               the  Company  is not  required  to so  register  or  qualify  the
               Certificates,   (c)  the  Certificates  may  be  resold  only  if
               registered and qualified pursuant to the provisions of the Act or
               any  state   securities   law,  or  if  an  exemption  from  such
               registration and qualification is available,  (d) the Pooling and
               Servicing Agreement contains restrictions  regarding the transfer
               of the Certificates  and (e) the Certificates  will bear a legend
               to the foregoing effect.

                                       1
<PAGE>

2.             The Purchaser is acquiring the  Certificates  for its own account
               for  investment  only  and  not  with a view  to or for  sale  in
               connection with any distribution thereof in any manner that would
               violate the Act or any applicable state securities laws.

3.             The Purchaser is (a) a substantial,  sophisticated  institutional
               investor  having such  knowledge and  experience in financial and
               business matters, and, in particular,  in such matters related to
               securities  similar to the Certificates,  such that it is capable
               of  evaluating   the  merits  and  risks  of  investment  in  the
               Certificates,  (b)  able to bear  the  economic  risks of such an
               investment and (c) an "accredited investor" within the meaning of
               Rule 501(a) promulgated pursuant to the Act.

     4.   The Purchaser has been  furnished  with, and has had an opportunity to
          review  (a)  [a  copy  of  the  Private  Placement  Memorandum,  dated
          ______________, 20___, relating to the Certificates (b)] a copy of the
          Pooling and  Servicing  Agreement  and [b] [c] such other  information
          concerning the Certificates, the Mortgage Loans and the Company as has
          been  requested by the Purchaser from the Company or the Seller and is
          relevant to the Purchaser's decision to purchase the Certificates. The
          Purchaser has had any questions  arising from such review  answered by
          the Company or the Seller to the  satisfaction  of the Purchaser.  [If
          the  Purchaser  did not purchase the  Certificates  from the Seller in
          connection with the initial  distribution of the  Certificates and was
          provided  with  a  copy  of  the  Private  Placement  Memorandum  (the
          "Memorandum")  relating to the original sale (the "Original  Sale") of
          the Certificates by the Company, the Purchaser  acknowledges that such
          Memorandum  was provided to it by the Seller,  that the Memorandum was
          prepared by the Company solely for use in connection with the Original
          Sale and the Company did not  participate  in or facilitate in any way
          the purchase of the Certificates by the Purchaser from the Seller, and
          the Purchaser agrees that it will look solely to the Seller and not to
          the Company  with respect to any damage,  liability,  claim or expense
          arising  out of,  resulting  from or in  connection  with (a) error or
          omission,  or alleged error or omission,  contained in the Memorandum,
          or (b) any information, development or event arising after the date of
          the Memorandum.]

     5.   The  Purchaser  has not and will not nor has it  authorized or will it
          authorize  any  person  to (a)  offer,  pledge,  sell,  dispose  of or
          otherwise transfer any Certificate, any interest in any Certificate or
          any other  similar  security to any person in any manner,  (b) solicit
          any offer to buy or to accept a pledge,  disposition of other transfer
          of any  Certificate,  any  interest  in any  Certificate  or any other
          similar security from any person in any manner, (c) otherwise approach
          or  negotiate  with  respect to any  Certificate,  any interest in any
          Certificate  or any  other  similar  security  with any  person in any
          manner,  (d)  make  any  general  solicitation  by  means  of  general
          advertising or in any other manner or (e) take any other action,  that

                                       2
<PAGE>

          (as to any of (a) through (e) above) would  constitute a  distribution
          of any Certificate under the Act, that would render the disposition of
          any  Certificate  a  violation  of  Section  5 of the Act or any state
          securities law, or that would require  registration  or  qualification
          pursuant  thereto.  The Purchaser will not sell or otherwise  transfer
          any of the  Certificates,  except in compliance with the provisions of
          the Pooling and Servicing Agreement.

6.             The Purchaser

(a)            is  not  an  employee  benefit  or  other  plan  subject  to  the
               prohibited  transaction  provisions  of the  Employee  Retirement
               Income  Security Act of 1974,  as amended  ("ERISA"),  or Section
               4975 of the Internal Revenue Code of 1986, as amended (a "Plan"),
               or any other person  (including  an investment  manager,  a named
               fiduciary  or  a  trustee  of  any  Plan)  acting,   directly  or
               indirectly, on behalf of or purchasing any Certificate with "plan
               assets" of any Plan within the meaning of the Department of Labor
               ("DOL") regulation at 29 C.F.R. ss.2510.3-101; or

(b)            is an insurance company,  the source of funds to be used by it to
               purchase  the  Certificates  is  an  "insurance  company  general
               account" (within the meaning of DOL Prohibited  Transaction Class
               Exemption  ("PTCE")  95-60),  and the  purchase  is being made in
               reliance upon the  availability of the exemptive  relief afforded
               under Sections I and III of PTCE 95-60.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a) or (b) above.

                                Very truly yours,

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                       3
<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                ___________, 20  ___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Attention: Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

               In   connection   with  the  sale  by  (the   "Seller")  to  (the
"Purchaser") of $ Initial Certificate Principal Balance of Mortgage Asset-Backed
Pass-Through Certificates,  Series ____-___, Class (the "Certificates"),  issued
pursuant to the Pooling and  Servicing  Agreement  (the  "Pooling and  Servicing
Agreement"),  dated as of ___________ 1, ____ among Residential  Accredit Loans,
Inc., as seller (the  "Company"),  Residential  Funding  Corporation,  as master
servicer, and __________________,  as trustee (the "Trustee"). The Seller hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

               Neither  the  Seller  nor  anyone  acting on its  behalf  has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner set forth in the foregoing  sentence with respect to
any Certificate.  The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.

                                       1
<PAGE>

                                Very truly yours,

                                            (Seller)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                       2
<PAGE>

                                    EXHIBIT J

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

                            Description  of  Rule  144A  Securities,   including
numbers:

____________________________________________________________________________

               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

1.      In connection  with such transfer and in accordance  with the agreements
        pursuant  to which the Rule 144A  Securities  were  issued,  the  Seller
        hereby  certifies  the  following  facts:  Neither the Seller nor anyone
        acting  on  its  behalf  has  offered,  transferred,  pledged,  sold  or
        otherwise disposed of the Rule 144A Securities, any interest in the Rule
        144A Securities or any other similar security to, or solicited any offer
        to buy or accept a  transfer,  pledge or other  disposition  of the Rule
        144A  Securities,  any interest in the Rule 144A Securities or any other
        similar  security  from,  or otherwise  approached  or  negotiated  with
        respect  to the Rule  144A  Securities,  any  interest  in the Rule 144A
        Securities or any other similar security with, any person in any manner,
        or made any general  solicitation by means of general  advertising or in
        any other  manner,  or taken any other action,  that would  constitute a
        distribution  of the Rule 144A  Securities  under the  Securities Act of
        1933, as amended (the "1933 Act"),  or that would render the disposition
        of the Rule 144A  Securities a violation of Section 5 of the 1933 Act or
        require  registration  pursuant  thereto,  and that the  Seller  has not
        offered the Rule 144A  Securities  to any person other than the Buyer or
        another  "qualified  institutional  buyer" as defined in Rule 144A under
        the 1933 Act.

2.      The Buyer warrants and  represents  to, and covenants  with, the Seller,
        the  Trustee  and the Master  Servicer  (as  defined in the  Pooling and
        Servicing  Agreement (the "Agreement"),  dated as of ___________ 1, ____
        among Residential  Funding  Corporation as Master Servicer,  Residential
        Accredit  Loans,  Inc.  as  depositor  pursuant  to Section  5.02 of the
        Agreement and __________________, as trustee, as follows:

(a)     The  Buyer  understands  that the  Rule  144A  Securities  have not been
        registered under the 1933 Act or the securities laws of any state.

(b)     The Buyer considers  itself a substantial,  sophisticated  institutional
        investor  having such knowledge and experience in financial and business
        matters  that it is  capable  of  evaluating  the  merits  and  risks of
        investment in the Rule 144A Securities.

                                       1
<PAGE>

(c)  The Buyer has been furnished with all  information  regarding the Rule 144A
     Securities  that it has  requested  from the  Seller,  the  Trustee  or the
     Servicer.

(d)  Neither the Buyer nor anyone acting on its behalf has offered, transferred,
     pledged,  sold or  otherwise  disposed  of the Rule  144A  Securities,  any
     interest in the Rule 144A  Securities or any other similar  security to, or
     solicited  any  offer  to  buy  or  accept  a  transfer,  pledge  or  other
     disposition  of the Rule 144A  Securities,  any  interest  in the Rule 144A
     Securities or any other similar  security from, or otherwise  approached or
     negotiated  with respect to the Rule 144A  Securities,  any interest in the
     Rule 144A Securities or any other similar  security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other  manner,  or taken any other action,  that would  constitute a
     distribution of the Rule 144A  Securities  under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration  pursuant thereto, nor will it act,
     nor has it  authorized  or will it  authorize  any  person to act,  in such
     manner with respect to the Rule 144A Securities.

(e)  The Buyer is a "qualified  institutional  buyer" as that term is defined in
     Rule  144A  under  the 1933 Act and has  completed  either  of the forms of
     certification  to that  effect  attached  hereto as Annex 1 or Annex 2. The
     Buyer is aware that the sale to it is being made in  reliance on Rule 144A.
     The Buyer is acquiring the Rule 144A  Securities for its own account or the
     accounts of other qualified  institutional  buyers,  understands  that such
     Rule 144A  Securities may be resold,  pledged or transferred  only (i) to a
     person  reasonably  believed  to be a  qualified  institutional  buyer that
     purchases   for  its  own  account  or  for  the  account  of  a  qualified
     institutional  buyer to whom  notice is given  that the  resale,  pledge or
     transfer  is being made in  reliance  on Rule  144A,  or (ii)  pursuant  to
     another exemption from registration under the 1933 Act.

               [3. The Buyer

(a)     is not an  employee  benefit  or other plan  subject  to the  prohibited
        transaction provisions of the Employee Retirement Income Security Act of
        1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code
        of 1986,  as amended  (a  "Plan"),  or any other  person  (including  an
        investment  manager, a named fiduciary or a trustee of any Plan) acting,
        directly or indirectly,  on behalf of or purchasing any Certificate with
        "plan assets" of any Plan within the meaning of the  Department of Labor
        ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(b)     is an  insurance  company,  the  source  of  funds  to be  used by it to
        purchase the  Certificates  is an "insurance  company  general  account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60.]

4.   This  document  may be  executed  in one or  more  counterparts  and by the

                                       2
<PAGE>

     different parties hereto on separate  counterparts,  each of which, when so
     executed,  shall be deemed to be an original; such counterparts,  together,
     shall constitute one and the same document.

               IN  WITNESS  WHEREOF,  each  of the  parties  has  executed  this
document as of the date set forth below.

Print Name of Seller                              Print Name of Buyer
By:                                               By:
   ------------------------------------------
   Name:                                             Name:
   Title:                                            Title:
Taxpayer Identification                           Taxpayer Identification:
No.                                               No:
   ------------------------------------------
Date:                                             Date:
     ----------------------------------------

                                       3
<PAGE>

                              ANNEX 1 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

1. As  indicated  below,  the  undersigned  is the  President,  Chief  Financial
Officer, Senior Vice President or other executive officer of the Buyer.

2. In  connection  with  purchases  by the  Buyer,  the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary basis $ in securities (except for the excluded securities referred
to below) as of the end of the  Buyer's  most recent  fiscal  year (such  amount
being  calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the
criteria in the category marked below.

--             Corporation,  etc. The Buyer is a corporation (other than a bank,
               savings   and   loan   association   or   similar   institution),
               Massachusetts   or  similar  business  trust,   partnership,   or
               charitable  organization  described  in Section  501(c)(3) of the
               Internal Revenue Code.

--   Bank.  The Buyer (a) is a national  bank or banking  institution  organized
     under the laws of any State,  territory or the  District of  Columbia,  the
     business of which is substantially confined to banking and is supervised by
     the State or  territorial  banking  commission or similar  official or is a
     foreign bank or equivalent institution, and (b) has an audited net worth of
     at  least  $25,000,000  as  demonstrated  in its  latest  annual  financial
     statements, a copy of which is attached hereto.

--   Savings and Loan. The Buyer (a) is a savings and loan association, building
     and loan association,  cooperative bank,  homestead  association or similar
     institution,  which  is  supervised  and  examined  by a State  or  Federal
     authority  having  supervision  over any such  institutions or is a foreign
     savings  and loan  association  or  equivalent  institution  and (b) has an
     audited net worth of at least  $25,000,000  as  demonstrated  in its latest
     annual financial statements.

--   Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15 of
     the Securities Exchange Act of 1934.

--   Insurance  Company.  The Buyer is an insurance  company  whose  primary and
     predominant business activity is the writing of insurance or the reinsuring
     of risks  underwritten  by  insurance  companies  and which is  subject  to
     supervision by the insurance  commissioner or a similar  official or agency
     of a State or territory or the District of Columbia.

                                       1
<PAGE>

--   State or Local Plan.  The Buyer is a plan  established  and maintained by a
     State, its political subdivisions,  or any agency or instrumentality of the
     State or its political subdivisions, for the benefit of its employees.

--   ERISA  Plan.  The Buyer is an employee  benefit  plan within the meaning of
     Title I of the Employee Retirement Income Security Act of 1974.

--   Investment Adviser. The Buyer is an investment adviser registered under the
     Investment Advisers Act of 1940.

--   SBIC. The Buyer is a Small Business Investment Company licensed by the U.S.
     Small  Business  Administration  under  Section  301(c) or (d) of the Small
     Business Investment Act of 1958.

--   Business  Development  Company. The Buyer is a business development company
     as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

--   Trust  Fund.  The Buyer is a trust  fund  whose  trustee is a bank or trust
     company and whose  participants  are exclusively (a) plans  established and
     maintained  by a  State,  its  political  subdivisions,  or any  agency  or
     instrumentality of the State or its political subdivisions, for the benefit
     of its employees, or (b) employee benefit plans within the meaning of Title
     I of the Employee  Retirement  Income  Security  Act of 1974,  but is not a
     trust fund that includes as participants  individual retirement accounts or
     H.R. 10 plans.

3. The term  "securities"  as used herein does not  include  (i)  securities  of
issuers that are affiliated with the Buyer,  (ii) securities that are part of an
unsold  allotment  to or  subscription  by the Buyer,  if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

4. For purposes of determining the aggregate  amount of securities  owned and/or
invested on a discretionary  basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to in
the preceding  paragraph.  Further,  in determining such aggregate  amount,  the
Buyer may have included  securities owned by subsidiaries of the Buyer, but only
if such subsidiaries are consolidated with the Buyer in its financial statements
prepared in accordance with generally accepted accounting  principles and if the
investments  of such  subsidiaries  are  managed  under the  Buyer's  direction.
However,  such  securities  were not included if the Buyer is a  majority-owned,
consolidated  subsidiary  of  another  enterprise  and the Buyer is not itself a
reporting company under the Securities Exchange Act of 1934.

5. The Buyer  acknowledges  that it is familiar  with Rule 144A and  understands
that the seller to it and other parties related to the  Certificates are relying
and will  continue to rely on the  statements  made  herein  because one or more
sales to the Buyer may be in reliance on Rule 144A.

                                       2
<PAGE>

                           Will the Buyer be purchasing the Rule 144A
Yes           No           Securities only for the Buyer's own account?

6. If the answer to the  foregoing  question is "no",  the Buyer agrees that, in
connection  with any purchase of securities sold to the Buyer for the account of
a third party  (including  any separate  account) in reliance on Rule 144A,  the
Buyer will only  purchase for the account of a third party that at the time is a
"qualified  institutional  buyer"  within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase  securities  for a third party
unless the Buyer has  obtained a current  representation  letter from such third
party or taken other  appropriate  steps  contemplated  by Rule 144A to conclude
that  such  third  party   independently  meets  the  definition  of  "qualified
institutional buyer" set forth in Rule 144A.

7. The Buyer will notify each of the parties to which this certification is made
of any changes in the information and conclusions  herein.  Until such notice is
given,   the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation of this certification as of the date of such purchase.

                               Print Name of Buyer

                                            By:
                                                 -------------------------------
                                                 Name:
                                     Title:

                                            Date:
                                                 -------------------------------

                                       3
<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

8. As indicated below, the undersigned is the President, Chief Financial Officer
or  Senior  Vice  President  of the  Buyer  or,  if the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

9.  In  connection   with  purchases  by  Buyer,   the  Buyer  is  a  "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

--             The  Buyer  owned  $  in  securities  (other  than  the  excluded
               securities  referred to below) as of the end of the Buyer's  most
               recent  fiscal year (such amount being  calculated  in accordance
               with Rule 144A).

--             The Buyer is part of a Family of Investment Companies which owned
               in  the  aggregate  $ in  securities  (other  than  the  excluded
               securities  referred to below) as of the end of the Buyer's  most
               recent  fiscal year (such amount being  calculated  in accordance
               with Rule 144A).

10. The term "Family of  Investment  Companies" as used herein means two or more
registered   investment  companies  (or  series  thereof)  that  have  the  same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

11. The term  "securities"  as used herein does not  include (i)  securities  of
issuers that are affiliated  with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan  participations,  (iv)  repurchase  agreements,  (v)  securities  owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

12.  The  Buyer is  familiar  with Rule  144A and  understands  that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

                                       4
<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                               Print Name of Buyer

                                            By:
                                                 ------------------------------
                                                 Name:
                                                      -------------------------
                                                 Title:
                                                       ------------------------

                                            IF AN ADVISER:

                               Print Name of Buyer

                                            Date:
                                                 ------------------------------

                                       5
<PAGE>

                                    EXHIBIT K

                   [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                LIMITED GUARANTY]

                                   ARTICLE XII

             Subordinate Certificate Loss Coverage; Limited Guaranty

               Section 12.01.  Subordinate  Certificate  Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether it or any  Sub-Servicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer  Advances  previously made, (which will not be
Advances or Sub-Servicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Sub-Servicer  Advances  reimbursed  pursuant to
Section 4.02(a),  to the extent such Advances or Sub-Servicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

               (b) Subject to  subsection  (c) below,  prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c) Demands for payments  pursuant to this Section  shall be made
prior to the later of the third Business Day prior to each  Distribution Date or
the  related  Determination  Date by the Master  Servicer  with  written  notice
thereof to the Trustee.  The maximum  amount that  Residential  Funding shall be
required to pay pursuant to this Section on any  Distribution  Date (the "Amount
Available")  shall  be  equal  to the  lesser  of (X)  minus  the sum of (i) all
previous  payments made under  subsections (a) and (b) hereof and (ii) all draws

                                       1
<PAGE>

under the Limited  Guaranty made in lieu of such payments as described  below in
subsection (d) and (Y) the then outstanding  Certificate  Principal  Balances of
the Class B Certificates, or such lower amount as may be established pursuant to
Section 12.02.  Residential  Funding's  obligations as described in this Section
are referred to herein as the "Subordinate Certificate Loss Obligation."

               (d) The Trustee will promptly  notify General  Motors  Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

               (e) All payments  made by  Residential  Funding  pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

               (f) The Company shall have the option, in its sole discretion, to
substitute  for  either  or  both of the  Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss

                                       2
<PAGE>

Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument  constitutes a legal, valid and
binding  obligation  of the  substitute  guarantor  or obligor,  enforceable  in
accordance  with its terms,  and  concerning  such  other  matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

               Section  12.02.  Amendments  Relating  to the  Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supercession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supercession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

                                       3
<PAGE>

                                  EXHIBIT L

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                        RESIDENTIAL ACCREDIT LOANS, INC.

                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series ____-___

                                            ______________, 200   ___

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

Ladies and Gentlemen:

     WHEREAS,   Residential   Funding   Corporation,   a  Delaware   corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations  as  described  under  Section  12.01 of the Pooling  and  Servicing
Agreement  dated as of ___________ 1, ____ (the  "Servicing  Agreement"),  among
Residential  Accredit  Loans,  Inc.  (the  "Company"),  Residential  Funding and
__________________  (the  "Trustee") as amended by Amendment No. ------ thereto,
dated  as  of  ,  with  respect  to  the  Mortgage   Asset-Backed   Pass-Through
Certificates, ---------------- Series ____-___ (the "Certificates"); and

               WHEREAS,  pursuant to Section 12.01 of the  Servicing  Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

               WHEREAS,  GMAC desires to provide certain assurances with respect
to the ability of Residential  Funding to secure sufficient funds and faithfully
to perform its Subordinate Certificate Loss Obligation;

               NOW THEREFORE,  in consideration of the premises herein contained
and  certain  other good and  valuable  consideration,  the  receipt of which is
hereby acknowledged, GMAC agrees as follows:

     1.  Provision of Funds.  (a) GMAC agrees to  contribute  and deposit in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related

                                       1
<PAGE>

Distribution  Date,  such moneys as may be required  by  Residential  Funding to
perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

               (b) The agreement set forth in the preceding  clause (a) shall be
absolute,  irrevocable  and  unconditional  and  shall  not be  affected  by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

2. Waiver.  GMAC hereby  waives any failure or delay on the part of  Residential
Funding, the Trustee or any other person in asserting or enforcing any rights or
in making any claims or demands hereunder.  Any defective or partial exercise of
any such rights shall not preclude any other or further  exercise of that or any
other such right.  GMAC further waives demand,  presentment,  notice of default,
protest, notice of acceptance and any other notices with respect to this Limited
Guaranty,  including,  without  limitation,  those of action or nonaction on the
part of Residential Funding or the Trustee.

3.  Modification,  Amendment  and  Termination.  This  Limited  Guaranty  may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

4.  Successor.  Except as otherwise  expressly  provided  herein,  the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

5.  Governing  Law. This Limited  Guaranty  shall be governed by the laws of the
State of New York.

6.  Authorization  and Reliance.  GMAC  understands  that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

7.  Definitions.  Capitalized  terms used but not otherwise defined herein shall
have the meaning given them in the Servicing Agreement.

8.  Counterparts.  This  Limited  Guaranty  may be  executed  in any  number  of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

                                       2
<PAGE>

               IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to be
executed and delivered by its respective  officers  thereunto duly authorized as
of the day and year first above written.

                            GENERAL MOTORS ACCEPTANCE
                                            CORPORATION

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

Acknowledged by:

------------------,
    as Trustee

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

RESIDENTIAL ACCREDIT LOANS, INC.

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

                                       3
<PAGE>

                                    EXHIBIT M

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                            , 20
                                        --------------------    --------

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:  Mortgage  Asset-Backed  Pass-Through  Certificates,   Series
                    ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This letter is delivered to you in connection  with the  assignment by (the
"Trustee")  to (the  "Lender")  of (the  "Mortgage  Loan")  pursuant  to Section
3.13(d) of the Pooling and  Servicing  Agreement  (the  "Pooling  and  Servicing
Agreement"),  dated as of ___________ 1, ____ among Residential  Accredit Loans,
Inc., as seller (the  "Company"),  Residential  Funding  Corporation,  as master
servicer, and the Trustee. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing  Agreement.  The Lender
hereby  certifies,  represents  and warrants to, and covenants  with, the Master
Servicer and the Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest on such Mortgage Loan prior to such proposed assignment; and

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
Mortgage Loan.

                                Very truly yours,

                                            (Lender)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------

                                       1
<PAGE>

                                  EXHIBIT N

                          FORM OF REQUEST FOR EXCHANGE

                                                    [DATE]

==================
------------------

               Re:    Residential Accredit Loans, Inc.,
                      Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___

               Residential Funding Corporation,  as the Holder of a % Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

1.                    [Interest Only/Class A-V]- Certificates,  corresponding to
                      the  following  Uncertificated  REMIC  Regular  Interests:
                      [List numbers  corresponding to the related loans and Pool
                      Strip Rates from the Mortgage Loan Schedule].  The initial
                      Subclass Notional Amount and the Initial Pass-Through Rate
                      on the [Interest  Only/Class A-V]-  Certificates will be $
                      and %, respectively.

2.                    [Repeat as appropriate.]

               The  Subclasses  requested  above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

               All capitalized  terms used but not defined herein shall have the
meanings  set  forth  in  the  Pooling  and  Servicing  Agreement,  dated  as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.

                                            RESIDENTIAL FUNDING CORPORATION

                                            By:
                                               ------------------------------
                                            Name:
                                            Title:

                                        1
<PAGE>
                                  EXHIBIT O

                         Form of Form 10-K Certification

        I, [identify the certifying individual], certify that:

        1. I have  reviewed  the annual  report on Form 10-K for the fiscal year
[____], and all reports on Form 8-K containing distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust (the  "Trust")  created  pursuant  to the Series  Supplement  dated
___________________  to the Standard  Terms of Pooling and  Servicing  Agreement
dated  ____________________  (together,  the "P&S Agreement")  among Residential
Accredit Loans,  Inc. (the  "Company"),  Residential  Funding  Corporation  (the
"Master Servicer") and [Name of Trustee] (the "Trustee");

        2. Based on my knowledge,  the information in these reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

        3. Based on my  knowledge,  the  servicing  information  required  to be
provided  to the  Trustee by the Master  Servicer  under the P&S  Agreement  for
inclusion in these reports is included in these reports;

        4. I am responsible for reviewing the activities performed by the Master
Servicer  under the P&S  Agreement  and based upon my  knowledge  and the annual
compliance review required under the P&S Agreement,  and, except as disclosed in
the reports,  the Master  Servicer has fulfilled its  obligations  under the P&S
Agreement; and

        5. The reports  disclose all  significant  deficiencies  relating to the
Master Servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public  accountant,  after conducting a review
in compliance with the Uniform Single  Attestation  Program for Mortgage Bankers
as set forth in the P&S Agreement, that is included in these reports.

        In giving the  certifications  above,  I have  reasonably  relied on the
information provided to me by the following unaffiliated parties: [the Trustee].

Date:_______________________

____________________________*
Name:
Title:

               *    to be  signed  by  the  senior  officer  in  charge  of  the
                    servicing functions of the Master Servicer

<PAGE>

                                    EXHIBIT P

            [FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE]

     The  undersigned,  a Responsible  Officer of  [_________]  (the  "Trustee")
certifies that:

        (a) The Trustee has performed all of the duties specifically required to
be  performed  by it pursuant  to the  provisions  of the Pooling and  Servicing
Agreement  dated  as of  [_________],  20[__]  (the  "Agreement")  by and  among
[__________], as depositor, Residential Funding Corporation, as master servicer,
and the Trustee in accordance with the standards set forth therein.

        (b) Based on my knowledge,  the list of  Certificateholders  as shown on
the Certificate Register as of the end of each calendar year that is provided by
the  Trustee  pursuant  to the  Agreement  is accurate as of the last day of the
20[__] calendar year.

Capitalized terms used and not defined herein shall have the meanings given such
terms in the Agreement.

     IN WITNESS WHEREOF,  I have duly executed this certificate as of _________,
20__.]

                                      Name:______________________
                                     Title:

                                        1
<PAGE>

                                   EXHIBIT Q

INFORMATION  TO BE  PROVIDED  BY THE  MASTER  SERVICER  TO THE  RATING  AGENCIES
RELATING TO REPORTABLE MODIFIED MORTGAGE LOANS

Account number

Transaction Identifier
Unpaid Principal  Balance prior to Modification  Next Due Date Monthly Principal
and Interest  Payment Total Servicing  Advances  Current  Interest Rate Original
Maturity  Date  Original Term to Maturity  (Months)  Remaining  Term to Maturity
(Months)  Trial  Modification  Indicator  Mortgagor  Equity  Contribution  Total
Servicer Advances Trial Modification Term (Months) Trial Modification Start Date
Trial  Modification  End Date Trial  Modification  Period Principal and Interest
Payment Trial Modification  Interest Rate Trial Modification Term Rate Reduction
Indicator  Interest  Rate  Post  Modification  Rate  Reduction  Start  Date Rate
Reduction End Date Rate Reduction Term

Term Modified Indicator
Modified Amortization Period
Modified Final Maturity Date
Total Advances Written Off
Unpaid Principal Balance Written Off
Other Past Due Amounts Written Off
Write Off Date
Unpaid Principal Balance Post Write Off
Capitalization Indicator
Mortgagor Contribution
Total Capitalized Amount
Modification Close Date
Unpaid Principal Balance  Post Capitalization Modification
Next Payment Due Date per Modification Plan
Principal and Interest Payment Post Modification

Interest Rate Post Modification
Payment Made Post Capitalization
Delinquency Status to Modification Plan

                                        1
<PAGE><PAGE>
                                                                     EXHIBIT 4.1

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.
                                    Depositor

                            LITTON LOAN SERVICING LP,
                                    Servicer

                                       and

                              JPMORGAN CHASE BANK,
                                     Trustee

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

                         POOLING AND SERVICING AGREEMENT

                            Dated as of June 1, 2003

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

              SPECIALTY UNDERWRITING AND RESIDENTIAL FINANCE TRUST
            MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2003-BC2
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                         PAGE
                                                                                         ----
<S>                                                                                      <C>
ARTICLE I      DEFINITIONS .......................................................         1
ARTICLE II     CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES ......        48
      SECTION 2.01.     Conveyance of Mortgage Loans .............................        48
      SECTION 2.02.     Acceptance by Trustee of the Mortgage Loans. .............        50
      SECTION 2.03.     Representations, Warranties and Covenants of the Depositor        51
      SECTION 2.04.     Representations and Warranties of the Servicer. ..........        55
      SECTION 2.05.     Substitutions and Repurchases of Mortgage Loans which are
                        not "Qualified Mortgages". ...............................        56
      SECTION 2.06.     Authentication and Delivery of Certificates ..............        56
      SECTION 2.07.     REMIC Elections. .........................................        56
      SECTION 2.08.     Covenants of the Servicer ................................        60
      SECTION 2.09.     [RESERVED] ...............................................        60
      SECTION 2.10.     [RESERVED] ...............................................        61
      SECTION 2.11.     Permitted Activities of the Trust ........................        61
      SECTION 2.12.     Qualifying Special Purpose Entity ........................        61
ARTICLE III    ADMINISTRATION AND SERVICING  OF MORTGAGE LOANS ...................        61
      SECTION 3.01.     Servicer to Service Mortgage Loans. ......................        61
      SECTION 3.02.     Servicing and Subservicing; Enforcement of the Obligations
                        of Servicer ..............................................        62
      SECTION 3.03.     Rights of the Depositor and the Trustee in Respect of the
                        Servicer .................................................        63
      SECTION 3.04.     Trustee to Act as Servicer ...............................        63
      SECTION 3.05.     Collection of Mortgage Loan Payments; Collection Account;
                        Certificate Account. .....................................        64
      SECTION 3.06.     Collection of Taxes, Assessments and Similar Items; Escrow
                        Accounts .................................................        67
      SECTION 3.07.     Access to Certain Documentation and Information Regarding
                        the Mortgage Loans. ......................................        67
      SECTION 3.08.     Permitted Withdrawals from the Collection Account and
                        Certificate Account. .....................................        67
      SECTION 3.09.     [RESERVED] ...............................................        69
      SECTION 3.10.     Maintenance of Hazard Insurance ..........................        69
      SECTION 3.11.     Enforcement of Due-On-Sale Clauses; Assumption Agreements.        70
</TABLE>

                                       i
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                         PAGE
                                                                                         ----
<S>                                                                                      <C>
      SECTION 3.12.     Realization Upon Defaulted Mortgage Loans; Determination of
                        Excess Proceeds ..........................................        71
      SECTION 3.13.     Trustee to Cooperate; Release of Mortgage Files. .........        73
      SECTION 3.14.     Documents, Records and Funds in Possession of Servicer to be
                        Held for the Trustee .....................................        74
      SECTION 3.15.     Servicing Compensation. ..................................        75
      SECTION 3.16.     Access to Certain Documentation ..........................        75
      SECTION 3.17.     Annual Statement as to Compliance ........................        75
      SECTION 3.18.     Annual Independent Public Accountants' Servicing Statement;
                        Financial Statements .....................................        76
      SECTION 3.19.     Rights of the NIMs Insurer ...............................        76
      SECTION 3.20.     Periodic Filings .........................................        76
      SECTION 3.21.     Annual Certificate by Trustee ............................        77
      SECTION 3.22.     Annual Certificate by Servicer ...........................        77
      SECTION 3.23.     Prepayment Penalty Reporting Requirements ................        78
      SECTION 3.24.     Statements to Trustee ....................................        78
      SECTION 3.25.     Indemnification ..........................................        79
      SECTION 3.26.     Nonsolicitation ..........................................        79
      SECTION 3.27.     Existing Servicing Agreement .............................        79
ARTICLE IV     DISTRIBUTIONS .....................................................        79
      SECTION 4.01.     Advances .................................................        79
      SECTION 4.02.     Reduction of Servicing Compensation in Connection with
                        Prepayment Interest Shortfalls ...........................        80
      SECTION 4.03.     Distributions on the REMIC Interests .....................        80
      SECTION 4.04.     Distributions ............................................        80
      SECTION 4.05.     Monthly Statements to Certificateholders. ................        85
ARTICLE V      THE CERTIFICATES ..................................................        87
      SECTION 5.01.     The Certificates .........................................        87
      SECTION 5.02.     Certificate Register; Registration of Transfer and
                        Exchange of Certificates..................................        88
      SECTION 5.03.     Mutilated, Destroyed, Lost or Stolen Certificates. .......        92
      SECTION 5.04.     Persons Deemed Owners. ...................................        92
      SECTION 5.05.     Access to List of Certificateholders' Names and Addresses.        92
      SECTION 5.06.     Book-Entry Certificates. .................................        93
</TABLE>

                                       ii
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                         PAGE
                                                                                         ----
<S>                                                                                      <C>
      SECTION 5.07.     Notices to Depository ....................................        94
      SECTION 5.08.     Definitive Certificates ..................................        94
      SECTION 5.09.     Maintenance of Office or Agency ..........................        94
ARTICLE VI     THE DEPOSITOR AND THE SERVICER ....................................        94
      SECTION 6.01.     Respective Liabilities of the Depositor and the Servicer .        94
      SECTION 6.02.     Merger or Consolidation of the Depositor or the Servicer.         95
      SECTION 6.03.     Limitation on Liability of the Depositor, the Servicer and
                        Others ...................................................        95
      SECTION 6.04.     Limitation on Resignation of Servicer ....................        95
      SECTION 6.05.     Errors and Omissions Insurance; Fidelity Bonds ...........        96
ARTICLE VII    DEFAULT; TERMINATION OF SERVICER ..................................        96
      SECTION 7.01.     Events of Default. .......................................        96
      SECTION 7.02.     Trustee to Act; Appointment of Successor. ................        98
      SECTION 7.03.     Notification to Certificateholders .......................        99
ARTICLE VIII   CONCERNING THE TRUSTEE ............................................        99
      SECTION 8.01.     Duties of Trustee ........................................        99
      SECTION 8.02.     Certain Matters Affecting the Trustee ....................       100
      SECTION 8.03.     Trustee Not Liable for Mortgage Loans ....................       101
      SECTION 8.04.     Trustee May Own Certificates .............................       102
      SECTION 8.05.     Trustee's Fees. ..........................................       102
      SECTION 8.06.     Indemnification of Trustee; Expenses .....................       102
      SECTION 8.07.     Eligibility Requirements for Trustee .....................       103
      SECTION 8.08.     Resignation and Removal of Trustee .......................       103
      SECTION 8.09.     Successor Trustee. .......................................       104
      SECTION 8.10.     Merger or Consolidation of Trustee .......................       104
      SECTION 8.11.     Appointment of Co-Trustee or Separate Trustee. ...........       104
      SECTION 8.12.     Tax Matters. .............................................       105
ARTICLE IX     TERMINATION .......................................................       107
      SECTION 9.01.     Termination upon Liquidation or Repurchase of all Mortgage
                        Loans. ...................................................       107
      SECTION 9.02.     Final Distribution on the Certificates. ..................       109
      SECTION 9.03.     Additional Termination Requirements ......................       110
</TABLE>

                                      iii
<PAGE>
                               TABLE OF CONTENTS
                                  (continued)

<TABLE>
<CAPTION>
                                                                                         PAGE
                                                                                         ----
<S>                                                                                      <C>
ARTICLE X      MISCELLANEOUS PROVISIONS ..........................................       110
      SECTION 10.01.    Amendment. ...............................................       110
      SECTION 10.02.    Counterparts .............................................       112
      SECTION 10.03.    Governing Law. ...........................................       112
      SECTION 10.04.    Intention of Parties. ....................................       112
      SECTION 10.05.    Notices ..................................................       113
      SECTION 10.06.    Severability of Provisions. ..............................       114
      SECTION 10.07.    Assignment. ..............................................       114
      SECTION 10.08.    Limitation on Rights of Certificateholders. ..............       114
      SECTION 10.09.    Inspection and Audit Rights ..............................       114
      SECTION 10.10.    Certificates Nonassessable and Fully Paid. ...............       115
      SECTION 10.11.    Third Party Rights .......................................       115
      SECTION 10.12.    Additional Rights of the NIMs Insurer ....................       115
      SECTION 10.13.    Credit Risk Manager ......................................       115
      SECTION 10.14.    Assignment; Sales; Advance Facilities ....................       116
</TABLE>

EXHIBIT A         FORMS OF OFFERED CERTIFICATES
EXHIBIT B         MORTGAGE LOAN SCHEDULE
EXHIBIT C         [RESERVED]
EXHIBIT D         FORM OF TRUSTEE CERTIFICATION
EXHIBIT E-1       FORM OF TRANSFEREE'S LETTER AND AFFIDAVIT
EXHIBIT E-2       FORM OF TRANSFEROR'S AFFIDAVIT
EXHIBIT F         FORM OF TRANSFEROR CERTIFICATE
EXHIBIT G         FORM OF INVESTMENT LETTER
EXHIBIT H         FORM OF RULE 144A LETTER
EXHIBIT I         REQUEST FOR RELEASE
EXHIBIT J         [RESERVED]
EXHIBIT K         FORM OF OFFICER'S CERTIFICATE OF TRUSTEE
EXHIBIT L         FORM OF OFFICER'S CERTIFICATE OF SERVICER
EXHIBIT M         FORM OF TRANSFEREE LETTER
EXHIBIT N         FORM OF AUCTION PROCEDURES
EXHIBIT O         FORM OF CAP CONTRACT

                                       iv
<PAGE>
      RESTATED POOLING AND SERVICING AGREEMENT, dated as of June 1, 2003, among
MERRILL LYNCH MORTGAGE INVESTORS, INC., a Delaware corporation, as depositor
(the "Depositor"), LITTON LOAN SERVICING LP, a Delaware limited partnership, as
servicer (the "Servicer") and JPMORGAN CHASE BANK, a New York banking
corporation, as trustee (the "Trustee").

      The Depositor is the owner of the Trust Fund that is hereby conveyed to
the Trustee in return for the Certificates. The Trust Fund for federal income
tax purposes will consist of (i) five real estate mortgage investment conduits,
(ii) the right to receive (x) prepayment penalties on the Mortgage Loans, (y)
amounts paid by the Servicer or the Seller in respect of prepayment charges or
waivers thereof pursuant to this Agreement and (z) amounts received in respect
of any indemnification paid as a result of a prepayment charge being
unenforceable in breach of the representations and warranties set forth in the
Sale Agreement and (iii) the grantor trusts described in Section 2.07 hereof.
REMIC 1 will consist of all of the assets constituting the Trust Fund (other
than the assets described in clauses (ii) and (iii) above, the REMIC 1 Regular
Interests, the REMIC 2 Regular Interests, the REMIC 3 Regular Interests and the
REMIC 4 Regular Interests and the Uncertificated Class C Interest) and will be
evidenced by the REMIC 1 Regular Interests (which will be uncertificated and
will represent the "regular interests" in REMIC 1) and the Class LT1-R Interest
as the single "residual interest" in REMIC 1. The Trustee will hold the REMIC 1
Regular Interests. REMIC 2 will consist of the REMIC 1 Regular Interests and
will be evidenced by the REMIC 2 Regular Interests (which will represent the
"regular interests" in REMIC 2) and the Class LT2-R Interest as the single
"residual interest" in REMIC 2. The Trustee will hold the REMIC 2 Regular
Interests. REMIC 3 will consist of the REMIC 2 Regular Interests (other than the
REMIC 2 IO Interests) and will be evidenced by the REMIC 3 Regular Interests
(which will represent the "regular interests" in REMIC 3) and the Class LT3-R
Interest as the single "residual interest" in REMIC 3. The Trustee will hold the
REMIC 3 Regular Interests. REMIC 4 will consist of the REMIC 3 Regular Interests
and will be evidenced by the REMIC 4 Regular Interests (which will represent the
"regular interests" in REMIC 4) and the Class LT4-R Interest as the single
"residual interest" in REMIC 4. The Trustee will hold the REMIC 4 Regular
Interests. The Upper Tier REMIC will consist of the REMIC 4 Regular Interests
and the REMIC 2 IO Interests and will be evidenced by the REMIC Regular
Interests (which will represent the "regular interests" in the Upper Tier REMIC)
and the Residual Interest as the single "residual interest" in the Upper Tier
REMIC. The Class R Certificate will represent beneficial ownership of the Class
LT1-R Interest, the Class LT2-R Interest, the Class LT3-R Interest, the Class
LT4-R Interest and the Residual Interest. The "latest possible maturity date"
for federal income tax purposes of all interests created hereby will be the
Latest Possible Maturity Date.

      All covenants and agreements made by the Seller in the Sale Agreement and
by the Depositor and the Trustee herein with respect to the Mortgage Loans and
the other property constituting the Trust Fund are for the benefit of the
Holders from time to time of the Certificates and, to the extent provided
herein, the NIMs Insurer.

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

                                   ARTICLE I
                                   DEFINITIONS

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

      Accepted Servicing Practices: The Servicer's normal servicing practices,
which will conform to the mortgage servicing practices of prudent mortgage
lending institutions which service for their own
<PAGE>
account mortgage loans of the same type as the Mortgages Loans in the
jurisdictions in which the related Mortgaged Properties are located.

      Accrual Period: With respect to each Class of Certificates (other than the
Class X Certificates) and any Distribution Date, the period commencing on the
immediately preceding Distribution Date (or, in the case of the first
Distribution Date, the Closing Date) and ending on the day immediately preceding
such Distribution Date. With respect to the Class X Certificates and any
Distribution Date, the calendar month preceding the Distribution Date. All
calculations of interest on each Class of Certificates (other than the Class X
Certificates) will be made on the basis of the actual number of days elapsed in
the related Accrual Period and a 360 day year. All calculations of interest on
the Class X Certificates will be made on the basis of a 360 day year consisting
of twelve 30-day months.

      Adjustable Rate Certificate Carryover: With respect to each class of
Offered Certificates and each Distribution Date, the excess of (1) the sum of
(A) the excess of Current Interest for such class of Certificates on such
Distribution Date over the Adjusted Current Interest for such class of
Certificates on such Distribution Date and (B) the excess of Current Interest
for such class of Certificates for each prior Distribution Date over the
Adjusted Current Interest for such class of Certificates on each such
Distribution Date over (2) any amounts previously distributed to such class of
Certificates in respect of Adjustable Rate Certificate Carryovers.

      Adjustable Rate Mortgage Loan: A Mortgage Loan identified in the Mortgage
Loan Schedule as having a Mortgage Rate which is adjustable.

      Adjusted Available Funds Cap: With respect to any Distribution Date, the
per annum rate equal to 12 times the quotient of (A) the total scheduled
interest on the Mortgage Loans based on the Net Mortgage Rates in effect on the
related Due Date minus amounts due on the Class X Certificates on such
Distribution Date, divided by (B) the aggregate Certificate Principal Balance of
the Offered Certificates as of the first day of the related Accrual Period
multiplied by 30 and divided by the actual number of days in the related Accrual
Period.

      Adjusted Current Interest: With respect to each class of Offered
Certificates and each Distribution Date, the interest accrued at the applicable
Pass-Through Rate (substituting "Adjusted Available Funds Cap" for "Available
Funds Cap" in the definitions of "Class A Pass-Through Rate," "Class M-1
Pass-Through Rate," "Class M-2 Pass-Through Rate," "Class B-1 Pass-Through
Rate," "Class B-2 Pass-Through Rate" and "Class R Pass-Through Rate") for the
applicable Accrual Period on the Certificate Principal Balance of such class as
of the first day of such Accrual Period (after giving effect to all
distributions of principal made or deemed to be made as of such first day) plus
any amount previously distributed with respect to Adjusted Current Interest for
such class that is recovered as a voidable preference by a trustee in bankruptcy
less any Prepayment Interest Shortfalls allocated to such class on such
Distribution Date.

      Adjusted Interest Carryforward Amount: With respect to each Class of the
Offered Certificates and each Distribution Date, the sum of (1) the excess of
(A) Adjusted Current Interest for such class with respect to prior Distribution
Dates (excluding any Floating Rate Certificate Carryover for such class, if
applicable) over (B) the amount actually distributed to such class with respect
to Adjusted Current Interest and Adjusted Interest Carryforward Amounts on such
prior Distribution Dates and (2) interest on such excess (to the extent
permitted by applicable law) at the applicable Pass-Through Rate (substituting
"Adjusted Available Funds Cap" for "Available Funds Cap" in the definitions of
"Class A Pass-Through Rate," "Class M-1 Pass-Through Rate," "Class M-2
Pass-Through Rate," "Class B-1 Pass-Through Rate," "Class B-2 Pass-Through Rate"
and "Class R Pass-Through Rate") for the related Accrual Period.

                                      -2-
<PAGE>
      Adjustment Date: As to each Adjustable Rate Mortgage Loan, each date on
which the related Mortgage Rate is subject to adjustment, as provided in the
related Mortgage Note.

      Adjusted Net Rate: With respect to any Distribution Date, the per annum
rate equal to 12 times the amount determined by dividing (i) the total scheduled
interest on the Mortgage Loans based on the Net Mortgage Rates in effect on the
related Due Date, minus Current Interest due on such Distribution Date to the
Class X Certificates, by (ii) the aggregate Stated Principal Balance of the
Mortgage Loans multiplying the result by 12 and dividing such amount by the
actual number of days in the related Accrual Period.

      Advance: The aggregate of the advances required to be made by the Servicer
with respect to any Distribution Date pursuant to Section 4.01, the amount of
any such advances being equal to the sum of the aggregate of payments of
principal and interest (net of the Servicing Fee Rate) on the Mortgage Loans
that were due during the applicable Due Period and not received as of the close
of business on the related Determination Date, less the aggregate amount of any
such Delinquent payments that the Servicer has determined would constitute a
Non-Recoverable Advance were an advance to be made with respect thereto;
provided, however, that with respect to any Mortgage Loan which has been
converted to an REO Property, the obligation to make advances shall only be to
payments of interest.

      Advance Facility: A financing or other facility as described in Section
10.14(a).

      Advance Facility Notice:  As defined in Section 10.14(b).

      Advance Financing Person:  As defined in Section 10.14(a).

      Advance Reimbursement Amounts:  As defined in Section 10.14(a).

      Affiliate: With respect to any specified Person, any other Person
controlling, controlled by or under common control with such Person. For the
purposes of this definition, "control" means the power to direct the management
and policies of a Person, directly or indirectly, whether through ownership of
voting securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

      Aggregate Certificate Principal Balance: For any date of determination,
the sum of the Class A Certificate Principal Balance, the Class R Certificate
Principal Balance, the Class M-1 Certificate Principal Balance, the Class M-2
Certificate Principal Balance, Class B-1 Certificate Principal Balance and the
Class B-2 Certificate Principal Balance, in each case as of such date of
determination.

      Agreement: This Pooling and Servicing Agreement and any and all amendments
or supplements hereto made in accordance with the terms herein.

      Applied Realized Loss Amount: With respect to any Distribution Date, the
amount, if any, by which, the sum of (i) the Aggregate Certificate Principal
Balance and (ii) the Class C Certificate Principal Balance after distributions
of principal on such Distribution Date exceeds the aggregate Stated Principal
Balance of the Mortgage Loans as of such Distribution Date.

      Appraised Value: With respect to a Mortgage Loan the proceeds of which
were used to purchase the related Mortgaged Property, the "Appraised Value" of a
Mortgaged Property is the lesser of (1) the appraised value based on an
appraisal made for the Seller by an independent fee appraiser at the time of the
origination of the related Mortgage Loan, and (2) the sales price of such
Mortgaged Property at such time of origination. With respect to a Mortgage Loan
the proceeds of which were used to refinance an

                                      -3-
<PAGE>
existing mortgage loan, the "Appraised Value" is the appraised value of the
Mortgaged Property based upon the appraisal obtained at the time of refinancing.

      Assignment of Mortgage: An assignment of the Mortgage, notice of transfer
or equivalent instrument, in recordable form, sufficient under the laws of the
jurisdiction where the related Mortgaged Property is located to reflect of
record the sale and assignment of the Mortgage Loan to the Trustee, which
assignment, notice of transfer or equivalent instrument may, if permitted by
law, be in the form of one or more blanket assignments covering Mortgages
secured by Mortgaged Properties located in the same county.

      Available Funds Cap: As of any Distribution Date with respect to the Class
A, Class M-1, Class M-2, Class B-1 and Class B-2 Certificates, a per annum rate
equal to 12 times the quotient of (i) the total scheduled interest on the
Mortgage Loans based on the Net Mortgage Rates as of the related Due Date plus
any payments received on the Cap Contract less (x) the amount due on the Class X
Certificates on such Distribution Date and (y) the Servicing Fee and the Credit
Risk Manager Fee on such Distribution Date divided by (ii) the Aggregate
Certificate Principal Balance as of the first day of the applicable Accrual
Period, multiplied by 30 and divided by the actual number of days in the related
Accrual Period.

      Balloon Loan: A Mortgage Loan having an original term to stated maturity
of approximately 15 years which provides for level monthly payments of principal
and interest based on a 30-year amortization schedule, with a balloon payment of
the remaining outstanding principal balance due on such Mortgage Loan at its
stated maturity.

      Book-Entry Certificates: Any of the Certificates that shall be registered
in the name of the Depository or its nominee, the ownership of which is
reflected on the books of the Depository or on the books of a Person maintaining
an account with the Depository (directly, as a "Depository Participant", or
indirectly, as an indirect participant in accordance with the rules of the
Depository and as described in Section 5.06). As of the Closing Date, each of
the Class A, Class M-1, Class M-2, Class B-1 and Class B-2 Certificates
constitutes a Class of Book-Entry Certificates.

      Business Day: Any day other than (1) a Saturday or a Sunday, or (2) a day
on which banking institutions in the State of Texas, State of Delaware, and in
the City of New York, New York are authorized or obligated by law or executive
order to be closed.

      Cap Contract: The amended confirmation and agreement and any related
confirmation thereto, between the Trust Fund or Trustee and Bear Stearns
Financial Products Inc. (in the form of Exhibit O hereto).

      Cap Contract Account: The separate Eligible Account created and maintained
by the Trustee pursuant to Section 4.04(k) in the name of the Trustee for the
benefit of the Trust Fund and designated "JPMorgan Chase Bank, as trustee, in
trust for registered holders of Specialty Underwriting and Residential Finance
Trust, Mortgage Loan Asset-Backed Certificates, Series 2003-BC2." Funds in the
Cap Contract Account shall be held in trust for the Trust Fund for the uses and
purposes set forth in this Agreement.

      Cap Contract Notional Balance: With respect to any Distribution Date, the
Cap Contract Notional Balance set forth below for such Distribution Date:

                                      -4-
<PAGE>
                         ONE MONTH LIBOR CAP TABLE(1)(2)

<TABLE>
<CAPTION>

          Beginning    Ending          Notional          1ML Strike         1ML Strike
Period     Accrual    Accrual        Balance ($)       Lower Collar (%)   Upper Collar (%)
------     -------    -------        -----------       ----------------   ----------------
<S>       <C>         <C>          <C>                 <C>                <C>
1          6/26/03    7/25/03       82,715,000.00           6.850            8.900
2          7/25/03    8/25/03       82,198,807.19           6.850            8.900
3          8/25/03    9/25/03       81,538,674.70           6.850            8.900
4          9/25/03    10/25/03      80,734,926.78           6.850            8.900
5          10/25/03   11/25/03      79,788,618.54           6.850            8.900
6          11/25/03   12/25/03      78,701,552.18           6.850            8.900
7          12/25/03   1/25/04       77,476,287.81           6.850            8.900
8          1/25/04    2/25/04       76,117,029.46           6.850            8.900
9          2/25/04    3/25/04       74,646,379.34           6.850            8.900
10         3/25/04    4/25/04       73,203,489.34           6.850            8.900
11         4/25/04    5/25/04       71,788,002.86           6.850            8.900
12         5/25/04    6/25/04       70,399,405.05           6.850            8.900
13         6/25/04    7/25/04       69,037,190.72           6.850            8.900
14         7/25/04    8/25/04       67,700,864.05           6.850            8.900
15         8/25/04    9/25/04       66,389,938.51           6.850            8.900
16         9/25/04    10/25/04      65,103,936.64           6.850            8.900
17         10/25/04   11/25/04      63,842,389.89           6.850            8.900
18         11/25/04   12/25/04      62,604,838.45           6.850            8.900
19         12/25/04   1/25/05       61,390,831.11           6.850            8.900
20         1/25/05    2/25/05       60,199,925.08           6.850            8.900
21         2/25/05    3/25/05       59,031,685.81           6.850            8.900
22         3/25/05    4/25/05       57,885,686.91           6.850            8.900
23         4/25/05    5/25/05       56,761,509.91           6.850            8.900
24         5/25/05    6/25/05       55,658,744.19           6.850            8.900
25         6/25/05    7/25/05       54,576,986.77           6.850            8.900
26         7/25/05    8/25/05       53,515,842.22           6.850            8.900
27         8/25/05    9/25/05       52,474,922.49           6.850            8.900
28         9/25/05    10/25/05      51,453,846.77           6.850            8.900
29         10/25/05   11/25/05      50,452,241.38           6.850            8.900
</TABLE>

                                      -5-
<PAGE>
<TABLE>
<S>       <C>         <C>          <C>                 <C>                <C>
30         11/25/05   12/25/05      49,469,739.62           6.850            8.900
31         12/25/05   1/25/06       48,505,981.62           6.850            8.900
32         1/25/06    2/25/06       47,560,614.28           6.850            8.900
33         2/25/06    3/25/06       46,633,291.06           6.850            8.900
34         3/25/06    4/25/06       45,723,671.92           6.850            8.900
35         4/25/06    5/25/06       44,831,423.16           6.850            8.900
36         5/25/06    6/25/06       43,956,217.34           6.850            8.900
37         6/25/06    7/25/06       43,097,733.13           6.850            8.900
38         7/25/06    8/25/06       42,255,655.21           6.850            8.900
39         8/25/06    9/25/06       41,429,674.17           6.850            8.900
40         9/25/06    10/25/06      40,619,486.35           6.850            8.900
41         10/25/06   11/25/06      39,824,793.82           6.850            8.900
42         11/25/06   12/25/06      39,045,304.20           6.850            8.900
43         12/25/06   1/25/07       38,280,730.56           6.850            8.900
44         1/25/07    2/25/07       37,530,791.38           6.850            8.900
45         2/25/07    3/25/07       36,795,210.38           6.850            8.900
46         3/25/07    4/25/07       36,073,716.46           6.850            8.900
47         4/25/07    5/25/07       35,366,043.60           6.850            8.900
48         5/25/07    6/25/07       34,671,930.74           6.850            8.900
49         6/25/07    7/25/07       33,991,121.73           6.850            8.900
50         7/25/07    8/25/07       33,323,365.21           6.850            8.900
51         8/25/07    9/25/07       32,668,414.52           6.850            8.900
52         9/25/07    10/25/07      32,026,027.61           6.850            8.900
53         10/25/07   11/25/07      31,395,967.00           6.850            8.900
54         11/25/07   12/25/07      30,777,999.62           6.850            8.900
55         12/25/07   1/25/08       30,171,896.79           6.850            8.900
56         1/25/08    2/25/08       29,577,434.10           6.850            8.900
57         2/25/08    3/25/08       28,994,391.35           6.850            8.900
58         3/25/08    4/25/08       28,422,552.47           6.850            8.900
59         4/25/08    5/25/08       27,861,705.45           6.850            8.900
60         5/25/08    6/25/08       27,311,642.22           6.850            8.900
</TABLE>

                                      -6-
<PAGE>
<TABLE>
<S>       <C>         <C>          <C>                 <C>                <C>
61         6/25/08    7/25/08       26,772,158.65           6.850            8.900
62         7/25/08    8/25/08       26,243,054.41           6.850            8.900
63         8/25/08    9/25/08       25,724,132.94           6.850            8.900
64         9/25/08    10/25/08      25,215,201.36           6.850            8.900
65         10/25/08   11/25/08      24,716,070.41           6.850            8.900
66         11/25/08   12/25/08      24,226,554.38           6.850            8.900
67         12/25/08   1/25/09       23,746,471.04           6.850            8.900
68         1/25/09    2/25/09       23,275,641.60           6.850            8.900
69         2/25/09    3/25/09       22,813,890.58           6.850            8.900
70         3/25/09    4/25/09       22,361,045.84           6.850            8.900
71         4/25/09    5/25/09       21,916,938.45           6.850            8.900
72         5/25/09    6/25/09       21,481,402.65           6.850            8.900
73         6/25/09    7/25/09       21,054,275.80           6.850            8.900
74         7/25/09    8/25/09       20,635,398.30           6.850            8.900
75         8/25/09    9/25/09       20,224,613.55           6.850            8.900
76         9/25/09    10/25/09      19,821,767.92           6.850            8.900
77         10/25/09   11/25/09      19,426,710.62           6.850            8.900
78         11/25/09   12/25/09      19,039,293.73           6.850            8.900
79         12/25/09   1/25/10       18,659,372.09           6.850            8.900
80         1/25/10    2/25/10       18,286,803.27           6.850            8.900
81         2/25/10    3/25/10       17,921,447.52           6.850            8.900
82         3/25/10    4/25/10       17,563,167.71           6.850            8.900
83         4/25/10    5/25/10       17,211,829.31           6.850            8.900
84         5/25/10    6/25/10       16,867,300.28           6.850            8.900
85         6/25/10    7/25/10       16,529,451.11           6.850            8.900
86         7/25/10    8/25/10       16,198,154.68           6.850            8.900
87         8/25/10    9/25/10       15,873,286.29           6.850            8.900
88         9/25/10    10/25/10      15,554,723.58           6.850            8.900
89         10/25/10   11/25/10      15,242,346.49           6.850            8.900
90         11/25/10   12/25/10      14,936,037.22           6.850            8.900
91         12/25/10   1/25/11       14,635,680.18           6.850            8.900
</TABLE>

                                      -7-
<PAGE>
<TABLE>
<CAPTION>
<S>       <C>         <C>          <C>                 <C>                <C>
92         1/25/11    2/25/11       14,341,161.96           6.850            8.900
93         2/25/11    3/25/11       14,052,371.30           6.850            8.900
</TABLE>

(1)   Bought One-Month LIBOR Cap Contract.

(2)   Assumes June 26, 2003 Settlement Date.

      Cap Contract Termination Date:  The Distribution Date in March 2011.

      Certificate: Any one of the certificates of any Class executed by the
Trustee and authenticated by the Trustee in substantially the forms attached
hereto as Exhibits A.

      Certificate Account: The separate Eligible Account created and maintained
by the Trustee pursuant to Section 3.05(f) in the name of the Trustee for the
benefit of the Certificateholders and designated "JPMorgan Chase Bank, as
trustee, in trust for registered holders of Specialty Underwriting and
Residential Finance Trust, Mortgage Loan Asset-Backed Certificates, Series
2003-BC2." Funds in the Certificate Account shall be held in trust for the
Certificateholders for the uses and purposes set forth in this Agreement.

      Certificate Owner: With respect to a Book-Entry Certificate, the Person
that is the beneficial owner of such Book-Entry Certificate.

      Certificate Principal Balance: As to any Certificate (other than the Class
S Certificates and the Class X Certificates) and as of any Distribution Date,
the Initial Certificate Principal Balance of such Certificate less the sum of
(1) all amounts distributed with respect to such Certificate in reduction of the
Certificate Principal Balance thereof on previous Distribution Dates pursuant to
Section 4.04, and (2) any Applied Realized Loss Amounts allocated to such
Certificate on previous Distribution Dates pursuant to Section 4.04(i). On each
Distribution Date, after distributions and allocations of Realized Losses have
been made, a portion of the Class C Interest Carryforward Amount will be added
to the Class C Certificate Principal Balance so that the Class C Certificate
Principal Balance equals the Overcollateralization Amount. No interest will
accrue on such portion.

      Certificate Register: The register maintained pursuant to Section 5.02
hereof.

      Certificateholder or Holder: The Person in whose name a Certificate is
registered in the Certificate Register (initially, Cede & Co., as nominee for
the Depository) in the case of any Class of Regular Certificates or the Class R
Certificate, except that solely for the purpose of giving any consent pursuant
to this Agreement, any Certificate registered in the name of the Depositor or
any Affiliate of the Depositor shall be deemed not to be Outstanding and the
Percentage Interest evidenced thereby shall not be taken into account in
determining whether the requisite amount of Percentage Interests necessary to
effect such consent has been obtained; provided, however, that if any such
Person (including the Depositor) owns 100% of the Percentage Interests evidenced
by a Class of Certificates, such Certificates shall be deemed to be Outstanding
for purposes of any provision hereof that requires the consent of the Holders of
Certificates of a particular Class as a condition to the taking of any action
hereunder. The Trustee and the NIMs Insurer are entitled to rely conclusively on
a certification of the Depositor or any Affiliate of the Depositor in
determining which Certificates are registered in the name of an Affiliate of the
Depositor.

      Class: All Certificates bearing the same Class designation as set forth in
Section 5.01 hereof.

      Class A Certificate: Any Certificate designated as a "Class A Certificate"
on the face thereof, in the form of Exhibit A hereto, representing the right to
distributions as set forth herein.

                                      -8-
<PAGE>
      Class A Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class A Certificates.

      Class A Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A Pass-Through Rate on
the Class A Certificate Principal Balance as of the first day of such Accrual
Period (after giving effect to all distributions of principal made or deemed to
be made as of such first day) plus the interest portion of any previous
distributions on such Class that is recovered as a voidable preference by a
trustee in bankruptcy, less any Non-Supported Interest Shortfall allocated on
such Distribution Date to the Class A Certificates. For purposes of calculating
interest, principal distributions on a Distribution Date will be deemed to have
been made on the first day of the Accrual Period in which such Distribution Date
occurs.

      Class A Interest Carryforward Amount: As of any Distribution Date, the sum
of (1) the excess of (A) the Class A Current Interest with respect to prior
Distribution Dates (excluding any Class A Interest Carryover Amount) over (B)
the amount actually distributed to the Class A Certificates with respect to
interest on such prior Distribution Dates and (2) interest on such excess (to
the extent permitted by applicable law) at the Class A Pass-Through Rate for the
related Accrual Period.

      Class A Interest Carryover Amount: As of any Distribution Date, the sum of
(1) if on such Distribution Date the Pass-Through Rate for the Class A
Certificates is based upon the Available Funds Cap, the excess of (A) the amount
of interest the Class A Certificates would otherwise be entitled to receive on
such Distribution Date had such rate been calculated as the sum of One-Month
LIBOR and the applicable Class A Margin for such Distribution Date, up to the
Weighted Maximum Rate Cap, over (B) the amount of interest payable on the Class
A Certificates at the Available Funds Cap, up to but not exceeding the Weighted
Maximum Rate Cap for such Distribution Date and (2) the Class A Interest
Carryover Amount for all previous Distribution Dates not previously paid
pursuant to Section 4.04(f)(v), together with interest thereon at a rate equal
to the sum of One-Month LIBOR and the applicable Class A Margin for such
Distribution Date.

      Class A Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.33% per annum and, as of any
Distribution Date after the Optional Termination Date, 0.66% per annum.

      Class A Pass-Through Rate: For the first Distribution Date, 1.3575% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class A Margin, (2) the Weighted Maximum Rate Cap and (3) the Available
Funds Cap for such Distribution Date.

      Class A Principal Distribution Amount: With respect to any Distribution
Date (1) prior to the Stepdown Date or any Distribution Date on which a Stepdown
Trigger Event exists, 100% of the Principal Distribution Amount for such
Distribution Date and (2) on or after the Stepdown Date where a Stepdown Trigger
Event does not exist, the excess of (A) the Class A Certificate Principal
Balance immediately prior to such Distribution Date over (B) the lesser of (i)
63.00% (or 61.60% in the event a Stepup Trigger Event has occurred) of the
Stated Principal Balance of the Mortgage Loans as of the end of the immediately
preceding Due Period and (ii) the excess of the Stated Principal Balances of the
Mortgage Loans as of the end of the immediately preceding Due Period over
$1,421,178.42; provided, however, that in no event will the Class A Principal
Distribution Amount with respect to any Distribution Date exceed the aggregate
Certificate Principal Balance of the Class A and Class R Certificates.

      Class B-1 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class B-1 Certificates.

                                      -9-
<PAGE>
      Class B-1 Certificate: Any Certificate designated as a "Class B-1
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

      Class B-1 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class B-1 Certificates.

      Class B-1 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class B-1 Pass-Through Rate on
the Class B-1 Certificate Principal Balance as of the first day of such Accrual
Period (after giving effect to all distributions of principal made or deemed to
be made as of such first day) plus the interest portion of any previous
distributions on such Class that is recovered as a voidable preference by a
trustee in bankruptcy, less any Non-Supported Interest Shortfall allocated on
such Distribution Date to the Class B-1 Certificates. For purposes of
calculating interest, principal distributions on a Distribution Date will be
deemed to have been made on the first day of the Accrual Period in which such
Distribution Date occurs.

      Class B-1 Interest Carryforward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class B-1 Current Interest with respect to
prior Distribution Dates (excluding any Class B-1 Interest Carryover Amount)
over (B) the amount actually distributed to the Class B-1 Certificates with
respect to interest on such prior Distribution Dates and (2) interest on such
excess (to the extent permitted by applicable law) at the Class B-1 Pass-Through
Rate for the related Accrual Period.

      Class B-1 Interest Carryover Amount: As of any Distribution Date, the sum
of (1) if on such Distribution Date the Pass-Through Rate for the Class B-1
Certificates is based upon the Available Funds Cap, the excess of (A) the amount
of interest the Class B-1 Certificates would otherwise be entitled to receive on
such Distribution Date had such rate been calculated as the sum of One-Month
LIBOR and the applicable Class B-1 Margin for such Distribution Date, up to the
Weighted Maximum Rate Cap, over (B) the amount of interest payable on the Class
B-1 Certificates at the Available Funds Cap, up to but not exceeding the
Weighted Maximum Rate Cap for such Distribution Date and (2) the Class B-1
Interest Carryover Amount for all previous Distribution Dates not previously
paid pursuant to Section 4.04(f)(v), together with interest thereon at a rate
equal to the sum of One-Month LIBOR and the applicable Class B-1 Margin for such
Distribution Date.

      Class B-1 Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 3.00% per annum and, as of any
Distribution Date after the Optional Termination Date, 4.50% per annum.

      Class B-1 Pass-Through Rate: For the first Distribution Date, 4.0275% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class B-1 Margin, (2) the Weighted Maximum Rate Cap and (3) the
Available Funds Cap for such Distribution Date.

      Class B-1 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance, the
Class M-1 Certificate Principal Balance and Class M-2 Certificate Principal
Balance have been reduced to zero and a Stepdown Trigger Event exists, or as
long as a Stepdown Trigger Event does not exist, the excess of (1) the sum of
(A) the Class A Certificate Principal Balance (after taking into account
distributions of the Class A Principal Distribution Amount on such Distribution
Date), (B) the Class M-1 Certificate Principal Balance (after taking into
account distributions of the Class M-1 Principal Distribution Amount on such
Distribution Date), (C) the Class M-2 Certificate Principal Balance (after
taking into account distributions of the Class M-2 Principal Distribution Amount
on such Distribution Date), and (D) the Class B-1 Certificate Principal Balance
immediately prior to such Distribution Date over (2) the lesser of (A) 93.00%
(or 91.60% in the event a Stepup Trigger Event has occurred) of the Stated
Principal Balances of the Mortgage Loans as of the end of the immediately

                                      -10-
<PAGE>
preceding Due Period and (B) the excess of the Stated Principal Balances of the
Mortgage Loans as of the end of the immediately preceding Due Period over
$1,421,178.42. Notwithstanding the foregoing, (I) on any Distribution Date prior
to the Stepdown Date on which the Certificate Principal Balance of the Class A
Certificates, the Class M-1 Certificates and the Class M-2 Certificates has been
reduced to zero, the Class B-1 Principal Distribution Amount will equal the
lesser of (x) the outstanding Certificate Principal Balance of the Class B-1
Certificates and (y) 100% of the Principal Distribution Amount remaining after
any distributions on such Class A, Class M-1 and M-2 Certificates and (II) in no
event will the Class B-1 Principal Distribution Amount with respect to any
Distribution Date exceed the Class B-1 Certificate Principal Balance.

      Class B-1 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class B-1 Applied Realized Loss Amount over (2) the sum of all
distributions in reduction of the Class B-1 Applied Realized Loss Amounts on all
previous Distribution Dates.

      Class B-2 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class B-2 Certificates.

      Class B-2 Certificate: Any Certificate designated as a "Class B-2
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

      Class B-2 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class B-2 Certificates.

      Class B-2 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class B-2 Pass-Through Rate on
the Class B-2 Certificate Principal Balance as of the first day of such Accrual
Period (after giving effect to all distributions of principal made or deemed to
be made as of such first day) plus the interest portion of any previous
distributions on such Class that is recovered as a voidable preference by a
trustee in bankruptcy, less any Non-Supported Interest Shortfall allocated on
such Distribution Date to the Class B-2 Certificates. For purposes of
calculating interest, principal distributions on a Distribution Date will be
deemed to have been made on the first day of the Accrual Period in which such
Distribution Date occurs.

      Class B-2 Interest Carryforward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class B-2 Current Interest with respect to
prior Distribution Dates (excluding any Class B-2 Interest Carryover Amount)
over (B) the amount actually distributed to the Class B-2 Certificates with
respect to interest on such prior Distribution Dates and (2) interest on such
excess (to the extent permitted by applicable law) at the Class B-2 Pass-Through
Rate for the related Accrual Period.

      Class B-2 Interest Carryover Amount: As of any Distribution Date, the sum
of (1) if on such Distribution Date the Pass-Through Rate for the Class B-2
Certificates is based upon the Available Funds Cap, the excess of (A) the amount
of interest the Class B-2 Certificates would otherwise be entitled to receive on
such Distribution Date had such rate been calculated as the sum of One-Month
LIBOR and the applicable Class B-2 Margin for such Distribution Date, up to the
Weighted Maximum Rate Cap, over (B) the amount of interest payable on the Class
B-1 Certificates at the Available Funds Cap, up to but not exceeding the
Weighted Maximum Rate Cap for such Distribution Date and (2) the Class B-2
Interest Carryover Amount for all previous Distribution Dates not previously
paid pursuant to Section 4.04(f)(v), together with interest thereon at a rate
equal to the sum of One-Month LIBOR and the applicable Class B-2 Margin for such
Distribution Date.

                                      -11-
<PAGE>
         Class B-2 Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 3.00% per annum and, as of any
Distribution Date after the Optional Termination Date, 4.50% per annum.

         Class B-2 Pass-Through Rate: For the first Distribution Date, 4.0275%
per annum. As of any Distribution Date thereafter, the least of (1) One-Month
LIBOR plus the Class B-2 Margin, (2) the Weighted Maximum Rate Cap and (3) the
Available Funds Cap for such Distribution Date.

         Class B-2 Principal Distribution Amount: With respect to any
Distribution Date on or after the Stepdown Date, 100% of the Principal
Distribution Amount for such Distribution Date if the Class A Certificate
Principal Balance, the Class M-1 Certificate Principal Balance, the Class M-2
Certificate Principal Balance and the Class B-1 Certificate Principal Balance
have been reduced to zero and a Stepdown Trigger Event exists, or as long as a
Stepdown Trigger Event does not exist, the excess of (1) the sum of (A) the
Class A Certificate Principal Balance (after taking into account distributions
of the Class A Principal Distribution Amount on such Distribution Date), (B) the
Class M-1 Certificate Principal Balance (after taking into account distributions
of the Class M-1 Principal Distribution Amount on such Distribution Date), (C)
the Class M-2 Certificate Principal Balance (after taking into account
distributions of the Class M-2 Principal Distribution Amount on such
Distribution Date), (D) the Class B-1 Certificate Principal Balance (after
taking into account distributions of the Class B-1 Principal Distribution Amount
on such Distribution Date) and (E) the Class B-2 Certificate Principal Balance
immediately prior to such Distribution Date over (2) the lesser of (A) 96.00%
(or 94.60% in the event a Stepup Trigger Event has occurred) of the Stated
Principal Balances of the Mortgage Loans as of the end of the immediately
preceding Due Period and (B) the excess of the Stated Principal Balances of the
Mortgage Loans as of the end of the immediately preceding Due Period over
$1,421,178.42 notwithstanding the foregoing, (I) on any Distribution Date prior
to the Stepdown Date on which the Class A Certificate Principal Balance, the
Class M-1 Certificate Principal Balance, the Class M-2 Certificate Principal
Balance and the Class B-1 Certificate Principal Balance have been reduced to
zero, the Class B-2 Principal Distribution Amount for such Distribution Date
will equal 100% of the Principal Distribution Amount remaining after any
distributions on such Class A, Class M-1, Class M-2 and Class B-1 Certificates;
and provided further, however, that in no event will the Class B-2 Principal
Distribution Amount with respect to any Distribution Date exceed the Certificate
Principal Balance of the Class B-2 Certificates.

         Class B-2 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class B-2 Applied Realized Loss Amount over (2) the sum of all
distributions in reduction of the Class B-2 Applied Realized Loss Amounts on all
previous Distribution Dates.

         Class C Certificate: Any Certificate designated as a "Class C
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

         Class C Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class C Certificates.

         Class C Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class C Certificates.

         Class C Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class C Distributable Interest
Rate on a notional amount equal to the aggregate of the Principal Balance of the
Mortgage Loans outstanding as of the beginning of such Accrual Period (such
amount of interest representing 100% of the interest payments on the Class LT4-C
Interest), plus the interest portion of any previous distributions on such Class
that is recovered as a voidable preference

                                      -12-
<PAGE>
by a trustee in bankruptcy, less any Non-Supported Interest Shortfall allocated
on such Distribution Date to the Class C Certificates.

         Class C Distributable Interest Rate: The excess, if any, of (a) the
weighted average of the interest rates on the REMIC 3 Regular Interests over (b)
two times the weighted average of the interest rates on the REMIC 3 Regular
Interests (treating for purposes of this clause (b) the interest rate on each of
the REMIC 3 Marker Classes as being capped at the interest rate of the
Corresponding REMIC 4 Regular Interest and treating the Class LT3-Z Interest as
being capped at zero). The averages described in the preceding sentence shall be
weighted on the basis of the respective principal balances of the REMIC 3
Regular Interests immediately prior to any date of determination.

         Class C Interest Carryforward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class C Current Interest with respect to prior
Distribution Dates over (B) the amount actually distributed to the Class C
Certificates with respect to interest on such prior Distribution Dates and (2)
interest on such excess (to the extent permitted by applicable law) at the Net
Rate.

         Class C Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class C Applied Realized Loss Amount over (2) the sum of all
distributions in reduction of the Class C Applied Realized Loss Amount on all
previous Distribution Dates.

         Class LT1-A1 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $48,148,977.36 and an interest rate
equal to the Net Rate.

         Class LT1-A2 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $3,865,313.98 and an interest rate
equal to the Net Rate.

         Class LT1-A3 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $4,175,254.87 and an interest rate
equal to the Net Rate.

         Class LT1-A4 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $4,513,035.78 and an interest rate
equal to the Net Rate.

         Class LT1-A5 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $4,875,088.76 and an interest rate
equal to the Net Rate.

         Class LT1-A6 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $5,266,156.57 and an interest rate
equal to the Net Rate.

         Class LT1-A7 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $5,688,562.24 and an interest rate
equal to the Net Rate.

         Class LT1-A8 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $6,144,814.66 and an interest rate
equal to the Net Rate.

         Class LT1-A9 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $6,637,623.41 and an interest rate
equal to the Net Rate.

         Class LT1-A10 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $7,169,914.81 and an interest rate
equal to the Net Rate.

         Class LT1-A11 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $7,744,849.24 and an interest rate
equal to the Net Rate.

                                      -13-
<PAGE>
         Class LT1-A12 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $8,365,839.82 and an interest rate
equal to the Net Rate.

         Class LT1-A13 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $9,036,572.67 and an interest rate
equal to the Net Rate.

         Class LT1-A14 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $9,761,028.64 and an interest rate
equal to the Net Rate.

         Class LT1-A15 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $10,543,506.98 and an interest rate
equal to the Net Rate.

         Class LT1-A16 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $11,388,650.65 and an interest rate
equal to the Net Rate.

         Class LT1-A17 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $12,301,473.90 and an interest rate
equal to the Net Rate.

         Class LT1-A18 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $13,287,391.86 and an interest rate
equal to the Net Rate.

         Class LT1-A19 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $14,352,252.59 and an interest rate
equal to the Net Rate.

         Class LT1-A20 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $15,502,371.69 and an interest rate
equal to the Net Rate.

         Class LT1-A21 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $16,744,569.65 and an interest rate
equal to the Net Rate.

         Class LT1-A22 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $18,086,212.12 and an interest rate
equal to the Net Rate.

         Class LT1-A23 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $19,535,253.57 and an interest rate
equal to the Net Rate.

         Class LT1-A24 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $21,100,284.18 and an interest rate
equal to the Net Rate.

         Class LT1-A25 Interest: An uncertificated regular interest in REMIC 1
with an initial principal balance equal to $684.70 and an interest rate equal to
the Net Rate.

         Class LT1-R Interest: The sole class of "residual interest" in REMIC 1,
as described in the Preliminary Statement and in Section 2.07.

         Class LT2-A1 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A1 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in June of 2005, the Net Rate minus 0.65%
per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A2 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A2 Interest and an interest rate equal to (i)

                                      -14-
<PAGE>
for Distribution Dates on or prior to the Distribution Date in May of 2005, the
Net Rate minus 0.65% per annum and (ii) for all subsequent Distribution Dates,
the Net Rate.

         Class LT2-A3 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A3 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in April of 2005, the Net Rate minus 0.65%
per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A4 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A4 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in March of 2005, the Net Rate minus 0.65%
per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A5 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A5 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in February of 2005, the Net Rate minus
0.65% per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A6 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A6 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in January of 2005, the Net Rate minus
0.65% per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A7 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A7 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in December of 2004, the Net Rate minus
0.65% per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A8 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A8 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in November of 2004, the Net Rate minus
0.65% per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A9 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A9 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in October of 2004, the Net Rate minus
0.65% per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A10 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A10 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in September of 2004, the Net Rate minus
0.65% per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A11 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A11 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in August of 2004, the Net Rate minus 0.65%
per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A12 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A12 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in July of 2004, the Net Rate minus 0.65%
per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

                                      -15-
<PAGE>
         Class LT2-A13 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A13 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in June of 2004, the Net Rate minus 0.65%
per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A14 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A14 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in May of 2004, the Net Rate minus 0.65%
per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A15 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A15 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in April of 2004, the Net Rate minus 0.65%
per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A16 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A16 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in March of 2004, the Net Rate minus 0.65%
per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A17 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A17 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in February of 2004, the Net Rate minus
0.65% per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A18 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A18 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in January of 2004, the Net Rate minus
0.65% per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A19 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A19 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in December of 2003, the Net Rate minus
0.65% per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A20 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A20 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in November of 2003, the Net Rate minus
0.65% per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A21 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A21 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in October of 2003, the Net Rate minus
0.65% per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A22 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A22 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in September of 2003, the Net Rate minus
0.65% per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A23 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A23 Interest and an interest rate equal to (i)

                                      -16-
<PAGE>
for Distribution Dates on or prior to the Distribution Date in August of 2003,
the Net Rate minus 0.65% per annum and (ii) for all subsequent Distribution
Dates, the Net Rate.

         Class LT2-A24 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A24 Interest and an interest rate equal to (i) for Distribution Dates
on or prior to the Distribution Date in July of 2003, the Net Rate minus 0.65%
per annum and (ii) for all subsequent Distribution Dates, the Net Rate.

         Class LT2-A25 Interest: An uncertificated regular interest in REMIC 2
with an initial principal balance equal to the initial principal balance of the
Class LT1-A25 Interest and, for each Distribution Date, an interest rate equal
to the Net Rate.

         Class LT2-IO1 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in June of 2005, the outstanding principal
balance of the Class LT1-A1 Interest immediately prior to such Distribution Date
and (ii) for all subsequent Distribution Dates, $0, and bearing interest at a
rate equal to 0.65% per annum.

         Class LT2-IO2 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in May of 2005, the outstanding principal
balance of the Class LT1-A2 Interest immediately prior to such Distribution Date
and (ii) for all subsequent Distribution Dates, $0, and bearing interest at a
rate equal to 0.65% per annum.

         Class LT2-IO3 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in April of 2005, the outstanding principal
balance of the Class LT1-A3 Interest immediately prior to such Distribution Date
and (ii) for all subsequent Distribution Dates, $0, and bearing interest at a
rate equal to 0.65% per annum.

         Class LT2-IO4 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in March of 2005, the outstanding principal
balance of the Class LT1-A4 Interest immediately prior to such Distribution Date
and (ii) for all subsequent Distribution Dates, $0, and bearing interest at a
rate equal to 0.65% per annum.

         Class LT2-IO5 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in February of 2005, the outstanding
principal balance of the Class LT1-A5 Interest immediately prior to such
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO6 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in January of 2005, the outstanding
principal balance of the Class LT1-A6 Interest immediately prior to such
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO7 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in December of 2004, the outstanding
principal balance of the Class LT1-A7 Interest immediately prior to such

                                      -17-
<PAGE>
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO8 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in November of 2004, the outstanding
principal balance of the Class LT1-A8 Interest immediately prior to such
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO9 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in October of 2004, the outstanding
principal balance of the Class LT1-A9 Interest immediately prior to such
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO10 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in September of 2004, the outstanding
principal balance of the Class LT1-A10 Interest immediately prior to such
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO11 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in August of 2004, the outstanding
principal balance of the Class LT1-A11 Interest immediately prior to such
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO12 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in July of 2004, the outstanding principal
balance of the Class LT1-A12 Interest immediately prior to such Distribution
Date and (ii) for all subsequent Distribution Dates, $0, and bearing interest at
a rate equal to 0.65% per annum.

         Class LT2-IO13 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in June of 2004, the outstanding principal
balance of the Class LT1-A13 Interest immediately prior to such Distribution
Date and (ii) for all subsequent Distribution Dates, $0, and bearing interest at
a rate equal to 0.65% per annum.

         Class LT2-IO14 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in May of 2004, the outstanding principal
balance of the Class LT1-A14 Interest immediately prior to such Distribution
Date and (ii) for all subsequent Distribution Dates, $0, and bearing interest at
a rate equal to 0.65% per annum.

         Class LT2-IO15 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in April of 2004, the outstanding principal
balance of the Class LT1-A15 Interest immediately prior to such Distribution
Date and (ii) for all subsequent Distribution Dates, $0, and bearing interest at
a rate equal to 0.65% per annum.

         Class LT2-IO16 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in March of 2004,

                                      -18-
<PAGE>
the outstanding principal balance of the Class LT1-A16 Interest immediately
prior to such Distribution Date and (ii) for all subsequent Distribution Dates,
$0, and bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO17 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in February of 2004, the outstanding
principal balance of the Class LT1-A17 Interest immediately prior to such
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO18 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in January of 2004, the outstanding
principal balance of the Class LT1-A18 Interest immediately prior to such
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO19 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in December of 2003, the outstanding
principal balance of the Class LT1-A19 Interest immediately prior to such
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO20 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in November of 2003, the outstanding
principal balance of the Class LT1-A20 Interest immediately prior to such
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO21 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in October of 2003, the outstanding
principal balance of the Class LT1-A21 Interest immediately prior to such
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO22 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in September of 2003, the outstanding
principal balance of the Class LT1-A22 Interest immediately prior to such
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO23 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in August of 2003, the outstanding
principal balance of the Class LT1-A23 Interest immediately prior to such
Distribution Date and (ii) for all subsequent Distribution Dates, $0, and
bearing interest at a rate equal to 0.65% per annum.

         Class LT2-IO24 Interest: An uncertificated "interest-only" regular
interest in REMIC 2 with a notional balance equal to (i) for Distribution Dates
on or prior to the Distribution Date in July of 2003, the outstanding principal
balance of the Class LT1-A24 Interest immediately prior to such Distribution
Date and (ii) for all subsequent Distribution Dates, $0, and bearing interest at
a rate equal to 0.65% per annum.

                                      -19-
<PAGE>
         Class LT2-R Interest: The sole class of "residual interest" in REMIC 2,
as described in the Preliminary Statement and in Section 2.07.

         Class LT3-A Interest: An uncertificated regular interest in REMIC 3
with an initial principal balance equal to 50% of the initial principal balance
of its Corresponding REMIC 4 Interest and an interest rate equal to the Adjusted
Net Rate.

         Class LT3-AR Interest: An uncertificated regular interest in REMIC 3
with an initial principal balance equal to 50% of the initial principal balance
of its Corresponding REMIC 4 Interest and an interest rate equal to the Adjusted
Net Rate.

         Class LT3-B1 Interest: An uncertificated regular interest in REMIC 3
with an initial principal balance equal to 50% of the initial principal balance
of its Corresponding REMIC 4 Interest and an interest rate equal to the Adjusted
Net Rate.

         Class LT3-B2 Interest: An uncertificated regular interest in REMIC 3
with an initial principal balance equal to 50% of the initial principal balance
of its Corresponding REMIC 4 Interest and an interest rate equal to the Adjusted
Net Rate.

         Class LT3-M1 Interest: An uncertificated regular interest in REMIC 3
with an initial principal balance equal to 50% of the initial principal balance
of its Corresponding REMIC 4 Interest and an interest rate equal to the Adjusted
Net Rate.

         Class LT3-M2 Interest: An uncertificated regular interest in REMIC 3
with an initial principal balance equal to 50% of the initial principal balance
of its Corresponding REMIC 4 Interest and an interest rate equal to the Adjusted
Net Rate.

         Class LT3-R Interest: The sole class of "residual interest" in REMIC 3,
as described in the Preliminary Statement and in Section 2.07.

         Class LT3-Z Interest: An uncertificated regular interest in the REMIC 3
with an initial principal balance equal to the excess of (i) the aggregate
principal balances of the Mortgage Loans over (ii) the aggregate principal
balances of the REMIC 3 Marker Classes and an interest rate equal to the
Adjusted Net Rate.

         Class LT4-A Interest: An uncertificated regular interest in REMIC 4
with an initial principal balance equal to the initial principal balance of the
Related Certificates and bearing interest at the lesser of (i) the greater of
(x) One-Month LIBOR plus the Class A Margin and (y) 1.0275% plus the Class A
Margin and (ii) the Adjusted Net Rate. For the first Distribution Date, the
percentage described in clause (i) of the preceding sentence will equal 1.3575%.

         Class LT4-AR Interest: An uncertificated regular interest in REMIC 4
with an initial principal balance equal to the initial principal balance of the
Related Certificates and bearing interest at the lesser of (i) the greater of
(x) One-Month LIBOR plus the Class A Margin and (y) 1.0275% plus the Class R
Margin and (ii) the Adjusted Net Rate. For the first Distribution Date, the
percentage described in clause (i) of the preceding sentence will equal 1.3575%.

         Class LT4-B1 Interest: An uncertificated regular interest in REMIC 4
with an initial principal balance equal to the initial principal balance of the
Related Certificates and bearing interest at the lesser of (i) the greater of
(x) One-Month LIBOR plus the Class B-1 Margin and (y) 1.0275% plus the Class B-1
Margin and (ii) the Adjusted Net Rate. For the first Distribution Date, the
percentage described in clause (i) of the preceding sentence will equal 4.0275%.

                                      -20-
<PAGE>
         Class LT4-B2 Interest: An uncertificated regular interest in REMIC 4
with an initial principal balance equal to the initial principal balance of the
Related Certificates and bearing interest at the lesser of (i) the greater of
(x) One-Month LIBOR plus the Class B-2 Margin and (y) 1.0275% plus the Class B-2
Margin and (ii) the Adjusted Net Rate. For the first Distribution Date, the
percentage described in clause (i) of the preceding sentence will equal 4.0275%.

         Class LT4-C Interest: An uncertificated regular interest in REMIC 4
with an initial principal balance equal to the excess of the principal balance
of the Mortgage Loans over the aggregate Certificate Principal Balance of the
Class A Certificates, Class B-1 Certificates, Class B-2 Certificates, Class M-1
Certificates, Class M-2 Certificates and Class R Certificates and bearing
interest on a notional amount equal to the aggregate of the Principal Balances
of the Mortgage Loans outstanding as of the beginning of the related Accrual
Period at a rate equal to the Class LT4-C Interest Rate.

         Class LT4-C Interest Rate: The excess, if any, of (a) the weighted
average of the interest rates on the REMIC 3 Regular Interests over (b) two
times the weighted average of the interest rates on the REMIC 3 Regular
Interests (treating for purposes of this clause (b) the interest rate on each of
the REMIC 3 Marker Classes as being capped at the interest rate on the
Corresponding REMIC 4 Interest and treating the Class LT3-Z Interest as being
capped at zero. The averages described in the preceding sentence shall be
weighted on the basis of the respective principal balances of the REMIC 3
Regular Interests immediately prior to any date of determination.

         Class LT4-M1 Interest: An uncertificated regular interest in REMIC 4
with an initial principal balance equal to the initial principal balance of the
Related Certificates and bearing interest at the lesser of (i) the greater of
(x) One-Month LIBOR plus the Class M-1 Margin and (y) 1.0275% plus the Class M-1
Margin and (ii) the Adjusted Net Rate. For the first Distribution Date, the
percentage described in clause (i) of the preceding sentence will equal 1.7775%.

         Class LT4-M2 Interest: An uncertificated regular interest in REMIC 4
with an initial principal balance equal to the initial principal balance of the
Related Certificates and bearing interest at the lesser of (i) the greater of
(x) One-Month LIBOR plus the Class M-2 Margin and (y) 1.0275% plus the Class M-2
Margin and (ii) the Adjusted Net Rate. For the first Distribution Date, the
percentage described in clause (i) of the preceding sentence will equal 2.7775%.

         Class LT4-R Interest: The sole class of "residual interest" in REMIC 4,
as described in the Preliminary Statement and Section 2.07.

         Class M-1 Applied Realized Loss Amount: As of any Distribution Date,
the sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class M-1 Certificates.

         Class M-1 Certificate: Any Certificate designated as a "Class M-1
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

         Class M-1 Certificate Principal Balance: As of any date of
determination, the aggregate Certificate Principal Balance of the Class M-1
Certificates.

         Class M-1 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-1 Pass-Through Rate on
the Class M-1 Certificate Principal Balance as of the first day of such Accrual
Period (after giving effect to all distributions of principal made or deemed to
be made as of such first day) plus the interest portion of any previous
distributions on such Class that is recovered as a voidable preference by a
trustee in bankruptcy, less any Non-Supported Interest Shortfall allocated on
such Distribution Date to the Class M-1 Certificates. For purposes of
calculating interest,

                                      -21-
<PAGE>
principal distributions on a Distribution Date will be deemed to have been made
on the first day of the Accrual Period in which such Distribution Date occurs.

         Class M-1 Interest Carryforward Amount: As of any Distribution Date,
the sum of (1) the excess of (A) the Class M-1 Current Interest with respect to
prior Distribution Dates (excluding any Class M-1 Interest Carryover Amount)
over (B) the amount actually distributed to the Class M-1 Certificates with
respect to interest on such prior Distribution Dates and (2) interest on such
excess (to the extent permitted by applicable law) at the Class M-1 Pass-Through
Rate for the related Accrual Period.

         Class M-1 Interest Carryover Amount: As of any Distribution Date, the
sum of (1) if on such Distribution Date the Pass-Through Rate for the Class M-1
Certificates is based upon the Available Funds Cap, the excess of (A) the amount
of interest the Class M-1 Certificates would otherwise be entitled to receive on
such Distribution Date had such rate been calculated as the sum of One-Month
LIBOR and the applicable Class M-1 Margin for such Distribution Date, up to the
Weighted Maximum Rate Cap, over (B) the amount of interest payable on the Class
M-1 Certificates at the Available Funds Cap, up to but not exceeding the
Weighted Maximum Rate Cap for such Distribution Date and (2) the Class M-1
Interest Carryover Amount for all previous Distribution Dates not previously
paid pursuant to Section 4.04(f)(v), together with interest thereon at a rate
equal to the sum of One-Month LIBOR and the applicable Class M-1 Margin for such
Distribution Date.

         Class M-1 Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.75% per annum and, as of any
Distribution Date after the Optional Termination Date, 1.125% per annum.

         Class M-1 Pass-Through Rate: For the first Distribution Date, 1.7775%
per annum. As of any Distribution Date thereafter, the least of (1) One-Month
LIBOR plus the Class M-1 Margin, (2) the Weighted Maximum Rate Cap and (3) the
Available Funds Cap for such Distribution Date.

         Class M-1 Principal Distribution Amount: With respect to any
Distribution Date on or after the Stepdown Date, 100% of the Principal
Distribution Amount for such Distribution Date if the Class A Certificate
Principal Balance has been reduced to zero and a Stepdown Trigger Event exists,
or as long as a Stepdown Trigger Event does not exist, the excess of (1) the sum
of (A) the Class A Certificate Principal Balance (after taking into account
distributions of the Class A Principal Distribution Amount on such Distribution
Date) and (B) the Class M-1 Certificate Principal Balance immediately prior to
such Distribution Date over (2) the lesser of (A) 76.00% (or 74.60% in the event
a Stepup Trigger Event has occurred) of the Stated Principal Balances of the
Mortgage Loans as of the end of the immediately preceding Due Period and (B) the
excess of the Stated Principal Balances of the Mortgage Loans as of the end of
the immediately preceding Due Period over $1,421,178.42. Notwithstanding the
foregoing, (I) on any Distribution Date prior to the Stepdown Date on which the
Certificate Principal Balance of the Class A Certificates has been reduced to
zero, the Class M-1 Principal Distribution Amount will equal the lesser of (x)
the outstanding Certificate Principal Balance of the Class M-1 Certificates and
(y) 100% of the Principal Distribution Amount remaining after any distributions
on such Class A Certificates and (II) in no event will the Class M-1 Principal
Distribution Amount with respect to any Distribution Date exceed the Class M-1
Certificate Principal Balance.

         Class M-1 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-1 Applied Realized Loss Amount over (2) the sum of all
distributions in reduction of the Class M-1 Applied Realized Loss Amounts on all
previous Distribution Dates.

         Class M-2 Applied Realized Loss Amount: As of any Distribution Date,
the sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class M-2 Certificates.

                                      -22-
<PAGE>
         Class M-2 Certificate: Any Certificate designated as a "Class M-2
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

         Class M-2 Certificate Principal Balance: As of any date of
determination, the aggregate Certificate Principal Balance of the Class M-2
Certificates.

         Class M-2 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-2 Pass-Through Rate on
the Class M-2 Certificate Principal Balance as of the first day of such Accrual
Period (after giving effect to all distributions of principal made or deemed to
be made as of such first day) plus the interest portion of any previous
distributions on such Class that is recovered as a voidable preference by a
trustee in bankruptcy, less any Non-Supported Interest Shortfall allocated on
such Distribution Date to the Class M-2 Certificates. For purposes of
calculating interest, principal distributions on a Distribution Date will be
deemed to have been made on the first day of the Accrual Period in which such
Distribution Date occurs.

         Class M-2 Interest Carryforward Amount: As of any Distribution Date,
the sum of (1) the excess of (A) the Class M-2 Current Interest with respect to
prior Distribution Dates (excluding any Class M-2 Interest Carryover Amount)
over (B) the amount actually distributed to the Class M-2 Certificates with
respect to interest on such prior Distribution Dates and (2) interest on such
excess (to the extent permitted by applicable law) at the Class M-2 Pass-Through
Rate for the related Accrual Period.

         Class M-2 Interest Carryover Amount: As of any Distribution Date, the
sum of (1) if on such Distribution Date the Pass-Through Rate for the Class M-2
Certificates is based upon the Available Funds Cap, the excess of (A) the amount
of interest the Class M-2 Certificates would otherwise be entitled to receive on
such Distribution Date had such rate been calculated as the sum of One-Month
LIBOR and the applicable Class M-2 Margin for such Distribution Date, up to the
Weighted Maximum Rate Cap, over (B) the amount of interest payable on the Class
M-2 Certificates at the Available Funds Cap, up to but not exceeding the
Weighted Maximum Rate Cap for such Distribution Date and (2) the Class M-2
Interest Carryover Amount for all previous Distribution Dates not previously
paid pursuant to Section 4.04(f)(v), together with interest thereon at a rate
equal to the sum of One-Month LIBOR and the applicable Class M-2 Margin for such
Distribution Date.

         Class M-2 Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 1.75% per annum and, as of any
Distribution Date after the Optional Termination Date, 2.625% per annum.

         Class M-2 Pass-Through Rate: For the first Distribution Date, 2.7775%
per annum. As of any Distribution Date thereafter, the least of (1) One-Month
LIBOR plus the Class M-2 Margin, (2) the Weighted Maximum Rate Cap and (3) the
Available Funds Cap for such Distribution Date.

         Class M-2 Principal Distribution Amount: With respect to any
Distribution Date on or after the Stepdown Date, 100% of the Principal
Distribution Amount for such Distribution Date if the Class A Certificate
Principal Balance and the Class M-1 Certificate Principal Balance have been
reduced to zero and a Stepdown Trigger Event exists, or as long as a Stepdown
Trigger Event does not exist, the excess of (1) the sum of (A) the Class A
Certificate Principal Balance (after taking into account distributions of the
Class A Principal Distribution Amount on such Distribution Date), (B) the Class
M-1 Certificate Principal Balance (after taking into account distributions of
the Class M-1 Principal Distribution Amount on such Distribution Date) and (C)
the Class M-2 Certificate Principal Balance immediately prior to such
Distribution Date over (2) the lesser of (A) 86.50% (or 85.10% in the event a
Stepup Trigger Event has occurred) of the Stated Principal Balances of the
Mortgage Loans as of the end of the immediately preceding Due Period and (B) the
excess of the Stated Principal Balances of the Mortgage Loans as of the end of
the immediately preceding Due Period over $1,421,178.42. Notwithstanding the
foregoing, (I) on

                                      -23-
<PAGE>
any Distribution Date prior to the Stepdown Date on which the Certificate
Principal Balance of the Class A Certificates and the Class M-1 Certificates has
been reduced to zero, the Class M-2 Principal Distribution Amount will equal the
lesser of (x) the outstanding Certificate Principal Balance of the Class M-2
Certificates and (y) 100% of the Principal Distribution Amount remaining after
any distributions on such Class A and Class M-1 Certificates and (II) in no
event will the Class M-2 Principal Distribution Amount with respect to any
Distribution Date exceed the Class M-2 Certificate Principal Balance.

         Class M-2 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-2 Applied Realized Loss Amount over (2) the sum of all
distributions in reduction of the Class M-2 Applied Realized Loss Amounts on all
previous Distribution Dates.

         Class P Certificate: Any Certificate designated as a Class P
Certificate on the face thereof, executed by the Trustee and authenticated by
the Trustee in substantially the form set forth in Exhibit A, representing the
right to distributions as set forth herein.

         Class R Certificate: The Class R Certificate executed by the Trustee
and authenticated by the Trustee in substantially the form set forth in Exhibit
A.

         Class R Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class R Certificate.

         Class R Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class R Pass-Through Rate on
the Class R Certificate Principal Balance as of the first day of such Accrual
Period (after giving effect to all distributions of principal made or deemed to
be made as of such first day) plus the interest portion of any previous
distributions on such Class that is recovered as a voidable preference by a
trustee in bankruptcy, less any Non-Supported Interest Shortfall allocated on
such Distribution Date to the Class R Certificate. For purposes of calculating
interest, principal distributions on a Distribution Date will be deemed to have
been made on the first day of the Accrual Period in which such Distribution Date
occurs.

         Class R Interest Carryforward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class R Current Interest with respect to prior
Distribution Dates (excluding any Class R Interest Carryover Amount) over (B)
the amount actually distributed to the Class R Certificate with respect to
interest on such prior Distribution Dates and (2) interest on such excess (to
the extent permitted by applicable law) at the Class R Pass-Through Rate for the
related Accrual Period.

         Class R Interest Carryover Amount: As of any Distribution Date, the sum
of (1) if on such Distribution Date the Pass-Through Rate for the Class R
Certificate is based upon the Available Funds Cap, the excess of (1) the amount
of interest the Class R Certificate would otherwise be entitled to receive on
such Distribution Date had such rate been calculated as the sum of One-Month
LIBOR and the applicable Class R Margin for such Distribution Date, up to the
Weighted Maximum Rate Cap, over (2) the amount of interest payable on the Class
R Certificate at the Available Funds Cap, up to but not exceeding the Weighted
Maximum Rate Cap for such Distribution Date and (2) the Class R Interest
Carryover Amount for all previous Distribution Dates not previously paid
pursuant to Section 4.04(f)(v), together with interest thereon at a rate equal
to the sum of One-Month LIBOR and the applicable Class R Margin for such
Distribution Date.

         Class R Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.33% per annum and, as of any
Distribution Date after the Optional Termination Date, 0.66% per annum.

                                      -24-
<PAGE>
         Class R Pass-Through Rate: For the first Distribution Date, 1.3575% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class R Margin, (2) the Weighted Maximum Rate Cap and (3) the Available
Funds Cap for such Distribution Date.

         Class S Certificate: Any Certificate designated as a "Class S
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

         Class S Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class S Pass-Through Rate on
the Class S Notional Balance as of the first day of such Accrual Period (after
giving effect to all distributions of principal made or deemed to be made as of
such first day) plus the interest portion of any previous distributions on such
Class that is recovered as a voidable preference by a trustee in bankruptcy,
less any Non-Supported Interest Shortfall allocated on such Distribution Date to
the Class S Certificates. For purposes of calculating interest, principal
distributions on a Distribution Date will be deemed to have been made on the
first day of the Accrual Period in which such Distribution Date occurs.

         Class S Certificate Carryover: With respect to any Distribution Date,
the excess of (i) the Class S Certificate Shortfalls for the current and all
prior Distribution Dates over (y) all prior distributions made to the Class S
Certificates pursuant to Section 4.04(f)(vii).

         Class S Certificate Shortfalls: With respect to any Distribution Date
the excess of (i) what the Class S Current Interest for such Distribution Date
would have been had the Class S Pass-Through Rate been determined without regard
to the proviso set forth in the definition of "Class S Pass-Through Rate" over
(y) the Class S Current Interest for such Distribution Date calculated including
such proviso.

         Class S Notional Amount: For any Distribution Date, the aggregate
Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class B-1,
Class B-2 and Class R Certificates immediately prior to such Distribution Date.

         Class S Pass-Through Rate: As of any Distribution Date, the greater of
(1) 1.0275% minus One-Month LIBOR and (2) 0.00%; provided, however, that where
1.0275% exceeds One-Month LIBOR with respect to a Distribution Date, the Class S
Pass-Through Rate with respect to the portion of the Class S Notional Amount
that corresponds to each class of Offered Certificates will be subject to a cap
equal to the lesser of (x) 1.0275% minus One-Month LIBOR for such Distribution
Date and (y) the excess of (I) the Adjusted Net Rate for such Distribution Date
over (II) One-Month LIBOR for such Distribution Date plus the Pass-Through
Margin for such class of Offered Certificates.

         Class X Certificate: Any Certificate designated as a "Class X
Certificate" on the face thereof, in the Form of Exhibit A hereto, representing
the right to distributions as set forth herein.

         Class X Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class X Pass-Through Rate on
the Class X Notional Amount as of the first day of such Accrual Period plus the
interest portion of any previous distributions on such Class that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supportive
Interest Shortfalls allocated on such Distribution Date to the Class X
Certificates.

                                      -25-
<PAGE>
         Class X Notional Amount: For any Distribution Date on or prior to June
2005, the lesser of (i) the amount specified on the Class X Notional Amount
Schedule below and (ii) the aggregate Stated Principal Balance of the Mortgage
Loans on such Distribution Date and with respect to any Distribution Date on or
after July 2005, zero.

                      THE CLASS X NOTIONAL AMOUNT SCHEDULE

<TABLE>
<CAPTION>
              DISTRIBUTION DATE     NOTIONAL AMOUNT SCHEDULE ($)
              -----------------     ----------------------------
<S>                                 <C>
                   July 2003              284,235,000.00
                 August 2003              263,134,715.82
              September 2003              243,599,462.25
                October 2003              225,513,250.13
               November 2003              208,768,680.48
               December 2003              193,266,308.79
                January 2004              178,914,056.20
               February 2004              165,626,664.34
                  March 2004              153,325,190.44
                  April 2004              141,936,539.79
                    May 2004              131,393,032.81
                   June 2004              121,632,004.17
                   July 2004              112,595,431.50
                 August 2004              104,229,591.68
              September 2004               96,484,742.44
                October 2004               89,314,827.63
               November 2004               82,677,204.22
               December 2004               76,532,389.56
                January 2005               70,843,827.32
               February 2005               65,577,670.75
                  March 2005               60,702,581.99
                  April 2005               56,189,546.21
                    May 2005               52,014,291.34
                   June 2005               48,148,977.36
    July 2005 and thereafter                        0.00
</TABLE>

                                      -26-
<PAGE>
         Class-X Pass-Through Rate: On the first twenty-four (24) Distribution
Dates, 0.65% per annum and on each Distribution Date thereafter, 0.00% per
annum.

         Clean Up Call: The termination of the Trust Fund hereunder pursuant to
Section 9.01(a)(ii).

         Clean Up Call Amount: The amount received by the Trustee from the
Servicer in connection with a Clean Up Call pursuant to Section 9.01(a)(ii).

         Clean Up Call Date: The Distribution Date on which the aggregate Stated
Principal Balance of the Mortgage Loans is equal to or less than 7.5% of the
aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date.

         Clean Up Call Price: An amount equal to the sum of (a) the aggregate
Outstanding Principal Balance of the Certificates, plus accrued interest
thereon, (b) any unreimbursed out-of-pocket expenses owed to the Trustee, (c)
all interest accrued on, as well as amounts necessary to retire the principal
balance of, the notes guaranteed by the NIMs Insurer, (d) any amounts owed to
the NIMs Insurer at the time the Clean Up Call is exercised and (e) any costs
and damages incurred by the Trust Fund (or the Trustee on behalf of the Trust
Fund) in connection with any violation by the affected Mortgage Loan of any
anti-predatory or anti-abusive lending laws.

         Closing Date:  June 26, 2003.

         Code: The Internal Revenue Code of 1986, including any successor or
amendatory provisions.

         Collection Account: The separate Eligible Account created and initially
maintained by the Servicer pursuant to Section 3.05(b) in the name of the
Trustee for the benefit of the Certificateholders and designated "Litton Loan
Servicing LP, in trust for registered holders of Specialty Underwriting and
Residential Finance Trust, Mortgage Loan Asset-Backed Certificates, Series
2003-BC2". Funds in the Collection Account shall be held in trust for the
Certificateholders for the uses and purposes set forth in this Agreement.

         Combined Loan-to-Value Ratio: For any Mortgage Loan in a second lien
position, the fraction, expressed as a percentage, the numerator of which is the
sum of (1) the original principal balance of the related Mortgage Loan and (2)
any outstanding principal balances of Mortgage Loans the liens on which are
senior to the lien on such related Mortgage Loan (such sum calculated at the
date of origination of such related Mortgage Loan) and the denominator of which
is the lesser of (A) the Appraised Value of the related Mortgaged Property and
(B) the sales price of the related Mortgaged Property at time of origination.

         Compensating Interest: With respect to any Mortgage Loan and any
Distribution Date, an amount equal to the portion of any Prepayment Interest
Shortfalls required to be deposited in the Collection Account by the Servicer
pursuant to Section 4.02 hereof.

         Corresponding REMIC 4 Interests: With respect to the Class LT3-A
Interest, the Class LT4-A Interest. With respect to the Class LT3-M1 Interest,
the Class LT4-M1 Interest. With respect to the Class LT3-M2 Interest, the Class
LT4-M2 Interest. With respect to the Class LT3-B1 Interest, the Class LT4-B1
Interest. With respect to the Class LT3-B2 Interest, the Class LT4-B2 Interest.
With respect to the Class LT3-AR Interest, the Class LT4-AR Interest.

         Credit Risk Management Agreement: The Credit Risk Management Agreement
dated as of June 26, 2003 between the Depositor and the Credit Risk Manager.

                                      -27-
<PAGE>
         Credit Risk Manager: The Murrayhill Company, a Colorado corporation, or
its successor in interest.

         Credit Risk Manager Fee: The fee payable on each Distribution Date to
the Credit Risk Manager as compensation for all services rendered by it in
exercise and performance of any of the powers and duties of the Credit Risk
Manager under the Credit Risk Manager Agreement, which amount shall equal
one-twelfth of the product of (1) the Credit Risk Manager Fee Rate and (2) the
Stated Principal Balance of the Mortgage Loans as of the first day of the
related Due Period.

         Credit Risk Manager Fee Rate:  0.0150% per annum.

         Current Interest: Any of the Class A Current Interest, the Class R
Current Interest, the Class M-1 Current Interest, the Class M-2 Current
Interest, Class B-1 Current Interest, the Class B-2 Current Interest, the Class
C Current Interest, the Class S Current Interest and the Class X Current
Interest.

         Cut-off Date:  June 1, 2003.

         Cut-off Date Principal Balance: As to any Mortgage Loan, the unpaid
principal balance thereof as of the close of business on the calendar day
immediately preceding the Cut-off Date after application of all payments of
principal due on or prior to the Cut-off Date, whether or not received, and all
Principal Prepayments received prior to the Cut-off Date, but without giving
effect to any installments of principal received in respect of Due Dates on and
after the Cut-off Date.

         Definitive Certificates:  As defined in Section 5.06.

         Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced by a
Replacement Mortgage Loan.

         Delinquent: A Mortgage Loan is "delinquent" if any payment due thereon
is not made pursuant to the terms of such Mortgage Loan by the close of business
on the day such payment is scheduled to be due. A Mortgage Loan is "30 days
delinquent" if such payment has not been received by the close of business on
the corresponding day of the month immediately succeeding the month in which
such payment was due, or, if there is no such corresponding day (e.g., as when a
30-day month follows a 31-day month in which a payment was due on the 31st day
of such month), then on the last day of such immediately succeeding month.
Similarly for "60 days delinquent," "90 days delinquent" and so on.

         Denomination: With respect to each Certificate, the amount set forth on
the face thereof as the "Initial Principal Balance of this Certificate."

         Depositor: Merrill Lynch Mortgage Investors, Inc., a Delaware
corporation, or its successor in interest.

         Depository: The initial Depository shall be The Depository Trust
Company ("DTC"), the nominee of which is Cede & Co., or any other organization
registered as a "clearing agency" pursuant to Section 17A of the Securities
Exchange Act of 1934, as amended. The Depository shall initially be the
registered Holder of the Book-Entry Certificates. The Depository shall at all
times be a "clearing corporation" as defined in Section 8-102(3) of the Uniform
Commercial Code of the State of New York.

         Depository Agreement: With respect to Classes of Book-Entry
Certificates, the agreement between the Trustee and the initial Depository.

                                      -28-
<PAGE>
         Depository Participant: A broker, dealer, bank or other financial
institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.

         Designated Transaction: For Certificates transferred on or after August
23, 2000, a transaction in which the assets underlying the Certificates consist
of single-family residential, multi-family residential, home equity,
manufactured housing and/or commercial mortgage obligations that are secured by
single-family residential, multi-family residential, commercial real property or
leasehold interests therein.

         Determination Date: With respect to any Distribution Date, the 15th day
of the month of such Distribution Date or, if such 15th day is not a Business
Day, the immediately preceding Business Day.

         Disqualified Organization: (1) the United States, any state or
political subdivision thereof, any foreign government, any international
organization, or any agency or instrumentality of any of the foregoing, (2) any
organization (other than a cooperative described in Section 521 of the Code)
which is exempt from tax under Chapter 1 of Subtitle A of the Code unless such
organization is subject to the tax imposed by Section 511 of the Code and (3)
any organization described in Section 1381(a)(2)(C) of the Code.

         Distribution Date: The 25th day of each calendar month after the
initial issuance of the Certificates, or if such 25th day is not a Business Day,
the next succeeding Business Day, commencing in July 2003.

         Due Date: With respect to any Distribution Date and any Mortgage Loan,
the day during the related Due Period on which a Scheduled Payment is due.

         Due Period: With respect to any Distribution Date, the period beginning
on the second day of the calendar month preceding the calendar month in which
such Distribution Date occurs (or, in the case of the first Distribution Date,
beginning on the Cut-off Date) and ending on the first day of the month in which
such Distribution Date occurs.

         Eligible Account: An account that is (1) maintained with a depository
institution the long-term unsecured debt obligations of which are rated by each
Rating Agency in one of its two highest rating categories, or (2) maintained
with the corporate trust department of a bank which (A) has a rating of at least
Baa3 or P-3 by Moody's and (B) is either the Depositor or the corporate trust
department of a national bank or banking corporation which has a rating of at
least A-1 by S&P or F1 by Fitch, or (iii) an account or accounts the deposits in
which are fully insured by the FDIC, or (iv) an account or accounts, acceptable
to each Rating Agency without reduction or withdrawal of the rating of any Class
of Certificates, as evidenced in writing, by a depository institution in which
such accounts are insured by the FDIC (to the limit established by the FDIC),
the uninsured deposits in which accounts are otherwise secured such that, as
evidenced by an Opinion of Counsel delivered to and acceptable to the Trustee,
the NIMs Insurer and each Rating Agency, the Certificateholders have a claim
with respect to the funds in such account and 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 (v) maintained at an eligible institution whose commercial paper,
short-term debt or other short-term deposits are rated at least A-1+ by S&P and
F-1+ by Fitch, or (vi) maintained with a federal or state chartered depository
institution the deposits in which are insured by the FDIC to the applicable
limits and the short-term unsecured debt obligations of which (or, in the case
of a depository institution that is a subsidiary of a holding company, the
short-term unsecured debt obligations of such holding company) are rated A-1 by
S&P or Fitch or Prime-1 by Moody's at the time any deposits are held on deposit
therein, or (vii) otherwise acceptable to

                                      -29-
<PAGE>
each Rating Agency, as evidenced by a letter from each Rating Agency to the
Trustee and the NIMs Insurer.

         ERISA: The Employee Retirement Income Security Act of 1974, including
any successor or amendatory provisions.

         ERISA Restricted Certificate: The Class C, Class P and Class R
Certificate and any other Certificate, unless such other Certificate shall have
received a rating from a Rating Agency at the time of a transfer of such other
Certificate that is in one of the three (or in the case of Designated
Transactions, four) highest generic rating categories.

         Event of Default:  As defined in Section 7.01 hereof.

         Excess Interest: On any Distribution Date, for the Class A
Certificates, Class R Certificate, Class M-1 Certificates, Class M-2
Certificates, Class B-1 Certificates and Class B-2 Certificates, the excess, if
any, of (1) the amount of interest such Class of Certificates is entitled to
receive on such Distribution Date at its Pass-Through Rate over (2) the amount
of interest such Class of Certificates would have been entitled to receive on
such Distribution Date had the Pass-Through Rate for such Class been the REMIC
Pass-Through Rate.

         Excess Proceeds: With respect to any Liquidated Loan, any Liquidation
Proceeds that are in excess of the sum of (1) the unpaid principal balance of
such Liquidated Loan as of the date of such liquidation plus (2) interest at the
Mortgage Rate from the Due Date as to which interest was last paid or advanced
to Certificateholders (and not reimbursed to the Servicer) up to the Due Date in
the month in which such Liquidation Proceeds are required to be distributed on
the unpaid principal balance of such Liquidated Loan outstanding during each Due
Period as to which such interest was not paid or advanced.

         Exchange Act:  The Securities Exchange Act of 1934, as amended.

         Existing Servicing Agreement: The Sub-Servicing Agreement between
Merrill Lynch Mortgage Lending, Inc., as Owner and Litton Loan Servicing LP, as
Servicer, dated as of September 1, 2002, as at any time amended and in effect.

         Extra Principal Distribution Amount: With respect to any Distribution
Date, (1) prior to the Stepdown Date, the excess of (A) the sum of (i) the
Aggregate Certificate Principal Balance immediately preceding such Distribution
Date reduced by the Principal Funds with respect to such Distribution Date and
(ii) $5,684,713.69 (or $7,674,363.49 in the event a Stepup Trigger Event has
occurred) over (B) the Pool Stated Principal Balance of the Mortgage Loans as of
such Distribution Date and (2) on and after the Stepdown Date, (A) the sum of
(i) the Aggregate Certificate Principal Balance immediately preceding such
Distribution Date, reduced by the Principal Funds with respect to such
Distribution Date and (ii) the greater of (a) 4.00% (or 5.40% in the event a
Stepup Trigger Event has occurred) of the Pool Stated Principal Balances of the
Mortgage Loans and (b) $1,421,178.42 less (B) the Pool Stated Principal Balance
of the Mortgage Loans as of such Distribution Date; provided, however, that if
on any Distribution Date a Stepdown Trigger Event is in effect, the Extra
Principal Distribution Amount will not be reduced to the applicable percentage
of the then-current Stated Principal Balance of the Mortgage Loans as of the Due
Date immediately prior to the Stepdown Trigger Event, i.e., if a Stepup Trigger
Event is in effect at such time, 5.40%, otherwise 4.00%) until the next
Distribution Date on which the Trigger Event is not in effect. Notwithstanding
the foregoing, the Extra Principal Distribution amount will be zero for each
Distribution Date up to and including the Distribution Date in October 2003.

         Fannie Mae: A federally chartered and privately owned corporation
organized and existing under the Federal National Mortgage Association Charter
Act, or any successor thereto.

                                      -30-
<PAGE>
         FDIC: The Federal Deposit Insurance Corporation, or any successor
thereto.

         FIFO:  As defined in Section 10.14(e).

         Fitch:  Fitch, Inc., or its successor in interest.

         Fixed Rate Mortgage Loan: A Mortgage Loan identified in the Mortgage
Loan Schedule as having a Mortgage Rate which is fixed.

         Floating Rate Certificate Carryover: With respect ot a Distribution
Date, in the event that the Pass-Through Rate for a class of Offered
Certificates is based upon the Available Funds Cap, the excess of (x) the amount
of interest that such class would have been entitled to receive on such
Distribution Date had the Pass-Through Rate for that class not been calculated
based on the Available Funds Cap, up to but not exceeding the Maximum Rate Cap
over (y) the amount of interest such class actually received on such
Distribution Date based on the Available Funds Cap, up to but not exceeding the
Maximum Rate Cap, together with the unpaid portion of any such excess from prior
Distribution Dates (and interest accrued thereon at the then applicable
Pass-Through Rate for such class, without giving effect to the Available Funds
Cap).

         Freddie Mac: 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.

         Grantor Trusts:  The grantor trusts described in Section 2.07 hereof.

         Gross Margin: The percentage set forth in the related Mortgage Note for
each of the Adjustable Rate Mortgage Loans which is to be added to the
applicable index for use in determining the Mortgage Rate on each Adjustment
Date, and which is set forth in the Mortgage Loan Schedule for each Adjustable
Rate Mortgage Loan.

         Indenture: An indenture relating to the issuance of notes guaranteed by
the NIMs Insurer.

         Initial Adjustment Date: As to any Adjustable Rate Mortgage Loan, the
first Adjustment Date following the origination of such Mortgage Loan.

         Initial Certificate Principal Balance: With respect to any Certificate
(other than the Class S, Class P and Class X Certificates), the Certificate
Principal Balance of such Certificate or any predecessor Certificate on the
Closing Date as set forth in Section 5.01 hereof.

         Initial Mortgage Rate: As to each Mortgage Loan, the Mortgage Rate in
effect prior to the Initial Adjustment Date.

         Insurance Policy: With respect to any Mortgage Loan included in the
Trust Fund, any insurance policy, including all riders and endorsements thereto
in effect with respect to such Mortgage Loan, including any replacement policy
or policies for any insurance policies.

         Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans
pursuant to any Insurance Policy or any other insurance policy covering a
Mortgage Loan, to the extent such proceeds are payable to the mortgagee under
the Mortgage, the Servicer or the trustee under the deed of trust and are not
applied to the restoration of the related Mortgaged Property or released to the
Mortgagor in accordance with the procedures that the Servicer would follow in
servicing mortgage loans held for its own account, in each case other than any
amount included in such Insurance Proceeds in respect of Insured Expenses.

                                      -31-
<PAGE>
         Insured Expenses: Expenses covered by an Insurance Policy or any other
insurance policy with respect to the Mortgage Loans.

         Interest Carryforward Amount: Any of the Class A Interest Carryforward
Amount, the Class R Interest Carryforward Amount, the Class M-1 Interest
Carryforward Amount, the Class M-2 Interest Carryforward Amount, the Class B-1
Interest Carryforward Amount or the Class B-2 Interest Carryforward Amount, as
the case may be.

         Interest Carryover Amount: Any of the Class A Interest Carryover
Amount, the Class R Interest Carryover Amount, the Class M-1 Interest Carryover
Amount, the Class M-2 Interest Carryover Amount, the Class B-1 Interest
Carryover Amount, the Class B-2 Interest Carryover Amount, as the case may be.

         Interest Determination Date: With respect to the Certificates, for any
Accrual Period, the second LIBOR Business Day preceding the commencement of such
Accrual Period.

         Interest Funds: With respect to any Distribution Date, the sum, without
duplication, of (1) all scheduled interest due during the related Due Period and
received before the related Servicer Remittance Date or advanced on or before
the related Servicer Remittance Date less the Servicing Fee and the Credit Risk
Manager Fee, (2) all Advances relating to interest with respect to the Mortgage
Loans, (3) all Compensating Interest with respect to the Mortgage Loans, (4)
Liquidation Proceeds with respect to the Mortgage Loans (to the extent such
Liquidation Proceeds relate to interest) collected during the related Prepayment
Period, (5) proceeds of any purchase pursuant to Sections 2.02, 2.03 or 9.01 (to
the extent such proceeds relate to interest) and (6) prepayment penalties
received with respect to the Mortgage Loans during the related Prepayment
Period, less (A) all Non-Recoverable Advances relating to interest and (B) other
amounts reimbursable to the Servicer and the Trustee pursuant to this Agreement
and allocable to interest.

         Latest Possible Maturity Date: The first Distribution Date following
the third anniversary of the scheduled maturity date of the Mortgage Loan in the
Trust Fund having the latest scheduled maturity date as of the Cut-off Date.

         Lender:  As defined in Section 10.14(a).

         LIBOR Business Day: Any day on which banks in the City of London,
England and New York City, U.S.A. are open and conducting transactions in
foreign currency and exchange.

         Liquidated Loan: With respect to any Distribution Date, a defaulted
Mortgage Loan that has been liquidated through deed-in-lieu of foreclosure,
foreclosure sale, trustee's sale or other realization as provided by applicable
law governing the real property subject to the related Mortgage and any security
agreements and as to which the Servicer has certified (in accordance with
Section 3.12) in the related Prepayment Period that it has received all amounts
it expects to receive in connection with such liquidation.

         Liquidation Proceeds: Amounts, including Insurance Proceeds, received
in connection with the partial or complete liquidation of Mortgage Loans,
whether through trustee's sale, foreclosure sale, sale by the Servicer pursuant
to this Agreement or otherwise or amounts received in connection with any
condemnation or partial release of a Mortgaged Property and any other proceeds
received in connection with an REO Property, less the sum of related
unreimbursed Advances, Servicing Fees, Servicing Advances and any other expenses
related to such Mortgage Loan.

         Loan-to-Value Ratio: With respect to any Mortgage Loan, the fraction,
expressed as a percentage, the numerator of which is the original principal
balance of the related Mortgage Loan and the

                                      -32-
<PAGE>
denominator of which is the lesser of (x) the Appraised Value of the related
Mortgaged Property and (y) the sales price of the related Mortgaged Property at
the time of origination.

         Losses: Any losses, claims, damages, liabilities or expenses
collectively.

         Maximum Mortgage Rate: With respect to each Adjustable Rate Mortgage
Loan, the maximum rate of interest set forth as such in the related Mortgage
Note and with respect to each Fixed Rate Mortgage Loan, the rate of interest set
forth in the related Mortgage Note.

         MERS: Mortgage Electronic Registration Systems, Inc., a corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

         MERS Loan: Any Mortgage Loan registered with MERS on the MERS System.

         MERS System: The system of recording transfers of mortgage
electronically maintained by MERS.

         MIN:  The loan number for any MERS Loan.

         Minimum Mortgage Rate: With respect to each Adjustable Rate Mortgage
Loan, the minimum rate of interest set forth as such in the related Mortgage
Note.

         Monthly Statement: The statement delivered to the Certificateholders
pursuant to Section 4.05.

         Moody's:  Moody's Investors Service, Inc. or its successor in interest.

         MOM Loan: Any Mortgage Loan as to which MERS is acting as mortgagee,
solely as nominee for the originator of such Mortgage Loan and its successors
and assigns.

         Mortgage: With respect to a Mortgage Loan, the mortgage, deed of trust
or other instrument creating a first lien or a first priority ownership interest
in an estate in fee simple in real property securing a Mortgage Note.

         Mortgage File: The mortgage documents listed in Section 2.01 hereof
pertaining to a particular Mortgage Loan and any additional documents delivered
to the Trustee 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 the provisions hereof as from time to time are held as a
part of the Trust Fund (including any REO Property), the mortgage loans so held
being identified in the Mortgage Loan Schedule, notwithstanding foreclosure or
other acquisition of title of the related Mortgaged Property. Any mortgage loan
that was intended by the parties hereto to be transferred to the Trust Fund as
indicated by such Mortgage Loan Schedule which is in fact not so transferred for
any reason shall continue to be a Mortgage Loan hereunder until the Purchase
Price with respect thereto has been paid to the Trust Fund.

         Mortgage Loan Schedule: The lists of Mortgage Loans (as from time to
time amended by the Seller to reflect the deletion of Deleted Mortgage Loans and
the addition of Replacement Mortgage Loans pursuant to the provisions of this
Agreement) transferred to the Trustee as part of the Trust Fund and from time to
time subject to this Agreement, attached hereto as Exhibit B, setting forth the
following information with respect to each Mortgage Loan:

         (i)      the loan number;

                                      -33-
<PAGE>
         (ii)     the unpaid principal balance of the Mortgage Loans;

         (iii)    the Initial Mortgage Rate;

         (iv)     the maturity date and the months remaining before maturity
                  date;

         (v)      the original principal balance;

         (vi)     the Cut-off Date Principal Balance;

         (vii)    the first payment date of the Mortgage Loan;

         (viii)   the Loan-to-Value Ratio at origination with respect to a first
                  lien Mortgage Loan, or the Combined Loan-to-Value Ratio with
                  respect to a second lien Mortgage Loan;

         (ix)     a code indicating whether the residential dwelling at the time
                  of origination was represented to be owner-occupied;

         (x)      a code indicating the property type;

         (xi)     with respect to each Adjustable Rate Mortgage Loan;

                  (a)      the frequency of each Adjustment Date;

                  (b)      the next Adjustment Date;

                  (c)      the Maximum Mortgage Rate;

                  (d)      the Minimum Mortgage Rate;

                  (e)      the Mortgage Rate as of the Cut-off Date;

                  (f)      the related Periodic Rate Cap;

                  (g)      the Gross Margin;

         (xii)    location of the related Mortgaged Property; and

         (xiii)   a code indicating whether a prepayment penalty is applicable
                  and, if so, the term of such prepayment penalty.

         Mortgage Note: The original executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan
and all amendments, modifications and attachments thereto.

         Mortgage Pool: The aggregate of the Mortgage Loans identified in the
Mortgage Loan Schedule.

         Mortgage Rate: The annual rate of interest borne by a Mortgage Note
from time to time.

         Mortgaged Property: The underlying property securing a Mortgage Loan.

         Mortgagor: The obligor on a Mortgage Note.

                                      -34-
<PAGE>
         Net Mortgage Rate: As to each Mortgage Loan, and at any time, the per
annum rate equal to the then current Mortgage Rate less the sum of (1) the
Servicing Fee Rate and (2) the Credit Risk Manager Fee Rate.

         Net Rate: With respect to any Distribution Date, the weighted average
Net Mortgage Rate for Mortgage Loans calculated based on the Net Mortgage Rates
and the Stated Principal Balance of such Mortgage Loans as of the related Due
Period.

         NIM Notes:  The notes to be issued pursuant to the Indenture.

         NIMs Insurer: Any of the one or more insurers that is guaranteeing
certain payments under any NIM Notes.

         NIMs Insurer Default: A default by each of the NIMs Insurers as such
default is defined in the Indenture.

         Non-Recoverable Advance: Any portion of an Advance previously made or
proposed to be made by the Servicer that, in the good faith judgment of the
Servicer, will not or, in the case of a current delinquency, would not, be
ultimately recoverable by the Servicer from the related Mortgagor, related
Liquidation Proceeds or otherwise with respect to the related Mortgage Loan.

         Non-Recoverable Servicing Advance: Any portion of a Servicing Advance
previously made or proposed to be made by the Servicer that, in the good faith
judgment of the Servicer, will not or, in the case of a current Servicing
Advance, would not, be ultimately recoverable by the Servicer from the related
Mortgagor, related Liquidation Proceeds or otherwise with respect to the related
Mortgage Loan.

         Non-Supported Interest Shortfall:  As defined in Section 4.02.

         Offered Certificates: The Class A, Class S, Class X, Class M-1, Class
M-2, Class B-1, Class B-2 and Class R Certificate.

         Officer's Certificate: A certificate (1) signed by the Chairman of the
Board, the Vice Chairman of the Board, the President, a vice president (however
denominated), an Assistant Vice President, the Treasurer, the Secretary, or one
of the assistant treasurers or assistant secretaries of the Depositor, the
Servicer (or any other officer customarily performing functions similar to those
performed by any of the above designated officers and also to whom, with respect
to a particular matter, such matter is referred because of such officer's
knowledge of and familiarity with a particular subject) or (2), if provided for
in this Agreement, signed by a Servicing Officer, as the case may be, and
delivered to the Depositor, the Servicer or the Trustee, as the case may be, as
required by this Agreement.

         One-Month LIBOR: With respect to any Accrual Period, the rate
determined by the Trustee on the related Interest Determination Date on the
basis of (a) the offered rates for one-month United States dollar deposits, as
such rates appear on Telerate page 3750, as of 11:00 a.m. (London time) on such
Interest Determination Date or (b) if such rate does not appear on Telerate Page
3750 as of 11:00 a.m. (London time), the offered rates of the Reference Banks
for one-month United States dollar deposits, as such rates appear on the Reuters
Screen LIBO Page, as of 11:00 a.m. (London time) on such Interest Determination
Date. If One-Month LIBOR is determined pursuant to clause (b) above, on each
Interest Determination Date, One-Month LIBOR for the related Accrual Period will
be established by the Trustee as follows:

         (i)      If on such Interest Determination Date two or more Reference
                  Banks provide such offered quotations, One-Month LIBOR for the
                  related

                                      -35-
<PAGE>
                  Accrual Period shall be the arithmetic mean of such offered
                  quotations (rounded upwards if necessary to the nearest whole
                  multiple of 0.03125%).

         (ii)     If on such Interest Determination Date fewer than two
                  Reference Banks provide such offered quotations, One-Month
                  LIBOR for the related Accrual Period shall be the higher of
                  (i) One-Month LIBOR as determined on the previous Interest
                  Determination Date and (ii) the Reserve Interest Rate.

         Opinion of Counsel: A written opinion of counsel, who may be counsel
for the Depositor or the Servicer, reasonably acceptable to each addressee of
such opinion; provided, however, that with respect to Section 6.04 or 10.01, or
the interpretation or application of the REMIC Provisions, such counsel must (1)
in fact be independent of the Depositor and the Servicer, (2) not have any
direct financial interest in the Depositor or the Servicer or in any affiliate
of either, and (3) not be connected with the Depositor or the Servicer as an
officer, employee, promoter, underwriter, trustee, partner, director or person
performing similar functions.

         Optional Termination: The termination of the Trust Fund hereunder
pursuant to Section 9.01(a)(i) hereof.

         Optional Termination Amount: The repurchase price received by the
Trustee in connection with any repurchase of all of the Mortgage Loans pursuant
to Section 9.01(a).

         Optional Termination Date: The Distribution Date on which the aggregate
Stated Principal Balance of the Mortgage Loans is equal to or less than 10% of
the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
Date.

         Optional Termination Price: (1) in the case of an Optional Termination
effected by the Trustee, as of any Distribution Date on or after the Optional
Termination Date, an amount equal to the sum of (A) aggregate Outstanding
Principal Balance of the Certificates, plus accrued interest thereon, (B) any
unreimbursed out-of-pocket costs and expenses owed to the Trustee (including any
costs and expenses incurred in connection with the Optional Termination) or the
Servicer and any unreimbursed Servicing Fees, Advances and Servicing Advances,
(C) all interest accrued on, as well as amounts necessary to retire the
principal balance of, the notes guaranteed by the NIMs Insurer, (D) any and all
amounts owed to the NIMs Insurer at the time the option is exercised and (E) any
costs and damages incurred by the Trust Fund (or the Trustee on behalf of the
Trust Fund) in connection with any violation of any anti-predatory or
anti-abusive lending laws; or (2) in the case of an Optional Termination
effected by the NIMs Insurer, an amount equal to the greater of (A) aggregate
Outstanding Principal Balance of the Offered Certificates, plus accrued interest
thereon, any unreimbursed out-of-pocket costs and expenses owed to the Trustee
or the Servicer and any unreimbursed Servicing Fees, Advance and Servicing
Advances, (B) 100% of the Stated Principal Balance of each Mortgage Loan (other
than in respect of REO Property), accrued interest thereon at the applicable
Mortgage Rate, the appraised value of any REO Property (up to the Stated
Principal Balance of the related Mortgage Loan), such appraisal to be conducted
by an appraiser mutually agreed upon by the Depositor and the NIMs Insurer and
any unreimbursed out-of-pocket costs and expenses owed to the Servicer and the
Trustee and any unreimbursed Servicing Fees, Advance and Servicing Advances and
(C) any costs and damages incurred by the Trust Fund (or the Trustee on behalf
of the Trust Fund) in connection with any violation of any anti-predatory or
anti-abusive lending laws.

         OTS:  The Office of Thrift Supervision.

                                      -36-
<PAGE>
         Outstanding: With respect to the Certificates as of any date of
determination, all Certificates theretofore executed and authenticated under
this Agreement except: (1) Certificates theretofore canceled by the Trustee or
delivered to the Trustee for cancellation; and (2) Certificates in exchange for
which or in lieu of which other Certificates have been executed by the Trustee
and delivered by the Trustee pursuant to this Agreement.

         Outstanding Mortgage Loan: As of any Distribution Date, a Mortgage Loan
with a Stated Principal Balance greater than zero that was not the subject of a
Principal Prepayment in full, and that did not become a Liquidated Loan, prior
to the end of the related Due Period.

         Overcollateralization Amount: As of any date of determination, the
excess of (1) the Stated Principal Balance of the Mortgage Loans over (2) the
Certificate Principal Balance of the Certificates (other than the Class P
Certificates and the Class C Certificates).

         Ownership Interest: As to any Certificate, any ownership 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.

         Pass Through Margin: For any Class of Offered Certificates, the Class A
Margin, the Class M-1 Margin, the Class M-2 Margin, the Class B-1 Margin, the
Class M-2 Margin and the Class R Margin.

         Pass-Through Rate: With respect to the Class A Certificates, the Class
A Pass-Through Rate; with respect to the Class M-1 Certificates, the Class M-1
Pass-Through Rate; with respect to the Class M-2 Certificates, the Class M-2
Pass-Through Rate; with respect to the Class B-1 Certificates, the Class B-1
Pass-Through Rate; with respect to the Class B-2 Certificates, the Class B-2
Pass-Through Rate; with respect to the Class S Certificates, the Class S
Pass-Through Rate; with respect to the Class X Certificates, 0.65% per annum;
and, with respect to the Class R Certificate, the Class R Pass-Through Rate.

         Percentage Interest:  With respect to:

                  (i)      any Class, the percentage interest in the undivided
                           beneficial ownership interest evidenced by such Class
                           which shall be equal to the Class Certificate
                           Principal Balance of such Class divided by the Class
                           Principal Balance of all Classes; and

                  (ii)     any Certificate, the Percentage Interest evidenced
                           thereby of the related Class shall equal the
                           percentage obtained by dividing the Denomination of
                           such Certificate by the aggregate of the
                           Denominations of all Certificates of such Class;
                           except that in the case of any Class P Certificates,
                           the Percentage Interest with respect to such
                           Certificate shown on the face of such Certificate.

         Periodic Rate Cap: As to each Adjustable Rate Mortgage Loan and the
related Mortgage Note, the provision therein that limits permissible increases
and decreases in the Mortgage Rate on any Adjustment Date.

         Permitted Activities: The primary activities of the trust created
pursuant to this Agreement which shall be:

                  (iii)    holding Mortgage Loans transferred from the Depositor
                           and other assets of the Trust Fund, including the Cap
                           Contract and any credit

                                      -37-
<PAGE>
                           enhancement and passive derivative financial
                           instruments that pertain to beneficial interests
                           issued or sold to parties other than the Depositor,
                           its Affiliates, or its agents;

                  (iv)     issuing Certificates and other interests in the
                           assets of the Trust Fund;

                  (v)      receiving collections on the Mortgage Loans and the
                           Cap Contract and making payments on such Certificates
                           and interests in accordance with the terms of this
                           Agreement; and

                  (vi)     engaging in other activities that are necessary or
                           incidental to accomplish these limited purposes,
                           which activities cannot be contrary to the status of
                           the Trust Fund as a qualified special purpose entity
                           under existing accounting literature.

         Permitted Investments: At any time, any one or more of the following
obligations and securities:

                  (vii)    obligations of the United States or any agency
                           thereof, provided such obligations are backed by the
                           full faith and credit of the United States;

                  (viii)   general obligations of or obligations guaranteed by
                           any state of the United States or the District of
                           Columbia receiving the highest long-term debt rating
                           of each Rating Agency rating the Certificates;

                  (ix)     commercial or finance company paper, other than
                           commercial or finance company paper issued by the
                           Depositor, the Trustee or any of its Affiliates,
                           which is then receiving the highest commercial or
                           finance company paper rating of each such Rating
                           Agency;

                  (x)      certificates of deposit, demand or time deposits, or
                           bankers' acceptances (other than banker's acceptances
                           issued by the Trustee or any of its Affiliates)
                           issued by any depository institution or trust company
                           incorporated under the laws of the United States or
                           of any state thereof and subject to supervision and
                           examination by federal and/or state banking
                           authorities, provided that the commercial paper
                           and/or long term unsecured debt obligations of such
                           depository institution or trust company are then
                           rated one of the two highest long-term and the
                           highest short-term ratings of each such Rating Agency
                           for such securities;

                  (xi)     demand or time deposits or certificates of deposit
                           issued by any bank or trust company or savings
                           institution to the extent that such deposits are
                           fully insured by the FDIC;

                  (xii)    guaranteed reinvestment agreements issued by any
                           bank, insurance company or other corporation rated in
                           the two highest long-term or the highest short-term
                           ratings of each Rating Agency containing, at the time
                           of the issuance of such agreements, such terms and
                           conditions as will not result in the downgrading or
                           withdrawal of the rating then assigned to the
                           Certificates by any such Rating Agency as evidenced
                           by a letter from each Rating Agency;

                                      -38-
<PAGE>
                  (xiii)   repurchase obligations with respect to any security
                           described in clauses (i) and (ii) above, in either
                           case entered into with a depository institution or
                           trust company (acting as principal) described in
                           clause (v) above;

                  (xiv)    securities (other than stripped bonds, stripped
                           coupons or instruments sold at a purchase price in
                           excess of 115% of the face amount thereof) bearing
                           interest or sold at a discount issued by any
                           corporation, other than the Trustee or any of its
                           Affiliates, incorporated under the laws of the United
                           States or any state thereof which, at the time of
                           such investment, have one of the two highest long
                           term ratings of each Rating Agency;

                  (xv)     interests in any money market fund (including those
                           managed or advised by the Trustee or its affiliates)
                           which at the date of acquisition of the interests in
                           such fund and throughout the time such interests are
                           held in such fund has the highest applicable long
                           term rating by each such Rating Agency; and

                  (xvi)    short term investment funds sponsored by any trust
                           company or national banking association incorporated
                           under the laws of the United States or any state
                           thereof, other than the Trustee or any of its
                           Affiliates, which on the date of acquisition has been
                           rated by each such Rating Agency in their respective
                           highest applicable rating category;

provided, that no such instrument shall be a Permitted Investment if such
instrument (i) evidences the right to receive interest only payments with
respect to the obligations underlying such instrument, (ii) is purchased at a
premium or above par or (iii) is purchased at a deep discount; provided,
further, that no such instrument shall be a Permitted Investment (A) if such
instrument evidences principal and interest payments derived from obligations
underlying such instrument and the interest payments with respect to such
instrument provide a yield to maturity of greater than 120% of the yield to
maturity at par of such underlying obligations, or (B) if it may be redeemed at
a price below the purchase price (the foregoing clause (B) not to apply to
investments in units of money market funds pursuant to clause (ix) above); and
provided, further, (I) that no amount beneficially owned by any REMIC
(including, without limitation, any amounts collected by the Servicer but not
yet deposited in the Collection Account) may be invested in investments (other
than money market funds) treated as equity interests for Federal income tax
purposes, unless the Servicer and/or the Trustee, shall receive an Opinion of
Counsel acceptable to the Servicer and/or the Trustee, at the expense of the
party requesting that such investment be made, to the effect that such
investment will not adversely affect the status of the any REMIC provided for
herein as a REMIC under the Code or result in imposition of a tax on the Trust
Fund or any REMIC provided for herein and (II) any such investment must be a
"permitted investment" within the meaning of Section 860G(a)(5) of the Code.
Permitted Investments that are subject to prepayment or call may not be
purchased at a price in excess of par.

         Permitted Transferee: Any Person other than (i) the United States, any
State or political subdivision thereof, or any agency or instrumentality of any
of the foregoing, (ii) a foreign government, International Organization or any
agency or instrumentality of either of the foregoing, (iii) an organization
(except certain farmers' cooperatives described in section 521 of the Code) that
is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed
by section 511 of the Code on unrelated business taxable income) on any excess
inclusions (as defined in section 860E(c)(1) of the Code) with respect to a
Certificate, (iv) rural electric and telephone cooperatives described in section
1381(a)(2)(C) of the Code, and (v) a Person that is not a citizen or resident of
the United States, a

                                      -39-
<PAGE>
corporation or partnership (or other entity treated as a corporation or
partnership for United States federal income tax purposes) created or organized
in or under the laws of the United States or any State thereof or the District
of Columbia or an estate whose income from sources without the United States is
includable in gross income for United States federal income tax purposes
regardless of its connection with the conduct of a trade or business within the
United States, or 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, unless, in the case of this clause (v), such Person has furnished
the transferor, the Trustee with a duly completed Internal Revenue Service Form
W-8ECI or applicable successor form. The terms "United States," "State" and
"International Organization" shall have the meanings set forth in section 7701
of the Code. A corporation will not be treated as an instrumentality of the
United States or of any State thereof for these purposes if all of its
activities are subject to tax and, with the exception of the Federal Home Loan
Mortgage Corporation, a majority of its board of directors is not selected by
such government unit.

         Person: 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.

         Pool Stated Principal Balance: As to any Distribution Date, the
aggregate of the Stated Principal Balances, as of such Distribution Date, of the
Mortgage Loans that were Outstanding Mortgage Loans as of such date.

         Preference Claim:  The meaning set out in Section 4.04(m) hereof.

         Prepayment Assumption: A rate of prepayment, as described in the
Prospectus Supplement in the definition of "Modeling Assumptions," relating to
the Certificates.

         Prepayment Interest Shortfall: With respect to any Distribution Date,
for each Mortgage Loan that was the subject of a partial Principal Prepayment or
a Principal Prepayment in full (other than a Principal Prepayment in full
resulting from the purchase of a Mortgage Loan pursuant to Section 2.02, 2.03 or
9.01 hereof), the amount, if any, by which (i) one month's interest at the
applicable Net Mortgage Rate on the Stated Principal Balance of such Mortgage
Loan as of the preceding Distribution Date or in the case of a partial Principal
Prepayment on the amount of such prepayment exceeds (ii) the amount of interest
paid or collected in connection with such Principal Prepayment.

         Prepayment Period: As to any Distribution Date, the period beginning
with the opening of business on the first day of the calendar month preceding
the month in which such Distribution Date occurs and ending on the close of
business on the last day of such month.

         Principal Distribution Amount: With respect to each Distribution Date,
the sum of (i) the Principal Funds for such Distribution Date and (ii) any Extra
Principal Distribution Amount for such Distribution Date.

         Principal Funds: With respect to the Mortgage Loans and any
Distribution Date, the sum, without duplication, of (1) the scheduled principal
due during the related Due Period and received before the related Servicer
Remittance Date or advanced on or before the related Servicer Remittance Date,
(2) prepayments collected in the related Prepayment Period, (3) the Stated
Principal Balance of each Mortgage Loan that was purchased by the Depositor or
the Servicer during the related Prepayment Period or, in the case of a purchase
pursuant to Section 9.01, on the Business Day prior to such Distribution Date,
(4) the amount, if any, by which the aggregate unpaid principal balance of any
Replacement Mortgage Loan is less than the aggregate unpaid principal of the
related Deleted Mortgage Loans delivered by the Seller in connection with a
substitution of a Mortgage Loan pursuant to Section 2.03(c),

                                      -40-
<PAGE>
(5) all Liquidation Proceeds collected during the related Prepayment Period (to
the extent such Liquidation Proceeds related to principal) and (6) all other
collections and recoveries in respect of principal during the related Prepayment
Period less (A) all Non-Recoverable Advances relating to principal with respect
to the Mortgage Loans and (B) other amounts reimbursable to the Servicer and the
Trustee pursuant to this Agreement and allocable to principal.

         Principal Prepayment: Any Mortgagor payment or other recovery of (or
proceeds with respect to) principal on a Mortgage Loan (including Mortgage Loans
purchased or repurchased under Sections 2.02, 2.03, 3.12 and 9.01 hereof) that
is received in advance of its scheduled Due Date and is not accompanied by an
amount as to interest representing scheduled interest due on any date or dates
in any month or months subsequent to the month of prepayment. Partial Principal
Prepayments shall be applied by the Servicer in accordance with the terms of the
related Mortgage Note.

         Prospectus Supplement: The Prospectus Supplement dated June 24, 2003
relating to the public offering of the Class A, Class S, Class X, Class M-1,
Class M-2, Class R, Class B-1 and Class B-2 Certificates.

         PUD:  A Planned Unit Development.

         Purchase Price: With respect to any Mortgage Loan required to be
repurchased by the Seller, pursuant to Section 2.02 or 2.03 hereof, or purchased
by the Servicer pursuant to Section 3.12(c) hereof, an amount equal to the sum
of (i) 100% of the unpaid principal balance of the Mortgage Loan as of the date
of such purchase together with any unreimbursed Servicing Advances, (ii) accrued
interest thereon at the applicable Mortgage Rate from (a) the date through which
interest was last paid by the Mortgagor to (b) the Due Date in the month in
which the Purchase Price is to be distributed to Certificateholders and (iii)
any costs and damages incurred by the Trust Fund (or the Trustee on behalf of
the Trust Fund) in connection with any violation by the affected Mortgage Loan
of any anti-predatory or anti-abusive lending laws.

         Rating Agency: Any of Moody's, S&P and Fitch. If any such organization
or its successor is no longer in existence, "Rating Agency" shall be a
nationally recognized statistical rating organization, or other comparable
Person, designated by the Depositor, notice of which designation shall be given
to the Trustee. References herein to a given rating category of a Rating Agency
shall mean such rating category without giving effect to any modifiers.

         Realized Loss: With respect to (1) a Liquidated Loan, the amount, if
any, by which the Stated Principal Balance and accrued interest thereon at the
Net Mortgage Rate exceeds the amount actually recovered by the Servicer with
respect thereto (net of reimbursement of Advances and Servicing Advances) at the
time such Mortgage Loan became a Liquidated Loan or (2) with respect to a
Mortgage Loan which is not a Liquidated Loan, any amount of principal that the
Mortgagor is no longer legally required to pay (except for the extinguishment of
debt that results from the exercise of remedies due to default by the
Mortgagor).

         Record Date: With respect to any Distribution Date, the close of
business on the last Business Day of the month preceding the month in which the
applicable Distribution Date occurs.

         Reference Banks: Barclays Bank PLC, JPMorgan Chase Bank, Citibank,
N.A., and NatWest, N.A.; provided that if any of the foregoing banks are not
suitable to serve as a Reference Bank, then any leading banks selected by the
Trustee with the consent of the NIMs Insurer which are engaged in transactions
in Eurodollar deposits in the international Eurocurrency market (i) with an
established place of business in London, England and (ii) whose quotations
appear on the Reuters Screen LIBO Page on the relevant Interest Determination
Date.

                                      -41-
<PAGE>
         Regular Certificate: Any one of the Class A, Class S, Class X, Class
M-1, Class M-2, Class B-1 and Class B-2 Certificates.

         Related Certificates: With respect to the Class LT4-A Interest, the
Class A Certificates. With respect to the Class LT4-AR Interest, the Class R
Certificates. With respect to the Class LT4-B1 Interest, the Class B-1
Certificates. With respect to the Class LT4-B2 Interest, the Class B-2
Certificates. With respect to the Class LT4-M1 Interest, the Class M-1
Certificates. With respect to the Class LT4-M2 Interest, the Class M-2
Certificates.

         REMIC: A "real estate mortgage investment conduit" within the meaning
of section 860D of the Code. References herein to "the REMICs" or "a REMIC"
shall mean any of or, as the context requires, all of REMIC 1, REMIC 2, REMIC 3,
REMIC 4 and the Upper Tier REMIC.

         REMIC Pass-Through Rate: The Pass-Through Rate for a Class of
Certificates calculated by replacing "Available Funds Cap" in the definitions of
Class A Pass-Through Rate, Class M-1 Pass-Through Rate, Class M-2 Pass-Through
Rate, Class B-1 Pass-Through Rate, Class B-2 Pass-Through Rate and Class R
Pass-Through Rate in such definition with "Adjusted Net Rate."

         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
proposed, temporary and final regulations and published rulings, notices and
announcements promulgated thereunder, as the foregoing may be in effect from
time to time as well as provisions of applicable state laws.

         REMIC Regular Interests: (i) the rights under each of the Certificates
(other than the Class P Certificates, the Class R Certificate, and the Class C
Certificates) other than the rights in interest rate cap contracts described in
Section 2.07 and (ii) the Uncertificated Class C Interest.

         REMIC 1: As described in the Preliminary Statement and Section 2.07.

         REMIC 1 Interests: Each of the Class LT1-A1 Interest, the Class LT1-A2
Interest, the Class LT1-A3 Interest, the Class LT1-A4 Interest, the Class LT1-A5
Interest, the Class LT1-A6 Interest, the Class LT1-A7 Interest, the Class LT1-A8
Interest, the Class LT1-A9 Interest, the Class LT1-A10 Interest, the Class
LT1-A11 Interest, the Class LT1-A12 Interest, the Class LT1-A13 Interest, the
Class LT1-A14 Interest, the Class LT1-A15 Interest, the Class LT1-A16 Interest,
the Class LT1-A17 Interest, the Class LT1-A18 Interest, the Class LT1-A19
Interest, the Class LT1-A20 Interest, the Class LT1-A21 Interest, the Class
LT1-A22 Interest, the Class LT1-A23 Interest, the Class LT1-A24 Interest, the
Class LT1-A25 Interest and the Class LT1-R Interest.

         REMIC 1 Regular Interests: Each of the REMIC 1 Interests other than the
Class LT1-R Interest.

         REMIC 2: As described in the Preliminary Statement and Section 2.07.

         REMIC 2 Interests: Each of the Class LT2-A1 Interest, the Class LT2-A2
Interest, the Class LT2-A3 Interest, the Class LT2-A4 Interest, the Class LT2-A5
Interest, the Class LT2-A6 Interest, the Class LT2-A7 Interest, the Class LT2-A8
Interest, the Class LT2-A9 Interest, the Class LT2-A10 Interest, the Class
LT2-A11 Interest, the Class LT2-A12 Interest, the Class LT2-A13 Interest, the
Class LT2-A14 Interest, the Class LT2-A15 Interest, the Class LT2-A16 Interest,
the Class LT2-A17 Interest, the Class LT2-A18 Interest, the Class LT2-A19
Interest, the Class LT2-A20 Interest, the Class LT2-A21 Interest, the Class
LT2-A22 Interest, the Class LT2-A23 Interest, the Class LT2-A24 Interest, the
Class LT2-A25 Interest, each of the REMIC 2 IO Interests and the Class LT2-R
Interest.

                                      -42-
<PAGE>
         REMIC 2 IO Interests: Each of the Class LT2-IO1 Interest, the Class
LT2-IO2 Interest, the Class LT2-IO3 Interest, the Class LT2-IO4 Interest, the
Class LT2-IO5 Interest, the Class LT2-IO6 Interest, the Class LT2-IO7 Interest,
the Class LT2-IO8 Interest, the Class LT2-IO9 Interest, the Class LT2-IO10
Interest, the Class LT2-IO11 Interest, the Class LT2-IO12 Interest, the Class
LT2-IO13 Interest, the Class LT2-IO14 Interest, the Class LT2-IO15 Interest, the
Class LT2-IO16 Interest, the Class LT2-IO17 Interest, the Class LT2-IO18
Interest, the Class LT2-IO19 Interest, the Class LT2-IO20 Interest, the Class
LT2-IO21 Interest, the Class LT2-IO22 Interest, the Class LT2-IO23 Interest and
the Class LT2-IO24 Interest.

         REMIC 2 Regular Interests: Each of the REMIC 2 Interests other than the
Class LT2-R Interest.

         REMIC 3: As described in the Preliminary Statement and Section 2.07.

         REMIC 3 Interests: Each of the Class LT3-A Interest, the Class LT3-AR
Interest, the Class LT3-M1 Interest, the Class LT3-M2 Interest, the Class LT3-B1
Interest, the Class LT3-B2 Interest, the Class LT3-Z Interest and the Class
LT3-R Interest.

         REMIC 3 Marker Classes: Each of the classes of REMIC 3 Regular
Interests other than the Class LT3-Z Interests.

         REMIC 3 Regular Interests: Each of the REMIC 3 Interests other than the
Class LT3-R Interest.

         REMIC 4: As described in the Preliminary Statement and Section 2.07.

         REMIC 4 Interests: Each of the Class LT4-A Interest, the Class LT4-AR
Interest, the Class LT4-M1 Interest, the Class LT4-M2 Interest, the Class LT4-B1
Interest, the Class LT4-B2 Interest, the Class LT4-C Interest and the Class
LT4-R Interest.

         REMIC 4 Regular Interests: Each of the REMIC 4 Interests other than the
Class LT4-R Interest.

         REO Property: A Mortgaged Property acquired by the Servicer through
foreclosure or deed-in-lieu of foreclosure in connection with a defaulted
Mortgage Loan.

         Remittance Report:  The meaning specified in Section 4.04(1) hereof.

         Replacement Mortgage Loan: A Mortgage Loan substituted by the Depositor
for a Deleted Mortgage Loan, which must, on the date of such substitution, as
confirmed in a Request for Release, substantially in the form of Exhibit I (1)
have a Stated Principal Balance, after deduction of the principal portion of the
Scheduled Payment due in the month of substitution, not in excess of, and not
less than 90% of the Stated Principal Balance of the Deleted Mortgage Loan; (2)
with respect to any Fixed Rate Mortgage Loan, have a Mortgage Rate not less than
or no more than 1% per annum higher than the Mortgage Rate of the Deleted
Mortgage Loan and, with respect to any Adjustable Rate Mortgage Loan: (A) have a
Maximum Mortgage Rate no more than 1% per annum higher or lower than the Maximum
Mortgage Rate of the Deleted Mortgage Loan; (B) have a Minimum Mortgage Rate no
more than 1% per annum higher or lower than the Minimum Mortgage Rate of the
Deleted Mortgage Loan; (C) have the same index and Periodic Rate Cap as that of
the Deleted Mortgage Loan and a Gross Margin not more than 1% per annum higher
or lower than that of the Deleted Mortgage Loan; (D) not permit conversion of
the related Mortgage Rate to a fixed Mortgage Rate and (F) currently be accruing
interest at a rate not more than 1% per annum higher or lower than that of the
Deleted Mortgage Loan; (3) have a similar or higher FICO score or credit grade
than that of the Deleted Mortgage Loan; (4) have a Loan-to-Value Ratio (or
Combined Loan-to-Value Ratio, in the case of the Mortgage Loans in a second lien
position) no higher than that of the Deleted Mortgage Loan; (5) have a remaining
term to maturity no greater than (and

                                      -43-
<PAGE>
not more than one year less than) that of the Deleted Mortgage Loan; (6) provide
for a prepayment charge on terms substantially similar to those of the
prepayment charge, if any, of the Deleted Mortgage Loan; (7) have the same lien
priority as the Deleted Mortgage Loan; (8) constitute the same occupancy type as
the Deleted Mortgage Loan; and (9) comply with each representation and warranty
set forth in Section 2.03 hereof.

         Request for Release: The Request for Release of Documents submitted by
the Servicer to the Trustee, substantially in the form of Exhibit I hereto.

         Required Insurance Policy: With respect to any Mortgage Loan, any
insurance policy that is required to be maintained from time to time under this
Agreement.

         Required Percentage: Means on any Distribution Date following a
Stepdown Date, the quotient of (1) the excess of (A) the aggregate Stated
Principal Balance of the Mortgage Loans as of such Distribution Date, over (B)
the Certificate Principal Balance of the most senior Class of Certificates
outstanding as of such Distribution Date, prior to giving effect to
distributions to be made on such Distribution Date and (2) the aggregate Stated
Principal Balance of the Mortgage Loans as of such Distribution Date.

         Reserve Interest Rate: With respect to any Interest Determination Date,
the rate per annum that the Trustee determines to be (1) the arithmetic mean
(rounded upwards if necessary to the nearest whole multiple of 0.03125%) of the
one-month United States dollar lending rates which New York City banks selected
by the Trustee are quoting on the relevant Interest Determination Date to the
principal London offices of leading banks in the London interbank market or (2)
in the event that the Trustee can determine no such arithmetic mean, the lowest
one-month United States dollar lending rate which New York City banks selected
by the Trustee are quoting on such Interest Determination Date to leading
European banks.

         Residual Interest: An interest in the Upper Tier REMIC that is entitled
to all distributions of principal and interest (attributable to an interest rate
on the Class R Certificate that does not exceed the Adjusted Net Rate) on the
Class R Certificate and is entitled to all distributions on the Class R
Certificate other than (i) distributions in respect of the Class LT1-R Interest,
the Class LT2-R Interest, the Class LT3-R Interest or the Class LT4-R Interest
and (ii) distributions attributable to an interest rate on the Class R
Certificate that exceeds the Adjusted Net Rate.

         Responsible Officer: When used with respect to the Trustee or Servicer,
any officer of the Trustee or Servicer with direct responsibility for the
administration of this Agreement and also means any other officer to whom, with
respect to a particular matter, such matter is referred because of such
officer's knowledge of and familiarity with the particular subject.

         Reuters Screen LIBO Page: The display designated as page "LIBO" on the
Reuters Monitor Money Rates Service (or such other page as may replace such LIBO
page on that service for the purpose of displaying London interbank offered
rates of major banks.

         S&P: Standard & Poor's, A Division of The McGraw-Hill Companies, Inc.,
or its successor in interest.

         Sale Agreement: The Mortgage Loan Sale and Assignment Agreement dated
as of June 26, 2003 between the Depositor and the Seller.

         Scheduled Payment: The scheduled monthly payment on a Mortgage Loan due
on any Due Date allocable to principal and/or interest on such Mortgage Loan.

                                      -44-
<PAGE>
         Section 302 Requirements: Any rules or regulations promulgated pursuant
to the Sarbanes-Oxley Act of 2002 (as such may be amended from time to time).

         Securities Act:  The Securities Act of 1933, as amended.

         Seller: Merrill Lynch Mortgage Lending, Inc., a Delaware corporation,
or its successor in interest.

         Servicer: Litton Loan Servicing LP, a Delaware limited partnership, or
its successor in interest.

         Servicer Advance Date: As to any Distribution Date, the related
Servicer Remittance Date.

         Servicer Remittance Date: With respect to any Distribution Date, the
18th day (or if such day is not a Business Day, the next succeeding Business
Day) of the month in which the related Distribution Date occurs.

         Servicer's Assignee:  As defined in Section 10.14(a).

         Servicing Advances: All customary, reasonable and necessary "out of
pocket" costs and expenses incurred in the performance by the Servicer of its
servicing obligations hereunder, including, but not limited to, the cost of (1)
the preservation, restoration and protection of a Mortgaged Property, including
without limitation advances in respect of real estate taxes and assessments, (2)
any collection, enforcement or judicial proceedings, including without
limitation foreclosures, collections and liquidations, (3) the conservation,
management, sale and liquidation of any REO Property and (4) compliance with the
obligations under Section 3.10.

         Servicing Fee: As to each Mortgage Loan and any Distribution Date, an
amount equal to one month's interest at the Servicing Fee Rate on the Stated
Principal Balance of such Mortgage Loan as of the preceding Distribution Date
or, in the event of any payment of interest that accompanies a Principal
Prepayment in full made by the Mortgagor, interest at the Servicing Fee Rate on
the Stated Principal Balance of such Mortgage Loan as of the preceding
Distribution Date for the period covered by such payment of interest.

         Servicing Fee Rate:  0.50% per annum.

         Servicing Officer: Any officer of the Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and facsimile signature appear on a list of servicing officers furnished to
the Trustee by the Servicer on the Closing Date pursuant to this Agreement, as
such lists may from time to time be amended.

         Servicing Rights Pledgee: One or more lenders, selected by the
Servicer, to which the Servicer will pledge and assign all of its right, title
and interest in, to and under this Agreement, including Wachovia Bank, National
Association as the representative of certain lenders.

         Servicing Transfer Costs: In the event that the Servicer does not
reimburse the Trustee under the this Agreement, all costs associated with the
transfer of servicing from the predecessor Servicer, including, without
limitation, any costs or expenses associated with the termination of the
predecessor Servicer, the appointment of a successor servicer, the complete
transfer of all servicing data and the completion, correction or manipulation of
such servicing data as may be required by the Trustee or any successor servicer
to correct any errors or insufficiencies in the servicing data or otherwise to
enable the Trustee or successor servicer to service the Mortgage Loans property
and effectively.

                                      -45-
<PAGE>
         SFAS 140: Statement of Financial Accounting Standard No. 140,
Accounting for Transfers and Servicing of Financial Assets and Extinguishments
of Liabilities dated September 2000, published by the Financial Accounting
Standards Board of the Financial Accounting Foundation.

         SPV:  As defined in Section 10.14(a).

         Startup Date:  As defined in Section 2.07 hereof.

         Stated Principal Balance: With respect to any Mortgage Loan or related
REO Property (1) as of the Cut-off Date, the Cut-off Date Principal Balance
thereof, and (2) as of any Distribution Date, such Cut-off Date Principal
Balance, minus the sum of (A) the principal portion of the Scheduled Payments
(x) due with respect to such Mortgage Loan during each Due Period ending prior
to such Distribution Date and (y) that were received by the Servicer as of the
close of business on the Determination Date related to such Distribution Date or
with respect to which Advances were made on the Servicer Advance Date prior to
such Distribution Date and (B) all Principal Prepayments with respect to such
Mortgage Loan received on or prior to the last day of the related Prepayment
Period, and all Liquidation Proceeds to the extent applied by the Servicer as
recoveries of principal in accordance with Section 3.12 with respect to such
Mortgage Loan, that were received by the Servicer as of the close of business on
the last day of the related Due Period. Notwithstanding the foregoing, the
Stated Principal Balance of a Liquidated Loan shall be deemed to be zero.

         Stepdown Date: The later to occur of (1) the Distribution Date in July
2006 or (2) the first Distribution Date on which (A) the Class A Certificate
Principal Balance (reduced by the Principal Funds with respect to such
Distribution Date) is less than or equal to (B) 63.00% (61.60% in the event a
Stepup Trigger Event has occurred) of the aggregate Stated Principal Balance of
the Mortgage Loans as of such Distribution Date.

         Stepdown Required Loss Percentage: For any Distribution Date, the
applicable percentage for such Distribution Date set forth in the following
table:

<TABLE>
<CAPTION>
DISTRIBUTION DATE OCCURRING IN
REQUIRED LOSS PERCENTAGE               STEPDOWN REQUIRED LOSS PERCENTAGE
------------------------               ---------------------------------
<S>                                    <C>
July 2006 - June 2007                  3.00% with respect to July 2006,
                                       plus an additional 1/12th  of
                                       1.25% for each month thereafter

July 2007 - June 2008                  4.25% with respect to July 2007,
                                       plus an additional 1/12th  of
                                       1.50% for each month thereafter

July 2008 - June 2009                  5.75% with respect to July 2008,
                                       plus an additional 1/12th  of
                                       0.75% for each month thereafter

July 2009  and thereafter              6.50%
</TABLE>

         Stepdown Trigger Event: With respect to the Certificates after the
Stepdown Date, a Distribution Date on which (1) the quotient of (A) the
aggregate Stated Principal Balance of all Mortgage Loans that are 60 or more
days Delinquent (including, for purposes of this calculation, Mortgage Loans in
foreclosure and REO Properties) measured on a rolling three month basis and (B)
the aggregate Stated Principal Balance of the Mortgage Loans as of the last day
of the preceding calendar month equals or exceeds the product of (i) 42.50% and
(ii) Required Percentage or (2) the quotient (expressed as a

                                      -46-
<PAGE>
percentage) of (A) the aggregate Realized Losses incurred from the Cut-off Date
through the last day of the calendar month preceding such Distribution Date and
(B) the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date exceeds the Stepdown Required Loss Percentage.

         Stepup Required Loss Percentage: For any Distribution Date, the
applicable percentage for such Distribution Date set forth in the following
table:

<TABLE>
<CAPTION>
DISTRIBUTION DATE OCCURRING IN
REQUIRED LOSS PERCENTAGE               STEPUP REQUIRED LOSS PERCENTAGE
------------------------               -------------------------------
<S>                                    <C>
July 2005 - June 2006                  3.00%

July 2006 - June 2007                  3.00% with respect to July 2006,
                                       plus an additional 1/12th  of
                                       1.25% for each month thereafter

July 2007 - June 2007                  4.25% with respect to July 2007,
                                       plus an additional 1/12th  of
                                       1.50% for each month thereafter

July 2008 - June 2009                  5.75% with respect to July 2008,
                                       plus an additional 1/12th  of
                                       0.75% for each month thereafter

July 2009 and thereafter               6.50%
</TABLE>

         Stepup Trigger Event: With respect to any Distribution Date, the
situation that exists if the aggregate Realized Losses incurred from the Cut-off
Date through the last day of the calendar month preceding such Distribution Date
as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans
equals or exceeds the applicable Stepup Required Loss Percentage.

         Subordinated Certificates: The Class M-1, Class M-2, Class B-1 and
Class B-2 Certificates.

         Subservicing Agreement:  As defined in Section 3.02(a).

         Substitution Adjustment Amount: The meaning ascribed to such term
pursuant to Section 2.03(c).

         Tax Matters Person: The Person designated as "tax matters person" in
the manner provided under Treasury regulation Section 1.860F-4(d) and Treasury
regulation Section 301.6231(a)(7)-1.

         Transfer: Any direct or indirect transfer or sale of any Ownership
Interest in a Certificate.

         Trust Fund: The corpus of the trust (the "Specialty Underwriting and
Residential Finance Trust, Series 2003-BC2") created hereunder consisting of (i)
the Mortgage Loans and all interest and principal received on or with respect
thereto on and after the Cut-off Date to the extent not applied in computing the
Cut-off Date Principal Balance thereof, exclusive of interest not required to be
deposited in the Collection Account; (ii) the Collection Account and the
Certificate Account and all amounts deposited therein pursuant to the applicable
provisions of this Agreement; (iii) property that secured a Mortgage Loan and
has been acquired by foreclosure, deed in lieu of foreclosure or otherwise; (iv)
the mortgagee's rights under the Insurance Policies with respect to the Mortgage
Loans; and (v) all proceeds of the conversion, voluntary or involuntary, of any
of the foregoing into cash or other liquid property; and (vi) the Cap Contract
and Cap Contract Account.

                                      -47-
<PAGE>
      Trustee: JPMorgan Chase Bank, a New York banking corporation, not in its
individual capacity, but solely in its capacity as trustee for the benefit of
the Certificateholders under this Agreement, and any successor thereto, and any
corporation or national banking association resulting from or surviving any
consolidation or merger to which it or its successors may be a party and any
successor trustee as may from time to time be serving as successor trustee
hereunder.

      Uncertificated Class C Interest: An uncertificated interest having (i) the
same rights to payments as the Class C Certificates and (ii) the rights to the
payments treated as distributed to the Class C Certificates under Section
2.07(d); provided, however, that such interest shall have no obligation to make
any payments treated as paid by the Class C Certificates pursuant to interest
rate cap agreements under Section 2.07(d).

      USAP Report: A report in compliance with the Uniform Single Attestation
Program for Mortgage Bankers delivered in accordance with Section 3.18.

      Voting Rights: The portion of the voting rights of all the Certificates
that is allocated to any of the Certificates for purposes of the voting
provisions hereunder. Voting Rights allocated to each Class of Certificates
shall be allocated 95% to the Offered Certificates, 5% to the Class C and Class
P Certificates, with the allocation among the Offered Certificates to be in
proportion to the Class Certificate Principal Balance of each Class relative to
the Class Certificate Principal Balance of all other Classes. Voting Rights will
be allocated among the Certificates of each such Class in accordance with their
respective Percentage Interests.

      Weighted Maximum Rate Cap: As of any Distribution Date, a rate determined
by (A) dividing the interest that would have accrued at the maximum lifetime Net
Mortgage Rates on the Adjustable Rate Mortgage Loans and at the Net Mortgage
Rates on the Fixed Rate Mortgage Loans, less the Current Interest on the Class X
Certificates, by the aggregate principal amount of the Mortgage Loans, and (B)
multiplying the result by 12.

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                         REPRESENTATIONS AND WARRANTIES

      SECTION 2.01. Conveyance of Mortgage Loans

      The Depositor, concurrently with the execution and delivery hereof, does
hereby sell, transfer, assign, set over and convey to the Trustee without
recourse all the right, title and interest of the Depositor in and to the assets
of the Trust Fund. Such assignment includes all interest and principal received
on or with respect to the Mortgage Loans on or after the Cut-off Date (other
than Scheduled Payments due on the Mortgage Loans on or before the Cut-off
Date).

      In connection with such assignment, the Depositor does hereby deliver to,
and deposit with, the Trustee the following documents or instruments with
respect to each Mortgage Loan so assigned:

            (A) The Original Mortgage Note endorsed, "Pay to the order of
      JPMorgan Chase Bank, as trustee - SURF 2003-BC2, without recourse"
      together with all riders thereto. The Mortgage Note shall include all
      intervening endorsements showing a complete chain of the title from the
      originator to the Seller.

            (B) Except as provided below and for each Mortgage Loan that is not
      a MERS Loan, the original recorded Mortgage together with all riders
      thereto, with evidence of recording

                                      -48-
<PAGE>
      thereon, or, if the original Mortgage has not yet been returned from the
      recording office, a copy of the original Mortgage together with all riders
      thereto certified by the Seller to be true copy of the original of the
      Mortgage that has been delivered for recording in the appropriate
      recording office of the jurisdiction in which the Mortgaged Property is
      located and in the case of each MERS Loan, the original Mortgage together
      with all riders thereto, noting the presence of the MIN of the Loan and
      either language indicating that the Mortgage Loan is a MOM Loan or if the
      Mortgage Loan was not a MOM Loan at origination, the original Mortgage and
      the assignment thereof to MERS, with evidence of recording indicated
      thereon, or a copy of the Mortgage certified by the public recording
      office in which such Mortgage has been recorded.

            (C) In the case of each Mortgage Loan that is not a MERS Loan, the
      original Assignment of each Mortgage, to "JPMorgan Chase Bank, as trustee
      - SURF-BC2."

            (D) The original policy of title insurance (or a preliminary title
      report, commitment or binder if the original title insurance policy has
      not been received from the title insurance company).

            (E) Originals of any intervening assignments of the Mortgage, with
      evidence of recording thereon or, if the original intervening assignment
      has not yet been returned from the recording office, a copy of such
      assignment certified to be a true copy of the original of the assignment
      which has been sent for recording in the appropriate jurisdiction in which
      the Mortgaged Property is located.

            (F) Originals of all assumption and modification agreements, if any.

      If in connection with any Mortgage Loan, the Depositor cannot deliver the
Mortgage, Assignments of Mortgage or assumption, consolidation or modification,
as the case may be, with evidence of recording thereon, if applicable,
concurrently with the execution and delivery of this Agreement solely because of
a delay caused by the public recording office where such Mortgage, Assignments
of Mortgage or assumption, consolidation or modification, as the case may be,
has been delivered for recordation, the Depositor shall deliver or cause to be
delivered to the Trustee written notice stating that such Mortgage or
assumption, consolidation or modification, as the case may be, has been
delivered to the appropriate public recording office for recordation.
Thereafter, the Depositor shall deliver or cause to be delivered to the Trustee
such Mortgage, Assignments of Mortgage or assumption, consolidation or
modification, as the case may be, with evidence of recording indicated thereon,
if applicable, upon receipt thereof from the public recording office. To the
extent any required endorsement is not contained on a Mortgage Note or an
Assignment of Mortgage, the Depositor shall make or cause such endorsement to be
made.

      With respect to any Mortgage Loan, none of the Depositor, the Servicer or
the Trustee shall be obligated to cause to be recorded the Assignment of
Mortgage referred to in this Section 2.01. In the event that an Assignment of
Mortgage is not recorded, the Servicer shall have no liability for its failure
to receive and act on notices related to such Assignment of Mortgage.

      The ownership of each Mortgage Note, the Mortgage and the contents of the
related Mortgage File is vested in the Trustee. Neither the Depositor nor the
Servicer shall take any action inconsistent with such ownership and shall not
claim any ownership interest therein. The Depositor and the Servicer shall
respond to any third party inquiries with respect to ownership of the Mortgage
Loans by stating that such ownership is held by the Trustee on behalf of the
Certificateholders. Mortgage documents relating to the Mortgage Loans not
delivered to the Trustee are and shall be held in trust by the Servicer, for the
benefit of the Trustee as the owner thereof, and the Servicer's possession of
the contents of each Mortgage File so retained is for the sole purpose of
servicing the related Mortgage Loan, and such

                                      -49-
<PAGE>
retention and possession by the Servicer is in a custodial capacity only. The
Depositor agrees to take no action inconsistent with the Trustee's ownership of
the Mortgage Loans, to promptly indicate to all inquiring parties that the
Mortgage Loans have been sold and to claim no ownership interest in the Mortgage
Loans.

      It is the intention of this Agreement that the conveyance of the
Depositor's right, title and interest in and to the Trust Fund pursuant to this
Agreement shall constitute a purchase and sale and not a loan. If a conveyance
of Mortgage Loans from the Seller to the Depositor is characterized as a pledge
and not a sale, then the Depositor shall be deemed to have transferred to the
Trustee all of the Depositor's right, title and interest in, to and under the
obligations of the Seller deemed to be secured by said pledge; and it is the
intention of this Agreement that the Depositor shall also be deemed to have
granted to the Trustee a first priority security interest in all of the
Depositor's right, title, and interest in, to and under the obligations of the
Seller to the Depositor deemed to be secured by said pledge and that the Trustee
shall be deemed to be an independent custodian for purposes of perfection of the
security interest granted to the Depositor. If the conveyance of the Mortgage
Loans from the Depositor to the Trustee is characterized as a pledge, it is the
intention of this Agreement that this Agreement shall constitute a security
agreement under applicable law, and that the Depositor shall be deemed to have
granted to the Trustee a first priority security interest in all of the
Depositor's right, title and interest in, to and under the Mortgage Loans, all
payments of principal of or interest on such Mortgage Loans, all other rights
relating to and payments made in respect of the Trust Fund, and all proceeds of
any thereof. If the trust created by this Agreement terminates prior to the
satisfaction of the claims of any Person in any Certificates, the security
interest created hereby shall continue in full force and effect and the Trustee
shall be deemed to be the collateral agent for the benefit of such Person.

      In addition to the conveyance made in the first paragraph of this Section
2.01, the Depositor does hereby convey, assign and set over to the Trustee for
the benefit of the Certificateholders its rights and interests under the Sale
Agreement, including the Depositor's right, title and interest in the
representations and warranties contained in the Sale Agreement and the benefit
of the repurchase obligations and the obligation of the Seller contained in the
Sale Agreement to take, at the request of the Depositor or the Trustee, all
action on its part which is reasonably necessary to ensure the enforceability of
a Mortgage Loan. The Trustee hereby accepts such assignment, and shall be
entitled to exercise all rights of the Depositor under the Sale Agreement as if,
for such purpose, it were the Depositor. The foregoing sale, transfer,
assignment, set-over, deposit and conveyance does not and is not intended to
result in creation or assumption by the Trustee of any obligation of the
Depositor, the Seller, or any other Person in connection with the Mortgage Loans
or any other agreement or instrument relating thereto.

      SECTION 2.02. Acceptance by Trustee of the Mortgage Loans.

      Except as set forth in the Exception Report delivered contemporaneously
herewith (the "Exception Report"), the Trustee acknowledges receipt of the
Mortgage Note for each Mortgage Loan and delivery of a Mortgage File (but does
not acknowledge receipt of all documents required to be included in such
Mortgage File) with respect to each Mortgage Loan and declares that it holds and
will hold such documents and any other documents constituting a part of the
Mortgage Files delivered to it in trust for the use and benefit of all present
and future Certificateholders. The Depositor will cause the Seller to repurchase
any Mortgage Loan to which a material exception was taken in the Exception
Report unless such exception is cured to the satisfaction of the Trustee within
45 Business Days of the Closing Date.

      The Trustee acknowledges receipt of the Cap Contract (a form of which is
attached hereto as Exhibit O), Transfer Agreement and the Sale Agreement.

                                      -50-
<PAGE>
      The Trustee agrees, for the benefit of Certificateholders and the NIMs
Insurer, to review each Mortgage File delivered to it within 60 days after the
Closing Date to ascertain and to certify, within 70 days of the Closing Date, to
the NIMs Insurer, the Depositor and the Servicer that all documents required by
Section 2.01 have been executed and received, and that such documents relate to
the Mortgage Loans identified in Exhibit B that have been conveyed to it. If the
Trustee finds any document or documents constituting a part of a Mortgage File
to be missing or defective (that is, mutilated, damaged, defaced or unexecuted)
in any material respect, the Trustee shall promptly (and in any event within no
more than five Business Days) after such finding so notify the Servicer, the
Seller, the Depositor and the NIMs Insurer. In addition, the Trustee shall also
notify the Servicer, the Seller, the Depositor and the NIMs Insurer, if the
original Mortgage with evidence of recording thereon with respect to a Mortgage
Loan is not received within 70 days of the Closing Date; if it has not been
received because of a delay caused by the public recording office where such
Mortgage has been delivered for recordation, the Depositor shall deliver or
cause to be delivered to the Trustee written notice stating that such Mortgage
has been delivered to the appropriate public recording officer for recordation
and thereafter the Depositor shall deliver or cause to be delivered such
Mortgage with evidence of recording thereon upon receipt thereof from the public
recording office. The Trustee shall request that the Seller correct or cure such
omission, defect or other irregularity, or substitute a Mortgage Loan pursuant
to the provisions of Section 2.03(c), within 90 days from the date the Seller
was notified of such omission or defect and, if the Seller does not correct or
cure such omission or defect within such period, that the Seller purchase such
Mortgage Loan from the Trust Fund within 90 days from the date the Trustee
notified the Seller of such omission, defect or other irregularity at the
Purchase Price of such Mortgage Loan. The Purchase Price for any Mortgage Loan
purchased pursuant to this Section 2.02 shall be paid to the Servicer and
deposited by the Servicer in the Collection Account promptly upon receipt, and,
upon receipt by the Trustee of written notification of such deposit signed by a
Servicing Officer, the Trustee, upon receipt of a Request for Release, shall
promptly release to the Seller the related Mortgage File and the Trustee shall
execute and deliver such instruments of transfer or assignment, without
recourse, representation or warranty, as shall be necessary to vest in the
Seller or its designee, as the case may be, any Mortgage Loan released pursuant
hereto, and the Trustee shall have no further responsibility with regard to such
Mortgage Loan. It is understood and agreed that the obligation of the Seller to
purchase, cure or substitute any Mortgage Loan as to which a material defect in
or omission of a constituent document exists shall constitute the sole remedy
respecting such defect or omission available to the Trustee on behalf of
Certificateholders and the NIMs Insurer. The preceding sentence shall not,
however, limit any remedies available to the Certificateholders, the Depositor,
the Trustee or the NIMs Insurer pursuant to the Sale Agreement. The Trustee
shall be under no duty or obligation to inspect, review and examine such
documents, instruments, certificates or other papers to determine that they are
genuine, enforceable, recordable or appropriate to the represented purpose, or
that they have actually been recorded, or that they are other than what they
purport to be on their face. The Trustee shall keep confidential the name of
each Mortgagor and the Trustee shall not solicit any such Mortgagor for the
purpose of refinancing the related Mortgage Loan. It is understood and agreed
that all rights and benefits relating to the solicitation of any Mortgagors and
the attendant rights, title and interest in and to the list of Mortgagors and
data relating to their Mortgages shall be retained by the Servicer.

      Within 70 days of the Closing Date, the Trustee shall deliver to the
Depositor, the Servicer and the NIMs Insurer the Trustee's Certification,
substantially in the form of Exhibit D attached hereto, evidencing the
completeness of the Mortgage Files, with any exceptions noted thereto.

      SECTION 2.03. Representations, Warranties and Covenants of the Depositor.

      (a) The Depositor hereby represents and warrants to the Servicer, the
Trustee and the NIMs Insurer as follows, as of the date hereof:

                                      -51-
<PAGE>
            (i) The Depositor is duly organized and is validly existing as a
      corporation in good standing under the laws of the State of Delaware and
      has full power and authority (corporate and other) necessary to own or
      hold its properties and to conduct its business as now conducted by it and
      to enter into and perform its obligations under this Agreement and the
      Sale Agreement.

            (ii) The Depositor has the full corporate power and authority to
      execute, deliver and perform, and to enter into and consummate the
      transactions contemplated by, this Agreement and the Sale Agreement and
      has duly authorized, by all necessary corporate action on its part, the
      execution, delivery and performance of this Agreement and the Sale
      Agreement; and this Agreement and the Sale Agreement, assuming the due
      authorization, execution and delivery hereof by the other parties hereto,
      constitutes a legal, valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, subject,
      as to enforceability, to (i) bankruptcy, insolvency, reorganization,
      moratorium and other similar laws affecting creditors' rights generally
      and (ii) general principles of equity, regardless of whether enforcement
      is sought in a proceeding in equity or at law.

            (iii) The execution and delivery of this Agreement and the Sale
      Agreement by the Depositor, the consummation of the transactions
      contemplated by this Agreement and the Sale Agreement, and the fulfillment
      of or compliance with the terms hereof are in the ordinary course of
      business of the Depositor and will not (A) result in a material breach of
      any term or provision of the charter or by-laws of the Depositor or (B)
      materially conflict with, result in a violation or acceleration of, or
      result in a material default under, the terms of any other material
      agreement or instrument to which the Depositor is a party or by which it
      may be bound or (C) constitute a material violation of any statute, order
      or regulation applicable to the Depositor of any court, regulatory body,
      administrative agency or governmental body having jurisdiction over the
      Depositor; and the Depositor is not in breach or violation of any material
      indenture or other material agreement or instrument, or in violation of
      any statute, order or regulation of any court, regulatory body,
      administrative agency or governmental body having jurisdiction over it
      which breach or violation may materially impair the Depositor's ability to
      perform or meet any of its obligations under this Agreement.

            (iv) No litigation is pending, or, to the best of the Depositor's
      knowledge, threatened, against the Depositor that would materially and
      adversely affect the execution, delivery or enforceability of this
      Agreement and the Sale Agreement or the ability of the Depositor to
      perform its obligations under this Agreement and the Sale Agreement in
      accordance with the terms hereof.

            (v) No consent, approval, authorization or order of any court or
      governmental agency or body is required for the execution, delivery and
      performance by the Depositor of, or compliance by the Depositor with, this
      Agreement and the Sale Agreement or the consummation of the transactions
      contemplated hereby, or if any such consent, approval, authorization or
      order is required, the Depositor has obtained the same. The Depositor
      hereby represents and warrants to the Trustee with respect to each
      Mortgage Loan as of the Closing Date, and following the transfer of the
      Mortgage Loans to it by the Seller, the Depositor had good title to the
      Mortgage Loans and the Mortgage Notes were subject to no offsets, claims,
      liens, mortgage, pledge, charge, security interest, defenses or
      counterclaims.

      (b) To the extent that any fact, condition or event with respect to a
Mortgage Loan constitutes a breach of a representation or warranty of the Seller
under the Sale Agreement, the only right or remedy of the Trustee, the NIMs
Insurer or of any Certificateholder shall be the Trustee's right to enforce the
obligations of the Seller under any applicable representation or warranty made
by it. The Trustee

                                      -52-
<PAGE>
acknowledges that the Depositor shall have no obligation or liability with
respect to any breach of any representation or warranty with respect to the
Mortgage Loans (except as set forth in Section 2.03(a)(v)) under any
circumstances.

      (c) Upon discovery by any of the Depositor, the Servicer, the NIMs
Insurer, or the Trustee of a breach of any of representations and warranties set
forth in the Sale Agreement that adversely and materially affects the value of
the related Mortgage Loan, prepayment charges or the interests of the
Certificateholders, the party discovering such breach shall give prompt written
notice to the other parties. Within 90 days of the discovery of a breach of any
representation or warranty given to the Trustee by the Depositor, the Seller and
assigned to the Trustee, the Depositor, or the Seller shall either (a) cure such
breach in all material respects, (b) repurchase such Mortgage Loan or any
property acquired in respect thereof from the Trustee at the Purchase Price or
(c) within the two year period following the Closing Date, substitute a
Replacement Mortgage Loan for the affected Mortgage Loan. In the event of
discovery of a breach of any representation and warranty of the Seller or the
Depositor, the Trustee shall enforce its rights under the Sale Agreement or
thereunder for the benefit of Certificateholders and the NIMs Insurer. If a
breach of the representations and warranties set forth in the Sale Agreement
hereof exists solely due to the unenforceability of a prepayment charge, the
Trustee shall notify the NIMs Insurer thereof and not seek to enforce the
repurchase remedy provided for herein unless directed in writing to do so by the
NIMs Insurer. In the event of a breach of the representations and warranties
with respect to the Mortgage Loans set forth in a Sale Agreement, the Trustee
shall at the request of the NIMs Insurer enforce the right of the Trust Fund and
the NIMs Insurer to be indemnified for such breach of representation and
warranty. In the event that such breach relates solely to the unenforceability
of a prepayment charge, amounts received in respect of such indemnity up to the
amount of such prepayment charge shall be distributed pursuant to Section
4.04(b)(i)(B). As provided in the Sale Agreement, if the Seller substitutes for
a Mortgage Loan for which there is a breach of any representations and
warranties which adversely and materially affects the value of such Mortgage
Loan and such substitute mortgage loan is not a Replacement Mortgage Loan, under
the terms of the Sale Agreement, the Seller will, in exchange for such
substitute Mortgage Loan, (i) provide the applicable Purchase Price for the
affected Mortgage Loan or (ii) within two years of the Closing Date, substitute
such affected Mortgage Loan with a Replacement Mortgage Loan. Any such
substitution shall not be effected prior to the additional delivery to the
Trustee of a Request for Release substantially in the form of Exhibit I and
shall not be effected unless it is within two years of the Startup Date. As
provided in the Sale Agreement, the Seller indemnifies and holds the Trust Fund,
the Trustee, the Depositor, the NIMs Insurer, the Servicer and each
Certificateholder harmless against any and all taxes, claims, losses, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any
other costs, fees and expenses that the Trust Fund, the Trustee, the Depositor,
the NIMs Insurer, the Servicer and any Certificateholder may sustain in
connection with any actions of the Seller relating to a repurchase of a Mortgage
Loan other than in compliance with the terms of this Section 2.03 and the Sale
Agreement, to the extent that any such action causes (i) any federal or state
tax to be imposed on the Trust Fund or any REMIC provided for herein, 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 860(d)(1) of the Code, or (ii) any REMIC created hereunder to fail
to qualify as a REMIC at any time that any Certificate is outstanding.

      With respect to any Mortgage Loan repurchased by the Depositor pursuant to
this Agreement or by the Seller pursuant to the Sale Agreement, the principal
portion of the funds received by the Servicer in respect of such repurchase of a
Mortgage Loan will be considered a Principal Prepayment and shall be deposited
by the Servicer in the Certificate Account pursuant to Section 3.05. The
Trustee, upon receipt of the full amount of the Purchase Price for a Deleted
Mortgage Loan, or upon receipt of the Mortgage File for a Replacement Mortgage
Loan substituted for a Deleted Mortgage Loan, shall release or cause to be
released and reassign to the Depositor or the Seller, as applicable, the related
Mortgage File for the Deleted Mortgage Loan and shall execute and deliver such
instruments of transfer or assignment, in each

                                      -53-
<PAGE>
case without recourse, representation or warranty, as shall be necessary to vest
in such party or its designee or assignee title to any Deleted Mortgage Loan
released pursuant hereto, free and clear of all security interests, liens and
other encumbrances created by this Agreement, which instruments shall be
prepared by the Trustee, and the Trustee shall not have any further
responsibility with respect to the Mortgage File relating to such Deleted
Mortgage Loan.

      With respect to each Replacement Mortgage Loan to be delivered to the
Trustee pursuant to the terms of this Article II in exchange for a Deleted
Mortgage Loan: (i) the Depositor or the Seller, as applicable, must deliver to
the Trustee the Mortgage File for the Replacement Mortgage Loan containing the
documents set forth in Section 2.01 along with a written certification
certifying as to the delivery of such Mortgage File and containing the granting
language set forth in the first sentence of Section 2.01; and (ii) the Depositor
will be deemed to have made, with respect to such Replacement Mortgage Loan,
each of the representations and warranties made by it with respect to the
related Deleted Mortgage Loan. The Trustee shall review the Mortgage File with
respect to each Replacement Mortgage Loan and certify to the NIMs Insurer and
the Depositor that all documents required by Section 2.01 have been executed and
received.

      For any month in which the Seller substitutes one or more Replacement
Mortgage Loans for one or more Deleted Mortgage Loans, the Seller will determine
the amount (if any) by which the aggregate principal balance of all such
Replacement Mortgage Loans as of the date of substitution and the aggregate
prepayment penalties with respect to such Replacement Mortgage Loans is less
than the aggregate Stated Principal Balance (after application of the principal
portion of the Scheduled Payment due in the month of substitution) and aggregate
prepayment penalties of all such Deleted Mortgage Loans. An amount equal to the
aggregate of the deficiencies described in the preceding sentence (such amount,
the "Substitution Adjustment Amount") shall be delivered by the Seller to the
Servicer for deposit into the Collection Account on the Determination Date for
the Distribution Date relating to the Prepayment Period during which the related
Mortgage Loan became required to be purchased or replaced hereunder.

      Notwithstanding any other provision of this Agreement, the right to
substitute Mortgage Loans pursuant to this Article II shall be subject to the
additional limitations that no substitution of a Replacement Mortgage Loan for a
Deleted Mortgage Loan shall be made unless the Trustee and the NIMs Insurer have
received an Opinion of Counsel addressed to the Trustee and the NIMs Insurer (at
the expense of the party seeking to make the substitution) that, under current
law, such substitution will not (A) affect adversely the status of any REMIC
established hereunder as a REMIC, or of the related "regular interests" as
"regular interests" in any such REMIC, or (B) cause any such REMIC to engage in
a "prohibited transaction" or prohibited contribution pursuant to the REMIC
Provisions.

      The Seller shall give or cause to be given written notice to the
Certificateholders and the NIMS Insurer that such substitution has taken place,
shall amend the Mortgage Loan Schedule to reflect the removal of such Deleted
Mortgage Loan from the terms of this Agreement and the substitution of the
Replacement Mortgage Loan or Replacement Mortgage Loans and shall deliver a copy
of such amended Mortgage Loan Schedule to the NIMS Insurer and the Trustee. Upon
such substitution by the Seller, such Replacement Mortgage Loan or Replacement
Mortgage Loans shall constitute part of the Mortgage Pool and shall be subject
in all respects to the terms of this Agreement and the Sale Agreement, including
all applicable representations and warranties thereof included in the Sale
Agreement as of the date of substitution.

      In addition, the Seller shall obtain at its own expense and deliver to the
Trustee and the NIMS Insurer an Opinion of Counsel addressed to the Trustee and
the NIMs Insurer to the effect that such substitution will not (a) cause any
federal tax to be imposed on the Trust Fund or any REMIC provided for herein,
including without limitation, any federal tax imposed on "prohibited
transactions" under

                                      -54-
<PAGE>
Section 860F(a)(1) of the Code or on "contributions after the startup date"
under Section 860G(d)(1) of the Code or (b) adversely affect the status of any
REMIC provided for herein as a REMIC. If any such Opinion of Counsel can not be
delivered, then such substitution may only be effected at such time as the
required Opinion of Counsel can be given.

      (d) It is understood and agreed that the representations, warranties and
indemnification (i) set forth in Section 2.03 and (ii) of the Seller and the
Depositor set forth in the Sale Agreement and assigned to the Trustee by the
Depositor hereunder shall each survive delivery of the Mortgage Files and the
Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue
throughout the term of this Agreement.

      SECTION 2.04. Representations and Warranties of the Servicer.

      The Servicer hereby represents and warrants to the Depositor and the
Trustee as follows, as of the date hereof:

            (i) The Servicer is a duly formed limited partnership and is validly
      existing and in good standing under the laws of the state of its
      incorporation and is duly authorized and qualified to transact any and all
      business contemplated by this Agreement to be conducted by the Servicer in
      any state in which a Mortgaged Property is located or is otherwise not
      required under applicable law to effect such qualification and, in any
      event, is in compliance with the doing business laws of any such state, to
      the extent necessary to ensure its ability to enforce each Mortgage Loan,
      to service the Mortgage Loans in accordance with the terms of this
      Agreement and to perform any of its other obligations under this Agreement
      in accordance with the terms hereof.

            (ii) The Servicer has the power and authority to service each
      Mortgage Loan, and to execute, deliver and perform, and to enter into and
      consummate the transactions contemplated by this Agreement and has duly
      authorized by all necessary corporate action on the part of the Servicer
      the execution, delivery and performance of this Agreement; and this
      Agreement, assuming the due authorization, execution and delivery hereof
      by the other parties hereto, constitutes a legal, valid and binding
      obligation of the Servicer, enforceable against the Servicer in accordance
      with its terms, except that (a) the enforceability hereof may be limited
      by bankruptcy, insolvency, moratorium, receivership and other similar laws
      relating to creditors' rights generally and (b) the remedy of specific
      performance and injunctive and other forms of equitable relief may be
      subject to equitable defenses and to the discretion of the court before
      which any proceeding therefor may be brought.

            (iii) The execution and delivery of this Agreement by the Servicer,
      the servicing of the Mortgage Loans under this Agreement, the consummation
      of any other of the transactions contemplated by this Agreement, and the
      fulfillment of or compliance with the terms hereof are in the ordinary
      course of business of the Servicer and will not (A) result in a material
      breach of any term or provision of the charter or by-laws of the Servicer
      or (B) materially conflict with, result in a material breach, violation or
      acceleration of, or result in a material default under, the terms of any
      other material agreement or instrument to which the Servicer is a party or
      by which it may be bound, or (C) constitute a material violation of any
      statute, order or regulation applicable to the Servicer of any court,
      regulatory body, administrative agency or governmental body having
      jurisdiction over the Servicer; and the Servicer is not in breach or
      violation of any material indenture or other material agreement or
      instrument, or in violation of any statute, order or regulation of any
      court, regulatory body, administrative agency or governmental body having
      jurisdiction over it which breach or violation may materially impair the
      Servicer's ability to perform or meet any of its obligations under this
      Agreement.

                                      -55-
<PAGE>
            (iv) The Servicer is an approved servicer of mortgage loans for
      Fannie Mae and is an approved seller of seasoned mortgage loans and
      servicer of all types of mortgage loans for Freddie Mac.

            (v) No litigation is pending or, to the best of the Servicer's
      knowledge, threatened, against the Servicer that would materially and
      adversely affect the execution, delivery or enforceability of this
      Agreement or the ability of the Servicer to service the Mortgage Loans or
      to perform any of its other obligations under this Agreement in accordance
      with the terms hereof.

            (vi) No consent, approval, authorization or order of any court or
      governmental agency or body is required for the execution, delivery and
      performance by the Servicer of, or compliance by the Servicer with, this
      Agreement or the consummation of the transactions contemplated hereby, or
      if any such consent, approval, authorization or order is required, the
      Servicer has obtained the same.

            (vii) The Servicer has fully furnished and will fully furnish (for
      the period it serviced the Mortgage Loans), in accordance with the Fair
      Credit Reporting Act and its implementing regulations, accurate and
      complete information (e.g., favorable and unfavorable) on its borrower
      credit files to Equifax, Experian and Trans Union Credit Information
      Company on a monthly basis.

      SECTION 2.05. Substitutions and Repurchases of Mortgage Loans which are
not "Qualified Mortgages".

      Upon discovery by the Depositor, the Servicer or the Trustee that any
Mortgage Loan does not constitute a "qualified mortgage" within the meaning of
section 860G(a)(3) of the Code, the party discovering such fact shall promptly
(and in any event within 5 Business Days of discovery) give written notice
thereof to the other parties. In connection therewith, the Depositor shall, at
the Depositor's option, either (i) substitute, if the conditions in Section
2.03(c) with respect to substitutions are satisfied, a Replacement Mortgage Loan
for the affected Mortgage Loan, or (ii) repurchase the affected Mortgage Loan
within 90 days of such discovery in the same manner as it would a Mortgage Loan
for a breach of representation or warranty contained in Section 2.03. The
Trustee shall reconvey to the Depositor the Mortgage Loan to be released
pursuant hereto in the same manner, and on the same terms and conditions, as it
would a Mortgage Loan repurchased for breach of a representation or warranty
contained in Section 2.03.

      SECTION 2.06. Authentication and Delivery of Certificates.

      The Trustee acknowledges the transfer and assignment to it of the Trust
Fund and, concurrently with such transfer and assignment, the Trustee has caused
to be authenticated and delivered to or upon the order of the Depositor, in
exchange for the Mortgage Loans, Certificates duly authenticated by the Trustee
in authorized denominations evidencing ownership of the entire Trust Fund. The
Trustee agrees to hold the Trust Fund and exercise the rights referred to above
for the benefit of all present and future Holders of the Certificates and to
perform its duties set forth in this Agreement in accordance with the provisions
hereof.

      SECTION 2.07. REMIC Elections.

      (a) The Depositor hereby instructs and authorizes the Trustee to make an
appropriate election to treat each of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and the
Upper Tier REMIC as a REMIC. The Trustee shall sign the returns providing for
such elections and such other tax or information returns which are required to
be signed by the Trustee under applicable law. This Agreement shall be construed
so as to

                                      -56-
<PAGE>
carry out the intention of the parties that each of REMIC 1, REMIC 2, REMIC 3,
REMIC 4 and the Upper Tier REMIC be treated as a REMIC at all times prior to the
date on which the Trust Fund is terminated.

      (b) The Preliminary Statement sets forth the designations and "latest
possible maturity date" for federal income tax purposes of all interests created
hereby. The "Startup Date" for purposes of the REMIC Provisions shall be the
Closing Date. Each REMIC's fiscal year shall be the calendar year.

      REMIC 1 shall consist of all of the assets of the Trust Fund (other than
(i) any proceeds of prepayment penalties, (ii) amounts paid by the Servicer or
the Seller in respect of prepayment charges or waivers thereof pursuant to this
Agreement, (iii) amounts received in respect of any indemnification paid as a
result of a prepayment charge being unenforceable in breach of the
representations and warranties set forth in the Sale Agreement, (iv) the
interests issued by the REMICs provided for herein and (v) the grantor trusts
described in this Section 2.07. REMIC 1 shall issue (i) the REMIC 1 Regular
Interests, each of which shall be designated as regular interests of such REMIC,
and (ii) the Class LT1-R Interest that shall be designated as the sole class of
residual interest in REMIC 1. Each of the REMIC 1 Regular Interests shall have
the characteristics set forth in its definition.

      The assets of REMIC 2 shall be the REMIC 1 Regular Interests. The REMIC 2
Regular Interests shall be designated as the regular interests in the REMIC 2
and the Class LT2-R Interest shall be designated as the sole class of residual
interest in REMIC 2. Each of the REMIC 2 Regular Interests shall have the
characteristics set forth in its definition.

      The assets of REMIC 3 shall be the REMIC 2 Regular Interests (other than
the REMIC 2 IO Interests). The REMIC 3 Regular Interests shall be designated as
the regular interests in REMIC 3 and the Class LT3-R Interest shall be
designated as the sole class of residual interest in REMIC 3. Each of the REMIC
3 Regular Interests shall have the characteristics set forth in its definition.

      The assets of the REMIC 4 shall be the REMIC 3 Regular Interests. The
REMIC 4 Regular Interests shall be designated as the regular interests in the
REMIC 4 and the Class LT4-R Interest shall be designated as the sole class of
residual interest in REMIC 4. Each of the REMIC 4 Regular Interests shall have
the characteristics set forth in its definition.

      The assets of the Upper Tier REMIC shall be the REMIC 4 Regular Interests
and the REMIC 2 IO Interests. The REMIC Regular Interests shall be designated as
the regular interests in the Upper Tier REMIC and the Residual Interest shall be
designated as the sole class of residual interest in the Upper Tier REMIC. For
federal income tax purposes, the Pass-Through Rate on each REMIC Regular
Interest (other than those represented by the Class S and Class X Certificates)
and on the sole class of residual interest in the Upper Tier REMIC shall be
subject to a cap equal to the Adjusted Net Rate.

      The beneficial ownership of the Class LT1-R Interest, the Class LT2-R
Interest, the Class LT3-R Interest, the Class LT4-R and the Residual Interest
shall be represented by the Class R Certificate. None of the Class LT1-R
Interest, the Class LT2-R Interest, the Class LT3-R Interest or the Class LT4-R
Interest shall have a principal balance or bear interest.

      The interest rate for each REMIC 1 Interest, REMIC 2 Interest, REMIC 3
Interest and REMIC 4 Interest set forth in the definition thereof shall be a per
annum rate.

      (c) The "tax matters person" with respect to each REMIC for purposes of
the REMIC Provisions shall be the beneficial owner of the Class R Certificate;
provided, however, that the Holder of a Class R Certificate, by its acceptance
thereof, irrevocably appoints the Trustee as its agent and attorney-in-fact to
act as "tax matters person" with respect to each such REMIC for purposes of the
REMIC Provisions. If

                                      -57-
<PAGE>
there is more than one beneficial owner of the Class R Certificate, the "tax
matters person" shall be the Person with the greatest percentage interest in the
Class R Certificate and, if there is more than one such Person, shall be
determined under Treasury regulation Section 1.860F-4(d) and Treasury regulation
Section 301.6231(a)(7)-1.

      (d) It is intended that (i) the rights of the Class A Certificates, Class
R Certificate, Class M-1 Certificates, Class M-2 Certificates, Class B-1
Certificates and Class B-2 Certificates to receive payments in respect of Excess
Interest, including all payments in respect of Interest Carryover Amounts, and
(ii) the rights of the Class S Certificates to receive payments in respect of
Class S Certificate Carryover shall be treated as a right in interest rate cap
contracts written by the Class C Certificateholders in favor of the holders of
the Class A Certificates, Class R Certificate, Class M-1 Certificates, Class M-2
Certificates, Class B-1 Certificates, Class B-2 Certificates and Class S
Certificates, and such shall be accounted for as property held separate and
apart from the regular interests in the Upper Tier REMIC held by the holders of
the Class A Certificates, M-1 Certificates, Class M-2 Certificates, Class B-1
Certificates, Class B-2 Certificates, Class S Certificates and the residual
interest in the Upper Tier REMIC held by the holder of the Class R Certificate.
This provision is intended to satisfy the requirements of Treasury Regulations
Section 1.860G-2(i) for the treatment of property rights coupled with REMIC
interests to be separately respected and shall be interpreted consistently with
such regulation. On each Distribution Date, to the extent that (i) any of the
Class A Certificates, Class R Certificate, M-1 Certificates, Class M-2
Certificates, Class B-1 Certificates or Class B-2 Certificates receive payments
of Excess Interest or (ii) the Class S Certificates receive payments in respect
of Class S Certificate Carryover, such amounts, will be treated as distributed
by the Upper-Tier REMIC to the Class C Certificates pro rata in payment of the
amounts specified in Section 4.04(g) and then paid to the relevant Class of
Certificates pursuant to the related interest cap agreement.

      (e) The parties intend that the portion of the Trust Fund consisting of
the Uncertificated Class C Interest, and the obligation of the holders of the
Class C Certificates to pay (i) amounts of Excess Interest, including all
amounts in respect of Interest Carryover Amounts, to the holders of the Class A
Certificates, Class R Certificate, Class M-1 Certificates, Class M-2
Certificates, Class B-1 Certificates and Class B-2 Certificates and (ii) amounts
in respect of Class S Certificate Carryover to the holders of the Class S
Certificates shall be treated as a "grantor trust" under the Code, and the
provisions hereof shall be interpreted consistently with this intention. In
furtherance of such intention, the Trustee shall (i) furnish or cause to be
furnished to the holders of the Class C Certificates information regarding their
allocable share, if any, of the income with respect to such grantor trust, (ii)
file or cause to be filed with the Internal Revenue Service Form 1041 (together
with any necessary attachments) and such other forms as may be applicable and
(iii) comply with such information reporting obligations with respect to
payments from such grantor trust to the holders of Class A Certificates, Class R
Certificate, Class M-1 Certificates, Class M-2 Certificates, Class B-1
Certificates, Class B-2 Certificates, Class S Certificates and Class C
Certificates as may be applicable under the Code.

      (f) The parties intend that the portion of the Trust Fund consisting of
the right to receive proceeds from prepayment penalties collected on the
Mortgage Loans, amounts paid by the Servicer or Seller in respect of prepayment
charges pursuant to this Agreement and amounts received with respect to any
amounts in respect of any indemnification paid as a result of a prepayment
charge being unenforceable in breach of the representations and warranties set
forth in the Sale Agreement shall be treated as a "grantor trust" under the
Code, and the provisions hereof shall be interpreted consistently with this
intention. In furtherance of such intention, the Trustee shall (i) furnish or
cause to be furnished to the holders of the Class P Certificates information
regarding their allocable share of the income with respect to such grantor trust
and (ii) file or cause to be filed with the Internal Revenue Service Form 1041
(together with any necessary attachments) and such other forms as may be
applicable.

                                      -58-
<PAGE>
      (g) The parties intend that the portion of the Trust Fund consisting of
the Class R Certificate and the right of the Class C Certificates to receive the
amounts described in the last paragraph of Section 9.01 hereof shall be treated
as a "grantor trust" under the Code and the provisions hereof shall be
interpreted consistent with this intention. In furtherance of this intention,
the Trustee shall (i) furnish or cause to be furnished to the holders of the
Class R Certificate and the Class C Certificates information regarding their
allocable share of the income with respect to such grantor trust, (ii) file or
cause to be filed with the Internal Revenue Service Form 1041 (together with any
necessary attachments) and such other forms as may be applicable and (iii)
comply with such information reporting obligations with respect to payments from
such grantor trust as may be applicable under the Code.

      All payments of principal or Realized Losses with respect to principal on
the Mortgage Loans will be applied first in reduction of the principal balance
of the Class LT1-A25 Interest until the principal balance of the Class LT1-A25
Interest has been reduced to zero, then in reduction of the principal balance of
the Class LT1-A24 Interest until the principal balance of the Class LT1-A24
Interest has been reduced to zero, and then to each of the remaining REMIC 1
Regular Interests, in reverse numerical order until finally the principal
balance of the Class LT1-A1 Interest has been reduced to zero.

      An amount equal to the amount of principal deemed paid on and Realized
Losses with respect to principal allocated to each REMIC 1 Regular Interest will
be allocated to the REMIC 2 Regular Interest (other than any REMIC 2 IO
Interest) that ends with the same number.

      All payments of principal and interest on the REMIC 2 Regular Interests
(other than any REMIC 2 IO Interest) shall be paid to the REMIC 3 Regular
Interests until the principal balance of all such interests have been reduced to
zero and any losses allocated to such interests have been reimbursed. Any excess
amounts shall be distributed to the Class LT3-R Interest. On each Distribution
Date, an amount equal to 50% of the increase in the Overcollateralization Amount
shall be payable as a reduction of the principal amounts of the REMIC 3 Marker
Classes (with such amount allocated among the REMIC 3 Marker Classes so that
each REMIC 3 Marker Class will have its principal reduced by an amount equal to
50% of any increase in the Overcollateralization Amount that results in a
reduction in the principal balance of its Corresponding REMIC 4 Interest) and
will be accrued and added to the principal balance of the Class LT3-Z Interest.
All payments of principal on the REMIC 2 Regular Interests shall be allocated
50% to the Class LT3-Z Interest and 50% to the REMIC 3 Marker Classes (with
principal payments allocated to each of the REMIC 3 Marker Classes in an amount
equal to 50% of the principal amounts distributed to the Corresponding REMIC 4
Interests in reduction of their principal amounts). Notwithstanding the
preceding sentence, an amount equal to the principal payments that result in a
reduction in the Overcollateralization Amount shall be treated as payable
entirely to the Class LT3-Z Interest. Realized Losses with respect to principal
allocated to the REMIC 2 Regular Interests shall be applied to the REMIC 3
Marker Classes and the Class LT3-Z Interest in such a way that, after all
distributions have been made on each Distribution Date, (i) the principal
balance of each of the REMIC 3 Marker Classes is equal to 50% of the principal
balance of the Corresponding REMIC 4 Interests and (ii) the principal balance of
the Class LT3-Z Interest is equal to the sum of (x) 50% of the aggregate Stated
Principal Balance of the Mortgage Loans and (y) 50% of the Overcollateralization
Amount. Each REMIC 3 Marker Class shall be entitled to receive an amount equal
to 50% of all amounts distributed to the Corresponding REMIC 4 Interest in
respect of unreimbursed amounts of Realized Losses. The Class LT3-Z Interest
shall be entitled to receive all other amounts distributed to the Certificates
in respect of unreimbursed amounts of Realized Losses.

      All payments of scheduled principal and prepayments on the Mortgage Loans,
and Realized Losses on the Mortgage Loans, shall be allocated among the REMIC 4
Regular Interests in the same manner as such payments or Realized Losses are
allocated to the Related Certificates (treating the Class S Certificates as
Related Certificates with respect to each of the Class LT4-A, Class LT4-M1,
Class LT4-

                                      -59-
<PAGE>
M2, Class LT4-B1, Class LT4-B2 and Class LT4-AR Interests in proportion to their
respective principal balances and treating the Class C Certificate as a Related
Certificate with respect to the Class LT4-C Interest). Each REMIC 4 Regular
Interest shall be entitled to receive all amounts distributed to the
Certificates in respect of unreimbursed amounts of Realized Losses (treating the
Class S Certificates as Related Certificates with respect to each of the Class
LT4-A, Class LT4-M1, Class LT4-M2, Class LT4-B1, Class LT4-B2 and LT4-AR
Interests in proportion to their respective principal balances and treating the
Class C Certificate as a Related Certificate with respect to the Class LT4-C
Interest).

      In the event that any REMIC provided for herein fails to qualify as a
REMIC, loses its status as a REMIC, or incurs federal, state or local taxes as a
result of a prohibited transaction or prohibited contribution under the REMIC
Provisions due to the negligent performance by the Servicer of its duties and
obligations set forth herein, the Servicer shall indemnify the NIMS Insurer, the
Trustee and the Trust Fund against any and all Losses resulting from such
negligence; provided, however, that the Servicer shall not be liable for any
such Losses attributable to the action or inaction of the Trustee, the Depositor
or the Holder of the Class R Certificate, as applicable, nor for any such Losses
resulting from misinformation provided by the Holder of the Class R Certificate
on which the Servicer has relied. The foregoing shall not be deemed to limit or
restrict the rights and remedies of the Holder of the Class R Certificate now or
hereafter existing at law or in equity. Notwithstanding the foregoing, however,
in no event shall the Servicer have any liability (1) for any action or omission
that is taken in accordance with and in compliance with the express terms of, or
which is expressly permitted by the terms of, this Agreement, (2) for any Losses
other than arising out of a negligent performance by the Servicer of its duties
and obligations set forth herein, and (3) for any special or consequential
damages to Certificateholders (in addition to payment of principal and interest
on the Certificates).

      In the event that any REMIC provided for herein fails to qualify as a
REMIC, loses its status as a REMIC, or incurs federal, state or local taxes as a
result of a prohibited transaction or prohibited contribution under the REMIC
Provisions due to the negligent performance by the Trustee of its duties and
obligations set forth herein, the Trustee shall indemnify the NIMS Insurer and
the Trust Fund against any and all Losses resulting from such negligence;
provided, however, that the Trustee shall not be liable for any such Losses
attributable to the action or inaction of the Servicer, the Depositor or the
Holder of the Class R Certificate, as applicable, nor for any such Losses
resulting from misinformation provided by the Holder of the Class R Certificate
on which the Trustee has relied. The foregoing shall not be deemed to limit or
restrict the rights and remedies of the Holder of the Class R Certificate now or
hereafter existing at law or in equity. Notwithstanding the foregoing, however,
in no event shall the Trustee have any liability (1) for any action or omission
that is taken in accordance with and in compliance with the express terms of, or
which is expressly permitted by the terms of, this Agreement, (2) for any Losses
other than arising out of a negligent performance by the Trustee of its duties
and obligations set forth herein, and (3) for any special or consequential
damages to Certificateholders (in addition to payment of principal and interest
on the Certificates).

      SECTION 2.08. Covenants of the Servicer.

      The Servicer hereby covenants to each of the other parties to this
Agreement as follows:

      (a) the Servicer shall comply in the performance of its obligations under
this Agreement with all reasonable rules and requirements of the insurer under
each Required Insurance Policy;

      (b) no written information, certificate of an officer, statement furnished
in writing or written report delivered to the Depositor, the Trustee or the NIMs
Insurer, any affiliate of the Depositor, the Trustee or the NIMs Insurer and
prepared by the Servicer pursuant to this Agreement will be inaccurate in any
material respect, provided, however, that the Servicer shall not be responsible
for inaccurate information provided to it by third parties.

                                      -60-
<PAGE>
      SECTION 2.09. [RESERVED]

      SECTION 2.10. [RESERVED]

      SECTION 2.11. Permitted Activities of the Trust. The Trust is created for
the object and purpose of engaging in the Permitted Activities. In furtherance
of the foregoing, the Trustee is hereby authorized and directed to execute and
deliver on behalf of the Trust, and to perform the duties and obligations of the
Trustee under, the Cap Contract, an insurance and indemnity agreement with a
NIMs Insurer and any other agreement or instrument related thereto, in each case
in such form as the Depositor shall direct or shall approve, the execution and
delivery of any such agreement by the Depositor to be conclusive evidence of its
approval thereof.

      SECTION 2.12. Qualifying Special Purpose Entity. For purposes of SFAS 140,
the parties hereto intend that the Trust Fund shall be treated as a "qualifying
special purpose entity" as such term is used in SFAS 140 and any successor rule
thereto and its power and authority as stated in Section 2.11 of this Agreement
shall be limited in accordance with paragraph 35 of SFAS 140.

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

      SECTION 3.01. Servicer to Service Mortgage Loans.

            For and on behalf of the Certificateholders, the Servicer shall
service and administer the Mortgage Loans in accordance with Accepted Servicing
Practices. In connection with such servicing and administration, the Servicer
shall have full power and authority, acting alone and/or through subservicers as
provided in Section 3.02 hereof, to do or cause to be done any and all things
that it may deem necessary or desirable in connection with such servicing and
administration, including but not limited to, the power and authority, subject
to the terms hereof (i) to execute and deliver, on behalf of the
Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents, (ii) to consent to transfers of any Mortgaged
Property and assumptions of the Mortgage Notes and related Mortgages (but only
in the manner provided in this Agreement), (iii) to collect any Insurance
Proceeds and other Liquidation Proceeds and (iv) subject to Section 3.12(a), to
effectuate foreclosure or other conversion of the ownership of the Mortgaged
Property securing any Mortgage Loan; provided that, subject to Section 6.03, the
Servicer shall not take any action that is inconsistent with or prejudices the
interests of the Trust Fund or the Certificateholders in any Mortgage Loan
serviced by it under this Agreement or the rights and interests of the other
parties to this Agreement except as otherwise required by this Agreement or by
law. The Servicer shall represent and protect the interest of the Trust Fund in
the same manner as it currently protects its own interest in mortgage loans in
its own portfolio in any claim, proceeding or litigation regarding a Mortgage
Loan and shall not make or permit any modification, waiver or amendment of any
term of any Mortgage Loan which would cause any of the REMICs provided for
herein to fail to qualify as a REMIC or result in the imposition of any tax
under Section 860G(a) or 860G(d) of the Code, but in any case not in any manner
that is a lesser standard than that provided in the first sentence of this
Section 3.01. Without limiting the generality of the foregoing, the Servicer, in
its own name or in the name of the Depositor and the Trustee, is hereby
authorized and empowered by the Depositor and the Trustee, when the Servicer
believes it appropriate in its reasonable judgment, to execute and deliver, on
behalf of the Trustee, the Depositor, the Certificateholders or any of them, any
and all instruments of satisfaction or cancellation, or of partial or full
release or discharge and all other comparable instruments, with respect to the
Mortgage Loans, and with respect to the Mortgaged Properties held for the
benefit of the Certificateholders. The Servicer shall prepare and deliver to the
Depositor and/or the Trustee such documents requiring execution and delivery by
any or all of them as

                                      -61-
<PAGE>
are necessary or appropriate to enable the Servicer to service and administer
the Mortgage Loans, including without limitation, any powers of attorney. Upon
receipt of such documents, the Depositor and/or the Trustee shall execute such
documents and deliver them to the Servicer.

      In accordance with the standards of the preceding paragraph, the Servicer
shall advance or cause to be advanced funds as necessary for the purpose of
effecting the payment of taxes and assessments on the Mortgaged Properties,
which advances shall be reimbursable in the first instance from related
collections from the Mortgagors pursuant to Section 3.06, and further as
provided in Section 3.08. To the extent that a Mortgage does not provide for
escrow payments, (i) the Servicer shall determine whether any such payments are
made by the Mortgagor in a manner and at a time that is necessary to avoid the
loss of the Mortgaged Property due to a tax sale or the foreclosure as a result
of a tax lien and (ii) ensure that all insurance required to be maintained on
the Mortgaged Property pursuant to this Agreement is maintained. If any such
payment has not been made and the Servicer receives notice of a tax lien with
respect to the Mortgage Loan being imposed, the Servicer will, promptly and to
the extent required to avoid loss of the Mortgaged Property, advance or cause to
be advanced funds necessary to discharge such lien on the Mortgaged Property.
All costs incurred by the Servicer, if any, in effecting the timely payments of
taxes and assessments on the Mortgaged Properties and related insurance premiums
shall not, for the purpose of calculating monthly distributions to the
Certificateholders, be added to the Stated Principal Balance under the related
Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.

      The Servicer shall deliver a list of Servicing Officers to the Trustee by
the Closing Date.

      The Servicer will transmit full-file credit reporting data for each
Mortgage Loan pursuant to Fannie Mae Guide Announcement 97-02 and that for each
Mortgage Loan, the Servicer agrees that it shall report one of the following
statuses each month as follows: current, delinquent (30-, 60-, 90-days, etc.),
foreclosed or charged-off.

      SECTION 3.02. Servicing and Subservicing; Enforcement of the Obligations
of Servicer.

      (a) The Servicer may arrange for the subservicing of any Mortgage Loan by
a subservicer, which may be an affiliate (each, a "subservicer") pursuant to a
subservicing agreement (each, a "Subservicing Agreement"); provided, however,
that (i) such subservicing arrangement and the terms of the related subservicing
agreement must provide for the servicing of such Mortgage Loans in a manner
consistent with the servicing arrangements contemplated hereunder, (ii) that
such agreement would not result in a withdrawal or downgrading by any Rating
Agency of the ratings of any Certificates or any of the NIM Notes evidenced by a
letter to that effect delivered by each Rating Agency to the Depositor and the
NIMs Insurer and (iii) the NIMs Insurer shall have consented to such
subservicing agreement. Notwithstanding the provisions of any subservicing
agreement, any of the provisions of this Agreement relating to agreements or
arrangements between the Servicer and a subservicer or reference to actions
taken through a subservicer or otherwise, the Servicer shall remain obligated
and liable to the Depositor, the Trustee and the Certificateholders for the
servicing and administration of the Mortgage Loans in accordance with the
provisions of this Agreement without diminution of such obligation or liability
by virtue of such subservicing agreements or arrangements or by virtue of
indemnification from the subservicer and to the same extent and under the same
terms and conditions as if the Servicer alone were servicing and administering
the Mortgage Loans. Every subservicing agreement entered into by the Servicer
shall contain a provision giving any successor servicer the option to terminate
such agreement with the consent of the NIMs Insurer in the event a successor
servicer is appointed. All actions of the each subservicer performed pursuant to
the related subservicing agreement shall be performed as an agent of the
Servicer with the same force and effect as if performed directly by the
Servicer. The Servicer shall deliver to the NIMs Insurer and the Trustee copies
of all subservicing agreements.

                                      -62-
<PAGE>
      (b) For purposes of this Agreement, the Servicer shall be deemed to have
received any collections, recoveries or payments with respect to the Mortgage
Loans that are received by a subservicer regardless of whether such payments are
remitted by the subservicer to the Servicer.

      SECTION 3.03. Rights of the Depositor and the Trustee in Respect of the
Servicer.

      Neither the Trustee nor the Depositor shall have any responsibility or
liability for any action or failure to act by the Servicer, and neither of them
is obligated to supervise the performance of the Servicer hereunder or
otherwise.

      SECTION 3.04. Trustee to Act as Servicer.

      In the event that the Servicer shall for any reason no longer be the
Servicer hereunder (including by reason of an Event of Default), the Trustee or
its designee shall, within a period of time not to exceed ninety (90) days from
the date of notice of termination or resignation, thereupon assume all of the
rights and obligations of the Servicer hereunder arising thereafter (except that
the Trustee shall not be (i) liable for losses of the Servicer pursuant to
Section 3.10 hereof or any acts or omissions of such predecessor Servicer
hereunder, (ii) obligated to make Advances or Servicing Advances if it is
prohibited from doing so by applicable law, (iii) obligated to effectuate
repurchases or substitutions of Mortgage Loans hereunder, including pursuant to
Section 2.02 or 2.03 hereof, (iv) responsible for any expenses of the Servicer
pursuant to Section 2.03 or (v) deemed to have made any representations and
warranties hereunder, including pursuant to Section 2.04 or the first paragraph
of Section 6.02 hereof; provided, however that the Trustee (subject to clause
(ii) above) or its designee, in its capacity as the successor servicer, shall
immediately assume the terminated or resigning Servicer's obligation to make
Advances and Servicing Advances. No such termination shall affect any obligation
of the Servicer to pay amounts owed under this Agreement and to perform its
duties under this Agreement until its successor assumes all of its rights and
obligations hereunder. If the Servicer shall for any reason no longer be the
Servicer (including by reason of any Event of Default), the Trustee (or any
other successor servicer) may, at its option, succeed to any rights and
obligations of the Servicer under any subservicing agreement in accordance with
the terms thereof; provided, however, that the Trustee (or any other successor
servicer) shall not incur any liability or have any obligations in its capacity
as servicer under a subservicing agreement arising prior to the date of such
succession unless it expressly elects to assume such obligations of the Servicer
thereunder; and the Servicer shall not thereby be relieved of any liability or
obligations under the subservicing agreement arising prior to the date of such
succession. To the extent any costs or expenses, including without limitation
Servicing Transfer Costs incurred by the Trustee in connection with this Section
3.04 are not paid by the Servicer pursuant to this Agreement within 30 days of
the date of the Trustee's invoice therefor, such amounts shall be payable out of
the Certificate Account; provided that the terminated Servicer shall reimburse
the Trust Fund for any such expense incurred by the Trust Fund upon receipt of a
reasonably detailed invoice evidencing such expenses. If the Trustee is
unwilling or unable to act as servicer, or if the NIMs Insurer so directs the
Trustee, the Trustee shall seek to appoint a successor servicer that is eligible
in accordance with the criteria specified this Agreement and reasonably
acceptable to the NIMs Insurer.

      The Servicer shall, upon request of the Trustee, but at the expense of the
Servicer, deliver to the assuming party all documents and records relating to
each subservicing agreement and the Mortgage Loans then being serviced and
otherwise use its best efforts to effect the orderly and efficient transfer of
the subservicing agreement to the assuming party.

      In the event that the Servicer shall for any reason no longer be the
Servicer hereunder (including by reason of any Event of Default),
notwithstanding anything to the contrary above, the Trustee and the Depositor
hereby agree that within 10 Business Days or delivery to the Trustee by the
Servicing Rights Pledgee of a letter signed by the Servicer whereby the Servicer
shall resign as Servicer under this

                                      -63-
<PAGE>
Agreement, the Servicing Rights Pledgee or its designee shall be appointed as
successor servicer (provided that at the time of such appointment the Servicing
Rights Pledgee or such designee meets the requirements of a successor servicer
set forth above) and the Servicing Rights Pledgee agrees to be subject to the
terms of this Agreement.

      SECTION 3.05. Collection of Mortgage Loan Payments; Collection Account;
Certificate Account.

      (a) The Servicer shall make reasonable efforts in accordance with Accepted
Servicing Practices to collect all payments called for under the terms and
provisions of the Mortgage Loans to the extent such procedures shall be
consistent with this Agreement and the terms and provisions of any related
Required Insurance Policy. Consistent with the foregoing, the Servicer may in
its discretion (i) waive any late payment charge or, if applicable, any penalty
interest, or (ii) extend the due dates for payments due on a Mortgage Note for a
period not greater than 180 days; provided, however, that any extension pursuant
to clause (ii) above shall not affect the amortization schedule of any Mortgage
Loan for purposes of any computation hereunder, except as provided below;
provided, further, that the NIMs Insurer's prior written consent shall be
required for any modification, waiver or amendment since the Cut-off Date if the
aggregate number of outstanding Mortgage Loans which have been modified, waived
or amended exceeds 5% of the number of Mortgage Loans as of the Cut-Off Date. In
the event of any such arrangement pursuant to clause (ii) above, subject to
Section 4.01, the Servicer shall make any 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.
Notwithstanding the foregoing, in the event that any Mortgage Loan is in default
or, in the judgment of the Servicer, such default is reasonably foreseeable, the
Servicer, consistent with the standards set forth in Section 3.01, may also
waive, modify or vary any term of such Mortgage Loan (including modifications
that would change the Mortgage Rate, forgive the payment of principal or
interest or extend the final maturity date of such Mortgage Loan), accept
payment from the related Mortgagor of an amount less than the Stated Principal
Balance in final satisfaction of such Mortgage Loan, or consent to the
postponement of strict compliance with any such term or otherwise grant
indulgence to any Mortgagor (any and all such waivers, modifications, variances,
forgiveness of principal or interest, postponements, or indulgences collectively
referred to herein as "forbearance"), provided, however, that in no event shall
the Servicer grant any such forbearance (other than as permitted by the second
sentence of this Section) with respect to any one Mortgage Loan more than once
in any 12 month period or more than three times over the life of such Mortgage
Loan, and provided, further, that in determining which course of action
permitted by this sentence it shall pursue, the Servicer shall adhere to the
standards of Section 3.01. The Servicer's analysis supporting any forbearance
and the conclusion that any forbearance meets the standards of Section 3.01
shall be reflected in writing in the Mortgage File.

      (b) The Servicer will not waive any prepayment penalty or portion thereof
unless, (i) the enforceability thereof shall have been limited by bankruptcy,
insolvency, moratorium, receivership and other similar laws relating to
creditors' rights generally or is otherwise prohibited by law, or (ii) the
collectability thereof shall have been limited due to acceleration in connection
with a foreclosure or other involuntary payment, or (iii) the prepayment of the
Mortgage Loan is made in connection with the voluntary sale of the related
Mortgaged Property, or (iv) in the Servicer's reasonable judgment as described
in Section 3.01 hereof, (x) such waiver relates to a default or a reasonably
foreseeable default, (y) such waiver would maximize recovery of total proceeds
taking into account the value of such prepayment penalty and related Mortgage
Loan and (z) doing so is standard and customary in servicing similar Mortgage
Loans (including any waiver of a prepayment penalty in connection with a
refinancing of a Mortgage Loan that is related to a default or a reasonably
foreseeable default). Except as provided in the preceding sentence, in no event
will the Servicer waive a prepayment penalty in connection with a refinancing of
a Mortgage Loan that is not related to a default or a reasonably foreseeable
default. If the

                                      -64-
<PAGE>
Servicer waives or does not collect all or a portion of a prepayment penalty
relating to a Principal Prepayment in full or in part due to any action or
omission of the Servicer, other than as provided above, the Servicer shall
deposit the amount of such prepayment penalty (or such portion thereof as had
been waived for deposit) into the Collection Account for distribution in
accordance with the terms of this Agreement.

      (c) The Servicer shall not be required to institute or join in litigation
with respect to collection of any payment (whether under a Mortgage, Mortgage
Note or otherwise or against any public or governmental authority with respect
to a taking or condemnation) if it reasonably believes that enforcing the
provision of the Mortgage or other instrument pursuant to which such payment is
required is prohibited by applicable law.

      (d) The Servicer shall establish and initially maintain, on behalf of the
Certificateholders, the Collection Account. The Servicer shall deposit into the
Collection Account daily, within two Business Days of receipt thereof, in
immediately available funds, the following payments and collections received or
made by it on and after the Cut-Off Date with respect to the Mortgage Loans:

            (i) all payments on account of principal, including Principal
      Prepayments, on the Mortgage Loans, other than principal due on the
      Mortgage Loans on or prior to the Cut-off Date;

            (ii) all payments on account of interest on the Mortgage Loans net
      of the related Servicing Fee permitted under Section 3.15, other than
      interest due on the Mortgage Loans on or prior to the Cut-off Date;

            (iii) all Liquidation Proceeds, other than proceeds to be applied to
      the restoration or repair of the Mortgaged Property or released to the
      Mortgagor in accordance with the Servicer's normal servicing procedures;

            (iv) all Compensating Interest;

            (v) any amount required to be deposited by the Servicer pursuant to
      Section 3.05(g) in connection with any losses on Permitted Investments;

            (vi) any amounts required to be deposited by the Servicer pursuant
      to Section 3.10 hereof;

            (vii) the Purchase Price and any Substitution Adjustment Amount;

            (viii) all Advances made by the Servicer pursuant to Section 4.01;

            (ix) all prepayment penalties; and

            (x) any other amounts required to be deposited hereunder.

      The foregoing requirements for remittance by the Servicer into the
Collection Account shall be exclusive, it being understood and agreed that,
without limiting the generality of the foregoing, late payment charges,
insufficient funds charges and payments in the nature of assumption fees (i.e.
fees related to the assumption of a Mortgage Loan upon the purchase of the
related Mortgaged Property) and other similar ancillary fees (other than
prepayment penalties) if collected, need not be remitted by the Servicer. In the
event that the Servicer shall remit any amount not required to be remitted and
not otherwise subject to withdrawal pursuant to Section 3.08 hereof, it may at
any time withdraw or direct the Trustee, or such other institution maintaining
the Collection Account, to withdraw such amount from the

                                      -65-
<PAGE>
Collection Account, any provision herein to the contrary notwithstanding. The
Servicer shall maintain adequate records with respect to all withdrawals made
pursuant to this Section. All funds deposited in the Collection Account shall be
held in trust for the Certificateholders until withdrawn in accordance with
Section 3.08. In no event shall the Trustee incur liability for withdrawals from
the Collection Account at the direction of the Servicer.

      The Servicer shall give notice to the NIMs Insurer and the Trustee of the
location of the Collection Account maintained by it when established and prior
to any change thereof. Not later than twenty days after each Distribution Date,
the Servicer shall forward to the NIMS Insurer and, upon request, to the Trustee
and the Depositor the most current available bank statement for the Collection
Account. Copies of such statement shall be provided by the Trustee to any
Certificateholder and to any Person identified to the Trustee as a prospective
transferee of a Certificate, upon request at the expense of the requesting
party, provided such statement is delivered by the Servicer to the Trustee.

      (e) [RESERVED].

      (f) The Trustee shall establish and maintain, on behalf of the
Certificateholders, the Certificate Account. The Trustee shall, promptly upon
receipt, deposit or cause to be deposited in the Certificate Account and retain
therein the following:

            (i) the aggregate amount withdrawn by the Servicer from the
      Collection Account and required to be deposited in the Certificate
      Account;

            (ii) any amount required to be deposited by the Trustee pursuant to
      Section 3.05(g) in connection with any losses on Permitted Investments;
      and

            (iii) the Optional Termination Amount or Clean Up Call Amount
      payable pursuant to Section 9.01.

      Any amounts received by the Trustee prior to 3:00 p.m. New York City time
(or such earlier deadline for investment in the Permitted Investments designated
by the Trustee) which are required to be deposited in the Certificate Account by
the Servicer shall be invested in Permitted Investments on the Business Day on
which they were received. The foregoing requirements for remittance by the
Servicer and deposit by the Servicer into the Certificate Account shall be
exclusive. In the event that the Servicer shall remit any amount not required to
be remitted and not otherwise subject to withdrawal pursuant to Section 3.08
hereof, it may at any time withdraw such amount from the Certificate Account,
any provision herein to the contrary notwithstanding. All funds deposited in the
Certificate Account shall be held by the Trustee in trust for the
Certificateholders until disbursed in accordance with this Agreement or
withdrawn in accordance with Section 3.08. In no event shall the Trustee incur
liability for withdrawals from the Certificate Account at the direction of the
Servicer. The Trustee shall give notice to the NIMs Insurer and the Servicer of
the location of the Certificate Account maintained by it when established and
prior to any change thereof.

      (g) Each institution that maintains the Collection Account or the
Certificate Account shall invest the funds in each such account, as directed by
the Servicer or the Trustee, as applicable, in writing, in Permitted
Investments, which shall mature not later than (i) in the case of the Collection
Account the Business Day preceding the related Servicer Remittance Date (except
that if such Permitted Investment is an obligation of the institution that
maintains such Collection Account or is otherwise immediately available, then
such Permitted Investment shall mature not later than the Servicer Remittance
Date) and (ii) in the case of the Certificate Account, the Business Day
immediately preceding the first Distribution Date that follows the date of such
investment (except that if such Permitted Investment is an obligation of the
institution that maintains such Certificate Account or is otherwise immediately
available, then such

                                      -66-
<PAGE>
Permitted Investment shall mature not later than such Distribution Date) and, in
each case, shall not be sold or disposed of prior to its maturity. All such
Permitted Investments shall be made in the name of the Servicer or the Trustee,
as applicable, for the benefit of the Certificateholders. All income and gain
net of any losses realized from amounts on deposit in the Collection Account
shall be for the benefit of the Servicer as servicing compensation and shall be
remitted to it monthly as provided herein. The amount of any losses incurred in
the Collection Account in respect of any such investments shall be deposited by
the Servicer in the Collection Account out of the Servicer's own funds
immediately as realized. All income and gain net of any losses realized from
amounts on deposit in the Certificate Account shall be for the benefit of the
Trustee and shall be remitted to or withdrawn by it monthly as provided herein.
The amount of any losses incurred in the Certificate Account in respect of any
such investments shall be deposited by the Trustee, in the Certificate Account
out of the Trustee's own funds immediately as realized.

      SECTION 3.06. Collection of Taxes, Assessments and Similar Items; Escrow
Accounts.

      To the extent required by the related Mortgage Note, the Servicer shall
establish and maintain one or more accounts (each, an "Escrow Account") and
deposit and retain therein all collections from the Mortgagors (or advances by
the Servicer) for the payment of taxes, assessments, hazard insurance premiums
or comparable items for the account of the Mortgagors. Nothing herein shall
require the Servicer to compel a Mortgagor to establish an Escrow Account in
violation of applicable law.

      Withdrawals of amounts so collected from the Escrow Accounts may be made
only to effect timely payment of taxes, assessments, hazard insurance premiums,
condominium or PUD association dues, or comparable items, to reimburse the
Servicer out of related collections for any payments made pursuant to Sections
3.01 hereof (with respect to taxes and assessments and insurance premiums) and
3.10 hereof (with respect to hazard insurance), to refund to any Mortgagors any
sums as may be determined to be overages, to pay interest, if required by law or
the terms of the related Mortgage or Mortgage Note, to Mortgagors on balances in
the Escrow Account or to clear and terminate the Escrow Account at the
termination of this Agreement in accordance with Section 9.01 hereof. The Escrow
Accounts shall not be a part of the Trust Fund.

      SECTION 3.07. Access to Certain Documentation and Information Regarding
the Mortgage Loans.

      Upon reasonable advance notice in writing if required by federal
regulation, the Servicer will provide to each Certificateholder that is a
savings and loan association, bank or insurance company certain reports and
reasonable access to information and documentation regarding the Mortgage Loans
sufficient to permit such Certificateholder to comply with applicable
regulations of the OTS or other regulatory authorities with respect to
investment in the Certificates; provided, that the Servicer shall be entitled to
be reimbursed by each such Certificateholder for actual expenses incurred by the
Servicer in providing such reports and access.

      SECTION 3.08. Permitted Withdrawals from the Collection Account and
Certificate Account.

      (a) The Servicer may from time to time, make withdrawals from the
Collection Account for the following purposes:

            (i) to pay to the Servicer (to the extent not previously paid to or
      withheld by the Servicer), as servicing compensation in accordance with
      Section 3.15, that portion of any payment of interest that equals the
      Servicing Fee for the period with respect to which such interest payment
      was made, and, as additional servicing compensation, those other amounts
      set forth in Section 3.15;

                                      -67-
<PAGE>
            (ii) to reimburse the Servicer for Advances made by it with respect
      to the Mortgage Loans, such right of reimbursement pursuant to this
      subclause (ii) being limited to amounts received on particular Mortgage
      Loan(s) (including, for this purpose, Liquidation Proceeds) that represent
      late recoveries of payments of principal and/or interest on such
      particular Mortgage Loan(s) in respect of which any such Advance was made;

            (iii) to reimburse the Servicer for any Non-Recoverable Advance
      previously made and, to the extent that such Non-Recoverable Servicing
      Advances would constitute "unanticipated expenses" within the meaning of
      Treasury Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the
      REMICs provided for herein, any Non-Recoverable Servicing Advance;

            (iv) to pay to the Servicer earnings on or investment income with
      respect to funds in or credited to the Collection Account;

            (v) to reimburse the Servicer from Insurance Proceeds for Insured
      Expenses covered by the related Insurance Policy;

            (vi) pay the Servicer any unpaid Servicing Fees and to reimburse it
      for any unreimbursed Servicing Advances, the Servicer's right to
      reimbursement of Servicing Advances pursuant to this subclause (vi) with
      respect to any Mortgage Loan being limited to amounts received on
      particular Mortgage Loan(s)(including, for this purpose, Liquidation
      Proceeds and purchase and repurchase proceeds) that represent late
      recoveries of the payments for which such advances were made pursuant to
      Section 3.01 or Section 3.06;

            (vii) to pay to the Depositor or the Servicer, as applicable, with
      respect to each Mortgage Loan or property acquired in respect thereof that
      has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts
      received thereon and not taken into account in determining the related
      Stated Principal Balance of such repurchased Mortgage Loan;

            (viii) to reimburse the Servicer or the Depositor for expenses
      incurred by any of them in connection with the Mortgage Loans or
      Certificates and reimbursable pursuant to Section 3.25 or Section 6.03
      hereof;

            (ix) to reimburse the Trustee for enforcement expenses reasonably
      incurred in respect of a breach of defect giving rise to the purchase
      obligation in Section 2.03 that were incurred in the Purchase Price of the
      Mortgage Loans including any expenses arising out of the enforcement of
      the purchase obligation; provided that any such expenses will be
      reimbursable under this subclause (ix) only to the that such expenses
      would constitute "unanticipated expenses" within the meaning of Treasury
      Regulation Section 1.860G-1(b)(3)(ii) if paid by one of the REMICs
      provided for herein;

            (x) to withdraw pursuant to Section 3.05 any amount deposited in the
      Collection Account and not required to be deposited therein; and

            (xi) to clear and terminate the Collection Account upon termination
      of this Agreement pursuant to Section 9.01 hereof.

      In addition, no later than 3:00 p.m. Eastern Time on the Servicer
Remittance Date, the Servicer shall cause to be withdrawn from the Collection
Account the Interest Funds and the Principal Funds, to the extent on deposit,
and such amount shall be deposited in the Certificate Account; provided, however
if the Trustee does not receive such Interest Funds and Principal Funds by 4:00
p.m. Eastern Time, such

                                      -68-
<PAGE>
Interest Funds and Principal Funds shall be deposited in the Certificate Account
on the next Business Day.

      The Servicer shall keep and maintain separate accounting, on a Mortgage
Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from
the Collection Account.

      The Servicer shall provide written notification to the Trustee and the
NIMs Insurer on or prior to the next succeeding Servicer Remittance Date upon
making any withdrawals from the Collection Account pursuant to subclauses (iii)
and (viii) above.

      In the event of any failure by the Servicer to remit to the Trustee for
deposit into the Certificate Account any amounts (including any P&I Advance)
required to be so remitted by the Servicer on the Servicer Remittance Date, the
Servicer shall pay to the Trustee, for its own account, interest on such amounts
at the "prime rate" (as specified in the New York edition of the Wall Street
Journal) until such failure is remedied.

      (b) The Trustee shall withdraw funds from the Certificate Account for
distribution to the Certificateholders in the manner specified in this Agreement
(and to withhold from the amounts so withdrawn, the amount of any taxes that it
is authorized to retain pursuant to this Agreement). In addition, the Trustee
may from time to time make withdrawals from the Certificate Account for the
following purposes:

            (i) to withdraw any amount deposited in the Certificate Account and
      not required to be deposited therein;

            (ii) to pay the Trustee any indemnification amounts owed it and to
      clear and terminate the Certificate Account upon termination of the
      Agreement pursuant to Section 9.01 hereof;

            (iii) to reimburse the Trustee for expenses incurred by the Trustee
      and reimbursable pursuant to Section 8.06 hereof;

            (iv) to pay to the Trustee earnings on or investment income with
      respect to funds in or credited to the Certificate Account; and

            (v) to pay to the Credit Risk Manager, the Credit Risk Manager Fee.

      SECTION 3.09. [RESERVED].

      SECTION 3.10. Maintenance of Hazard Insurance.

      The Servicer shall cause to be maintained, for each Mortgage Loan, hazard
insurance with extended coverage in an amount that is at least equal to the
lesser of (i) the replacement value of the improvements that are part of such
Mortgaged Property and (ii) the greater of (a) the outstanding principal balance
of the Mortgage Loan and (b) an amount such that the proceeds of such policy
shall be sufficient to prevent the related Mortgagor and/or mortgagee from
becoming a co-insurer. Each such policy of standard hazard insurance shall
contain, or have an accompanying endorsement that contains, a standard mortgagee
clause. The Servicer shall also cause flood insurance to be maintained on
property acquired upon foreclosure or deed in lieu of foreclosure of any
Mortgage Loan, to the extent required under the standards described below.
Pursuant to Section 3.05 hereof, any amounts collected by the Servicer under any
such policies (other than the 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

                                      -69-
<PAGE>
the Servicer's normal servicing procedures) shall be deposited in the Collection
Account. Any cost incurred by the Servicer in maintaining any such insurance
shall not, for the purpose of calculating monthly distributions to the
Certificateholders or remittances to the Trustee for their benefit, be added to
the principal balance of the Mortgage Loan, notwithstanding that the terms of
the Mortgage Loan so permit. Such costs shall be recoverable by the Servicer out
of late payments by the related Mortgagor or out of Liquidation Proceeds to the
extent and as otherwise permitted by Section 3.08 hereof. 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 other than
pursuant to such applicable laws and regulations as shall at any time be in
force and as shall require such additional insurance. If the Mortgaged Property
is located at the time of origination of the Mortgage Loan in a federally
designated special flood hazard area and such area is participating in the
national flood insurance program, the Servicer shall cause flood insurance to be
maintained with respect to such Mortgage Loan. Such flood insurance shall be in
an amount equal to the lesser of (i) the original principal balance of the
related Mortgage Loan, (ii) the replacement value of the improvements that are
part of such Mortgaged Property, or (iii) the maximum amount of such insurance
available for the related Mortgaged Property under the Flood Disaster Protection
Act of 1973, as amended.

      In the event that the Servicer shall obtain and maintain a blanket policy
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 3.10, it being understood and agreed that such
policy may contain a deductible clause on terms substantially equivalent to
those commercially available and maintained by comparable servicers. If such
policy contains a deductible clause, the 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 3.10, and there shall have
been a loss that would have been covered by such policy, deposit in the
Collection Account the amount not otherwise payable under the blanket policy
because of such deductible clause. In connection with its activities as servicer
of the Mortgage Loans, the Servicer agrees to present, on behalf of itself, the
Depositor and the Trustee for the benefit of the Certificateholders, claims
under any such blanket policy.

      SECTION 3.11. Enforcement of Due-On-Sale Clauses; Assumption Agreements.

      (a) Except as otherwise provided in this Section 3.11(a), when any
property subject to a Mortgage has been or is about to be conveyed by the
Mortgagor, the Servicer shall to the extent that it has knowledge of such
conveyance, 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, the Servicer is not required to exercise such
rights with respect to a Mortgage Loan if the Person to whom the related
Mortgaged Property has been conveyed or is proposed to be conveyed satisfies the
terms and conditions contained in the Mortgage Note and Mortgage related thereto
and the consent of the mortgagee under such Mortgage Note or Mortgage is not
otherwise so required under such Mortgage Note or Mortgage as a condition to
such transfer. In the event that the Servicer is prohibited by law from
enforcing any such due-on-sale clause, or if coverage under any Required
Insurance Policy would be adversely affected, or if nonenforcement is otherwise
permitted hereunder, the Servicer is authorized, subject to Section 3.11(b), to
take or enter into an assumption and modification agreement from or with the
Person to whom such property has been or is about to be conveyed, pursuant to
which such Person becomes liable under the Mortgage Note and, unless prohibited
by applicable state law, the Mortgagor remains liable thereon, provided that the
Mortgage Loan shall continue to be covered (if so covered before the Servicer
enters such agreement) by the applicable Required Insurance Policies. The
Servicer, subject to Section 3.11(b), is also authorized with the prior approval
of the insurers under any Required Insurance Policies to enter into a
substitution of liability agreement with such Person, pursuant to which the
original Mortgagor is released from liability and such

                                      -70-
<PAGE>
Person is substituted as Mortgagor and becomes liable under the Mortgage Note.
Notwithstanding the foregoing, the Servicer shall not be deemed to be in default
under this Section 3.11(a) by reason of any transfer or assumption that the
Servicer reasonably believes it is restricted by law from preventing.

      (b) Subject to the Servicer's duty to enforce any due-on-sale clause to
the extent set forth in Section 3.11(a) hereof, in any case in which a Mortgaged
Property has been conveyed to a Person by a Mortgagor, and such Person is to
enter into an assumption agreement or modification agreement or supplement to
the Mortgage Note or Mortgage that 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 Servicer shall prepare and
deliver or cause to be prepared and delivered to the Trustee for signature and
shall direct, in writing, the Trustee to execute 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.
In connection with any such assumption, no material term of the Mortgage Note
(including, but not limited to, the Mortgage Rate, the amount of the Scheduled
Payment, the Maximum Rate, the Minimum Rate, the Gross Margin, the Periodic Rate
Cap, the Adjustment Date, any prepayment penalty and any other term affecting
the amount or timing of payment on the Mortgage Loan) may be changed. The
Servicer shall notify the Trustee and the NIMs Insurer that any such
substitution or assumption agreement has been completed by forwarding to the
Trustee (with a copy to the NIMs Insurer) the original of such substitution or
assumption agreement, which in the case of the original shall be added to the
related Mortgage File and shall, for all purposes, be considered a part of such
Mortgage File to the same extent as all other documents and instruments
constituting a part thereof. Any fee collected by the Servicer for entering into
an assumption or substitution of liability agreement will be retained by the
Servicer as additional servicing compensation.

      SECTION 3.12. Realization Upon Defaulted Mortgage Loans; Determination of
Excess Proceeds.

      (a) The Servicer shall use reasonable efforts consistent with the
servicing standard set forth in Section 3.01 to foreclose upon or otherwise
comparably convert 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. In connection
with such foreclosure or other conversion, the Servicer shall follow such
practices and procedures as it shall deem necessary or advisable and as shall be
normal and usual in its general mortgage servicing activities and the
requirements of the insurer under any Required Insurance Policy; provided,
however, that the Servicer shall not be required to expend its own funds in
connection with the restoration of any property that shall have suffered damage
due to an uninsured cause unless it shall determine (i) that such restoration
increase the proceeds of liquidation of the Mortgage Loan after reimbursement to
itself of such expenses and (ii) that such expenses will be recoverable to it
through Liquidation Proceeds (respecting which it shall have priority for
purposes of withdrawals from the Collection Account pursuant to Section 3.08
hereof). The Servicer shall be responsible for all other costs and expenses
incurred by it in any such proceedings; provided, however, that it shall be
entitled to reimbursement thereof from the proceeds of liquidation of the
related Mortgaged Property, as contemplated in Section 3.08 hereof. If the
Servicer has knowledge that a Mortgaged Property that the Servicer is
contemplating acquiring in foreclosure or by deed-in-lieu of foreclosure is
located within a one-mile radius of any site with environmental or hazardous
waste risks known to the Servicer, the Servicer will, prior to acquiring the
Mortgaged Property, consider such risks and only take action in accordance with
Accepted Servicing Practices.

      With respect to any REO Property, the deed or certificate of sale shall be
taken in the name of the Trustee or its nominee. Pursuant to its efforts to sell
such REO Property, the Servicer shall either itself or

                                      -71-
<PAGE>
through an agent selected by the Servicer protect and conserve such REO Property
in the same manner and to such extent as is customary in the locality where such
REO Property is located and may, incident to its conservation and protection of
the interests of the Certificateholders, rent the same, or any part thereof, as
the Servicer deems to be in the best interest of the Servicer and the
Certificateholders for the period prior to the sale of such REO Property. The
Servicer or an affiliate may receive usual and customary real estate referral
fees for real estate brokers in connection with the listing and disposition of
REO Property. The Servicer shall prepare a statement with respect to each REO
Property that has been rented showing the aggregate rental income received and
all expenses incurred in connection with the management and maintenance of such
REO Property at such times as is necessary to enable the Servicer to comply with
the reporting requirements of the REMIC Provisions. The net monthly rental
income, if any, from such REO Property shall be deposited in the Collection
Account no later than the close of business on each Determination Date. The
Servicer shall perform the tax reporting and withholding related to
foreclosures, abandonments and cancellation of indebtedness income as specified
by Sections 1445, 6050J and 6050P of the Code by preparing and filing such tax
and information returns, as may be required.

      In the event that the Trust Fund acquires any Mortgaged Property as
aforesaid or otherwise in connection with a default or imminent default on a
Mortgage Loan, the Servicer shall dispose of such Mortgaged Property prior to
the expiration of three years from the end of the year of its acquisition by the
Trust Fund or, at the expense of the Trust Fund, request more than 60 days prior
to the day on which such three-year period would otherwise expire, an extension
of the three-year grace period unless the Trustee and the NIMs Insurer shall
have been supplied with an Opinion of Counsel addressed to the Trustee and the
NIMs Insurer (such Opinion of Counsel not to be an expense of the Trustee or the
NIMs Insurer) to the effect that the holding by the Trust Fund of such Mortgaged
Property subsequent to such three-year period will not result in the imposition
of taxes on "prohibited transactions" of the Trust Fund or any of the REMICs
provided for herein as defined in section 860F of the Code or cause any of the
REMICs provided for herein to fail to qualify as a REMIC at any time that any
Certificates are outstanding, in which case the Trust Fund may continue to hold
such Mortgaged Property (subject to any conditions contained in such Opinion of
Counsel). Notwithstanding any other provision of this Agreement, no Mortgaged
Property acquired by the Trust Fund shall be rented (or allowed to continue to
be rented) or otherwise used for the production of income by or on behalf of the
Trust Fund in such a manner or pursuant to any terms that would (i) cause such
Mortgaged 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 or any
REMIC provided for herein to the imposition of any federal, state or local
income taxes on the income earned from such Mortgaged Property under section
860G(c) of the Code or otherwise, unless the Servicer or the Depositor has
agreed to indemnify and hold harmless the Trust Fund with respect to the
imposition of any such taxes.

      The decision of the Servicer to foreclose on a defaulted Mortgage Loan
shall be subject to a determination by the Servicer that the proceeds of such
foreclosure would exceed the costs and expenses of bringing such a proceeding.
The income earned from the management of any Mortgaged Properties acquired
through foreclosure or other judicial proceeding, net of reimbursement to the
Servicer for expenses incurred (including any property or other taxes) in
connection with such management and net of unreimbursed Servicing Fees,
Advances, Servicing Advances and any management fee paid or to be paid with
respect to the management of such Mortgaged Property, shall be applied to the
payment of principal of, and interest on, the related defaulted Mortgage Loans
(with interest accruing as though such Mortgage Loans were still current) and
all such income shall be deemed, for all purposes in this Agreement, to be
payments on account of principal and interest on the related Mortgage Notes and
shall be deposited into the Collection Account. To the extent the income
received during a Prepayment Period is in excess of the amount attributable to
amortizing principal and accrued interest at the related Mortgage Rate on the

                                      -72-
<PAGE>
related Mortgage Loan, such excess shall be considered to be a partial Principal
Prepayment for all purposes hereof.

      The Liquidation Proceeds from any liquidation of a Mortgage Loan, net of
any payment to the Servicer as provided above, shall be deposited in the
Collection Account on the next succeeding Determination Date following receipt
thereof for distribution on the related Distribution Date.

      The proceeds of any Liquidated Loan, as well as any recovery resulting
from a partial collection of Liquidation Proceeds or any income from an REO
Property, will be applied in the following order of priority: first, to
reimburse the Servicer for any related unreimbursed Servicing Advances and
Servicing Fees, pursuant to Section 3.08(a)(vi) or this Section 3.12; second, to
reimburse the Servicer for any unreimbursed Advances, pursuant to Section
3.08(a)(ii) or this Section 3.12; third, to any prepayment penalties and then to
accrued and unpaid interest (to the extent no Advance has been made for such
amount) on the Mortgage Loan or related REO Property, at the Net Mortgage Rate
to the Due Date occurring in the month in which such amounts are required to be
distributed; and fourth, as a recovery of principal of the Mortgage Loan.

      (b) On each Determination Date, the Servicer shall determine the
respective aggregate amounts of Excess Proceeds, if any, that occurred in the
related Prepayment Period.

      (c) The Servicer, in its sole discretion, shall have the right to elect
(by written notice sent to the Trustee) to purchase for its own account from the
Trust Fund any Mortgage Loan that is 91 days or more Delinquent at a price equal
to the Purchase Price. The Purchase Price for any Mortgage Loan purchased
hereunder shall be delivered to the Trustee for deposit in the Collection
Account and the Trustee, upon receipt of such deposit and a Request for Release
from the Depositor in the form of Exhibit I hereto, shall release or cause to be
released to the Servicer the related Mortgage File and shall execute and deliver
such instruments of transfer or assignment prepared by the Servicer, in each
case without recourse, representation or warranty, as shall be necessary to vest
in the Servicer any Mortgage Loan released pursuant hereto and the Servicer
shall succeed to all the Trustee's right, title and interest in and to such
Mortgage Loan and all security and documents related thereto. Such assignment
shall be an assignment outright and not for security. The Servicer shall
thereupon own such Mortgage Loan, and all security and documents, free of any
further obligation to the Trustee or the Certificateholders with respect
thereto.

      SECTION 3.13. Trustee to Cooperate; Release of Mortgage Files.

      Upon the payment in full of any Mortgage Loan, or the receipt by the
Servicer of a notification that payment in full will be escrowed in a manner
customary for such purposes, the Servicer will promptly notify the Trustee or
its designee by delivering a Request for Release substantially in the form of
Exhibit I. Upon receipt of such request, the Trustee or its designee shall
promptly release the related Mortgage File to the Servicer, and the Trustee or
its designee shall at the Servicer's written direction execute and deliver to
the Servicer the request for reconveyance, deed of reconveyance or release or
satisfaction of mortgage or such instrument releasing the lien of the Mortgage
in each case provided by the Servicer, together with the Mortgage Note with
written evidence of cancellation thereon. No expenses incurred in connection
with any instrument of satisfaction or deed of reconveyance shall be chargeable
to the Collection Account, the Certificate Account or the related subservicing
account. From time to time and as shall be appropriate for the servicing or
foreclosure of any Mortgage Loan, including for such purpose, collection under
any policy of flood insurance, any fidelity bond or errors or omissions policy,
or for the purposes of effecting a partial release of any Mortgaged Property
from the lien of the Mortgage or the making of any corrections to the Mortgage
Note or the Mortgage or any of the other documents included in the Mortgage
File, the Trustee or its designee shall, upon delivery to the Trustee or its
designee of a Request for Release in the form of Exhibit I signed by a Servicing
Officer, release the Mortgage File to the Servicer. Subject to the further
limitations set forth below, the Servicer shall cause

                                      -73-
<PAGE>
the Mortgage File or documents so released to be returned to the Trustee or its
designee when the need therefor by the Servicer no longer exists, unless the
Mortgage Loan is liquidated and the proceeds thereof are deposited in the
Collection Account, in which case the Trustee or its designee shall deliver the
Request for Release to the Servicer.

      Each Request for Release may be delivered to the Trustee or its designee
(i) via mail or courier, (ii) via facsimile or (iii) by such other means,
including, without limitation, electronic or computer readable medium, as the
Servicer and the Trustee or its designee shall mutually agree. The Trustee or
its designee shall promptly release the related Mortgage File(s) within five (5)
Business Days of receipt of a properly completed Request for Release pursuant to
clauses (i), (ii) or (iii) above. Receipt of a properly completed Request for
Release shall be authorization to the Trustee or its designee to release such
Mortgage Files, provided the Trustee or its designee has determined that such
Request for Release has been executed, with respect to clauses (i) or (ii)
above, or approved, with respect to clause (iii) above, by an authorized
Servicing Officer of the Servicer, and so long as the Trustee or its designee
complies with its duties and obligations under the agreement. If the Trustee or
its designee is unable to release the Mortgage Files within the period
previously specified, the Trustee or its designee shall immediately notify the
Servicer indicating the reason for such delay. If the Servicer is required to
pay penalties or damages due to the Trustee or its designee's negligent failure
to release the related Mortgage File or the Trustee or its designee's negligent
failure to execute and release documents in a timely manner, the Trustee or its
designee, shall be liable for such penalties or damages directly caused by it
and shall have no liability for penalties or damages attributable to the
Servicer's actions or inactions.

      If the Servicer at any time seeks to initiate a foreclosure proceeding in
respect of any Mortgaged Property as authorized by this Agreement, the Servicer
shall deliver or cause to be delivered to the Trustee or its designee, for
signature, as appropriate, any court pleadings, requests for trustee's sale or
other documents necessary to effectuate such foreclosure or any legal action
brought to obtain judgment against the Mortgagor on the Mortgage Note or the
Mortgage or to obtain a deficiency judgment or to enforce any other remedies or
rights provided by the Mortgage Note or the Mortgage or otherwise available at
law or in equity. Notwithstanding the foregoing, the Servicer shall cause
possession of any Mortgage File or of the documents therein that shall have been
released by the Trustee or its designee to be returned to the Trustee promptly
after possession thereof shall have been released by the Trustee or its designee
unless (i) the Mortgage Loan has been liquidated and the Liquidation Proceeds
relating to the Mortgage Loan have been deposited in the Collection Account, and
the Servicer shall have delivered to the Trustee or its designee a Request for
Release in the form of Exhibit I or (ii) the Mortgage File or document shall
have been delivered 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 and the
Servicer shall have delivered to the Trustee or its designee an Officer's
Certificate of a Servicing Officer certifying as to the name and address of the
Person to which the Mortgage File or the documents therein were delivered and
the purpose or purposes of such delivery.

      SECTION 3.14. Documents, Records and Funds in Possession of Servicer to be
Held for the Trustee.

      All Mortgage Files and funds collected or held by, or under the control
of, the Servicer in respect of any Mortgage Loans, whether from the collection
of principal and interest payments or from Liquidation Proceeds, including but
not limited to, any funds on deposit in the Collection Account, shall be held by
the Servicer for and on behalf of the Trustee and shall be and remain the sole
and exclusive property of the Trustee, subject to the applicable provisions of
this Agreement. The Servicer also agrees that it shall not create, incur or
subject any Mortgage File or any funds that are deposited in the Collection
Account or Certificate Account or in any Escrow Account, or any funds that
otherwise are or may become due or payable to the Trustee for the benefit of the
Certificateholders, to any claim, lien, security interest,

                                      -74-
<PAGE>
judgment, levy, writ of attachment or other encumbrance, or assert by legal
action or otherwise any claim or right of set off against any Mortgage File or
any funds collected on, or in connection with, a Mortgage Loan, except, however,
that the Servicer shall be entitled to set off against and deduct from any such
funds any amounts that are properly due and payable to the Servicer under this
Agreement.

      SECTION 3.15. Servicing Compensation.

      As compensation for its activities hereunder, the Servicer shall be
entitled to retain or withdraw from the Collection Account out of each payment
of interest on a Mortgage Loan included in the Trust Fund an amount equal to
interest at the applicable Servicing Fee Rate on the Stated Principal Balance of
the related Mortgage Loan as of the immediately preceding Distribution Date.

      Additional servicing compensation in the form of any Excess Proceeds, late
payment fees, assumption fees (i.e. fees related to the assumption of a Mortgage
Loan upon the purchase of the related Mortgaged Property) and similar fees
payable by the Mortgagor, and all income and gain net of any losses realized
from Permitted Investments in the Collection Account shall be retained by the
Servicer to the extent not required to be deposited in the Collection Account
pursuant to Sections 3.05, or 3.12(a) hereof. The Servicer shall be required to
pay all expenses incurred by it in connection with its servicing activities
hereunder (including payment of any premiums for hazard insurance, as required
by Section 3.10 hereof and maintenance of the other forms of insurance coverage
required by Section 3.10 hereof) and shall not be entitled to reimbursement
therefor except as specifically provided in Sections 3.08 and 3.12 hereof.

      SECTION 3.16. Access to Certain Documentation.

      The Servicer shall provide to the OTS and the FDIC and to comparable
regulatory authorities supervising Holders of the Certificates and the examiners
and supervisory agents of the OTS, the FDIC and such other authorities, access
to the documentation regarding the Mortgage Loans required by applicable
regulations of the OTS and the FDIC. Such access shall be afforded without
charge, but only upon reasonable and prior written request and during normal
business hours at the offices of the Servicer designated by it provided, that
the Servicer shall be entitled to be reimbursed by each such Certificateholder
for actual expenses incurred by the Servicer in providing such reports and
access. Nothing in this Section shall limit the obligation of the Servicer to
observe any applicable law prohibiting disclosure of information regarding the
Mortgagors and the failure of the Servicer to provide access as provided in this
Section as a result of such obligation shall not constitute a breach of this
Section.

      SECTION 3.17. Annual Statement as to Compliance.

      Pursuant to this Agreement, the Servicer shall deliver to the Depositor,
the Trustee and the NIMs Insurer on or before February 28 beginning in 2004 or
such other date that the Depositor gives the Servicer at least 30 days prior
notice of in order to remain in compliance with the Section 302 Requirements, an
Officer's Certificate stating, as to each signatory thereof, that (i) a review
of the activities of the Servicer during the preceding calendar year and of
performance under this Agreement has been made under such officer's supervision,
and (ii) to the best of such officers' knowledge, based on such review, the
Servicer has fulfilled all of its obligations under this Agreement throughout
such year, or, if there has been a default in the fulfillment of any such
obligation, specifying each such default known to such officers and the nature
and status thereof. The Trustee shall forward a copy of each such statement
received by it to each Rating Agency. Copies of such statement shall be provided
by the Trustee to any Certificateholder upon written request at the
Certificateholder's expense, provided such statement has been delivered by the
Servicer to the Trustee.

                                      -75-
<PAGE>
      SECTION 3.18. Annual Independent Public Accountants' Servicing Statement;
Financial Statements.

      On or before March 15 of each year, beginning in 2004 or such other date
in order to remain in compliance with the Section 302 Requirements, the Servicer
at its expense shall cause a nationally recognized firm of independent public
accountants (who may also render other services to the Servicer or any Affiliate
thereof) that is a member of the American Institute of Certified Public
Accountants to furnish a USAP Report to the Trustee, the NIMs Insurer and the
Depositor. Copies of the USAP Report shall be provided by the Trustee to any
Certificateholder upon request at the Certificateholder's expense, provided such
report has been delivered by the Servicer to the Trustee. In addition, at the
NIMs Insurer's written request, the Servicer shall deliver copies of evidence of
the Servicer's fidelity bond or errors and omissions insurance coverage to the
NIMs Insurer.

      SECTION 3.19. Rights of the NIMs Insurer. Each of the rights of the NIMs
Insurer set forth in this agreement shall exist so long as the notes issued
pursuant to the Indenture remain outstanding or the NIMs Insurer is owed amounts
in respect of its guarantee of payment on such notes.

      SECTION 3.20. Periodic Filings.

      (a) Promptly upon receipt of any report of the independent public
accountants required pursuant to Section 3.18, the Trustee shall review such
report. As part of the Form 10-K required to be filed pursuant to the terms of
this Agreement, the Trustee shall include such accountants report as well as the
Officer's Certificate delivered by the Servicer pursuant to Section 3.17
relating to the Servicer's performance of its obligations under this Agreement
and any significant deficiencies relating to the Servicer's compliance set forth
in the report of the Servicer's certified independent accountants described
above.

      (b) The Trustee shall prepare for filing, and execute (other than the Form
10-Ks and the Certification), on behalf of the Trust Fund, and file with the
Securities and Exchange Commission, (i) within 15 days after each Distribution
Date in each month, each Monthly Statement on Form 8-K under the Exchange Act
executed by the Trustee, (ii) on or before March 31 of each year beginning in
2004 or such other date in order to remain in compliance with the Section 302
Requirements, a Form 10-K under the Exchange Act executed by the Depositor,
including any certification (the "Certification") required by the Section 302
Requirements, and (iii) any and all reports, statements and information
respecting the Trust Fund and/or the Certificates required to be filed on behalf
of the Trust Fund under the Exchange Act executed by the Trustee. The
Certification shall be executed by a senior officer of the Depositor. Upon such
filing with the Securities and Exchange Commission, the Trustee shall promptly
deliver to the Depositor a copy of any such executed report, statement or
information. Prior to making any such filings and certifications, the Trustee
shall comply with the provisions set forth in this Section. If permitted by
applicable law and unless the Depositor otherwise directs, the Trustee shall
file a Form 15 under the Exchange Act on or before January 30,2004 or as soon as
it is able to do so pursuant to applicable law. The Depositor hereby grants to
the Trustee a limited power of attorney to execute (other than the Form 10-Ks
and the Certification) and file each such document on behalf of the Depositor.
Such power of attorney shall continue until either the earlier of (i) receipt by
the Trustee from the Depositor of written termination of such power of attorney
and (ii) the termination of the Trust Fund. The Depositor agrees to promptly
furnish to the Trustee, from time to time upon request, such further
information, reports, and financial statements within its control related to
this Agreement and the Mortgage Loans as the Trustee reasonably deems
appropriate to prepare and file all necessary reports with the Commission. The
Trustee shall have no responsibility to file any items other than those
specified in this section.

      (c) [RESERVED].

                                      -76-
<PAGE>
      (d) The obligations set forth in paragraphs (a) through (c) of this
Section shall only apply with respect to periods for which the Trustee is
obligated to file Form 8-Ks and 10-Ks pursuant to paragraph (b) of this Section.
In the event a Form 15 is properly filed pursuant to paragraph (b) of this
Section, there shall be no further obligations under paragraphs (a) through (c)
of this Section commencing with the fiscal year in which the Form 15 is filed
(other than the obligations in paragraphs (a) and (b) of this Section to be
performed in such fiscal year that relate back to the prior fiscal year).

      SECTION 3.21. Annual Certificate by Trustee.

      (a) Within 15 days prior to the date on which a Form 10-K is to be filed
with a Certification by the Depositor, an officer of the Trustee shall execute
and deliver an Officer's Certificate, signed by a Responsible Officer of the
Trustee or any officer to whom that officer reports, to the Depositor for the
benefit of such Depositor and its officers, directors and affiliates, certifying
as to the matters described in the Officer's Certificate attached hereto as
Exhibit K.

      (b) The Trustee shall indemnify and hold harmless the Depositor and its
officers, directors, agents and affiliates from and against any losses, damages,
penalties, fines, forfeitures, reasonable legal fees and related costs,
judgments and other costs and expenses arising out of or based upon a breach by
the Trustee or any of its officers, directors, agents or affiliates of its
obligations under this Section 3.21 any material misstatement or omission in the
Officer's Certificate required under this Section or the negligence, bad faith
or willful misconduct of the Trustee in connection therewith. If the
indemnification provided for herein is unavailable or insufficient to hold
harmless the Depositor, then the Trustee agrees that it shall contribute to the
amount paid or payable by the Depositor as a result of the losses, claims,
damages or liabilities of the Depositor in such proportion as is appropriate to
reflect the relative fault of the Trustee on the one had and the Depositor on
the other in connection with a breach of the Trustee's obligations under this
Section 3.21, any material misstatement or omission in the Officer's Certificate
required under this Section or the Trustee's negligence, bad faith or willful
misconduct in connection therewith.

      SECTION 3.22. Annual Certificate by Servicer.

      (a) By February 28 beginning in 2004 or such other date specified in a
written notice within 15 days prior to the date on which a Form 8-K is required
to be filed with a Certification by the Depositor, the Servicer shall execute
and deliver an Officer's Certificate in the form of Exhibit L attached hereto,
signed by the senior officer in charge of servicing of the Servicer or any
officer to whom that officer reports, to the Trustee, the NIMs Insurer and
Depositor for the benefit of the Trustee and Depositor and their respective
officers, directors and affiliates, certifying as to the following matters:

            (i) The Servicer has reviewed the information required to be
      delivered to the Trustee pursuant to the Amended and Restated Pooling and
      Servicing Agreement (the "Servicing Information").

            (ii) Based on the Servicer's knowledge, the information in the
      Annual Statement of Compliance, and all servicing reports, officer's
      certificates and other information relating to the servicing of the
      Mortgage Loans submitted to the Trustee by the Servicer taken as a whole,
      does not contain any untrue statement of a material fact or omit to state
      a material fact necessary to make any such reports, certificates or other
      information, in light of the circumstances under which such statements
      were made, not misleading as of the last day of the period covered by the
      Annual Statement of Compliance;

                                      -77-
<PAGE>
            (iii) Based on the Servicer's knowledge, the Servicing Information
      required to be provided to the Trustee by the Servicer under this
      Agreement has been provided to the Trustee; and

            (iv) Based upon the review required under this Agreement, and except
      as disclosed in the Annual Statement of Compliance, the Annual Independent
      Certified Public Accountant's Servicing Report and all servicing reports,
      officer's certificates and other information relating to the servicing of
      the Mortgage Loans submitted to the Trustee by the Servicer, the Servicer
      has, as of the last day of the period covered by the Annual Statement of
      Compliance fulfilled its obligations under this Agreement.

      (b) The Servicer shall indemnify and hold harmless the Depositor and their
respective officers, directors, agents and affiliates from and against any
losses, damages, penalties, fines, forfeitures, reasonable legal fees and
related costs, judgments and other costs and expenses arising out of or based
upon a breach by the Servicer or any of its officers, directors, agents or
affiliates of its obligations under this Section 3.22, (ii) any allegation that
the Officer's Certificate required under this Section contains or contain a
misstatement of a material fact or omits or omitted to state a material fact
necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading or (iii) the negligence, bad faith or
willful misconduct of the Servicer in connection therewith. If the
indemnification provided for herein is unavailable or insufficient to hold
harmless the Depositor, then the Servicer agrees that it shall contribute to the
amount paid or payable by the Trustee and the Depositor as a result of the
losses, claims, damages or liabilities of the Depositor in such proportion as is
appropriate to reflect the relative fault of the Depositor on the one hand and
the Servicer on the other in connection with a breach of the Servicer's
obligations under this Section 3.22, any alleged material misstatement or
omission in the Officer's Certificate required under this Section or the
Servicer's negligence, bad faith or willful misconduct in connection therewith.

      SECTION 3.23. Prepayment Penalty Reporting Requirements.

      (a) Promptly after each Distribution Date, the Servicer shall provide to
the Depositor and the NIMs Insurer the following information with regard to each
Mortgage Loan that has prepaid during the related Prepayment Period:

            (i) loan number;

            (ii) current Mortgage Rate;

            (iii) current principal balance;

            (iv) original principal balance;

            (v) prepayment penalty amount due;

            (vi) prepayment penalty amount collected

            (vii) reason why full prepayment penalty amount was not collected,
      if applicable.

      SECTION 3.24. Statements to Trustee. Not later than the tenth calendar day
of each month, the Servicer shall furnish to the Trustee and the NIMs Insurer an
electronic file providing loan level accounting data for the period ending on
the last Business Day of the preceding month in the format mutually agreed upon
between the Servicer and the Trustee, including but not limited to information
described in Section 4.05(a).

                                      -78-
<PAGE>
      SECTION 3.25. Indemnification.

      The Servicer shall indemnify the Seller, the Trust Fund, Trustee, the
Depositor and the NIMs Insurer and hold each of them harmless against any and
all claims, losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgements, and any other costs, fees
and expenses that any of such parties may sustain in any way related to the
failure of the Servicer to perform its duties and service the Mortgage Loans in
compliance with the terms of this Agreement. The Servicer immediately shall
notify the Seller, the Trustee, the Depositor and the NIMs Insurer or any other
relevant party if a claim is made by a third party with respect to this
Agreement or the Mortgage Loans, assume (with the prior written consent of the
indemnified party, which consent shall not be unreasonably withheld or delayed)
the defense of any such claim and pay all expenses in connection therewith,
including counsel fees, and promptly pay, discharge and satisfy any judgement or
decree which may be entered against it or any of such parties in respect of such
claim. The Servicer shall follow any written instructions received from the
Trustee and the NIMs Insurer in connection with such claim. The Servicer shall
provide the Trustee, the Depositor and the NIMs Insurer with a written report of
all expenses and advances incurred by the Servicer pursuant to this Section
3.25, and the Servicer from the assets of the Trust Fund in the Collection
Account promptly shall reimburse itself for all amounts advanced by it pursuant
to the preceding sentence except when the claim in any way relates to the
failure of the Servicer to service and administer the Mortgage Loans in material
compliance with the terms of this Agreement or the gross negligence, bad faith
or willful misconduct of the Servicer. The provisions of this paragraph shall
survive the termination of this Agreement and the payment of the outstanding
Certificates.

      SECTION 3.26. Nonsolicitation.

      For as long as the Servicer services the Mortgage Loans, the Servicer
covenants that it will not, and that it will ensure that its affiliates and
agents, will not, directly solicit or provide information for any other party to
solicit for prepayment or refinancing of any of the Mortgage Loans by the
related Mortgagors. It is understood that the promotions undertaken by the
Servicer which are directed to the general public at large, or certain segments
thereof, shall not constitute solicitation as that term is used in this Section
3.26.

      SECTION 3.27. Existing Servicing Agreement.

      The Servicer acknowledges the transfer on the Closing Date of the
servicing of the Mortgage Loans from the Existing Servicing Agreement to this
Agreement pursuant to Section 10.01 of the Existing Servicing Agreement.

                                   ARTICLE IV

                                  DISTRIBUTIONS

      SECTION 4.01. Advances.

      Subject to the conditions of this Article IV, the Servicer, as required
below, shall make an Advance and deposit such Advance in the Collection Account.
Each such Advance shall be remitted to the Collection Account no later than 1:00
p.m. New York City time on the Servicer Advance Date in immediately available
funds. The Servicer shall be obligated to make any such Advance only to the
extent that such advance would not be a Non-Recoverable Advance. If the Servicer
shall have determined that it has made a Non-Recoverable Advance or that a
proposed Advance or a lesser portion of such Advance would constitute a
Non-Recoverable Advance, the Servicer shall deliver (i) to the Trustee for the
benefit of the Certificateholders funds constituting the remaining portion of
such Advance, if applicable, and (ii) to the Depositor, the NIMs Insurer, each
Rating Agency and the Trustee an Officer's

                                      -79-
<PAGE>
Certificate setting forth the basis for such determination. The Servicer may, in
its sole discretion, make an Advance with respect to the principal portion of
the final Scheduled Payment on a Balloon Loan, but the Servicer is under no
obligation to do so; provided, however, that nothing in this sentence shall
affect the Servicer's obligation under this Section 4.01 to Advance the interest
portion of the final Scheduled Payment with respect to a Balloon Loan as if such
Balloon Loan were a fully amortizing Mortgage Loan. If a Mortgagor does not pay
its final Scheduled Payment on a Balloon Loan when due, the Servicer shall
Advance (unless it determines in its good faith judgment that such amounts would
constitute a Non-Recoverable Advance) a full month of interest (net of the
Servicing Fee) on the Stated Principal Balance thereof each month until its
Stated Principal Balance is reduced to zero.

      In lieu of making all or a portion of such Advance from its own funds, the
Servicer may (i) cause to be made an appropriate entry in its records relating
to the Collection Account that any amount held for future distribution has been
used by the Servicer in discharge of its obligation to make any such Advance and
(ii) transfer such funds from the Collection Account to the Certificate Account.
In addition, the Servicer shall have the right to reimburse itself for any such
Advance from amounts held from time to time in the Collection Account to the
extent such amounts are not then required to be distributed. Any funds so
applied and transferred pursuant to the previous two sentences shall be replaced
by the Servicer by deposit in the Collection Account no later than the close of
business on the Servicer Advance Date on which such funds are required to be
distributed pursuant to this Agreement. The Servicer shall be entitled to be
reimbursed from the Collection Account for all Advances of its own funds made
pursuant to this Section as provided in Section 3.08. The obligation to make
Advances with respect to any Mortgage Loan shall continue until such Mortgage
Loan is paid in full or the related Mortgaged Property or related REO Property
has been liquidated or until the purchase or repurchase thereof (or substitution
therefor) from the Trust Fund pursuant to any applicable provision of this
Agreement, except as otherwise provided in this Section 4.01.

      SECTION 4.02. Reduction of Servicing Compensation in Connection with
Prepayment Interest Shortfalls.

      In the event that any Mortgage Loan is the subject of a Prepayment
Interest Shortfall, the Servicer shall, from amounts in respect of the Servicing
Fee for such Distribution Date, deposit into the Collection Account, as a
reduction of the Servicing Fee for such Distribution Date, no later than the
Servicer Advance Date immediately preceding such Distribution Date, an amount up
to the Prepayment Interest Shortfall; provided that the amount so deposited with
respect to any Distribution Date shall be limited to the product of (x)
one-twelfth of 0.30% and (y) the aggregate Stated Principal Balance of the
Mortgage Loans. In case of such deposit, the Servicer shall not be entitled to
any recovery or reimbursement from the Depositor, the Trustee, the Trust Fund or
the Certificateholders. With respect to any Distribution Date, to the extent
that the Prepayment Interest Shortfall exceeds Compensating Interest (such
excess, a "Non-Supported Interest Shortfall"), such Non-Supported Interest
Shortfall shall reduce the Current Interest with respect to each Class of
Certificates, pro rata based upon the amount of interest each such Class would
otherwise be entitled to receive on such Distribution Date.

      SECTION 4.03. Distributions on the REMIC Interests.

      On each Distribution Date, amounts on deposit in the Certificate Account
shall be treated for federal income tax purposes as applied to distributions on
the interests in REMIC 1, REMIC 2, REMIC 3 and REMIC 4 in an amount sufficient
to make the distributions on the respective Certificates on such Distribution
Date in accordance with the provisions of Section 4.04.

      SECTION 4.04. Distributions.

      (a) [RESERVED].

                                      -80-
<PAGE>
      (b) On each Distribution Date, the Trustee shall make the following
distributions from the Certificate Account of an amount equal to the Interest
Funds in the following order of priority:

            (i) to the Class P Certificates, an amount equal to any prepayment
      penalties collected on the Mortgage Loans and (A) any amounts paid by the
      Seller or the Servicer in respect of prepayment charges pursuant to this
      Agreement or (B) any amounts received in respect of any indemnification
      paid as a result of a prepayment charge being unenforceable in breach of
      the representations and warranties set forth in the Sale Agreement
      received during the related Prepayment Period;

            (ii) to each Class of the Class R Certificate, Class A Certificates,
      Class S Certificates and Class X Certificates, the Adjusted Current
      Interest and any Adjusted Interest Carryforward Amount with respect to
      such Class; provided, however, if such amount is not sufficient to make a
      full distribution of the Adjusted Current Interest and any Adjusted
      Interest Carryforward Amount with respect to all the Class of R
      Certificate, Class A Certificates, Class S Certificates and Class X
      Certificates, such amount will be distributed pro rata among each Class of
      the Class of R Certificate, Class A Certificates, Class S Certificates and
      Class X Certificates based on the ratio of (x) the Adjusted Current
      Interest and Adjusted Interest Carryforward Amount for each Class of the
      Class of R Certificate, Class A Certificates and Class S Certificates to
      (y) the total amount of Adjusted Current Interest and any Adjusted
      Interest Carryforward Amount for the Class of R Certificate, Class A
      Certificates, Class S Certificates and Class X Certificates;

            (iii) to the Class M-1 Certificates, the Adjusted Current Interest
      and any Adjusted Interest Carryforward Amount for such class;

            (iv) to the Class M-2 Certificates, the Adjusted Current Interest
      and any Adjusted Interest Carryforward Amount for such class;

            (v) to the Class B-1 Certificates, the Adjusted Current Interest and
      any Adjusted Interest Carryforward Amount for such class;

            (vi) to the Class B-2 Certificates, the Adjusted Current Interest
      and any Adjusted Interest Carryforward Amount for such class; and

            (vii) any remainder pursuant to Section 4.04(f) hereof.

      (c) All amounts representing prepayment charges in respect of the Mortgage
Loans, and amounts paid by the Servicer in respect of prepayment charges
pursuant to this Agreement will be distributed by the Trustee to the Holders of
the Class P Certificates pursuant to Section 4.04(b).

      (d) On each Distribution Date, the Trustee shall make the following
distributions from the Certificate Account of an amount equal to the Principal
Distribution Amount in the following order of priority, and each such
distribution shall be made only after all distributions pursuant to Section
4.04(b) above shall have been made until such amount shall have been fully
distributed for such Distribution Date:

            (i) (A) to the Class R Certificate and the Class A Certificates,
      sequentially, the Class A Principal Distribution Amount, until the
      respective Certificate Principal Balances thereof have been reduced to
      zero;

            (ii) to the Class M-1 Certificates, the Class M-1 Principal
      Distribution Amount;

                                      -81-
<PAGE>
            (iii) to the Class M-2 Certificates, the Class M-2 Principal
      Distribution Amount;

            (iv) to the Class B-1 Certificates, the Class B-1 Principal
      Distribution Amount;

            (v) to the Class B-2 Certificates, the Class B-2 Principal
      Distribution Amount; and

            (vi) any remainder pursuant to Section 4.04(f) hereof.

      (e) [RESERVED].

      (f) On each Distribution Date, the Trustee shall make the following
distributions up to the following amounts from the Certificate Account of the
remainders pursuant to Section 4.04(b)(vii) and 4.04(d)(vi) hereof and, to the
extent required to make the distributions set forth below in clauses (i) through
(iv) of this Section 4.04(f), and each such distribution shall be made only
after all distributions pursuant to Sections 4.04(b) and (d) above shall have
been made until such remainders shall have been fully distributed for such
Distribution Date:

            (i) for distribution as part of the Principal Distribution Amount,
      the Extra Principal Distribution Amount;

            (ii) to the Class M-1 Certificates, the Class M-1 Unpaid Realized
      Loss Amount;

            (iii) to the Class M-2 Certificates, the Class M-2 Unpaid Realized
      Loss Amount;

            (iv) to the Class B-1 Certificates, the Class B-1 Unpaid Realized
      Loss Amount;

            (v) to the Class B-2 Certificates, the Class B-2 Unpaid Realized
      Loss Amount;

            (vi) to the extent required to make the allocations set forth below,
      in the following order of priority:

                  (A)   to the Class A Certificates, the Adjusted Current
                        Interest and the Adjusted Interest Carryforward Amount
                        for such class, and to the Class R Certificate, the
                        Adjusted Current Interest and the Adjusted Interest
                        Carryforward Amount for such class;

                  (B)   to the Class M-1 Certificates, the Adjusted Current
                        Interest, the Adjusted Interest Carryforward Amount for
                        such class;

                  (C)   to the Class M-2 Certificates, the Adjusted Current
                        Interest, the Adjusted Interest Carryforward Amount for
                        such class;

                  (D)   to the Class B-1 Certificates, the Adjusted Current
                        Interest, the Adjusted Interest Carryforward Amount for
                        such class; and

                  (E)   to the Class B-2 Certificates, the Adjusted Current
                        Interest, the Adjusted Interest Carryforward Amount for
                        such class;

            (vii) to the Class S Certificates, the amount of any Class S
      Certificate Shortfall; and

            (viii) the remainder pursuant to Section 4.04(g) hereof.

      (g) on each Distribution Date, the Trustee shall allocate the remainder
pursuant to Section 4.01(f)(viii) as follows:

                                      -82-
<PAGE>
            (i) to the Class C Certificates in the following order of priority,
      (I) the Class C Current Interest, (II) the Class C Interest Carryforward
      Amount, (III) as principal on the Class C Certificate until the
      Certificate Principal Balance of the Class C Certificates has been reduced
      to zero and (IV) the Class C Unpaid Realized Loss Amount; and

            (ii) the remainder pursuant to Section 4.04(h) hereof.

      (h) On each Distribution Date, the Trustee shall allocate the remainder
pursuant to Section 4.04(g)(ii) hereof, (i) to the Trustee to reimburse amounts
or pay indemnification amounts owing to the Trustee from the Trust Fund pursuant
to Section 8.06 to the extent such amounts shall have exceeded the cap set forth
in Section 8.06(c), and (ii) thereafter, to the Class R Certificate and such
distributions shall be made only after all preceding distributions shall have
been made until such remainder shall have been fully distributed.

      (i) On each Distribution Date, after giving effect to distributions on
such Distribution Date, the Trustee shall allocate the Applied Realized Loss
Amount for the Certificates to reduce the Certificate Principal Balances of the
Class C and Subordinated Certificates in the following order of priority:

            (i) to the Class C Certificates until the Class C Certificate
      Principal Balance is reduced to zero;

            (ii) to the Class B-2 Certificates until the Class B-2 Certificate
      Principal Balance is reduced to zero;

            (iii) to the Class B-1 Certificates until the Class B-1 Certificate
      Principal Balance is reduced to zero

            (iv) to the Class M-2 Certificates until the Class M-2 Certificate
      Principal Balance is reduced to zero; and

            (v) to the Class M-1 Certificates until the Class M-1 Certificate
      Principal Balance is reduced to zero.

      (j) Subject to Section 9.02 hereof respecting the final distribution, on
each Distribution Date the Trustee shall make distributions to each
Certificateholder of record on the preceding Record Date either by wire transfer
in immediately available funds to the account of such holder at a bank or other
entity having appropriate facilities therefor, if such Holder has so notified
the Trustee at least five (5) Business Days prior to the related Record Date or,
if not, by check mailed by first class mail to such Certificateholder at the
address of such holder appearing in the Certificate Register. Notwithstanding
the foregoing, but subject to Section 9.02 hereof respecting the final
distribution, distributions with respect to Certificates registered in the name
of a Depository shall be made to such Depository in immediately available funds.

      (k) The Trustee is hereby directed by the Depositor to execute the Cap
Contract on behalf of the Trust Fund in the form presented to it by the
Depositor and shall have no responsibility for the contents of such Cap
Contract, including, without limitation, the representations and warranties
contained therein. Any funds payable by the Trustee under the Cap Contract at
closing shall be paid by the Depositor. Notwithstanding anything to the contrary
contained herein or in the Cap Contract, the Trustee shall not be required to
make any payments to the counterparty under the Cap Contract. Any payments
received under the terms of the Cap Contract will be available to pay the
holders of the Offered Certificates up to the amount of any Adjustable Rate
Certificate Carryover. Any amounts received under the terms of the Cap Contract
on a Distribution Date that are not used to pay the Adjustable Rate Certificate
Carryover

                                      -83-
<PAGE>
will be distributed to the holders of the Class C Certificates in accordance
with the provisions of Section 4.04(g) hereof (after all other distributions
have been made thereunder on such Distribution Date). Payments in respect of the
Adjustable Rate Certificate Carryover shall be paid to the Offered Certificates,
pro rata based upon the Adjustable Rate Certificate Carryover for each class of
Offered Certificates.

            (i) On or prior to the Cap Contract Termination Date, amounts, if
      any, received by the Trustee for the benefit of the Trust Fund in respect
      of the Cap Contract shall be deposited by the Trustee into the Cap
      Contract Account and will be used to pay Adjustable Rate Certificate
      Carryover on the Offered Certificates. With respect to any Distribution
      Date on or prior to the Cap Contract Termination Date, the amount, if any,
      payable by the Cap Contract Counterparty under the Cap Contract will equal
      the product of (i) the excess of (x) One-Month LIBOR (as determined by the
      Cap Contract Counterparty and subject to a cap equal to the rate with
      respect to such Distribution Date as shown under the heading "1ML Upper
      Collar" in the Cap Table), over (y) the rate with respect to such
      Distribution Date as shown under the heading "1ML Lower Collar" in the Cap
      Table, (ii) an amount equal to the Cap Contract Notional Balances and
      (iii) the number of days in such Accrual Period, divided by 360. If a
      payment is made to the Trust Fund under the Cap Contract and the Trustee
      intends to distribute excess amounts to the holders of the Class C
      Certificates as described above, the Trustee shall send a notice on the
      Business Day prior to the related Distribution Date stating the amount
      received on the Cap Contract, the amount paid with respect to Adjustable
      Rate Certificate Carryover and the amount due to the holders of the Class
      C Certificates. Such notice shall be sent by the Trustee via facsimile to
      the holders of the Class C Certificates.

            (ii) Amounts on deposit in the Cap Contract Account will remain
      uninvested pending distribution to Certificateholders.

            (iii) The Cap Contract is scheduled to remain in effect until the
      Cap Contract Termination Date and will be subject to early termination
      only in limited circumstances. Such circumstances include certain
      insolvency or bankruptcy events in relation to the Cap Contract
      Counterparty (after a grace period of three Local Business Days, as
      defined in the Cap Contract, after notice of such failure is received by
      the Cap Contract Counterparty) to make a payment due under the Cap
      Contract, the failure by the Cap Contract Counterparty or the Trustee
      (after a cure period of 20 days after notice of such failure is received)
      to perform any other agreement made by it under the Cap Contract, the
      termination of the Trust Fund and the Cap Contract becoming illegal or
      subject to certain kinds of taxation.

      (l) In accordance with this Agreement, the Servicer shall prepare and
deliver a report (the "Remittance Report") to the Trustee and the NIMs Insurer
in the form of a computer readable magnetic tape (or by such other means as the
Servicer, the Trustee and the NIMs Insurer may agree from time to time)
containing such data and information such as to permit the Trustee to prepare
the Monthly Statement to Certificateholders and make the required distributions
for the related Distribution Date.

      (m) The Trustee shall promptly notify the NIMs Insurer of any proceeding
or the institution of any action, of which a Responsible Officer of the Trustee
has actual knowledge, seeking the avoidance as a preferential transfer under
applicable bankruptcy, insolvency, receivership or similar law (a "Preference
Claim") of any distribution made with respect to the Class C Certificates or the
Class P Certificates. Each Holder of the Class C Certificates or the Class P
Certificates, by its purchase of such Certificates and the Trustee hereby agree
that the NIMs Insurer may at any time during the continuation of any proceeding
relating to a Preference Claim direct all matters relating to such Preference
Claim, including, without limitation, (i) the direction of any appeal of any
order relating to such Preference Claim and (ii) the posting of any surety,
supersedes or performance bond pending any such appeal. In addition and without

                                      -84-
<PAGE>
limitation of the foregoing, the NIMs Insurer shall be subrogated to the rights
of the Trustee and each Holder of the Class C Certificates and the Class P
Certificates in the conduct of any such Preference Claim, including, without
limitation, all rights of any party to an adversary proceeding action with
respect to any court order issued in connection with any such Preference Claim;
provided, however, that the NIMs Insurer will not have any rights with respect
to any Preference Claim set forth in this paragraph unless the indenture trustee
with respect to the NIM Notes or the holder of any NIMs Notes has been required
to relinquish a distribution made on the Class C Certificates, the Class P
Certificates or the NIM Notes, as applicable, and the NIMs Insurer made a
payment in respect of such relinquished amount.

      SECTION 4.05. Monthly Statements to Certificateholders.

      (a) Not later than each Distribution Date based on information provided by
the Servicer, the Trustee shall prepare and make available on its website
located at www.jpmorgan.com/absmbs to each Holder of a Class of Certificates of
the Trust Fund, the Servicer, the NIMs Insurer, the Rating Agencies and the
Depositor a statement setting forth for the Certificates:

            (i) the amount of the related distribution to Holders of each Class
      allocable to principal, separately identifying (A) the aggregate amount of
      any Principal Prepayments included therein, (B) the aggregate of all
      scheduled payments of principal included therein, (C) the Extra Principal
      Distribution Amount, if any, and (D) the aggregate amount of prepayment
      penalties, if any;

            (ii) the amount of such distribution to Holders of each Class
      allocable to interest, together with any Non-Supported Interest Shortfalls
      allocated to each Class;

            (iii) any Interest Carryforward Amount for each Class of the Offered
      Certificates;

            (iv) the Class Certificate Principal Balance of each Class after
      giving effect (i) to all distributions allocable to principal on such
      Distribution Date and (ii) the allocation of any Applied Realized Loss
      Amounts for such Distribution Date;

            (v) the Pool Stated Principal Balance for such Distribution Date;

            (vi) the related amount of the Servicing Fee paid to or retained by
      the Servicer and the amount of investment income earned on funds on
      deposit in the Certificate Account for the related Due Period;

            (vii) the Pass-Through Rate for each Class of Certificates for such
      Distribution Date;

            (viii) the amount of Advances included in the distribution on such
      Distribution Date;

            (ix) the cumulative amount of (A) Realized Losses and (B) Applied
      Realized Loss Amounts to date;

            (x) the amount of (A) Realized Losses and (B) Applied Realized Loss
      Amounts with respect to such Distribution Date;

            (xi) the number and aggregate principal amounts of Mortgage Loans
      (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60
      days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure
      and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more
      days, in each case as of the close of business on the last day of the
      calendar month preceding such Distribution Date;

                                      -85-
<PAGE>
            (xii) with respect to any Mortgage Loan that became an REO Property
      during the preceding calendar month, the loan number and Stated Principal
      Balance of such Mortgage Loan as of the close of business on the last day
      of the calendar month preceding such Distribution Date and the date of
      acquisition thereof;

            (xiii) the total number and principal balance of any REO Properties
      as of the close of business on the last day of the calendar month
      preceding such Distribution Date;

            (xiv) the aggregate Stated Principal Balance of all Liquidated Loans
      as of the preceding Distribution Date;

            (xv) whether a Stepup Trigger Event or a Stepdown Trigger Event has
      occurred;

            (xvi) with respect to each Class of Certificates, any Interest
      Carryforward Amount with respect to such Distribution Date for each such
      Class, any Interest Carryforward Amount paid for each such Class and any
      remaining Interest Carryforward Amount for each such Class;

            (xvii) with respect to each Class Certificates any Interest
      Carryover Amount with respect to such Distribution Date for each such
      Class, any Interest Carryover Amount paid for each such Class and any
      remaining Interest Carryover Amount for each such Class;

            (xviii) the number and Stated Principal Balance (as of the preceding
      Distribution Date) of any Mortgage Loans which were purchased or
      repurchased during the preceding Due Period and since the Cut-off Date;

            (xix) the number of Mortgage Loans for which prepayment penalties
      were received during the related Prepayment Period and, for each such
      Mortgage Loan, the amount of prepayment penalties received during the
      related Prepayment Period and in the aggregate of such amounts for all
      such Mortgage Loans since the Cut-off Date;

            (xx) the related amount of the Credit Risk Manager Fee paid to the
      Credit Risk Manager;

            (xxi) the amount and purpose of any withdrawal from the Collection
      Account pursuant to Section 3.08(a)(iv);

            (xxii) the amount of any payments to each Class of Certificates that
      are treated as payments received in respect of a REMIC Regular Interest
      and the amount of any payments to each Class of Certificates that are not
      treated as payments received in respect of a REMIC Regular Interest; and

            (xxiii) as of each Distribution Date, the amount, if any, to be
      deposited in the Cap Contract Account pursuant to the Cap Contract as
      described in Section 4.04(k) and the amount thereof to be paid to the
      Offered Certificates as described in Section 4.04(k) hereof.

      (b) The Servicer shall deliver to the NIMs Insurer a copy of any report
delivered by the Servicer to the Trustee.

      (c) Within a reasonable period of time after the end of each calendar
year, the Trustee shall cause to be furnished to the NIMs Insurer and each
Person who at any time during the calendar year was a Certificateholder, a
statement containing the information set forth in clauses (a)(i) and (a)(ii) of
this Section 4.02 aggregated for such calendar year or applicable portion
thereof during which such Person

                                      -86-
<PAGE>
was a Certificateholder. Such obligation of the Trustee shall be deemed to have
been satisfied to the extent that substantially comparable information shall be
provided by the Trustee pursuant to any requirements of the Code as from time to
time in effect.

      (d) Upon filing with the Internal Revenue Service, the Trustee shall
furnish to the Holders of the Class R Certificate and the NIMs Insurer the Form
1066 and each Form 1066Q and shall respond promptly to written requests made not
more frequently than quarterly by any Holder of Class R Certificate with respect
to the following matters:

            (i) The original projected principal and interest cash flows on the
      Closing Date on each Class of regular and residual interests created
      hereunder and on the Mortgage Loans, based on the Prepayment Assumption;

            (ii) The projected remaining principal and interest cash flows as of
      the end of any calendar quarter with respect to each Class of regular and
      residual interests created hereunder and the Mortgage Loans, based on the
      Prepayment Assumption;

            (iii) The Prepayment Assumption and any interest rate assumptions
      used in determining the projected principal and interest cash flows
      described above;

            (iv) The original issue discount (or, in the case of the Mortgage
      Loans, market discount) or premium accrued or amortized through the end of
      such calendar quarter with respect to each Class of regular or residual
      interests created hereunder and to the Mortgage Loans, together with each
      constant yield to maturity used in computing the same;

            (v) The treatment of losses realized with respect to the Mortgage
      Loans or the regular interests created hereunder, including the timing and
      amount of any cancellation of indebtedness income of the REMICs with
      respect to such regular interests or bad debt deductions claimed with
      respect to the Mortgage Loans;

            (vi) The amount and timing of any non-interest expenses of the
      REMICs; and

            (vii) Any taxes (including penalties and interest) imposed on the
      REMICs, including, without limitation, taxes on "prohibited transactions,"
      "contributions" or "net income from foreclosure property" or state or
      local income or franchise taxes.

      The information pursuant to clauses (i), (ii), (iii) and (iv) above shall
be provided by the Depositor pursuant to Section 8.12.

                                    ARTICLE V

                                THE CERTIFICATES

      SECTION 5.01. The Certificates.

      The Certificates shall be substantially in the forms attached hereto as
exhibits. The Certificates shall be issuable in registered form, in the minimum
dollar denominations, integral dollar multiples in excess thereof (except that
one Certificate of each Class may be issued in a different amount which must be
in excess of the applicable minimum dollar denomination) and aggregate dollar
denominations as set forth in the following table:

                                      -87-
<PAGE>
<TABLE>
<CAPTION>
                                                           Original Certificate
                 Minimum        Integral Multiples in       Principal Balance or
     Class    Denomination        Excess of Minimum          Notional Amount
<S>          <C>                <C>                        <C>
      A      $   25,000.00                $1.00             $250,500,000.00
      S      $1,000,000.00                $1.00             $284,235,000.00(1)
      X      $1,000,000.00                $1.00             $284,235,000.00(2)
      M-1    $   25,000.00                $1.00             $ 19,500,000.00
      M-2    $   25,000.00                $1.00             $ 15,750,000.00
      B-1    $   25,000.00                $1.00             $  9,750,000.00
      B-2    $   25,000.00                $1.00             $  4,500,000.00
      C            (3)                     (3)              $        584.70
      R      $      100.00                 N/A              $        100.00
      P            (4)                     (4)                     (4)
</TABLE>

-------------------
(1)   The Class S Certificates are interest-only certificates; they will not be
      entitled to payments of principal; and they will accrue interest on the
      Class S Notional Amount.

(2)   The Class X Certificates are interest-only certificates; they will not be
      entitled to payments of principal; and they will accrue interest on the
      Class X Notional Amount.

(3)   The Class C Certificates shall not have a minimum dollar denominations as
      the Certificate Principal Balance thereof shall vary over time as
      described herein.

(4)   The Class P Certificates shall not have minimum dollar denominations or
      Certificate Principal Balance and shall be issued in a minimum percentage
      interest of 25%.

      The Certificates shall be executed by manual or facsimile signature on
behalf of the Trustee by an authorized officer. Certificates bearing the manual
or facsimile signatures of individuals who were, at the time when such
signatures were affixed, authorized to sign on behalf of the Trustee shall bind
the Trust Fund, notwithstanding that such individuals or any of them have ceased
to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of such authentication and
delivery. 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 set forth as attached
hereto executed by the Trustee by manual signature, and such certificate of
authentication 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. On
the Closing Date, the Trustee shall authenticate the Certificates to be issued
at the written direction of the Depositor, or any Affiliate thereof.

      SECTION 5.02. Certificate Register; Registration of Transfer and Exchange
of Certificates.

      (a) The Trustee shall maintain, or cause to be maintained in accordance
with the provisions of Section 5.09 hereof, a Certificate Register for the Trust
Fund in which, subject to the provisions of subsections (b) and (c) below and 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. Upon surrender for registration of Transfer of any
Certificate, the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of the same
Class and of like aggregate Percentage Interest.

      At the option of a Certificateholder, Certificates may be exchanged for
other Certificates of the same Class in authorized denominations and evidencing
the same aggregate Percentage Interest upon surrender of the Certificates to be
exchanged at the office or agency of a Trustee. Whenever any

                                      -88-
<PAGE>
Certificates are so surrendered for exchange, the Trustee shall execute and the
Trustee shall authenticate and deliver the Certificates that the
Certificateholder making the exchange is entitled to receive. Every Certificate
presented or surrendered for registration of Transfer or exchange shall be
accompanied by a written instrument of Transfer in form satisfactory to a
Trustee duly executed by the holder thereof or his attorney duly authorized in
writing.

      No service charge to the Certificateholders shall be made for any
registration of Transfer or exchange of Certificates, but 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 may be required. All
Certificates surrendered for registration of Transfer or exchange shall be
canceled and subsequently destroyed by a Trustee in accordance with such
Trustee's customary procedures.

      (b) No Transfer of a Class C or Class P Certificate shall be made unless
such Transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under the Securities Act and such state securities
laws. In the event that a Transfer is to be made in reliance upon an exemption
from the Securities Act and such laws, in order to assure compliance with the
Securities Act and such laws, the Certificateholder desiring to effect such
Transfer and such Certificateholder's prospective transferee shall (except with
respect to the initial transfer of a Class C or Class P Certificate by Merrill
Lynch & Co.) each certify to each Trustee in writing the facts surrounding the
Transfer in substantially the forms set forth in Exhibit F (the "Transferor
Certificate") and (i) deliver a letter in substantially the form of either
Exhibit G (the "Investment Letter") or Exhibit H (the "Rule 144A Letter") or
(ii) there shall be delivered to each Trustee an Opinion of Counsel addressed to
the Trustee that such Transfer may be made pursuant to an exemption from the
Securities Act, which Opinion of Counsel shall not be an expense of the
Depositor or the Trustee. The Depositor shall provide to any Holder of a Class C
or Class P Certificate and any prospective transferee designated by any such
Holder, information regarding the related Certificates and the Mortgage Loans
and such other information as shall be necessary to satisfy the condition to
eligibility set forth in Rule 144A(d)(4) for Transfer of any such Certificate
without registration thereof under the Securities Act pursuant to the
registration exemption provided by Rule 144A. The Trustee shall cooperate with
the Depositor in providing the Rule 144A information referenced in the preceding
sentence, including providing to the Depositor such information in the
possession of the Trustee regarding the Certificates, the Mortgage Loans and
other matters regarding the Trust Fund as the Depositor shall reasonably request
to meet its obligation under the preceding sentence. Each Holder of a Class C or
Class P Certificate desiring to effect such Transfer shall, and does hereby
agree to, indemnify the Depositor and 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.

      No Transfer of an ERISA Restricted Certificate shall be made unless the
Trustee shall have received either (i) a representation from the transferee of
such Certificate acceptable to and in form and substance satisfactory to the
Trustee and the NIMs Insurer, to the effect that such transferee is not an
employee benefit plan subject to Title I of ERISA or a plan subject to Section
4975 of the Code or a plan subject to any applicable Federal, state or local law
materially similar to the foregoing provisions of ERISA and the Code ("Similar
Law"), or a Person acting on behalf of any such plan or using the assets of any
such plan, or (ii) in the case of any such ERISA Restricted Certificate, other
than a Class R Certificate, presented for registration in the name of an
employee benefit plan subject to ERISA, a plan subject to Section 4975 of the
Code, or a plan subject to Similar Law (or comparable provisions of any
subsequent enactments), or a trustee of any such plan or any other person acting
on behalf of any such plan, an Opinion of Counsel satisfactory to the Trustee
and the NIMs Insurer to the effect that the purchase and holding of such ERISA
Restricted Certificate will not result in a prohibited transaction under ERISA
or the Code or Similar Law and will not subject the NIMs Insurer or the Trustee
to any obligation in addition to those expressly undertaken in this Agreement,
which Opinion of Counsel shall

                                      -89-
<PAGE>
not be an expense of the NIMs Insurer or the Trustee. For purposes of clause (i)
of the preceding sentence, such representation shall be deemed to have been made
to the Trustee by the transferee's acceptance of an ERISA Restricted Certificate
(or the acceptance by a Certificate Owner of the beneficial interest in any
Class of ERISA Restricted Certificates) unless the Trustee shall have received
from the transferee an alternative representation acceptable in form and
substance to the Trustee. Notwithstanding anything else to the contrary herein,
any purported transfer of an ERISA Restricted Certificate to or on behalf of an
employee benefit plan subject to Title I of ERISA, a plan subject to Section
4975 of the Code, or a plan subject to Similar Law without the delivery to the
Trustee and the NIMs Insurer of an Opinion of Counsel satisfactory to the
Trustee and the NIMs Insurer as described above shall be void and of no effect.
The Trustee shall be under no liability to any Person for any registration of
transfer of any ERISA Restricted Certificate that is in fact not permitted by
this Section 5.02(b) or for making any payments due on such Certificate to the
Holder thereof or taking any other action with respect to such Holder under the
provisions of this Agreement so long as the transfer was registered by the
Trustee in accordance with the foregoing requirements. The Trustee shall be
entitled, but not obligated, to recover from any Holder of any ERISA Restricted
Certificate that was in fact an employee benefit plan subject to Title I of
ERISA, a plan subject to Section 4975 of the Code, or a plan subject to Similar
Law or a Person acting on behalf of any such plan at the time it became a Holder
or, at such subsequent time as it became such a plan or Person acting on behalf
of such a plan, all payments made on such ERISA Restricted Certificate at and
after either such time. Any such payments so recovered by the Trustee shall be
paid and delivered by the Trustee to the last preceding Holder of such
Certificate that is not such a plan or Person acting on behalf of a plan.

      No Transfer of a Class C Certificate may be made to a person that is
either (i) not a "United States person" (as defined for purposes of Section 7701
of the Code) or (ii) a Disqualified Organization or a Person acquiring such
Certificate on behalf (as a broker, agent, nominee or otherwise) of a
Disqualified Organization. The Trustee shall not register any Transfer of a
Class C Certificate unless the Trustee shall have been furnished with a
Transferee Letter or a letter from the initial Holder of the Class C
Certificates in the form attached as Exhibit M. Any Transfer of a Class C
Certificate in violation of the provisions of this Section 5.02(b) shall be
absolutely null and void and shall absolutely have no rights in the purported
Transferee.

      (c) 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 the rights
of each Person acquiring any Ownership Interest in a Class R Certificate are
expressly subject to the following provisions:

            (i) 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.

            (ii) No Ownership Interest in a Class R Certificate may be
      purchased, transferred or sold, directly or indirectly, except in
      accordance with the provisions hereof. No Ownership Interest in a Class R
      Certificate may be registered on the Closing Date or thereafter
      transferred, and the Trustee shall not register the Transfer of any Class
      R Certificate unless, in addition to the certificates required to be
      delivered to the Trustee under subparagraph (b) above, the Trustee shall
      have been furnished with an affidavit (a "Transfer Affidavit") of the
      initial owner or the proposed transferee in the form attached hereto as
      Exhibit E-1 and an affidavit of the proposed transferor in the form
      attached hereto as Exhibit E-2. In the absence of a contrary instruction
      from the transferor of a Class R Certificate, declaration (11) in Appendix
      A of the Transfer Affidavit may be left blank. If the transferor requests
      by written notice to the Trustee prior to the date of the proposed
      transfer that one of the two other forms of declaration (11) in Appendix A
      of the

                                      -90-
<PAGE>
      Transfer Affidavit be used, then the requirements of this Section
      5.02(c)(ii) shall not have been satisfied unless the Transfer Affidavit
      includes such other form of declaration.

            (iii) Each Person holding or acquiring any Ownership Interest in a
      Class R Certificate shall agree (A) to obtain a Transfer Affidavit from
      any other Person to whom such Person attempts to Transfer its Ownership
      Interest in a Class R Certificate, (B) to obtain a Transfer Affidavit from
      any Person for whom such Person is acting as nominee, trustee or agent in
      connection with any Transfer of a Class R Certificate and (C) not to
      Transfer its Ownership Interest in a Class R Certificate or to cause the
      Transfer of an Ownership Interest in a Class R Certificate to any other
      Person if it has actual knowledge that such Person is not a Permitted
      Transferee. Further, no transfer, sale or other disposition of any
      Ownership Interest in a Class R Certificate may be made to a person who is
      not a U.S. Person (within the meaning of section 7701 of the Code) unless
      such person furnishes the transferor and the Trustee with a duly completed
      and effective Internal Revenue Service Form W-8ECI (or any successor
      thereto) and the Trustee consents to such transfer, sale or other
      disposition in writing.

            (iv) Any attempted or purported Transfer of any Ownership Interest
      in a Class R Certificate in violation of the provisions of this Section
      5.02(c) shall be absolutely null and void and shall vest no rights in the
      purported Transferee. If any purported transferee shall become a Holder of
      a Class R Certificate in violation of the provisions of this Section
      5.02(c), then the last preceding Permitted Transferee shall be restored to
      all rights as Holder thereof retroactive to the date of registration of
      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 Section 5.02(b) and this
      Section 5.02(c) or for making any payments due on such Certificate to the
      Holder thereof or taking any other action with respect to such Holder
      under the provisions of this Agreement so long as the Transfer was
      registered after receipt of the related Transfer Affidavit. The Trustee
      shall be entitled but not obligated to recover from any Holder of a Class
      R Certificate that was in fact not a Permitted Transferee at the time it
      became a Holder or, at such subsequent time as it became other than a
      Permitted Transferee, all payments made on such Class R Certificate at and
      after either such time. Any such payments so recovered by the Trustee
      shall be paid and delivered by the Trustee to the last preceding Permitted
      Transferee of such Certificate.

            (v) At the option of the Holder of the Class R Certificate, the
      Class LT1-R Interest, the Class LT2-R Interest, the Class LT3-R Interest,
      the Class LT4-R Interest and the Residual Interest may be severed and
      represented by separate certificates; provided, however, that such
      separate certification may not occur until the NIMs Insurer and the
      Trustee receive an Opinion of Counsel addressed to the Trustee to the
      effect that separate certification in the form and manner proposed would
      not result in the imposition of federal tax upon the Trust Fund or any of
      the REMICs provided for herein or cause any of the REMICs provided for
      herein to fail to qualify as a REMIC; and provided further, that the
      provisions of Sections 5.02(b) and (c) will apply to each such separate
      certificate as if the separate certificate were a Class R Certificate. If,
      as evidenced by an Opinion of Counsel, it is necessary to preserve the
      REMIC status of any of the REMICs provided for herein, the Class LT1-R
      Interest, the Class LT2-R Interest, the Class LT3-R Interest, the Class
      LT4-R Interest and the Residual Interest shall be severed and represented
      by separate Certificates.

      The restrictions on Transfers of a Class R Certificate set forth in this
Section 5.02(c) shall cease to apply (and the applicable portions of the legend
on a Class R Certificate may be deleted) with respect to Transfers occurring
after delivery to the Trustee and the NIMs Insurer of an Opinion of Counsel
addressed to the Trustee, which Opinion of Counsel shall not be an expense of
the Trustee or the

                                      -91-
<PAGE>
Depositor, to the effect that the elimination of such restrictions will not
cause any of the REMICs provided for herein to fail to qualify as a REMIC at any
time that the Certificates are outstanding or result in the imposition of any
tax on the Trust Fund, any REMIC provided for herein, a Certificateholder or
another Person. Each Person holding or acquiring any Ownership Interest in a
Class R Certificate hereby consents to any amendment of this Agreement that,
based on an Opinion of Counsel addressed to and furnished to the Trustee, is
reasonably necessary (a) to ensure that the record ownership of, or any
beneficial interest in, a Class R Certificate is not transferred, directly or
indirectly, to a Person that is not a Permitted Transferee and (b) to provide
for a means to compel the Transfer of a Class R Certificate that is held by a
Person that is not a Permitted Transferee to a Holder that is a Permitted
Transferee.

      (d) The transferor of the Class R Certificate shall notify the Trustee in
writing upon the transfer of the Class R Certificate.

      (e) The preparation and delivery of all certificates, opinions and other
writings referred to above in this Section 5.02 shall not be an expense of the
Trust Fund, the Depositor or the Trustee.

      SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.

      If (a) any mutilated Certificate is surrendered to the Trustee or the
Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Certificate and of the ownership thereof and (b) there is delivered to
the Trustee and the NIMs Insurer 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 that such Certificate has been acquired by a bona fide purchaser, the
Trustee shall execute, authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of
like Class, tenor and Percentage Interest. In connection with the issuance of
any new Certificate under this Section 5.03, 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 Trustee) connected therewith. Any replacement Certificate issued
pursuant to this Section 5.03 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. All
Certificates surrendered to the Trustee under the terms of this Section 5.03
shall be canceled and destroyed by the Trustee in accordance with its standard
procedures without liability on its part.

      SECTION 5.04. Persons Deemed Owners.

      The NIMs Insurer, the Trustee and any agent of the NIMs Insurer or the
Trustee may treat the Person in whose name any Certificate is registered as the
owner of such Certificate for the purpose of receiving distributions as provided
in this Agreement and for all other purposes whatsoever, and neither the NIMs
Insurer nor the Trustee, nor any agent of the NIMs Insurer or the Trustee shall
be affected by any notice to the contrary.

      SECTION 5.05. Access to List of Certificateholders' Names and Addresses.

      If three or more Certificateholders (a) request such information in
writing from the Trustee, (b) state that such Certificateholders desire to
communicate with other Certificateholders with respect to their rights under
this Agreement or under the Certificates, and (c) provide a copy of the
communication that such Certificateholders propose to transmit or if the NIMs
Insurer or the Depositor shall request such information in writing from the
Trustee, then the Trustee shall, within ten Business Days after the receipt of
such request, provide the NIMs Insurer, the Depositor or such Certificateholders
at such recipients' expense the most recent list of the Certificateholders of
the Trust Fund held by the Trustee, if any. The Depositor and every
Certificateholder, by receiving and holding a Certificate, agree that the
Trustee shall

                                      -92-
<PAGE>
not be held accountable by reason of the disclosure of any such information as
to the list of the Certificateholders hereunder, regardless of the source from
which such information was derived.

      SECTION 5.06. Book-Entry Certificates.

      The Regular Certificates, upon original issuance, shall be issued in the
form of one or more typewritten Certificates representing the Book-Entry
Certificates, to be delivered to the Depository by or on behalf of the
Depositor. The Book-Entry Certificates shall initially be registered on the
Certificate Register in the name of the Depository or its nominee, and no
Certificate Owner of a Book-Entry Certificate will receive a definitive
certificate representing such Certificate Owner's interest in such Certificates,
except as provided in Section 5.08. Unless and until definitive, fully
registered Certificates ("Definitive Certificates") have been issued to the
Certificate Owners of the Book-Entry Certificates pursuant to Section 5.08:

      (a) the provisions of this Section shall be in full force and effect;

      (b) the Depositor, the Trustee and the NIMs Insurer may deal with the
Depository and the Depository Participants for all purposes (including the
making of distributions) as the authorized representative of the respective
Certificate Owners of the Book-Entry Certificates;

      (c) registration of the Book-Entry Certificates may not be transferred by
the Trustee except to another Depository;

      (d) the rights of the respective Certificate Owners of the Book-Entry
Certificates shall be exercised only through the Depository and the Depository
Participants and shall be limited to those established by law and agreements
between the Owners of the Book-Entry Certificates and the Depository and/or the
Depository Participants. Pursuant to the Depository Agreement, unless and until
Definitive Certificates are issued pursuant to Section 5.08, the Depository will
make book-entry transfers among the Depository Participants and receive and
transmit distributions of principal and interest on the related Certificates to
such Depository Participants;

      (e) the Depository may collect its usual and customary fees, charges and
expenses from its Depository Participants;

      (f) the Trustee may rely and shall be fully protected in relying upon
information furnished by the Depository with respect to its Depository
Participants; and

      (g) to the extent that the provisions of this Section conflict with any
other provisions of this Agreement, the provisions of this Section shall
control.

      For purposes of any provision of this Agreement requiring or permitting
actions with the consent of, or at the direction of, Certificateholders
evidencing a specified percentage of the aggregate unpaid principal amount of
any Class of Certificates, such direction or consent may be given by Certificate
Owners (acting through the Depository and the Depository Participants) owning
Book-Entry Certificates evidencing the requisite percentage of principal amount
of such Class of Certificates.

      SECTION 5.07. Notices to Depository.

      Whenever any notice or other communication is required to be given to
Certificateholders of the Class with respect to which Book-Entry Certificates
have been issued, unless and until Definitive Certificates shall have been
issued to the related Certificate Owners and the Trustee shall give all such
notices and communications to the Depository.

                                      -93-
<PAGE>
      SECTION 5.08. Definitive Certificates.

      If, after Book-Entry Certificates have been issued with respect to any
Certificates, (a) the Depository or the Depositor advises the Trustee that the
Depository is no longer willing, qualified or able to discharge properly its
responsibilities under the Depository Agreement with respect to such
Certificates and the Depositor is unable to locate a qualified successor, (b)
the Depositor, at its sole option, advises the Trustee that it elects to
terminate the book-entry system with respect to such Certificates through the
Depository or (c) after the occurrence and continuation of an Event of Default,
Certificate Owners of such Book-Entry Certificates having not less than 51% of
the Voting Rights evidenced by any Class of Book-Entry Certificates advise the
Trustee and the Depository in writing through the Depository Participants that
the continuation of a book-entry system with respect to Certificates of such
Class through the Depository (or its successor) is no longer in the best
interests of the Certificate Owners of such Class, then the Trustee shall notify
all Certificate Owners of such Book-Entry Certificates and the NIMs Insurer,
through the Depository, of the occurrence of any such event and of the
availability of Definitive Certificates to Certificate Owners of such Class
requesting the same. The Depositor shall provide the Trustee with an adequate
inventory of certificates to facilitate the issuance and transfer of Definitive
Certificates. Upon surrender to the Trustee of any such Certificates by the
Depository, accompanied by registration instructions from the Depository for
registration, the Trustee shall authenticate and deliver such Definitive
Certificates. Neither the Depositor nor the Trustee shall be liable for any
delay in delivery of such instructions and each may conclusively rely on, and
shall be protected in relying on, such instructions. Upon the issuance of such
Definitive Certificates, all references herein to obligations imposed upon or to
be performed by the Depository shall be deemed to be imposed upon and performed
by the Trustee, to the extent applicable with respect to such Definitive
Certificates and the Trustee shall recognize the Holders of such Definitive
Certificates as Certificateholders hereunder.

      SECTION 5.09. Maintenance of Office or Agency.

      The Trustee will maintain or cause to be maintained at its expense an
office or offices or agency or agencies where Certificates may be surrendered
for registration of transfer or exchange. The Trustee initially designates its
office at 2001 Bryan Street, 8th Floor, Dallas, Texas 75201, Attention:
Institutional Trust Services/Transfer Department as offices for such purposes.
The Trustee will give prompt written notice to the Certificateholders of any
change in such location of any such office or agency.

                                   ARTICLE VI

                         THE DEPOSITOR AND THE SERVICER

      SECTION 6.01. Respective Liabilities of the Depositor and the Servicer.

      The Depositor and the Servicer shall each be liable in accordance herewith
only to the extent of the obligations specifically and respectively imposed upon
and undertaken by them herein.

      SECTION 6.02. Merger or Consolidation of the Depositor or the Servicer.

      Except as provided in the next paragraph, the Depositor and the Servicer
will each keep in full effect its existence, rights and franchises as a
corporation or banking association under the laws of the United States or under
the laws of one of the States thereof 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, or any of the Mortgage Loans and to perform
its respective duties under this Agreement.

                                      -94-
<PAGE>
      Any Person into which the Depositor or Servicer may be merged or
consolidated, or any Person resulting from any merger or consolidation to which
the Depositor or Servicer shall be a party, or any Person succeeding to the
business of the Depositor or Servicer, shall be the successor of the Depositor
or 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 (except for the execution of an
assumption agreement where such succession is not effected by operation of law);
provided, however, that the successor or surviving Person to a Servicer shall be
qualified to sell mortgage loans to, and to service mortgage loans on behalf of,
Fannie Mae or Freddie Mac.

      SECTION 6.03. Limitation on Liability of the Depositor, the Servicer and
Others.

      None of the Depositor, the Servicer nor any of the directors, officers,
employees or agents of the Depositor or the 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 Depositor, the Servicer or any such Person against any
breach of representations or warranties made by it herein or protect the
Depositor, the Servicer or any such Person from any liability that would
otherwise be imposed by reasons of willful misfeasance, bad faith or negligence
in the performance of duties or by reason of reckless disregard of obligations
and duties hereunder. The Depositor, the Servicer and any director, officer,
employee or agent of the Depositor or the 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 Depositor, the Servicer and any
director, officer, employee or agent of the Depositor or the Servicer shall be
indemnified by the Trust Fund and held harmless against any loss, liability or
expense, incurred in connection with the performance of their duties under this
agreement or incurred in connection with any audit, controversy or judicial
proceeding relating to a governmental taxing authority or any legal action
relating to this Agreement or the Certificates, other than any loss, liability
or expense incurred by reason of willful misfeasance, bad faith or negligence in
the performance of duties hereunder or by reason of reckless disregard of
obligations and duties hereunder. None of the Depositor nor the Servicer shall
be under any obligation to appear in, prosecute or defend any legal action that
is not incidental to its respective duties hereunder and that in its opinion may
involve it in any expense or liability; provided, however, that any of the
Depositor or the Servicer may, in its discretion undertake any such action that
it may deem necessary or desirable in respect of this Agreement and the rights
and duties of the parties hereto and interests of the Servicer and the
Certificateholders hereunder. In such event, the legal expenses and costs of
such action and any liability resulting therefrom shall be, expenses, costs and
liabilities of the Trust Fund, and the Depositor and the Servicer shall be
entitled to be reimbursed therefor out of the Collection Account as provided by
Section 3.08 hereof.

      SECTION 6.04. Limitation on Resignation of Servicer.

      The Servicer shall not resign from the 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 Servicer shall be evidenced by an Opinion of Counsel to such
effect delivered to the Trustee and the NIMs Insurer. No such resignation shall
become effective until the Trustee or a successor servicer reasonably acceptable
to the Trustee and the NIMs Insurer is appointed and has assumed the Servicer's
responsibilities, duties, liabilities and obligations hereunder. Any such
resignation shall not relieve the Servicer of any of the obligations specified
in Section 7.01 and 7.02 as obligations that survive the resignation or
termination of the Servicer.

      The Trustee and the Depositor hereby specifically (i) consent to the
pledge and assignment by the Servicer of all the Servicer's right, title and
interest in, to and under this Agreement to the Servicing Rights Pledgee, for
the benefit of certain lenders, and (ii) provided that no Event of Default
exists, agree

                                      -95-
<PAGE>
that upon delivery to the Trustee by the Servicing Rights Pledgee of a letter
signed by the Servicer whereby the Servicer shall resign as Servicer under this
Agreement, the Trustee shall appoint the Servicing Rights Pledgee or its
designee as successor servicer but only if such successor servicer meets the
requirements of a successor servicer under this Agreement and agrees to be
subject to the terms of this Agreement. If, pursuant to any provision hereof,
the duties of the Servicer are transferred to a successor servicer, the entire
amount of the Servicing Fee and other compensation payable to the Servicer
pursuant hereto shall thereafter be payable to such successor servicer.

      SECTION 6.05. Errors and Omissions Insurance; Fidelity Bonds.

      The Servicer shall, for so long as it acts as servicer under this
Agreement, obtain and maintain in force (a) a policy or policies of insurance
covering errors and omissions in the performance of its obligations as servicer
hereunder, and (b) a fidelity bond in respect of its officers, employees and
agents. Each such policy or policies and bond shall, together, comply with the
requirements from time to time of Fannie Mae or Freddie Mac for Persons
performing servicing for mortgage loans purchased by Fannie Mae or Freddie Mac.
The Servicer shall provide the Trustee and the NIMs Insurer, upon request, with
copies of such policies and fidelity bond or a certification from the insurance
provider evidencing such policies and fidelity bond. In the event that any such
policy or bond ceases to be in effect, the Servicer shall use its reasonable
best efforts to obtain a comparable replacement policy or bond from an insurer
or issuer meeting the requirements set forth above as of the date of such
replacement. Any such policy or fidelity bond shall by its terms not be
cancelable without thirty days' prior written notice to the Trustee and the NIMs
Insurer.

                                  ARTICLE VII

                        DEFAULT; TERMINATION OF SERVICER

      SECTION 7.01. Events of Default.

      "Event of Default," wherever used herein, means any one of the following
events:

            (i) any failure by the Servicer to make any Advance to deposit in
      the Collection Account or the Certificate Account or remit to the Trustee
      any payment (excluding a payment required to be made under Section 4.01
      hereof) required to be made under the terms of this Agreement, which
      failure shall continue unremedied for three calendar days and, with
      respect to a payment required to be made under Section 4.01 hereof, for
      one calendar day, after the date on which written notice of such failure
      shall have been given to the Servicer by the Trustee or the Depositor, or
      to the Trustee and the Servicer by the NIMs Insurer or the Holders of
      Certificates evidencing not less than 25% of the Voting Rights evidenced
      by the Certificates; or

            (ii) any failure by the Servicer to observe or perform in any
      material respect any other of the covenants or agreements on the part of
      the Servicer contained in this Agreement or any representation or warranty
      shall prove to be untrue, which failure or breach shall continue
      unremedied for a period of 60 days after the date on which written notice
      of such failure shall have been given to the Servicer by the Trustee or
      the Depositor, or to the Trustee by the NIMs Insurer or the Holders of
      Certificates evidencing not less than 25% of the Voting Rights evidenced
      by the Certificates; or

            (iii) a decree or order of a court or agency or supervisory
      authority having jurisdiction for the appointment of a receiver or
      liquidator in any insolvency, readjustment of debt, marshaling of assets
      and liabilities or similar proceedings, or for the winding-up or
      liquidation of

                                      -96-
<PAGE>
      its affairs, shall have been entered against the Servicer and such decree
      or order shall have remained in force undischarged or unstayed for a
      period of 60 consecutive days; or

            (iv) consent by the Servicer to the appointment of a receiver or
      liquidator in any insolvency, readjustment of debt, marshaling of assets
      and liabilities or similar proceedings of or relating to the Servicer or
      all or substantially all of the property of the Servicer; or

            (v) admission by a Servicer in writing of 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.

      If an Event of Default shall occur with respect to the Servicer, then, and
in each and every such case, so long as such Event of Default shall not have
been remedied within the applicable grace period, or solely with respect to
clause (i) above by 5:00 p.m. on the Servicer Remittance Date, the Trustee may
(with the written consent of the NIMs Insurer, except after a NIMs Insurer
Default), or at the direction of the NIMs Insurer or the Holders of Certificates
evidencing not less than 25% of the Voting Rights evidenced by the Certificates
(with the written consent of the NIMs Insurer, except after a NIMs Insurer
Default), shall, by notice in writing to the Servicer (with a copy to each
Rating Agency), terminate all of the rights and obligations of the Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds thereof,
other than its rights as a Certificateholder hereunder. On or after the receipt
by the Servicer of such written notice, all authority and power of the Servicer
hereunder, whether with respect to the Mortgage Loans or otherwise, shall pass
to and be vested in the Trustee. To the extent the Event of Default resulted
from the failure of the Servicer to make a required Advance, the Trustee shall
thereupon make any Advance described in Section 4.01 hereof subject to Section
3.04 hereof. The Trustee is hereby authorized and empowered to execute and
deliver, on behalf of the 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. Unless expressly
provided in such written notice, no such termination shall affect any obligation
of the Servicer to pay amounts owed pursuant to Article VIII. The Servicer
agrees to cooperate with the Trustee in effecting the termination of the
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee of all cash amounts which shall at the time be
credited to the Collection Account, or thereafter be received with respect to
the Mortgage Loans. The Servicer and the Trustee shall promptly notify the
Rating Agencies of the occurrence of an Event of Default or an event that, with
notice, passage of time, other action or any combination of the foregoing would
be an Event of Default, such notice to be provided in any event within two
Business Days of such occurrence.

      Notwithstanding any termination of the activities of the Servicer
hereunder, the Servicer shall be entitled to receive, out of any late collection
of a Scheduled Payment on a Mortgage Loan that was due prior to the notice
terminating the Servicer's rights and obligations as Servicer hereunder and
received after such notice, that portion thereof to which the Servicer would
have been entitled pursuant to Sections 3.08(a)(i) through (viii), and any other
amounts payable to the Servicer hereunder the entitlement to which arose prior
to the termination of its activities hereunder. Notwithstanding anything herein
to the contrary, upon termination of the Servicer hereunder, any liabilities of
the Servicer which accrued prior to such termination shall survive such
termination.

      SECTION 7.02. Trustee to Act; Appointment of Successor.

      On and after the time the Servicer receives a notice of termination
pursuant to Section 7.01 hereof, the Trustee shall, to the extent provided in
Section 3.04, be the successor to the Servicer in its capacity as servicer under
this Agreement and the transactions set forth or provided for herein and shall

                                      -97-
<PAGE>
be subject to all the responsibilities, duties and liabilities relating thereto
placed on the Servicer by the terms and provisions hereof and applicable law
including the obligation to make advances pursuant to Section 4.01. As
compensation therefor, subject to the last paragraph of Section 7.01, the
Trustee shall be entitled to all compensation and reimbursement for costs and
expenses that the Servicer would have been entitled to hereunder if the Servicer
had continued to act hereunder. Notwithstanding the foregoing, if the Trustee
has become the successor to the Servicer in accordance with Section 7.01 hereof,
the Trustee may, if it shall be unwilling to so act, or shall, if it is
prohibited by applicable law from making Advances pursuant to Section 4.01
hereof or if it is otherwise unable to so act, appoint, or petition a court of
competent jurisdiction to appoint, any established mortgage loan servicing
institution the appointment of which successor shall be approved by the NIMs
Insurer and which does not adversely affect the then current rating of the
Certificates by each Rating Agency as the successor to the Servicer hereunder in
the assumption of all or any part of the responsibilities, duties or liabilities
of the Servicer hereunder. Any successor Servicer shall be an institution that
is acceptable to the NIMs Insurer and is a Fannie Mae and Freddie Mac approved
seller/servicer in good standing, that has a net worth of at least $15,000,000,
and that is willing to service the Mortgage Loans and executes and delivers to
the Depositor and the Trustee an agreement accepting such delegation and
assignment, that contains an assumption by such Person of the rights, powers,
duties, responsibilities, obligations and liabilities of the Servicer (other
than liabilities of the Servicer under Section 6.03 hereof incurred prior to
termination of the Servicer under Section 7.01), with like effect as if
originally named as a party to this Agreement; and provided further that each
Rating Agency acknowledges that its rating of the Certificates in effect
immediately prior to such assignment and delegation will not be qualified or
reduced as a result of such assignment and delegation. No appointment of a
successor to the Servicer hereunder shall be effective until the Trustee and the
NIMs Insurer shall have consented thereto, prior written consent of the NIMs
Insurer is obtained and written notice of such proposed appointment shall have
been provided by the Trustee to each Certificateholder. The Trustee shall not
resign as servicer until a successor servicer has been appointed and has
accepted such appointment. Pending appointment of a successor to the Servicer
hereunder, the Trustee, unless the Trustee is prohibited by law from so acting,
shall, subject to Section 3.04 hereof, 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 Servicer hereunder.
The Trustee and such successor shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession. Neither the
Trustee nor any other successor servicer shall be deemed to be in default
hereunder by reason of any failure to make, or any delay in making, any
distribution hereunder or any portion thereof or any failure to perform, or any
delay in performing, any duties or responsibilities hereunder, in either case
caused by the failure of the Servicer to deliver or provide, or any delay in
delivering or providing, any cash, information, documents or records to it.

      Any successor to the Servicer as servicer shall give notice to the
Mortgagors of such change of servicer and shall, during the term of its service
as servicer maintain in force the policy or policies that the Servicer is
required to maintain pursuant to Section 6.05.

      SECTION 7.03. Notification to Certificateholders.

      (a) Upon any termination of or appointment of a successor to the Servicer,
the Trustee shall give prompt written notice thereof to Certificateholders, the
NIMs Insurer and to each Rating Agency.

      (b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Certificateholders and the NIMs Insurer
notice of each such Event of Default hereunder known to the Trustee, unless such
Event of Default shall have been cured or waived.
<PAGE>
                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

         SECTION 8.01. Duties of Trustee.

         The Trustee, prior to the occurrence of an Event of Default and after
the curing of all Events of Default that may have occurred, shall undertake to
perform such duties and only such duties as are specifically set forth in this
Agreement. In case an Event of Default has occurred and remains uncured, 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 person would exercise or use under the circumstances in the conduct of
such person's own affairs. In case an Event of Default or other default by the
Servicer or the Depositor hereunder shall occur and be continuing, the Trustee,
shall, at the direction of the majority of the Certificateholders or the NIMS
Insurer, or may, proceed to protect and enforce its rights and the rights of the
Certificateholders or the NIMS Insurer under this Agreement by a suit, action or
proceeding in equity or at law or otherwise, whether for the specific
performance of any covenant or agreement contained in this agreement or in aid
of the execution of any power granted in this Agreement or for the enforcement
of any other legal, equitable or other remedy, as the Trustee, being advised by
counsel, and subject to the foregoing, shall deem most effectual to protect and
enforce any of the rights of the Trustee, the NIMS Insurer and the
Certificateholders.

         The Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to the
Trustee that are specifically required to be furnished pursuant to any provision
of this Agreement shall examine them to determine whether they conform on their
face, to the requirements of this Agreement. If any such instrument is found not
to conform, on its face, to the requirements of this Agreement in a material
manner, the Trustee shall notify the person providing such Agreement of such
non-conformance, and if the instrument is not corrected to the Trustee's
satisfaction, the Trustee will provide notice thereof to the NIMs Insurer and
the Certificateholders and take such further action as directed by the NIMs
Insurer and the Certificateholders.

         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 misconduct, its negligent failure to perform its obligations
in compliance with this Agreement, or any liability that would be imposed by
reason of its willful misfeasance or bad faith; provided, however, that:

                  (i) prior to the occurrence of an Event of Default, and after
         the curing of all such Events of Default that 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,
         individually or as Trustee, except for the performance of such duties
         and obligations as are specifically set forth in this Agreement, no
         implied covenants or obligations shall be read into this Agreement
         against the Trustee and 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 and
         conforming to the requirements of this Agreement that it reasonably
         believed in good faith to be genuine and to have been duly executed by
         the proper authorities respecting any matters arising hereunder;

                  (ii) the Trustee shall not be liable, individually or as
         Trustee, for an error of judgment made in good faith by a Responsible
         Officer or Responsible Officers of the Trustee, unless the Trustee was
         negligent or acted in bad faith or with willful misfeasance;

                  (iii) the Trustee shall not be liable, individually or as
         Trustee, with respect to any action taken, suffered or omitted to be
         taken by it in good faith in accordance with the direction of

                                      -99-
<PAGE>
         the NIMs Insurer or the Holders of each Class of Certificates
         evidencing not less than 25% of the Voting Rights of such Class
         relating 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; and

                  (iv) except as otherwise expressly provided in this Agreement,
         if any default occurs in the making of a payment due under any
         Permitted Investment, or if a default occurs in any other performance
         required under any Permitted Investment, the Trustee may and, subject
         to Section 8.01 and Section 8.02, upon the request of the NIMs Insurer
         or the Holders of the Certificates representing more than 50% of the
         Voting Rights allocated to any Class of Certificates, shall take such
         action as may be appropriate to enforce such payment or performance,
         including the institution and prosecution of appropriate proceedings.

         The Trustee shall have no duty hereunder with respect to any complaint,
claim, demand, notice or other document it may receive or which may be alleged
to have been delivered to or served upon it by the parties as a consequence of
the assignment of any Mortgage Loan hereunder; provided, however, that the
Trustee shall promptly remit to the Servicer upon receipt any such complaint,
claim, demand, notice or other document (i) which is delivered to the Trustee,
(ii) of which a Responsible Officer has actual knowledge and (iii) which
contains information sufficient to permit the Trustee to make a determination
that the real property to which such document related to is a Mortgaged
Property.

         SECTION 8.02. Certain Matters Affecting the Trustee.

         (a) Except as otherwise provided in Section 8.01:

                  (i) the Trustee may request and rely upon and shall be
         protected in acting or refraining from acting upon any resolution,
         Officer's 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;

                  (ii) the Trustee may consult with counsel of its choice and
         any advice or 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
         advice or Opinion of Counsel;

                  (iii) the Trustee shall not be liable, individually or as
         Trustee, 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;

                  (iv) prior to the occurrence of an Event of Default hereunder
         and after the curing of all Events of Default that 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 the NIMs Insurer or the Holders of each Class of Certificates
         evidencing not less than 25% of the Voting Rights of such Class;

                  (v) the Trustee may execute any of the trusts or powers
         hereunder or perform any duties hereunder either directly or by or
         through agents, accountants or attorneys;

                  (vi) the Trustee shall not be required to expend its own funds
         or otherwise incur any financial liability in the performance of any of
         its duties hereunder if it shall have reasonable

                                     -100-
<PAGE>
         grounds for believing that repayment of such funds or adequate
         indemnity against such liability is not assured to it;

                  (vii) the Trustee shall not be liable, individually or as
         Trustee, for any loss on any investment of funds pursuant to this
         Agreement (other than as issuer of the investment security);

                  (viii) the Trustee shall not be deemed to have knowledge of an
         Event of Default until a Responsible Officer of the Trustee shall have
         received written notice thereof;

                  (ix) the Trustee shall be under no obligation to exercise any
         of the trusts or powers vested in it by this Agreement or to make any
         investigation of matters arising hereunder or to institute, conduct or
         defend any litigation hereunder or in relation hereto at the request,
         order or direction of any of the NIMs Insurer or the
         Certificateholders, pursuant to the provisions of this Agreement,
         unless the NIMs Insurer or such Certificateholders shall have offered
         to the Trustee reasonable security or indemnity against the costs,
         expenses and liabilities that may be incurred therein or thereby; and

                  (x) if requested by the Servicer, the Trustee may appoint the
         Servicer as the trustee's attorney-in-fact in order to carry out and
         perform certain activities that are necessary or appropriate for the
         servicing and administration of the Mortgage Loans pursuant to this
         Agreement. Such appointment shall be evidenced by a power of attorney
         in such form as may be agreed to by the Trustee and the Servicer. The
         Trustee shall have no liability for any action or inaction of the
         Servicer in connection with such power of attorney and the Trustee
         shall be indemnified by the Servicer for all liabilities, costs and
         expenses incurred by the Trustee in connection with the Servicer's use
         or misuse of such powers of attorney.

         (b) All rights of action under this Agreement or under any of the
Certificates, enforceable by the Trustee, may be enforced by the Trustee without
the possession of any of the Certificates, or the production thereof at the
trial or other proceeding relating thereto, and any such suit, action or
proceeding instituted by the Trustee shall be brought in its name for the
benefit of all the Holders of the Certificates, subject to the provisions of
this Agreement.

         SECTION 8.03. Trustee Not Liable for Mortgage Loans.

         The recitals contained herein shall be taken as the statements of the
Depositor or the 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, of any Mortgage Loan, of any
guarantee of a NIMs Insurer or related document other than with respect to the
Trustee's execution and authentication of the Certificates . The Trustee shall
not be accountable for the use or application by the Depositor or the Servicer
of any funds paid to the Depositor or the Servicer in respect of the Mortgage
Loans or deposited in or withdrawn from the Collection Account or Certificate
Account by the Depositor or the 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 as it would have if it
were not the Trustee.

         SECTION 8.05. Trustee's Fees.

         The Trustee shall be entitled to earnings on or investment income with
respect to funds in or credited to the Certificate Account.

                                     -101-
<PAGE>
         SECTION 8.06. Indemnification of Trustee; Expenses.

         (a) The Trustee and its respective directors, officers, employees and
agents shall be entitled to indemnification from the Trust Fund for any loss,
liability or expense incurred in connection with any legal proceeding or
incurred without negligence or willful misconduct on their part, arising out of,
or in connection with, the acceptance or administration of the trusts created
hereunder or in connection with the performance of their duties hereunder,
including any applicable fees and expenses payable hereunder and the costs and
expenses of defending themselves against any claim in connection with the
exercise or performance of any of their powers or duties hereunder, provided
that:

                  (i) with respect to any such claim, the Trustee shall have
         given the Depositor and the Holders written notice thereof promptly
         after the Trustee shall have knowledge thereof; provided that failure
         to so notify shall not relieve the Trust Fund of the obligation to
         indemnify the Trustee; however, any reasonable delay by the Trustee to
         provide written notice to the Depositor and the Holders promptly after
         the Trustee shall have obtained knowledge of a claim shall not relieve
         the Trust Fund of the obligation to indemnify the Trustee under this
         Section 8.06;

                  (ii) while maintaining control over its own defense, the
         Trustee shall cooperate and consult fully with the Depositor in
         preparing such defense;

                  (iii) notwithstanding anything to the contrary in this Section
         8.06, the Trust Fund shall not be liable for settlement of any such
         claim by the Trustee entered into without the prior consent of the
         Depositor, which consent shall not be unreasonably withheld; and

                  (iv) any such loss, liability or expense to be indemnified by
         the Trust Fund must constitute an "unanticipated expense" of the Trust
         Fund within the meaning of Treasury Regulations Section
         1.860G-1(b)(3)(ii).

         The provisions of this Section 8.06 shall survive any termination of
this Agreement and the resignation or removal of the Trustee and shall be
construed to include, but not be limited to any loss, liability or expense under
any environmental law.

         (b) The Trustee shall be entitled to all reasonable expenses,
disbursements and advancements incurred or made by the Trustee in accordance
with this Agreement (including fees and expenses of its counsel and all persons
not regularly in its employment), except any such expenses, disbursements and
advancements that either (i) arise from its negligence, bad faith or willful
misconduct or (ii) do not constitute "unanticipated expenses" within the meaning
of Treasury Regulations Section 1.860G-1(b)(3)(ii).

         (c) The Trustee's right to indemnification and reimbursement shall be
subject to a cap of $300,000, excluding any Servicing Transfer Costs and any
auction expenses incurred by the Trustee in connection with Section 9.01(a)(i),
in the aggregate in any calendar year; provided, however, that such cap shall
apply only if NIM Notes have been issued and are outstanding and shall cease to
apply after the date on which any NIM Notes are paid in full and all amounts
which the NIMs Insurer is entitled to be paid or reimbursed shall have been paid
or reimbursed. Any amounts not in excess of this cap may be withdrawn by the
Trustee from the Certificate Account at any time.

         SECTION 8.07. Eligibility Requirements for Trustee.

         The Trustee hereunder shall, at all times, be a corporation or
association organized and doing business under the laws of a 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, subject to

                                     -102-
<PAGE>
supervision or examination by federal or state authority and with a credit
rating that would not cause any of the Rating Agencies to reduce their
respective ratings of any Class of Certificates below the ratings issued on the
Closing Date (or having provided such security from time to time as is
sufficient to avoid such reduction) and reasonably acceptable to the NIMs
Insurer. If such corporation or 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 8.07
the combined capital and surplus of such corporation or association 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 8.07, the Trustee
shall resign immediately in the manner and with the effect specified in Section
8.08 hereof. The corporation or national banking association serving as Trustee
may have normal banking and trust relationships with the Depositor and the NIMs
Insurer and their respective Affiliates; provided, however, that such
corporation cannot be an Affiliate of the Servicer other than the Trustee in its
role as successor to the Servicer.

         SECTION 8.08. Resignation and Removal of Trustee.

         The Trustee may at any time resign and be discharged from the trusts
hereby created by (1) giving written notice of resignation to the Depositor and
the NIMs Insurer and by mailing notice of resignation by first class mail,
postage prepaid, to the Certificateholders at their addresses appearing on the
Certificate Register and each Rating Agency, not less than 60 days before the
date specified in such notice when, subject to Section 8.09, such resignation is
to take effect, and (2) acceptance of appointment by a successor trustee
acceptable to the NIMs Insurer in accordance with Section 8.09 and meeting the
qualifications set forth in Section 8.07. If no successor trustee shall have
been so appointed and have accepted appointment within 30 days after the giving
of such notice or resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor trustee.

         If at any time (i) the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.07 hereof and shall fail to resign after
written request thereto by the Depositor or the NIMs Insurer, (ii) the Trustee
shall become incapable of acting, or shall be adjudged as 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, or
(iii)(A) a tax is imposed with respect to the Trust Fund by any state in which
the Trustee or the Trust Fund is located, (B) the imposition of such tax would
be avoided by the appointment of a different trustee and (C) the Trustee fails
to indemnify the Trust Fund against such tax, then the Depositor or the NIMs
Insurer may remove the Trustee and the Depositor with the consent of the NIMs
Insurer shall promptly appoint a successor trustee by written instrument, in
triplicate, one copy of which instrument shall be delivered to the Trustee, one
copy of which shall be delivered to the Servicer and one copy of which shall be
delivered to the successor trustee.

         The Holders evidencing at least 51% of the Voting Rights of all Classes
of Certificates, with the consent of the NIMs Insurer, or the NIMs Insurer upon
failure of the Trustee to perform its obligations hereunder may at any time
remove the Trustee and the Depositor shall appoint a successor trustee by
written instrument or instruments, in triplicate, signed by such Holders or
their attorneys-in-fact duly authorized (or by the NIMs Insurer), one complete
set of which instruments shall be delivered by the successor Trustee to the
Servicer, one complete set to the Trustee so removed and one complete set to the
successor so appointed. Notice of any removal of the Trustee shall be given to
the NIMs Insurer and each Rating Agency by the Successor Trustee.

         Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 8.08 shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 8.09 hereof.

                                     -103-
<PAGE>
         SECTION 8.09. Successor Trustee.

         Any successor trustee appointed as provided in Section 8.08 hereof
shall execute, acknowledge and deliver to the Depositor and to its predecessor
trustee, the NIMs Insurer and the Servicer an instrument accepting such
appointment hereunder and thereupon the resignation or removal of the
predecessor trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as trustee herein.

         No successor trustee shall accept appointment as provided in this
Section 8.09 unless at the time of such acceptance such successor trustee shall
be eligible under the provisions of Section 8.07 hereof and its appointment
shall not adversely affect the then current rating of the Certificates.

         Upon acceptance of appointment by a successor trustee as provided in
this Section 8.09, the Depositor shall mail notice of the succession of such
trustee hereunder to all Holders of Certificates. If the Depositor fails to mail
such notice within ten days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be mailed at the
expense of the Depositor.

         SECTION 8.10. Merger or Consolidation of Trustee.

         Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided that such corporation shall be eligible under the provisions of Section
8.07 hereof without the execution or filing of any paper or further act on the
part of any of the parties hereto, anything herein to the contrary
notwithstanding (except for the execution of an assumption agreement where such
succession is not effected by operation of law).

         SECTION 8.11. Appointment of Co-Trustee or Separate Trustee.

         Notwithstanding any other provisions of this Agreement, 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 any Mortgage Note may at the
time be located, the 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 and the NIMs Insurer 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 and for the benefit of the Certificateholders, such title to the
Trust Fund or any part thereof, whichever is applicable, and, subject to the
other provisions of this Section 8.11, such powers, duties, obligations, rights
and trusts as the Servicer and the Trustee may consider necessary or desirable.
Any such co-trustee or separate trustee shall be subject to the written approval
of the Servicer and the NIMs Insurer. The Trustee shall not be liable for the
actions of any co-trustee appointed at the request of the Trustee provided that
such co-trustee has been appointed with due care. If the Servicer and the NIMs
Insurer shall not have joined in such appointment within 15 days after the
receipt by it of a request to do so, or in the 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 8.07 and
no notice to Certificateholders of the appointment of any co-trustee or separate
trustee shall be required under Section 8.09.

         Every separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:

                                     -104-
<PAGE>
                  (i) All rights, powers, duties and obligations conferred or
         imposed upon the Trustee, except for the obligation of the Trustee
         under this Agreement to advance funds on behalf of the Servicer, shall
         be conferred or imposed upon and exercised or performed by the Trustee
         and such separate trustee or co-trustee jointly (it being understood
         that such separate trustee or co-trustee is not authorized to act
         separately without the Trustee joining in such act), 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 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 singly by such separate trustee or co-trustee,
         but solely at the direction of the Trustee;

                  (ii) No trustee hereunder shall be held personally liable by
         reason of any act or omission of any other trustee hereunder; and

                  (iii) The Trustee with the consent of the NIMs Insurer may at
         any time accept the resignation of or remove any separate trustee or
         co-trustee.

         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 and a copy thereof given to the
Servicer, the NIMs Insurer and the Depositor.

          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 8.12. Tax Matters.

         (a) It is intended that each of the REMICs provided for herein shall
constitute, and that the affairs of the Trust Fund shall be conducted so as to
allow each such REMIC to qualify as, a "real estate mortgage investment conduit"
as defined in and in accordance with the REMIC Provisions. It is also intended
that each of the grantor trusts provided for in Section 2.07 hereof shall
constitute, and that the affairs of Trust Fund shall be conducted so as to allow
each such grantor trust to qualify as, a grantor trust under the provisions of
Subpart E, Part I of Subchapter J of the Code. In furtherance of such intention,
the Trustee covenants and agrees that it shall act as agent (and the Trustee is
hereby appointed to act as agent) on behalf of each of the REMICs provided for
herein and that in such capacity it shall: (a) prepare and file, or cause to be
prepared and filed, in a timely manner, a U.S. Real Estate Mortgage Investment
Conduit Income Tax Return (Form 1066 or any successor form adopted by the
Internal Revenue Service) and prepare and file or cause to be prepared and filed
with the Internal Revenue Service and applicable state or local tax authorities
income tax or information returns for each taxable year with respect to each of
the REMICs and grantor trusts provided for herein, containing such information
and at the times and in the manner as may be required by the Code or state or
local tax laws, regulations, or rules, and furnish or cause to be furnished to
Certificateholders the schedules, statements or information at such times and in

                                     -105-
<PAGE>
such manner as may be required thereby; (b) within thirty days of the Closing
Date, furnish or cause to be furnished to the Internal Revenue Service, on Forms
8811 or as otherwise may be required by the Code, the name, title, address, and
telephone number of the person that the holders of the Certificates may contact
for tax information relating thereto, together with such additional information
as may be required by such Form, and update such information at the time or
times in the manner required by the Code for each of the REMICs provided for
herein; (c) make or cause to be made elections, on behalf of each of the REMICs
provided for herein to be treated as a REMIC on the federal tax return of such
REMICs for their first taxable years (and, if necessary, under applicable state
law); (d) prepare and forward, or cause to be prepared and forwarded, to the
Certificateholders and to the Internal Revenue Service and, if necessary, state
tax authorities, all information returns and reports as and when required to be
provided to them in accordance with the REMIC Provisions or other applicable tax
law, including without limitation, the calculation of any original issue
discount using the Prepayment Assumption; (e) provide information necessary for
the computation of tax imposed on the transfer of a Class R Certificate to a
Person that is not a Permitted Transferee, or an agent (including a broker,
nominee or other middleman) of a Person that is not a Permitted Transferee, or a
pass-through entity in which a Person that is not a Permitted Transferee is the
record holder of an interest (the reasonable cost of computing and furnishing
such information may be charged to the Person liable for such tax); (f) to the
extent that they are under its control conduct the affairs of each of the REMICs
and grantor trusts provided for herein at all times that any Certificates are
outstanding so as to maintain the status of each of the REMICs provided for
herein as a REMIC under the REMIC Provisions and the status of each of the
grantor trusts provided for herein as a grantor trust under Subpart E, Part I of
Subchapter J of the Code; (g) not knowingly or intentionally take any action or
omit to take any action that would cause the termination of the REMIC status of
any of the REMICs provided for herein or result in the imposition of tax upon
any such REMIC; (h) not knowingly or intentionally take any action or omit to
take any action that would cause the termination of the grantor trust status
under Subpart E, Part I of Subchapter J of the Code of any of the grantor trusts
provided for herein or result in the imposition of tax upon any such grantor
trust; (i) pay, from the sources specified in the last paragraph of this Section
8.12, the amount of any federal, state and local taxes, including prohibited
transaction taxes as described below, imposed on each of the REMICs provided for
herein prior to the termination of the Trust Fund when and as the same shall be
due and payable (but such obligation shall not prevent the Trustee or any other
appropriate Person from contesting any such tax in appropriate proceedings and
shall not prevent the Trustee from withholding payment of such tax, if permitted
by law, pending the outcome of such proceedings); (j) sign or cause to be signed
federal, state or local income tax or information returns; (k) maintain records
relating to each of the REMICs provided for herein, including but not limited to
the income, expenses, assets and liabilities of each of the REMICs provided for
herein, and the fair market value and adjusted basis of the Trust Fund property
determined at such intervals as may be required by the Code, as may be necessary
to prepare the foregoing returns, schedules, statements or information; and (l)
as and when necessary and appropriate, represent each of the REMICs and grantor
trusts provided for herein in any administrative or judicial proceedings
relating to an examination or audit by any governmental taxing authority,
request an administrative adjustment as to any taxable year of any of the REMICs
provided for herein, enter into settlement agreements with any governmental
taxing agency, extend any statute of limitations relating to any tax item of any
of the REMICs provided for herein, and otherwise act on behalf of each of the
REMICs provided for herein in relation to any tax matter involving any of such
REMICs or any controversy involving the Trust Fund.

         In order to enable the Trustee to perform its duties as set forth
herein, the Depositor shall provide, or cause to be provided, to the Trustee
within 10 days after the Closing Date all information or data that the Trustee
requests in writing and determines to be relevant for tax purposes to the
valuations and offering prices of the Certificates, including, without
limitation, the price, yield, prepayment assumption and projected cash flows of
the Certificates and the Mortgage Loans. Thereafter, the Depositor shall provide
to the Trustee promptly upon written request therefor, any such additional
information or data that the Trustee may, from time to time, request in order to
enable the Trustee to perform its duties as set

                                     -106-
<PAGE>
forth herein. The Depositor hereby agrees to indemnify the Trustee for any
losses, liabilities, damages, claims or expenses of the Trustee arising from any
errors or miscalculations of the Trustee that result from any failure of the
Depositor to provide, or to cause to be provided, accurate information or data
to the Trustee on a timely basis.

         In the event that any tax is imposed on "prohibited transactions" of
any of the REMICs provided for herein as defined in Section 860F(a)(2) of the
Code, on the "net income from foreclosure property" of any of such REMICs as
defined in Section 860G(c) of the Code, on any contribution to the Trust Fund
after the Startup Day pursuant to Section 860G(d) of the Code, or any other tax
is imposed, if not paid as otherwise provided for herein, such tax shall be paid
by (i) the Trustee, if any such other tax arises out of or results from a breach
by the Trustee of any of its obligations under this Agreement or as a result of
the location of the Trustee, (ii) any party hereto (other than the Trustee) to
the extent any such other tax arises out of or results from a breach by such
other party of any of its obligations under this Agreement or as a result of the
location of such other party or (iii) in all other cases, or in the event that
any liable party here fails to honor its obligations under the preceding clauses
(i) or (ii), any such tax will be paid first with amounts otherwise to be
distributed to the Class R Certificateholders (pro rata) pursuant to Section
4.04, and second with amounts otherwise to be distributed to all other
Certificateholders in the following order of priority: first, to the Class C
Certificates (pro rata), second to the Class B-2 Certificates (pro rata), third,
to the Class B-1 Certificates (pro rata), fourth to the Class M-2 Certificates
(pro rata), fifth, to the Class M-1 Certificates (pro rata) and sixth to the
Class A Certificates and Class R Certificate (pro rata). Notwithstanding
anything to the contrary contained herein, to the extent that such tax is
payable by the Class R Certificate, the Trustee is hereby authorized pursuant to
such instruction to retain on any Distribution Date, from the Holders of the
Class R Certificate (and, if necessary, from the Holders of all other
Certificates in the priority specified in the preceding sentence), funds
otherwise distributable to such Holders in an amount sufficient to pay such tax.
The Trustee agrees to promptly notify in writing the party liable for any such
tax of the amount thereof and the due date for the payment thereof.

         (b) Each of the Depositor and the Trustee agrees not to knowingly or
intentionally take any action or omit to take any action that would cause the
termination of the REMIC status of any of the REMICs provided for herein or
result in the imposition of a tax upon any of the REMICs provided for herein.

                                   ARTICLE IX

                                   TERMINATION

         SECTION 9.01. Termination upon Liquidation or Repurchase of all
Mortgage Loans.

         (a) Subject to Section 9.03, the obligations and responsibilities of
the Depositor, the Servicer and the Trustee created hereby with respect to the
Trust Fund shall terminate upon the earliest of (i) the exercise by the Trustee
or the NIMs Insurer of an Optional Termination, (ii) the exercise by the
Servicer of Clean Up Call on or after the Clean Up Call Date and (iii) the later
of (x) the maturity or other liquidation (or any Advance with respect thereto)
of the last Mortgage Loan remaining in the Trust Fund and the disposition of all
REO Property and (y) the distribution to Certificateholders of all amounts
required to be distributed to them pursuant to this Agreement, as applicable. In
no event shall the trusts created hereby continue beyond the earlier of (i) 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's, living on the date hereof and (ii) the Latest Possible Maturity Date.

         (b) Any termination pursuant to Section 9.01(a)(i) shall be effected by
the auction by the Trustee of all of the Mortgage Loans and REO Properties via a
solicitation of bids in accordance with the auction procedures set forth in
Exhibit N. The Trustee shall accept the highest such bid, provided that such bid

                                     -107-
<PAGE>
equals or exceeds the amount described in clause (1) of the definition of
"Optional Termination Price." If the Trustee elects not to exercise its right to
effect an Optional Termination, the NIMs Insurer may, at its option, terminate
the Trust Fund by purchasing all of the Mortgage Loans and REO Properties at the
price equal to the amount described in clause (2) of the definition of "Optional
Termination Price." Notwithstanding anything to the contrary herein, the
Optional Termination Amount received by the Trustee or paid by the NIMs Insurer
shall be deposited by the Trustee directly into the Certificate Account
immediately upon Optional Termination. Any Optional Termination Amount to be
paid by the NIMs Insurer may be paid by the NIMs Insurer to the Trustee for
deposit into the Certificate Account.

         (c) If the Trustee receives a bid meeting the conditions specified in
Section 9.01(b) then the Trustee's written acceptance of such bid shall
constitute a plan of complete liquidation within the meaning of Section 860F of
the Code, and the Trustee shall release to the winning bidder, upon payment of
the bid purchase price, the Mortgage Files pertaining to the Mortgage Loans
being purchased and take such other actions as the winning bidder may reasonably
request to effect the transfer of the Mortgage Loans to the winning bidder.

         In connection with any such purchase pursuant to the preceding
paragraph, the Servicer shall deposit in the Certificate Account all amounts
then on deposit in the Collection Account (less amounts permitted to be
withdrawn by the Servicer pursuant to Section 3.08), which deposit shall be
deemed to have occurred immediately preceding such purchase.

         Any purchase shall be accomplished by deposit into the Certificate
Account the amount described in clause (1) of the definition of "Optional
Termination Price" and only following the delivery of an Opinion of Counsel in
form and substance acceptable to the Trustee that such termination is a
"Qualified Liquidation" under Section 860F of the Code.

         (d) The right of the Trustee or the NIMs Insurer to effect an Optional
Termination pursuant to clause (a)(i) above shall be conditioned upon the
aggregate Stated Principal Balance of the Mortgage Loans, at the time of any
such repurchase, aggregating ten percent (10%) or less of the Stated Principal
Balance of the Mortgage Loans as of the Cut-off Date.

         (e) In the event that neither the Trustee nor the NIMs Insurer effects
an Optional Termination, the Servicer may terminate the Trust Fund by purchasing
all the Mortgage Loans, and REO Properties at a price equal to the Clean Up Call
Price on any Distribution Date on or after the Clean Up Call Date, by exercising
a Clean Up Call.

         (f) The Class R Certificateholder hereby assigns to the Class C
Certificateholders that portion of any amount received by the Class R
Certificate upon an Optional Termination or Clean Up Call of the trust created
hereunder that is attributable to clause (1)(C) of the definition of Optional
Termination Price or clause (c) of the definition of Clean Up Call Price and
required to cover what would otherwise be a shortfall in the amounts described
in clause (1)(C) of the definition of Optional Termination Price or clause (c)
of the definition of Clean Up Call Price.

         SECTION 9.02. Final Distribution on the Certificates.

         If on any Determination Date, (i) the Trustee determines that there are
no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund
other than the funds in the Collection Account, the Trustee shall send a final
distribution notice promptly to each Certificateholder and the NIMs Insurer or
(ii) the Trustee determines that a Class of Certificates shall be retired after
a final distribution on such Class, the Trustee shall notify the
Certificateholders within seven (7) Business Days after such Determination Date
that the final distribution in retirement of such Class of Certificates is
scheduled to be made on the immediately following Distribution Date. Any final
distribution made pursuant to the

                                     -108-
<PAGE>
immediately preceding sentence will be made only upon presentation and surrender
of the Certificates at the office of the Trustee specified in such notice. If
the Trustee or the NIMs Insurer elects to terminate the Trust Fund pursuant to
Section 9.01(a)(i), or if the Servicer conducts a Clean Up Call and terminates
the Trust Fund pursuant to Section 9.01(a)(ii) at least 10 days prior to the
date notice is to be mailed to the affected Certificateholders, the Trustee
shall notify the Depositor and the Servicer of the date such electing party
intends to terminate the Trust Fund and of the applicable repurchase price of
the Mortgage Loans and REO Properties.

         Notice of any termination of the Trust Fund, specifying the
Distribution Date on which Certificateholders may surrender their Certificates
for payment of the final distribution and cancellation, shall be given promptly
by the Trustee by letter to Certificateholders mailed not earlier than the 10th
day and no later than the 15th day of the month immediately preceding the month
of such final distribution. Any such notice shall specify (a) the Distribution
Date upon which final distribution on the Certificates will be made upon
presentation and surrender of Certificates at the office therein designated, (b)
the location of the office or agency at which such presentation and surrender
must be made, and (c) that the Record Date otherwise applicable to such
Distribution Date is not applicable, distributions being made only upon
presentation and surrender of the Certificates at the office therein specified.
The Trustee will give such notice to the NIMs Insurer and each Rating Agency at
the time such notice is given to Certificateholders.

         In the event such notice is given, the Servicer shall cause all funds
in the Collection Account to be deposited in the Certificate Account on the
Business Day prior to the applicable Distribution Date in an amount equal to the
final distribution in respect of the Certificates. Upon such final deposit with
respect to the Trust Fund and the receipt by the Trustee of a Request for
Release therefor, the Trustee shall promptly release to the Trustee or the NIMs
Insurer, as applicable, the Mortgage Files for the Mortgage Loans.

         Upon presentation and surrender of the Certificates, the Trustee shall
cause to be distributed to Certificateholders of each Class the amounts
allocable to such Certificates held in the Certificate Account in the order and
priority set forth in Section 4.04 hereof on the final Distribution Date and in
proportion to their respective Percentage Interests.

         In the event that any affected Certificateholders shall not surrender
Certificates for cancellation within six months after the date specified in the
above mentioned written notice, the Trustee 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 all the applicable Certificates shall not
have been surrendered for cancellation, the Trustee may take appropriate steps,
or may appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds and other assets that remain a part of
the Trust Fund. If within one year after the second notice all Certificates
shall not have been surrendered for cancellation, the Class R Certificateholders
shall be entitled to all unclaimed funds and other assets of the Trust Fund that
remain subject hereto. Upon payment to the Class R Certificateholders of such
funds and assets, the Trustee shall have no further duties or obligations with
respect thereto.

         SECTION 9.03. Additional Termination Requirements.

         (a) In the event the Trustee or the NIMs Insurer exercises its option
to effect an Optional Termination or the Servicer conducts a Clean Up Call as
provided in Section 9.01, the Trust Fund shall be terminated in accordance with
the following additional requirements, unless the Trustee has been supplied with
an Opinion of Counsel addressed to the Trustee, at the expense of the Trust Fund
or the NIMs Insurer, as applicable, to the effect that the failure of the Trust
Fund to comply with the requirements of

                                     -109-
<PAGE>
this Section 9.03 will not (i) result in the imposition of taxes on "prohibited
transactions" of any of the REMICs provided for herein as defined in section
860F of the Code, or (ii) cause any of the REMICs provided for herein to fail to
qualify as a REMIC at any time that any Certificates are outstanding:

                  (i) The Depositor shall establish a 90-day liquidation period
         and notify the Trustee thereof, which shall in turn specify the first
         day of such period in a statement attached to the final tax returns of
         each of the REMICs provided for herein pursuant to Treasury Regulation
         Section 1.860F-1. The Depositor shall satisfy all the requirements of a
         qualified liquidation under Section 860F of the Code and any
         regulations thereunder, as evidenced by an Opinion of Counsel obtained
         at the expense of the Trust Fund or the NIMs Insurer, as applicable;

                  (ii) During such 90-day liquidation period, and at or prior to
         the time of making the final payment on the Certificates, the Depositor
         as agent of the Trustee shall sell all of the assets of the Trust Fund
         for cash; and

                  (iii) At the time of the making of the final payment on the
         Certificates, the Trustee shall distribute or credit, or cause to be
         distributed or credited, to the Class R Certificateholders all cash on
         hand (other than cash retained to meet outstanding claims known to the
         Trustee), and the Trust Fund shall terminate at that time, whereupon
         the Trustee shall have no further duties or obligations with respect to
         sums distributed or credited to the Class R Certificateholders.

         (b) By their acceptance of the Certificates, the Holders thereof hereby
authorize the Depositor to specify the 90-day liquidation period for the Trust
Fund, which authorization shall be binding upon all successor
Certificateholders.

         (c) The Trustee as agent for each REMIC hereby agrees to adopt and sign
a plan of complete liquidation prepared and delivered to it by the Depositor
upon the written request of the Depositor, and the receipt of Opinion of Counsel
referred to in Section 9.03(a)(i) and to take such other action in connection
therewith as may be reasonably requested by the Depositor.

                                   ARTICLE X

                            MISCELLANEOUS PROVISIONS

         SECTION 10.01. Amendment.

         This Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, with the consent of the NIMs Insurer and without the
consent of any of the Certificateholders to,

                  (i) To cure any ambiguity or correct any mistake,

                  (ii) To correct, modify or supplement any provision therein
         which may be inconsistent with any other provision herein,

                  (iii) To add any other provisions with respect to matters or
         questions arising under this Agreement, or

                  (iv) To modify, alter, amend, add to or rescind any of the
         terms or provisions contained in this Agreement, provided, however,
         that, in the case of clauses (iii) and (iv), such amendment will not,
         as evidenced by an Opinion of Counsel addressed to the Trustee to such
         effect, adversely effect in any material respect the interests of any
         Holder; provided, further, however, that such amendment will be deemed
         to not adversely affect in any material respect the

                                     -110-
<PAGE>
         interest of any Holder if the Person requesting such amendment obtains
         a letter from each Rating Agency stating that such amendment will not
         result in a reduction or withdrawal of its rating of any Class of the
         Certificates, it being understood and agreed that any such letter in
         and of itself will not represent a determination as to the materiality
         of any such amendment and will represent a determination only as to the
         credit issues affecting any such rating.

         Notwithstanding the foregoing, without the consent of the
Certificateholders, the Depositor, the Servicer and the Trustee may at any time
and from time to time amend this Agreement to modify, eliminate or add to any of
its provisions to such extent as shall be necessary or appropriate to maintain
the qualification of any of the REMICs provided for herein as REMICs under the
Code or to avoid or minimize the risk of the imposition of any tax on the Trust
Fund or any of the REMICs provided for herein pursuant to the Code that would be
a claim against the Trust Fund at any time prior to the final redemption of the
Certificates, provided that the Trustee and the NIMs Insurer have been provided
an Opinion of Counsel addressed to the Trustee, which opinion shall be an
expense of the party requesting such amendment but in any case shall not be an
expense of the Trustee, to the effect that such action is necessary or
appropriate to maintain such qualification or to avoid or minimize the risk of
the imposition of such a tax.

         This Agreement may also be amended from time to time by the Depositor,
the Servicer, the Trustee and the Holders of the Certificates affected thereby
evidencing not less than 66 2/3% of the Voting Rights, with the consent of the
NIMs Insurer, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of the Holders of Certificates; provided, however, that no
such amendment shall (i) reduce in any manner the amount of, or delay the timing
of, payments required to be distributed on any Certificate without the consent
of the Holder of such Certificate, (ii) adversely affect in any material respect
the interests of the Holders of any Class of Certificates in a manner other than
as described in (i), without the consent of the Holders of Certificates of such
Class evidencing 66 2/3% or more of the Voting Rights of such Class or (iii)
reduce the aforesaid percentages of Certificates the Holders of which are
required to consent to any such amendment without the consent of the Holders of
all such Certificates then outstanding.

         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 addressed to the Trustee, which opinion shall be
an expense of the party requesting such amendment but in any case shall not be
an expense of the Trustee, to the effect that such amendment is permitted
hereunder and will not cause the imposition of any tax on the Trust Fund, any of
the REMICs provided for herein or the Certificateholders or cause any of the
REMICs provided for herein to fail to qualify as a REMIC at any time that any
Certificates are outstanding. A copy of such Opinion of Counsel shall be
provided to the NIMs Insurer.

         Promptly after the execution of any amendment to this Agreement
requiring the consent of Certificateholders, the Trustee or upon the written
request of the Trustee to the Servicer, the Servicer shall furnish written
notification of the substance of such amendment to each Certificateholder, the
NIMs Insurer and each Rating Agency.

         It shall not be necessary for the consent of Certificateholders under
this Section 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.

                                     -111-
<PAGE>
         Nothing in this Agreement shall require the Trustee or the Servicer to
enter into an amendment without receiving an Opinion of Counsel, satisfactory to
the Trustee or the Servicer that (i) such amendment is permitted and is not
prohibited by this Agreement and that all requirements for amending this
Agreement have been complied with; and (ii) either (A) the amendment does not
adversely affect in any material respect the interests of any Certificateholder
or (B) the conclusion set forth in the immediately preceding clause (A) is not
required to be reached pursuant to this Section 10.01.

         The Trustee may, but shall not be obligated to, enter into any
supplement, modification or waiver which affects its rights, duties or
obligations hereunder.

         SECTION 10.02. Counterparts.

         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.

         SECTION 10.03. Governing Law.

         THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND
TO BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES
THEREOF.

         SECTION 10.04. Intention of Parties.

         It is the express intent of the parties hereto that the conveyance of
the Mortgage Notes, Mortgages, assignments of Mortgages, title insurance
policies and any modifications, extensions and/or assumption agreements and
private mortgage insurance policies relating to the Mortgage Loans by the
Depositor to the Trustee be, and be construed as, an absolute sale thereof to
the Trustee. It is, further, not the intention of the parties that such
conveyance be deemed a pledge thereof by the Depositor to the Trustee. However,
in the event that, notwithstanding the intent of the parties, such assets are
held to be the property of the Depositor, or if for any other reason this
Agreement is held or deemed to create a security interest in such assets, then
(i) this Agreement shall be deemed to be a security agreement within the meaning
of the Uniform Commercial Code of the State of New York and (ii) the conveyance
provided for in this Agreement shall be deemed to be an assignment and a grant
by the Depositor to the Trustee, for the benefit of the Certificateholders, of a
security interest in all of the assets that constitute the Trust Fund, whether
now owned or hereafter acquired.

         The Depositor for the benefit of the Certificateholders shall, to the
extent consistent with this Agreement, take such actions as may be necessary to
ensure that, if this Agreement were deemed to create a security interest in the
assets of the Trust Fund, such security interest would be deemed to be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of the Agreement. The Depositor shall
arrange for filing any Uniform Commercial Code continuation statements in
connection with any security interest granted or assigned to the Trustee for the
benefit of the Certificateholders.

                                     -112-
<PAGE>
         SECTION 10.05. Notices.

         (a) The Trustee shall use its best efforts to promptly provide notice
to each Rating Agency and the NIMs Insurer with respect to each of the following
of which a Responsible Officer of the Trustee has actual knowledge:

                  (i) Any material change or amendment to this Agreement;

                  (ii) The occurrence of any Event of Default that has not been
         cured;

                  (iii) The resignation or termination of the Trustee or the
         Servicer and the appointment of any successor;

                  (iv) The repurchase or substitution of Mortgage Loans pursuant
         to Sections 2.02, 2.03 and 3.12;

                  (v) The final payment to Certificateholders; and

                  (vi) Any change in the location of the Certificate Account or
         the Certificate Account.

         The Trustee shall promptly furnish or make available to each Rating
Agency copies of the following:

                  (i) Each report to Certificateholders described in Section
         4.05;

                  (ii) Each annual statement as to compliance described in
         Section 3.17; and

                  (iii) Each annual independent public accountants' servicing
         report described in Section 3.18.

         (b) All directions, demands and notices hereunder shall be in writing
and shall be deemed to have been duly given when delivered to (a) in the case of
the Depositor, Merrill Lynch Mortgage Investors, Inc. 250 Vesey Street, 4 World
Financial Center, 10th Floor, New York, New York 10080, Attention: Asset-Backed
Finance; (b) in the case of the Trustee, JPMorgan Chase Bank, 4 New York Plaza,
6th Floor, New York, New York 10004, Attention: Institutional Trust
Services/Structured Finance Services, SURF Series 2003-BC2; (c) in the case of
the Rating Agencies, (i) Fitch, Inc. 1 State Street Plaza, New York, New York
10004, (ii) Moody's, 99 Church Street, New York, New York 10007; (d) in the case
of NIMs Insurer, an address to be specified; (e) in the case of the Credit Risk
Manager, The Murrayhill Company, 1670 Broadway, Suite 3450, Denver, Colorado
80202; (f) in the case of the Servicer, Litton Loan Servicing LP, 4282 Loop
Central Drive, Houston, Texas 77018-2226, Attention: Larry Litton, Sr.; and in
the case of any of the foregoing persons, such other addresses as may hereafter
be furnished by any such persons to the other parties to this Agreement. Notices
to Certificateholders shall be deemed given when mailed, first class postage
prepaid, to their respective addresses appearing in the Certificate Register.

         SECTION 10.06. Severability of Provisions.

         If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

                                     -113-
<PAGE>
         SECTION 10.07. Assignment.

         Notwithstanding anything to the contrary contained herein, except as
provided pursuant to Section 6.02, this Agreement may not be assigned by the
Servicer without the prior written consent of the Trustee and Depositor.

         SECTION 10.08. Limitation on Rights of Certificateholders.

         The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal representative or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a petition or winding up of the Trust
Fund, or otherwise affect the rights, obligations and liabilities of the parties
hereto or any of them.

         No Certificateholder shall have any right to vote (except as 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
party by reason of any action taken by the parties to this Agreement pursuant to
any provision hereof.

         No Certificateholder shall have any right by virtue or by availing
itself of any provisions 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 an Event of Default and of the continuance thereof, as hereinbefore provided,
the Holders of Certificates evidencing not less than 25% of the Voting Rights
evidenced by the Certificates shall also have made written request to 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
shall have any right in any manner whatever by virtue or by availing itself or
themselves of any provisions of this Agreement to affect, disturb or prejudice
the rights of the Holders of any other of the Certificates and/or the NIMs
Insurer, or to obtain or seek to obtain priority over or preference to any other
such Holder and/or the NIMs Insurer or to enforce any right under this
Agreement, except in the manner herein provided and for the common benefit of
all Certificateholders. For the protection and enforcement of the provisions of
this Section 10.08, each and every Certificateholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.

         SECTION 10.09. Inspection and Audit Rights.

         The Servicer agrees that, on reasonable prior notice, it will permit
any representative of the NIMs Insurer, the Depositor or the Trustee during the
Servicer's normal business hours, to examine all the books of account, records,
reports and other papers of the Servicer relating to the Mortgage Loans, to make
copies and extracts therefrom, to cause such books to be audited by independent
certified public accountants selected by the NIMs Insurer, Depositor or the
Trustee and to discuss its affairs, finances and accounts relating to the
Mortgage Loans with its officers, employees, agents, counsel and independent
public accountants (and by this provision the Servicer hereby authorizes such
accountants to discuss with such representative such affairs, finances and
accounts), all at such reasonable times and as often as may be reasonably
requested. Any out-of-pocket expense incident to the exercise by the NIMs
Insurer, Depositor or the Trustee of any right under this Section 10.09 shall be
borne by the party requesting such inspection; all other such expenses shall be
borne by the Servicer.

                                     -114-
<PAGE>
         SECTION 10.10. Certificates Nonassessable and Fully Paid.

         It is the intention of the Depositor that Certificateholders shall not
be personally liable for obligations of the Trust Fund, that the interests in
the Trust Fund represented by the Certificates shall be nonassessable for any
reason whatsoever, and that the Certificates, upon due authentication thereof by
the Trustee pursuant to this Agreement, are and shall be deemed fully paid.

         SECTION 10.11. Third Party Rights.

         The NIMs Insurer shall be deemed a third-party beneficiary of this
Agreement to the same extent as if it were a party hereto, and shall have the
right to enforce the provisions of this Agreement.

         SECTION 10.12. Additional Rights of the NIMs Insurer.

         (a) Each party to this Agreement, any agent thereof and any successor
thereto shall furnish to the NIMs Insurer a copy of any notice, direction,
demand, opinion, schedule, list, certificate, report, statement, filing,
information, data or other communication provided by it or on its behalf to any
other Person pursuant to this Agreement at the same time, in the same form and
in the same manner as such communication is so provided and shall address or
cause such communication to be addressed to the NIMs Insurer in addition to any
other addressee thereof. The Servicer shall cause the NIMs Insurer to be an
addressee of any report furnished pursuant to this Agreement.

         (b) Wherever in this Agreement there shall be a requirement that there
be no downgrade, reduction, withdrawal or qualification of or other effect on
the rating of any Class of Certificates by any Rating Agency as of any date,
there also shall be deemed to be a requirement that there be no such effect on
any class of notes issued pursuant to the Indenture and guaranteed by the NIMs
Insurer as of such date. In addition, unless there exists a continuance of any
failure by the NIMs Insurer to make a required payment under the policy insuring
the NIM Notes (such event, a "NIMs Insurer Default"), wherever in this Agreement
there shall be a requirement that any Person or any communication, object or
other matter be acceptable or satisfactory to or otherwise receive the consent
or other approval of any other Person (whether as a condition to the eligibility
of such Person to act in any capacity, as a condition to any circumstance or
state of affairs related to such matter, or otherwise), there also shall be
deemed to be a requirement that such Person or matter be approved in writing by
the NIMs Insurer, which approval shall not be unreasonably withheld or delayed.

         SECTION 10.13. Credit Risk Manager

         (a) For and on behalf of the Depositor, the Credit Risk Manager will
provide reports and recommendations concerning certain delinquent and defaulted
Mortgage Loans, and as to the collection of any prepayment charges with respect
to the Mortgage Loans. Upon request, the Depositor shall forward copies of such
reports to the Trustee and the NIMs Insurer. Such reports and recommendations
will be based upon information provided to the Credit Risk Manager pursuant to
the Credit Risk Management Agreement, and the Credit Risk Manager shall look
solely to the Depositor for all information and data (including loss and
delinquency information and data) relating to the servicing of the Mortgage
Loans. Upon any termination of the Credit Risk Manager or the appointment of a
successor Credit Risk Manager, the Depositor shall give written notice thereof
to the Servicer, the Trustee, and each Rating Agency. Notwithstanding the
foregoing, the termination of the Credit Risk Manager pursuant to this Section
shall not become effective until the appointment of a successor Credit Risk
Manager.

         (b) Neither the Credit Risk Manager, nor any of its directors,
officers, employees, or agents shall be under any liability to the Trustee, the
Certificateholders, or the Depositor for any action taken or for refraining from
the taking of any action made in good faith pursuant to this Agreement, in
reliance upon

                                     -115-
<PAGE>
information provided by the Depositor under the Credit Risk Management
Agreement, or for errors in judgment; provided, however, that this provision
shall not protect the Credit Risk Manager or any such person against liability
that would otherwise be imposed by reason of willful malfeasance or bad faith in
its performance of its duties. The Credit Risk Manager and any director,
officer, employee, or agent of the Credit Risk Manager 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, and may rely in good faith upon
the accuracy of information furnished by the Depositor pursuant to the Credit
Risk Management Agreement in the performance of its duties thereunder and
hereunder.

         (c) The Credit Risk Manager may be removed as Credit Risk Manager by
Certificateholders holding not less than 66 2/3% of the Voting Rights in the
Trust, in the exercise of its or their sole discretion. The Certificateholders
shall provide written notice of the Credit Risk Manager's removal to the
Trustee. Upon receipt of such notice, the Trustee shall provide written notice
to the Credit Risk Manager of its removal, which shall be effective upon receipt
of such notice by the Credit Risk Manager.

         (d) The Servicer agrees to provide to the Depositor all information
relating to delinquent and defaulted Mortgage Loans and prepayment charges with
respect to the Mortgage Loans reasonably requested by the Depositor.

         (e) The Servicer agrees to provide the Depositor with all information
in relation to the Mortgage Loans that is reasonably requested by the Depositor,
which information shall include, but not be limited to, monthly data on each
Mortgage Loan in the Trust, information on prepayment charges with respect to
the Mortgage Loans, and copies of realized loss certificates or any such
itemization regarding each Liquidated Loan for the applicable Due Period.

         (f) The Servicer shall permit the Credit Risk Manager to conduct an
on-site review and evaluation of the Servicer's operations, as they relate to
the Mortgage Loans, no more than annually, unless circumstances warrant special
review. Circumstances warranting special review shall include, but not be
limited to, a request by the Depositor that a review be conducted. The review
and evaluation will be conducted upon at least thirty (30) days prior written
notice, except in the case of special review, to the Servicer by the Credit Risk
Manger, and shall be conducted at the Credit Risk Manager's expense.

         SECTION 10.14. Assignment; Sales; Advance Facilities.

         (a) The Servicer is hereby authorized to enter into a financing or
other facility (any such arrangement, an "Advance Facility"), the documentation
for which complies with Section 10.14(e) below, under which (1) the Servicer
assigns or pledges its rights under this Agreement to be reimbursed for any or
all Advances and/or Servicing Advances to (i) a Person, which may be a
special-purpose bankruptcy-remote entity (an "SPV"), (ii) a Person, which may
simultaneously assign or pledge such rights to an SPV or (iii) a lender (a
"Lender"), which, in the case of any Person or SPV of the type described in
either of the preceding clauses (i) or (ii), may directly or through other
assignees and/or pledgees, assign or pledge such rights to a Person, which may
include a trustee acting on behalf of holders of debt instruments (any such
Person or any such Lender, an "Advance Financing Person"), and/or (2) an Advance
Financing Person agrees to fund all the Advances and/or Servicing Advances
required to be made by the Servicer pursuant to this Agreement. No consent of
the Trustee, Certificateholders or any other party shall be required before the
Servicer may enter into an Advance Facility nor shall the Trustee or the
Certificateholders be a third party beneficiary of any obligation of an Advance
Financing Person to the Servicer. Notwithstanding the existence of any Advance
Facility under which an Advance Financing Person agrees to fund Advances and/or
Servicing Advances, (A) the Servicer (i) shall remain obligated pursuant to this
Agreement to make Advances and/or Servicing Advances pursuant to and as required
by this Agreement and (ii) shall not be relieved of such obligations by virtue
of such Advance Facility and (B) neither the Advance Financing Person nor any
Servicer's Assignee (as hereinafter defined) shall have

                                     -116-
<PAGE>
any right to proceed against or otherwise contact any Mortgagor for the purpose
of collecting any payment that may be due with respect to any related Mortgage
Loan or enforcing any covenant of such Mortgagor under the related Mortgage Loan
documents.

         (b) If the Servicer enters into an Advance Facility, the Servicer and
the related Advance Financing Person shall deliver to the Trustee at the address
set forth in Section 10.05 hereof a written notice (an "Advance Facility
Notice"), stating (a) the identity of the Advance Financing Person and (b) the
identity of the Person (the "Servicer's Assignee") that will, subject to Section
10.14(c) hereof, have the right to receive amounts available from the Collection
Account pursuant to Section 3.08(a) hereof to reimburse previously unreimbursed
Advances and/or Servicing Advances ("Advance Reimbursement Amounts"). Advance
Reimbursement Amounts (i) shall consist solely of amounts in respect of Advances
and/or Servicing Advances for which the Servicer would be permitted to reimburse
itself in accordance with Section 3.08 hereof, assuming the Servicer had made
the related Advance(s) and/or Servicing Advance(s) and (ii) shall not consist of
amounts payable to a successor Servicer in accordance with Section 3.05 hereof
to the extent permitted under Section 10.14(e) below.

         (c) Notwithstanding the existence of an Advance Facility, the Servicer,
on behalf of the Advance Facility Person, shall be entitled to receive
reimbursements of Advances and/or Servicing Advances in accordance with Section
4.01 hereof, which entitlement may be terminated by the Advance Financing Person
pursuant to a written notice to the Trustee in the manner set forth in Section
10.05 hereof. Upon receipt of such written notice, the Servicer shall no longer
be entitled to receive reimbursement for any Advance Reimbursement Amounts and
the Servicer's Assignee shall immediately have the right to receive from the
Collection Account all Advance Reimbursement Amounts. Notwithstanding the
foregoing, an Advance Financing Person shall only be entitled to reimbursement
of Advance Reimbursement Amounts hereunder pursuant to Section 4.01 of this
Agreement and shall not otherwise be entitled to receive amounts designated for
distribution to Certificateholders pursuant to Section 4.01 hereof. None of the
Trustee or the Certificateholders shall have any right to, or otherwise be
entitled to, receive any amounts which constitute Advance Reimbursement Amounts
designated for distribution to the Servicer pursuant to Section 4.01 hereof. An
Advance Facility may be terminated by the joint written direction of the
Servicer and the related Advance Financing Person. Written notice of such
termination shall be delivered to the Trustee in the manner set forth in Section
10.05 hereof. None of the Depositor or the Trustee shall, as a result of the
existence of any Advance Facility, have any additional duty or liability with
respect to the calculation or payment of any Advance Reimbursement Amount, nor,
as a result of the existence of any Advance Facility, shall the Depositor or the
Trustee have any additional responsibility to track or monitor the
administration of the Advance Facility or the payment of Advance Reimbursement
Amounts to the Servicer's Assignee. The Servicer shall indemnify the Depositor,
the Trustee, any successor servicer and the Trust Fund resulting from any claim
by the related Advancing Financing Person, except to the extent that such claim,
loss, liability or damage resulted from or arose out of negligence, recklessness
or willful misconduct on the part of the Depositor, the Trustee or any successor
servicer, or failure by the successor servicer or the Trustee to remit funds as
required by this Agreement or the commission of an act or omission to act by the
successor servicer or the Trustee, and the passage of any applicable cure or
grace period, such that an Event of Default under this Agreement occurs or such
entity is subject to termination for cause under this Agreement. The Servicer
shall maintain and provide to any successor servicer and, upon request, the
Trustee a detailed accounting on a loan-by-loan basis as to amounts advanced by,
pledged or assigned to, and reimbursed to any Advancing Financing Person. The
successor servicer shall be entitled to rely on any such information provided by
the predecessor servicer, and the successor servicer shall not be liable for any
errors in such information.

         (d) [RESERVED].

                                     -117-
<PAGE>
         (e) As between a predecessor Servicer and its Advance Financing Person,
on the one hand, and a successor Servicer and its Advance Financing Person if
any, on the other hand, Advance Reimbursement Amounts on a loan-by-loan basis
with respect to each Mortgage Loan as to which an Advance and/or Servicing
Advance shall have been made and be outstanding shall be allocated on a
"first-in, first out" basis. In the event the Servicer's Assignee shall have
received some or all of an Advance Reimbursement Amount related to Advances
and/or Servicing Advances that were made by a Person other than such predecessor
Servicer or its related Advance Financing Person in error, then such Servicer's
Assignee shall be required to remit any portion of such Advance Reimbursement
Amount to each Person entitled to such portion of such Advance Reimbursement
Amount. Without limiting the generality of the foregoing, the Servicer shall
remain entitled to be reimbursed by the Advance Financing Person for all
Advances and/or Servicing Advances funded by the Servicer to the extent the
related Advance Reimbursement Amounts have not been assigned or pledged to such
Advance Financing Person or Servicer's Assignee.

         (f) For purposes of any Officer's Certificate of the Servicer made
pursuant to Section 4.01, any Nonrecoverable Advance referred to therein may
have been made by such Servicer or any predecessor Servicer. In making its
determination that any Advance or Servicing Advance theretofore made has become
a Nonrecoverable Advance, the Servicer shall apply the same criteria in making
such determination regardless of whether such Advance or Servicing Advance shall
have been made by the Servicer or any predecessor Servicer.

         (g) Any amendment to this Section 10.14 or to any other provision of
this Agreement that may be necessary or appropriate to effect the terms of an
Advance Facility as described generally in this Section 10.14, including
amendments to add provisions relating to a successor servicer, may be entered
into by the Trustee, the Depositor and the Servicer without the consent of any
Certificateholder, provided such amendment complies with Section 10.01 hereof.
All reasonable costs and expenses (including attorneys' fees) of each party
hereto of any such amendment shall be borne solely by the Servicer. The parties
hereto hereby acknowledge and agree that: (a) the Advances and/or Servicing
Advances financed by and/or pledged to an Advance Financing Person under any
Advance Facility are obligations owed to the Servicer payable only from the cash
flows and proceeds received under this Agreement for reimbursement of Advances
and/or Servicing Advances only to the extent provided herein, and the Trustee
and the Trust are not, as a result of the existence of any Advance Facility,
obligated or liable to repay any Advances and/or Servicing Advances financed by
the Advance Financing Person; (b) the Servicer will be responsible for remitting
to the Advance Financing Person the applicable amounts collected by it as
reimbursement for Advances and/or Servicing Advances funded by the Advance
Financing Person, subject to the provisions of this Agreement; and (c) the
Trustee shall not have any responsibility to track or monitor the administration
of the financing arrangement between the Servicer and any Advance Financing
Person.

                                     -118-
<PAGE>
         IN WITNESS WHEREOF, the Depositor, the Servicer and the Trustee have
caused their names to be signed hereto by their respective officers thereunto
duly authorized as of the day and year first above written.

                                     MERRILL LYNCH MORTGAGE INVESTORS, INC.,
                                         as Depositor

                                     By:
                                        --------------------------------------
                                     Name:  Matthew Whalen
                                     Title:  President

                                     LITTON LOAN SERVICING LP,
                                          as Servicer

                                     By:
                                        --------------------------------------
                                     Name:  Janice McClure
                                     Title:  Senior Vice President

                                     JPMORGAN CHASE BANK
                                          not in its individual capacity,
                                          but solely as Trustee

                                     By:
                                        --------------------------------------
                                     Name:  Rebekah Pappachen
                                     Title:  Assistant Vice President
<PAGE>
Solely for purposes of Section 10.13,
accepted and agreed to by:

THE MURRAYHILL COMPANY

By:
   ------------------------------------
   Name:
   Title:

<PAGE>

                                    EXHIBIT A

                          FORMS OF OFFERED CERTIFICATES

                             [INTENTIONALLY OMITTED]

                                       A-1
<PAGE>
                                    EXHIBIT B

                             MORTGAGE LOAN SCHEDULE

                             [INTENTIONALLY OMITTED]

                                       B-1
<PAGE>
                                    EXHIBIT C

                                   [RESERVED]

                                      C-1
<PAGE>
                                    EXHIBIT D

                          FORM OF TRUSTEE CERTIFICATION

                                     [DATE]

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

Litton Loan Servicing LP
5373 W. Alabama
Suite 600
Houston, TX  77056

Re:   Pooling and Servicing Agreement dated as of June 1, 2003 among
      Merrill Lynch Mortgage Investors, Inc., as depositor, Litton Loan
      Servicing LP, as servicer and JPMorgan Chase Bank, as trustee,
      Specialty Underwriting and Residential Finance Trust, Mortgage Loan
      Asset-Backed Certificates, Series 2003-BC2

Ladies and Gentlemen:

      In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement, the undersigned, as Trustee, hereby certifies that [,
except as set forth in Schedule A hereto,] as to each Mortgage Loan listed in
the Mortgage Loan Schedule attached hereto (other than any Mortgage Loan paid in
full or listed on the attachment hereto) it has reviewed the Mortgage File and
the Mortgage Loan Schedule and has determined that:

      (i) All documents in the Mortgage File required to be delivered to the
Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement are in
its possession;

      (ii) In connection with each Mortgage Loan as to which documentary
evidence of recording was not received on the Closing Date, it has received
evidence of such recording; and

      (iii) Such documents have been reviewed by it and such documents do not
contain any material omissions or defects within the meaning of Section 2.01 or
2.02.

      The Trustee has made no independent examination of any documents contained
in each Mortgage File beyond confirming (i) that the Mortgage Loan number and
the name of the Mortgagor in each Mortgage File conform to the respective
Mortgage Loan number and name listed on the Mortgage Loan Schedule and (ii) the
existence in each Mortgage File of each of the documents listed in subparagraphs
(i)(A) through (E), inclusive, of Section 2.01 in the Agreement and documents
listed in clause (F) to the extent the Trustee has received written notice of
the existence of such documents from the Depositor or the Seller. The Trustee
makes no representations or warranties as to the validity, legality,
recordability,

                                       D-1
<PAGE>
sufficiency, recordability, enforceability or genuineness of any of the
documents contained in each Mortgage Loan or the collectibility, insurability,
effectiveness or suitability of any such Mortgage Loan.

      Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Pooling and Servicing
Agreement.

                                    JPMORGAN CHASE BANK,
                                    as Trustee

                                    By:
                                       ------------------------------------
                                    Name:
                                         ----------------------------------
                                    Title:
                                          ---------------------------------

                                       D-2
<PAGE>
                                    EXHIBIT E

                           FORM OF TRANSFEREE'S LETTER
   SPECIALTY UNDERWRITING AND RESIDENTIAL FINANCE MORTGAGE LOAN ASSET-BACKED
                          CERTIFICATES, SERIES 2003-BC2

                                     [DATE]

JPMorgan Chase Bank
2001 Bryan Street
8th Floor
Dallas, Texas 75201

Attention: Institutional Trust Services-Transfer Department - SURF 2003-BC2

Ladies and Gentlemen:

      We propose to purchase Specialty Underwriting and Residential Finance
Trust, Mortgage Loan Asset-Backed Certificates, Series 2003-BC2, Class R,
described in the Prospectus Supplement, dated June ___, 2003, and Prospectus,
dated January 29, 2003.

      1. We certify that (a) we are not a disqualified organization and (b) we
are not purchasing such Class R Certificate on behalf of a disqualified
organization; for this purpose the term "disqualified organization" means the
United States, any state or political subdivision thereof, any foreign
government, any international organization, any agency or instrumentality of any
of the foregoing (except any entity treated as other than an instrumentality of
the foregoing for purposes of Section 168(h)(2)(D) of the Internal Revenue Code
of 1986, as amended (the "Code")), any organization (other than a cooperative
described in Section 521 of the Code) that is exempt from taxation under the
Code (unless such organization is subject to tax on excess inclusions) and any
organization that is described in Section 1381(a)(2)(C) of the Code. We
understand that any breach by us of this certification may cause us to be liable
for an excise tax imposed upon transfers to disqualified organizations.

      2. We certify that (a) we have historically paid our debts as they became
due, (b) we intend, and believe that we will be able, to continue to pay our
debts as they become due in the future, (c) we understand that, as beneficial
owner of the Class R Certificate, we may incur tax liabilities in excess of any
cash flows generated by the Class R Certificate, and (d) we intend to pay any
taxes associated with holding the Class R Certificate as they become due and (e)
we will not cause income from the Class R Certificate to be attributable to a
foreign permanent establishment or fixed base (within the meaning of an
applicable income tax treaty) of ours or another U.S. taxpayer.

      3. We acknowledge that we will be the beneficial owner of the Class R
Certificate and:(1)

--------
(1) Check appropriate box and if necessary fill in the name of the Transferee's
nominee.

                                     E-1-1
<PAGE>
            ---    The Class R Certificate will be registered in our name.

            ---    The Class R Certificate will be held in the name of our
                   nominee, _________________, which is not a disqualified
                   organization.

      4. We certify that we are not an employee benefit plan subject to Title I
of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
a plan within the meaning of Section 4975 of the Code or a plan subject to
federal, state or local law materially similar to the foregoing provisions of
ERISA and the Code (each, a "Plan"), and are not directly or indirectly
purchasing the Class R Certificate on behalf of, as investment manager of, as
named fiduciary of, as trustee of or with the assets of a Plan or directly or
indirectly purchasing the Class R Certificate with the assets of any insurance
company separate account or general account containing any "plan assets" or of
any Plan.

      5. We certify that (i) we are a U.S. person or (ii) we will hold the Class
R Certificate in connection with the conduct of a trade or business within the
United States and have furnished the transferor, the Trustee and the Trustee
with a duly completed and effective Internal Revenue Service Form W-8ECI or
successor form at the time and in the manner required by the Code; for this
purpose the term "U.S. person" means a citizen or resident of the United States,
a corporation, or partnership (unless, in the case of a partnership, Treasury
regulations are adopted that provide otherwise) created or organized in or under
the laws of the United States, any State thereof or the District of Columbia,
including an entity treated as a corporation or partnership for federal income
tax purposes, an estate whose income is subject to United States federal income
tax regardless of the source of its income, or 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 such U.S. persons have the authority to control all
substantial decisions of the trust (or, to the extent provided in applicable
Treasury regulations, certain trusts in existence on August 20, 1996 which are
eligible to elect to be treated as U.S. Persons. We agree that any breach by us
of this certification shall render the transfer of any interest in the Class R
Certificate to us absolutely null and void and shall cause no rights in the
Class R Certificate to vest in us.

      6. We agree that in the event that at some future time we wish to transfer
any interest in the Class R Certificate, we will transfer such interest in the
Class R Certificate only (a) to a transferee that (i) is not a disqualified
organization and is not purchasing such interest in the Class R Certificate on
behalf of a disqualified organization, (ii) is a U.S. person or will hold the
Class R Certificate in connection with the conduct of a trade or business within
the United States and will furnish us, the Trustee and the Trustee with a duly
completed and effective Internal Revenue Service Form W-8ECI or successor form
at the time and in the manner required by the Code and (iii) has delivered to
the Trustee and the Trustee a letter in the form of this letter (including the
affidavit appended hereto) and, we will provide the Trustee and the Trustee a
written statement substantially in the form of Exhibit E-2 to the Agreement.

      7. We hereby designate _______________________ as our fiduciary to act as
the tax matters person for each of the REMICs provided for in the Agreement.

                                    Very truly yours,

                                    [PURCHASER]

                                    By:
                                       -----------------------------------

                                     E-1-2
<PAGE>
                                       Name:
                                       Title:

Accepted as of __________ __, 200__

MERRILL LYNCH MORTGAGE INVESTORS, INC.

By:
   -----------------------------------
   Name:
   Title:

                                     E-1-3
<PAGE>
                                   APPENDIX A

                                    Affidavit pursuant to (i) Section 860E(e)(4)
                                    of the Internal Revenue Code of 1986, as
                                    amended, and (ii) certain provisions of the
                                    Pooling and Servicing Agreement

Under penalties of perjury, the undersigned declares that the following is true:

(1)   He or she is an officer of _________________________ (the "Transferee"),

(2)   the Transferee's Employer Identification number is __________,

(3)   the Transferee is not a "disqualified organization" (as defined below),
      has no plan or intention of becoming a disqualified organization, and is
      not acquiring any of its interest in the Merrill Lynch Mortgage Investors
      Trust, Mortgage Loan Asset-Backed Certificates, Series 2003-WMC1, Class R
      on behalf of a disqualified organization or any other entity,

(4)   unless Merrill Lynch Mortgage Investors, ("MLMI") has consented to the
      transfer to the Transferee by executing the form of Consent affixed as
      Appendix B to the Transferee's Letter to which this Certificate is affixed
      as Appendix A, the Transferee is a "U.S. person" (as defined below),

(5)   that no purpose of the transfer is to avoid or impede the assessment or
      collection of tax,

(6)   the Transferee has historically paid its debts as they became due,

(7)   the Transferee intends, and believes that it will be able, to continue to
      pay its debts as they become due in the future,

(8)   the Transferee understands that, as beneficial owner of the Class R
      Certificate, it may incur tax liabilities in excess of any cash flows
      generated by the Class R Certificate,

(9)   the Transferee intends to pay any taxes associated with holding the Class
      R Certificate as they become due,

(10)  the Transferee consents to any amendment of the Pooling and Servicing
      Agreement that shall be deemed necessary by MLMI (upon advice of counsel)
      to constitute a reasonable arrangement to ensure that the Class R
      Certificate will not be owned directly or indirectly by a disqualified
      organization, and

(11)  IF BRACKETED, THE FOLLOWING CERTIFICATIONS ARE INAPPLICABLE [the transfer
      is not a direct or indirect transfer of the Class R Certificate to a
      foreign permanent establishment or fixed base (within the meaning of an
      applicable income tax treaty) of the Transferee, and as to each of the
      residual interests represented by the Class R Certificate, the present
      value of the anticipated tax liabilities associated with holding such
      residual interest does not exceed the sum of:

      (A)   the present value of any consideration given to the Transferee to
            acquire such residual interest;

                                     E-1-4
<PAGE>
      (B)   the present value of the expected future distributions on such
            residual interest; and

      (C)   the present value of the anticipated tax savings associated with
            holding such residual interest as the related REMIC generates
            losses.

      For purposes of this declaration, (i) the Transferee is assumed to pay tax
      at a rate equal to the highest rate of tax specified in Section 11(b)(1)
      of the Code, but the tax rate specified in Section 55(b)(1)(B) of the Code
      may be used in lieu of the highest rate specified in Section 11(b)(1) of
      the Code if the Transferee has been subject to the alternative minimum tax
      under Section 55 of the Code in the preceding two years and will compute
      its taxable income in the current taxable year using the alternative
      minimum tax rate, and (ii) present values are computed using a discount
      rate equal to the Federal short-term rate prescribed by Section 1274(d) of
      the Code for the month of the transfer and the compounding period used by
      the Transferee;]

[(11) (A)   at the time of the transfer, and at the close of each of the
            Transferee's two fiscal years preceding the Transferee's fiscal year
            of transfer, the Transferee's gross assets for financial reporting
            purposes exceed $100 million and its net assets for financial
            reporting purposes exceed $10 million; and

      (B)   the Transferee is an eligible corporation as defined in Treasury
            regulations Section 1.860E-1(c)(6)(i) and has agreed in writing that
            any subsequent transfer of the Class R Certificate will be to
            another eligible corporation in a transaction that satisfies
            Treasury regulation Sections 1.860E-1(c)(4)(i), 1.860E-1(c)(4)(ii),
            1.860E-1(c)(4)(iii) and 1.860E-1(c)(5) and such transfer will not be
            a direct or indirect transfer to a foreign permanent establishment
            (within the meaning of an applicable income tax treaty) of a
            domestic corporation.

For purposes of this declaration, the gross and net assets of the Transferee do
not include any obligation of any related person as defined in Treasury
regulation Section 1.860E-1(c)(6)(ii) or any other asset if a principal purpose
for holding or acquiring the other asset is to permit the Transferee to make
this declaration or to satisfy the requirements of Treasury regulation Section
1.860E-1(c)(5)(i).]

(12)  The Transferee will not cause income from the Class R Certificate to be
      attributable to a foreign permanent establishment or fixed base (within
      the meaning of an applicable income tax treaty) of the Transferee or
      another U.S. taxpayer.

For purpose of this affidavit, the term "disqualified organization" means the
United States, any state or political subdivision thereof, any foreign
government, any international organization, any agency or instrumentality of any
of the foregoing (except any entity treated as other than an instrumentality of
the foregoing for purposes of Section 168(h)(2)(D) of the Internal Revenue Code
of 1986, as amended (the "Code")), any organization (other than a cooperative
described in Section 521 of the Code) that is exempt from taxation under the
Code (unless such organization is subject to tax on excess inclusions) and any
organization that is described in Section 1381(a)(2)(C) of the Code and the term
"U.S. Person" means a citizen or resident of the United States, a corporation or
partnership (unless, in the case of a partnership, Treasury regulations are
adopted that provide otherwise) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia, including an
entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to Unites States federal income tax regardless
of its source, or a trust if a court within the United States is able to
exercise primary supervision over the administration of such trust, and one or
more such U.S. Persons have the authority to control all substantial decisions
of such trust, (or, to the extent provided in applicable Treasury

                                     E-1-5
<PAGE>
regulations, certain trusts in existence on August 20, 1996 which are eligible
to elect to be treated as U.S. Persons).

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

By:
   ------------------------------

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

      Address of Investor for receipt of distribution:

      Address of Investor for receipt of tax information:

      (Corporate Seal)

      Attest:

----------------------------------
                                  , Secretary
----------------------------------

                                     E-1-6
<PAGE>
      Personally appeared before me the above-named ______________, known or
      proved to me to be the same person who executed the foregoing instrument
      and to be the _______ of the Investor, and acknowledged to me that he
      executed the same as his free act and deed and the free act and deed of
      the Investor.

      Subscribed and sworn before me this         day of

              , 200_ .

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

      County of
                --------------------
      State of
               ---------------------

      My commission expires the ________ day of ______________

                                    By:
                                          -----------------------------
                                          Name:
                                               ------------------------
                                          Title:
                                                -----------------------

Dated:
      ---------------

                                     E-1-7
<PAGE>
                                  EXHIBIT E - 2

                         FORM OF TRANSFEROR'S AFFIDAVIT
    SPECIALTY UNDERWRITING AND RESIDENTIAL FINANCE MORTGAGE LOAN ASSET-BACKED
                          CERTIFICATES, SERIES 2003-BC2

                                     [DATE]

JPMorgan Chase Bank
2001 Bryan Street
8th Floor
Dallas, Texas 75201
Attention:  Institutional Trust Services-Transfer Department - SURF 2003-BC2

Re:   Specialty Underwriting and Residential Finance Trust Mortgage Loan
      Asset-Backed Certificates, Series 2003-BC2

            _______________________ (the "Transferor") has reviewed the attached
affidavit of _____________________________ (the "Transferee"), and has no actual
knowledge that such affidavit is not true, and has no reason to believe that the
Transferee has the intention to impede the assessment or collection of any
federal, state or local taxes legally required to be paid with respect to the
Class R Certificate referred to in the attached affidavit. In addition, the
Transferor has conducted a reasonable investigation at the time of the transfer
and found that the Transferee had historically paid its debts as they came due
and found no significant evidence to indicate that the Transferee will not
continue to pay its debts as they become due.

                                    Very truly yours,

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

                                    Name:

                                    Title:

                                     E-2-1
<PAGE>
                                    EXHIBIT F

                       FORM OF TRANSFEROR CERTIFICATE FOR
                        CLASS P AND CLASS C CERTIFICATES

JPMorgan Chase Bank
2001 Bryan Street
8th Floor
Dallas, Texas 75201
Attention:  Institutional Trust Services-Transfer Department - SURF 2003-BC2

RE:   Specialty Underwriting and Residential Finance Trust, Mortgage Loan
      Asset-Backed Certificates, Series 2003-BC2

Ladies and Gentlemen:

      In connection with our disposition of the Class [C or P] Certificate, we
certify that (a) we understand that the Certificates have not been registered
under the Securities Act of 1933, as amended (the "Act"), and are being disposed
by us in a transaction that is exempt from the registration requirements of the
Act, (b) we have not offered or sold any Certificates to, or solicited offers to
buy any Certificates from, any person, or otherwise approached or negotiated
with any person with respect thereto, in a manner that would be deemed, or taken
any other action that would result in, a violation of Section 5 of the Act and
(c) if we are disposing of a Class C Certificate, we have no knowledge the
Transferee is not a Permitted Transferee. All capitalized terms used herein but
not defined herein shall have the meanings assigned to them in the Pooling and
Servicing Agreement dated as of March 1, 2003, among Merrill Lynch Mortgage,
Inc., as depositor, Litton Loan Servicing LP, as servicer and JPMorgan Chase
Bank, as trustee.

                                    Very truly yours,

                                    ------------------------------
                                    Name of Transferor

                                    By:
                                        --------------------------
                                    Name:
                                    Title

                                      F-1
<PAGE>
                                    EXHIBIT G

                            FORM OF INVESTMENT LETTER
                              (ACCREDITED INVESTOR)

                                     [DATE]

JPMorgan Chase Bank
2001 Bryan Street
8th Floor
Dallas, Texas 75201
Attention:  Institutional Trust Services-Transfer Department - SURF 2003-BC2

Re:   Pooling and Servicing Agreement dated as of June 1, 2003 among Merrill
      Lynch Mortgage Investors, Inc., as depositor, Litton Loan Servicing LP as
      servicer and JPMorgan Chase Bank, as trustee, Specialty Underwriting and
      Residential Finance Trust, Mortgage Loan Asset-Backed Certificates, Series
      2003-BC2 [CLASS C OR P]

Ladies and Gentlemen:

      ______________ (the "Purchaser") intends to purchase from ________________
(the "Transferor") $_______ by original principal balance (the "Transferred
Certificates") of Mortgage Loan Asset-Backed Certificates, Series 2003-BC2,
[CLASS C OR P] (the "Certificates"), issued pursuant to a Pooling and Servicing
Agreement, dated as of June 1, 2003 (the "Pooling and Servicing Agreement"),
among Merrill Lynch Mortgage Investors, Inc., as depositor (the "Depositor"),
Litton Loan Servicing LP, as servicer (the "Servicer") and JPMorgan Chase Bank,
as trustee (the "Trustee"). [THE PURCHASER INTENDS TO REGISTER THE TRANSFERRED
CERTIFICATE IN THE NAME OF ____________________, AS NOMINEE FOR
_________________.] All terms used and not otherwise defined herein shall have
the meanings set forth in the Pooling and Servicing Agreement.

      For good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Purchaser certifies, represents and warrants to, and
covenants with, the Depositor and the Trustee that:

      1. The Purchaser understands that (a) the Certificates have not been
registered or qualified under the Securities Act of 1933, as amended (the
"Securities Act"), or the securities laws of any state, (b) neither the
Depositor nor the Trustee is required, and neither of them intends, to so
register or qualify the Certificates, (c) the Certificates cannot be resold
unless (i) they are registered and qualified under the Securities Act and the
applicable state securities laws or (ii) an exemption from registration and
qualification is available and (d) the Pooling and Servicing Agreement contains
restrictions regarding the transfer of the Certificates.

      2. The Certificates will bear a legend to the following effect:

      THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
      AS AMENDED (THE "ACT"), THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED
      (THE "1940 ACT") OR ANY STATE SECURITIES OR "BLUE SKY" LAWS, AND MAY NOT,
      DIRECTLY OR INDIRECTLY, BE SOLD OR OTHERWISE TRANSFERRED, OR OFFERED FOR
      SALE, UNLESS SUCH TRANSFER IS NOT SUBJECT TO REGISTRATION UNDER THE ACT,
      THE 1940 ACT AND ANY APPLICABLE STATE

                                       G-1
<PAGE>
      SECURITIES LAWS AND SUCH TRANSFER ALSO COMPLIES WITH THE OTHER PROVISIONS
      OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT. NO TRANSFER OF
      THIS CERTIFICATE SHALL BE MADE UNLESS THE TRUSTEE SHALL HAVE RECEIVED, IN
      FORM AND SUBSTANCE SATISFACTORY TO THE SERVICER (A) AN INVESTMENT LETTER
      FROM THE PROSPECTIVE INVESTOR; AND (B) REPRESENTATIONS FROM THE TRANSFEROR
      REGARDING THE OFFERING AND SALE OF THE CERTIFICATES.

      NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE TRUSTEE SHALL
      HAVE RECEIVED EITHER (I) A REPRESENTATION LETTER FROM THE TRANSFEREE OF
      THIS CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE
      BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED ("ERISA") OR SECTION 4975 OF THE CODE OR ANY
      APPLICABLE FEDERAL, STATE OR LOCAL LAW ("SIMILAR LAW") (EACH, A "PLAN")
      MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, AND
      IS NOT DIRECTLY OR INDIRECTLY PURCHASING ANY CERTIFICATE ON BEHALF OF, AS
      INVESTMENT MANAGER OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF OR WITH ASSETS
      OF A PLAN OR, IN THE CASE OF AN INSURANCE COMPANY, THE ASSETS OF ANY
      SEPARATE ACCOUNTS CONTAINING ANY "PLAN ASSETS" PURSUANT TO THE DEPARTMENT
      OF LABOR REGULATIONS SET FORTH IN 29 CFR Section 2510.3-101 TO EFFECT SUCH
      ACQUISITION OR (II) AN OPINION OF COUNSEL TO THE EFFECT THAT THE PURCHASE
      AND HOLDING OF THE CERTIFICATE WILL NOT RESULT IN A PROHIBITED TRANSACTION
      UNDER ERISA, THE CODE OR SIMILAR LAW AND WILL NOT SUBJECT THE NIMS INSURER
      OR THE TRUSTEE TO ANY OBLIGATION IN ADDITION TO THOSE EXPRESSLY UNDERTAKEN
      IN THE POOLING AND SERVICING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT
      BE AN EXPENSE OF THE NIMS INSURER OR THE TRUSTEE.

      3. The Purchaser is acquiring the Transferred Certificates for its own
account [FOR INVESTMENT ONLY]**/ and not with a view to or for sale or other
transfer in connection with any distribution of the Transferred Certificates in
any manner that would violate the Securities Act or any applicable state
securities laws, subject, nevertheless, to the understanding that disposition of
the Purchaser's property shall at all times be and remain within its control.

      4. The Purchaser (a) is 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) is able to bear the economic risks of such
an investment and (c) is an "accredited investor" within the meaning of Rule
501(a) promulgated pursuant to the Securities Act.

      5. The Purchaser will not nor has it authorized nor 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 or 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 would constitute a distribution of
any Certificate under the Securities Act or the Investment Company Act of 1940,
as amended (the "1940 Act"), that would render the disposition of any
Certificate a violation of Section 5 of the Securities Act or any state
securities law, or that would require registration or qualification pursuant
thereto. Neither the Purchaser nor anyone acting on its behalf has offered the
Certificates for sale or made any general solicitation by means of general
advertising or in any other

                                      G-2
<PAGE>
manner with respect to the Certificates. The Purchaser will not sell or
otherwise transfer any of the Certificates, except in compliance with the
provisions of the Pooling and Servicing Agreement.

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

**/ Not required of a broker/dealer purchaser.

      6. The Purchaser is not an employee benefit plan subject to Title I of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or a plan
within the meaning of Section 4975 of the Internal Revenue Code of 1986, as
amended (the "Code") or a plan subject to federal state or local law materially
similar to the foregoing provisions of ERISA and the Code ("Similar Law") (each,
a "Plan"), and is not directly or indirectly purchasing any Certificate on
behalf of, as investment manager of, as named fiduciary of, as trustee of or
with assets of a Plan or directly or indirectly purchasing any certificates with
the assets of any insurance company separate account containing any "plan
assets" or of any Plan, or (B) herewith delivers to the Trustee an Opinion of
Counsel satisfactory to the Trustee, and upon which the Trustee shall be
entitled to rely, to the effect that the purchase and holding of the Certificate
by the Purchaser will not result in a prohibited transaction under ERISA, the
Code or Similar Law and will not subject the NIMs Insurer or the Trustee to any
obligation in addition to those expressly undertaken in the Pooling and
Servicing Agreement, which Opinion of Counsel shall not be an expense of the
NIMs Insurer or the Trustee.

      7. Prior to the sale or transfer by the Purchaser of any of the
Certificates, the Purchaser will obtain from any subsequent purchaser
substantially the same certifications, representations, warranties and covenants
contained in the foregoing paragraphs and in this letter or a letter
substantially in the form of Exhibit [H] to the Pooling and Servicing Agreement.

      8. The Purchaser agrees to indemnify the Trustee, the Servicer and the
Depositor against any liability that may result from any misrepresentation made
herein.

                                    Very truly yours,

                                    [PURCHASER]

                                    By:
                                       -------------------------------------
                                       Name:
                                       Title:

                                       G-3
<PAGE>
                                    EXHIBIT H

                       FORM OF RULE 144A INVESTMENT LETTER
                         (QUALIFIED INSTITUTIONAL BUYER)

                                     [DATE]

JP Morgan Chase Bank
2001 Bryan Street
8th Floor
Dallas, Texas 75201

Attention: Institutional Trust Services-Transfer Department - SURF 2003-BC2

Re:   Pooling and Servicing Agreement dated as of June 1, 2003 among Merrill
      Lynch Mortgage Investors, Inc., as depositor, Litton Loan Servicing LP, as
      servicer and JPMorgan Chase Bank, as trustee, Specialty Underwriting and
      Residential Finance Trust, Mortgage Loan Asset-Backed Certificates, Series
      2003-BC2 [CLASS C OR P]

Ladies and Gentlemen:

      ______________ (the "Purchaser") intends to purchase from ________________
(the "Transferor") $_______ by original principal balance (the "Transferred
Certificates") of Mortgage Loan Asset-Backed Certificates, Series 2003-BC2,
[CLASS C OR P] (the "Certificates"), issued pursuant to a Pooling and Servicing
Agreement, dated as of June 1, 2003 (the "Pooling and Servicing Agreement"),
among Merrill Lynch Mortgage Investors, Inc., as depositor (the "Depositor"),
Litton Loan Servicing LP, as servicer (the "Servicer"), and JPMorgan Chase Bank,
as trustee (the "Trustee"). [THE PURCHASER INTENDS TO REGISTER THE TRANSFERRED
CERTIFICATE IN THE NAME OF ____________________, AS NOMINEE FOR
__________________.] All terms used and not otherwise defined herein shall have
the meanings set forth in the Pooling and Servicing Agreement.

      For good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Purchaser certifies, represents and warrants to, and
covenants with, the Depositor and the Trustee that:

      In connection with our acquisition of the above Transferred Certificates
we certify that (a) we understand that the Certificates are not being registered
under the Securities Act of 1933, as amended (the "Act"), or any state
securities laws and are being transferred to us in a transaction that is exempt
from the registration requirements of the Act and any such laws, (b) we have
such knowledge and experience in financial and business matters that we are
capable of evaluating the merits and risks of investments in the Certificates,
(c) we have had the opportunity to ask questions of and receive answers from the
Depositor concerning the purchase of the Transferred Certificates and all
matters relating thereto or any additional information deemed necessary to our
decision to purchase the Transferred Certificates, (d) we either (i) are not an
employee benefit plan subject to Title I of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or a plan within the meaning of
Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code") or a
plan subject to federal, state or local law materially similar to the foregoing
provisions of ERISA and the Code ("Similar Law") (each, a "Plan"), nor are we
directly or indirectly purchasing any Certificate on behalf of, as investment
manager of, as named fiduciary of, as

                                      H-1
<PAGE>
trustee of or with assets of a Plan or directly or indirectly purchasing any
certificates with the assets of any insurance company separate account
containing any "plan assets" or of any Plan, or (ii) herewith have delivered to
the Trustee an Opinion of Counsel satisfactory to the Trustee, and upon which
the Trustee shall be entitled to rely, to the effect that the purchase and
holding of the Transferred Certificates by the Purchaser will not result in a
prohibited transaction under ERISA, the Code or Similar Law and will not subject
the NIMs Insurer or the Trustee to any obligation in addition to those expressly
undertaken in the Pooling and Servicing Agreement, which Opinion of Counsel
shall not be an expense of the NIMs Insurer or the Trustee, (e) we have not, nor
has anyone acting on our behalf offered, transferred, pledged, sold or otherwise
disposed of the Certificates, any interest in the Certificates or any other
similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Certificates, any interest in the Certificates or
any other similar security from, or otherwise approached or negotiated with
respect to the Certificates, any interest in the Certificates 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 Certificates under
the Securities Act or that would render the disposition of the Certificates a
violation of Section 5 of the Securities Act or require registration pursuant
thereto, nor will act, nor has authorized or will authorize any person to act,
in such manner with respect to the Certificates, (f) we are a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act and have completed one of the forms of certification to that effect attached
hereto as Annex 1 or Annex 2. We are aware that the sale of the Transferred
Certificates to us is being made in reliance on Rule 144A. We are acquiring the
Transferred Certificates for our own account or for resale pursuant to Rule 144A
and further understand that such Certificates may be resold, pledged or
transferred only (i) to a person reasonably believed by us, based upon
certifications of such purchaser or information we have in our possession, 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 Securities Act.

      We agree to indemnify the Trustee, the Servicer and the Depositor against
any liability that may result from any misrepresentation made herein.

                                    Very truly yours,

                                    [PURCHASER]

                                    By:
                                       ------------------------------------
                                       Name:
                                       Title:

                                      H-2
<PAGE>
                                                                         ANNEX 1

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [FOR TRANSFEREES OTHER THAN REGISTERED INVESTMENT COMPANIES]

      The undersigned (the "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates with respect to the Certificates described therein:

      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 the 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, as amended ("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 of 1986, as amended.

            ____  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 Federal, 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.

___________________

*     Buyer must own and/or invest on a discretionary basis at least
      $100,000,000 in securities unless Buyer is a dealer, and, in that case,
      Buyer must own and/or invest on a discretionary basis at least $10,000,000
      in securities.

             ____ 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 such institution 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, a copy of which is
                  attached hereto.

            ____  Broker-dealer. The Buyer is a dealer registered pursuant to
                  Section 15 of the Securities Exchange Act of 1934, as amended.

            ____  Insurance Company. The Buyer is an insurance company whose
                  primary and predominant business activity is the writing of
                  insurance or the reinsuring of risks

                                      H-3
<PAGE>
                  underwritten by insurance companies and which is subject to
                  supervision by the insurance commissioner or a similar
                  official or agency of the State, territory or the District of
                  Columbia.

            ____  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 subject to
                  Title I of the Employee Retirement Income Security Act of
                  1974, as amended.

            ____  Investment Advisor.  The Buyer is an investment advisor
                  registered under the Investment Advisors Act of 1940, as
                  amended.

            ____  Small Business Investment Company. 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, as amended.

            ____  Business Development Company.  Buyer is a business
                  development company as defined in Section 202(a)(22) of
                  the Investment Advisors Act of 1940, as amended.

      3. The term "securities" as used for purposes of the calculation of the
dollar amount in paragraph 2 excludes: (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) securities
issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
deposit notes and certificates of deposit, (v) loan participations, (vi)
repurchase agreements, (vii) securities owned but subject to a repurchase
agreement and (viii) 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, except (i) where the Buyer reports its
securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those
securities has been published. If clause (ii) in the preceding sentence applies,
the securities may be valued at market. 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, as
amended.

      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.

      6. Until the date of purchase of the Rule 144A Securities, 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 the Certificates will constitute a reaffirmation of this
certification as of the date of such purchase. In addition, if the Buyer is a
bank or savings and loan as provided above, the Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.

                                      H-4
<PAGE>
                                    By:
                                       ----------------------------------
                                       Name:
                                       Title:

                                    Date:
                                         --------------------------------

                                      H-5
<PAGE>

                                                                         ANNEX 2

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [FOR TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

         The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Certificates described therein:

         1. 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, as amended ("Rule 144A"), because Buyer is part of a
Family of Investment Companies (as defined below), is such an officer of the
Adviser.

         2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, as
amended 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, except (i) where the Buyer or the Buyer's Family of Investment
Companies reports its securities holdings in its financial statements on the
basis of their market value, and (ii) no current information with respect to the
cost of those securities has been published. If clause (ii) in the preceding
sentence applies, the securities may be valued at market.

                  ____     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).

         3. 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).

         4. 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) securities issued or guaranteed by the U.S. or any
instrumentality thereof, (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.

         5. The Buyer is familiar with Rule 144A and understands that the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates 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.

                                      H-6
<PAGE>
         6. Until the date of purchase of the Certificates, the undersigned will
notify the parties listed in the Rule 144A Transferee Certificate to which this
certification relates of any changes in the information and conclusions herein.
Until such notice is given, the Buyer's purchase of the Certificates will
constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase.

                                              By:_______________________________
                                                   Name:
                                                   Title:

                                              IF AN ADVISER:

                                              __________________________________
                                              Print Name of Buyer

                                              Date:_____________________________

                                      H-7
<PAGE>
                                    EXHIBIT I

                        REQUEST FOR RELEASE OF DOCUMENTS

To:      JPMorgan Chase Bank
         2001 Bryan Street
         8th Floor
         Dallas, Texas 75201
         Attention: Institutional Trust Services-Transfer Department - SURF
                    2003-BC2

Re:      Pooling and Servicing Agreement dated as of June 1, 2003 among Merrill
         Lynch Mortgage Investors, Inc., as depositor, Litton Loan Servicing LP,
         as servicer and JPMorgan Chase Bank, as trustee, Specialty Underwriting
         and Residential Finance Trust, Mortgage Loan Asset-Backed Certificates,
         Series 2003-BC2

         In connection with the administration of the Mortgage Loans held by
you, as Trustee, pursuant to the above-captioned Pooling and Servicing
Agreement, we request the release, and hereby acknowledge receipt, of the
Mortgage File for the Mortgage Loan described below, for the reason indicated.

Mortgage Loan Number:

Mortgagor Name, Address & Zip Code:

Reason for Requesting Documents (check one):

_______ 1.        Mortgage Paid in Full

_______ 2.        Foreclosure

_______ 3.        Substitution

_______ 4.        Other Liquidation (Repurchases, etc.)

_______ 5.        Nonliquidation                     Reason:  __________________

Address to which the Trustee should deliver the Mortgage File:

                                                     By:________________________
                                                           (authorized signer)

                                                     Address:___________________

                                                     Date:______________________

                                       I-1
<PAGE>
If box 1 or 2 above is checked, and if all or part of the Mortgage File was
previously released to us, please release to us our previous receipt on file
with you, as well as any additional documents in your possession relating to the
above specified Mortgage Loan.

If box 3, 4, 5 or 6 above is checked, upon our return of all of the above
documents to you as Trustee, please acknowledge your receipt by signing in the
space indicated below, and returning this form.

Trustee

JPMorgan Chase Bank

Please acknowledge the execution of the above request by your signature and date
below:

________________________________    _________________________________
Signature                                            Date

Documents returned to Trustee:

________________________________    _________________________________
Trustee                                              Date

                                      I-2
<PAGE>

                                    EXHIBIT K

                        OFFICER'S CERTIFICATE OF TRUSTEE

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

Re:      Pooling and Servicing Agreement (the "Agreement") dated as of June 1,
         2003 among Merrill Lynch Mortgage Investors, Inc., as depositor, Litton
         Loan Servicing LP, as servicer and JPMorgan Chase Bank, as trustee,
         Specialty Underwriting and Residential Finance Trust, Mortgage Loan
         Asset-Backed Certificates, Series 2003-BC2

The Trustee hereby certifies to the Depositor, and its officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this
certification, that:

1.       The Trustee has reviewed the Monthly Statements delivered pursuant to
         the Agreement since the last Officer's Certificate executed pursuant to
         Section 4.02 of the Agreement [or in the case of the first
         certification, since the Cut-off Date] (the "Trustee Information");

2.       Based on the Trustee's knowledge, the information in the Monthly
         Statement, taken as a whole, does not contain any untrue statement of a
         material fact or omit to state a material fact required by the
         Agreement to be included therein and necessary to make the statements
         made, in light of the circumstances under which such statements were
         made, not misleading as of the date hereof; and

3.       Based on the Trustee's knowledge, the Monthly Statements required to be
         prepared by the Trustee under the Agreement has been prepared and
         provided in accordance with the Agreement.

Date:

                                                 JPMorgan Chase Bank, as Trustee

                                                 By:      ______________________

                                                 Name:    ______________________

                                                 Title:   ______________________

                                      K-1
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                                    EXHIBIT L

                        OFFICER'S CERTIFICATE OF SERVICER

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

JPMorgan Chase Bank
2001 Bryan Street
8th Floor
Dallas, Texas 75201

Attention:  Institutional Trust Services-Transfer Department - SURF 2003-BC2

Re:      Specialty Underwriting and Residential Finance Trust, Mortgage Loan
         Asset-Backed Certificates, Series 2003-BC2

Reference is made to the Pooling and Servicing Agreement, dated as of June 1,
2003 (the "Agreement"), by and among Merrill Lynch Mortgage Investors, Inc., as
depositor, Litton Loan Servicing LP, as servicer (the "Servicer") and JPMorgan
Chase Bank, as trustee. The Servicer hereby certifies to the Trustee and the
Depositor, and its officers, directors and affiliates, and with the knowledge
and intent that they will rely upon this certification, that:

1.       The Servicer has reviewed the information required to be delivered to
         the Trustee pursuant to the Servicing Agreement (the "Servicing
         Information").

2.       Based on the Servicers's knowledge, the information in the Annual
         Statement of Compliance, and all servicing reports, officer's
         certificates and other information relating to the servicing of the
         Mortgage Loans submitted to the Trustee by the Servicer taken as a
         whole, does not contain any untrue statement of a material fact or omit
         to state a material fact necessary to make the statements made, in
         light of the circumstances under which such statements were made, not
         misleading as of the last day of the period covered by the Annual
         Statement of Compliance;

3.       Based on the Servicer's knowledge, the Servicing Information required
         to be provided to the Trustee by the Servicer under this Agreement has
         been provided to the Trustee; and

                                      K-1
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4.       Based upon the review required under this Agreement, and except as
         disclosed in the Annual Statement of Compliance, the Annual Independent
         Certified Public Accountant's Servicing Report and all servicing
         reports, officer's certificates and other information relating to the
         servicing of the Mortgage Loans submitted to the Trustee by the
         Servicer, the Servicer has, as of the last day of the period covered by
         the Annual Statement of Compliance fulfilled its obligations under this
         Agreement.

Date:

                                               Litton Loan Servicing LP,
                                               as Servicer

                                               By:      ________________________

                                               Name:    ________________________

                                               Title:   ________________________

                                      K-2
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                                    EXHIBIT M

                               TRANSFEREE'S LETTER

JPMorgan Chase Bank
4 New York Plaza
6th Floor
New York, NY 10004

Attention:  Institutional Trust Services/Structured Finance Services

Re:      Specialty Underwriting and Residential Finance Trust, Mortgage Loan
         Asset-Backed Certificates, Series 2003-BC2: Class C Certificates

[if provided by Transferee:

         The undersigned represents to the Trustee that (i) it is a United
States person (as such term is defined for purposes of Section 7701 of the
Code), (ii) it is not a Disqualified Organization, (iii) it is not acquiring an
interest in a Class C Certificate on behalf of a Person that is (x) not a United
States person (as defined for purposes of Section 7701 of the Code) or (y) a
Disqualified Organization and (iv) it will not Transfer an interest in a Class C
Certificate to any Person unless such Person provides it and the Trustee with a
Transferee Letter in the form of this letter.]

[if provided by the Transferor:

         The undersigned represents to the Trustee that (i) the transferee of
the Class C Certificate (the "Transferee") is not treated for federal income tax
purposes as an entity separate from [Transferor's name] (the "Transferor"), the
transferor of such Class C Certificate, (ii) the Transferor will not, so long as
the Transferee holds the Class C Certificate, permit the Transferee to be
treated for federal income tax purposes as an entity separate from the
Transferor (other than in connection with a transaction as to which the
requirements of clause (iii) below are complied with) without first obtaining
from the Transferee, for the benefit of the Trustee as Trustee of the Specialty
Underwriting and Residential Finance Trust, Series 2003-BC2, a Transferee Letter
in the form set forth above and (iii) the Transferor will not, so long as the
Transferee holds the Class C Certificate, transfer all of the equity ownership
interests in the Transferee (as determined for federal income tax purposes) to
another Person unless such Person provides it and the Trustee with a Transferee
Letter in the form set forth above (substituting references to "the
[Transferee's name]" for references to "a Class C Certificate")].

                                                  By:    _______________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                      M-1
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                                    EXHIBIT N

                               AUCTION PROCEDURES

         The following sets forth the auction procedures to be followed in
connection with Pooling and Servicing Agreement (the "Agreement") among Merrill
Lynch Mortgage Investors, Inc., JPMorgan Chase Bank, as trustee and Litton Loan
Servicing, LP, dated June 1, 2003. Capitalized terms used herein that are not
otherwise defined shall have the meanings described thereto in the Agreement.

1.       Upon notice to the Servicer by the Trustee the Servicer will initiate
         the general auction procedures consisting of the following: (i) prepare
         a general solicitation package along with a confidentiality agreement;
         (ii) derive a list of a minimum of three (3) bidders, each of whom
         shall be a nationally recognized participant in mortgage finance, (iii)
         initiate contact with all bidders, (iv) send a confidentiality
         agreement to all bidders, and (v) upon receipt of a signed
         confidentiality agreement, send bid solicitation package to all
         bidders.

2.       The general solicitation package will include (i) the Agreement; (ii) a
         copy of all monthly trustee reports or electronic access thereto; (iii)
         a form of a Mortgage Loan Purchase Agreement acceptable to the Trustee
         and Servicer (the Mortgage Loans and other property included in the
         Trust Fund will be offered and sold on an "as is, where is basis,
         without any representation or warranty, expressed or implied, of any
         kind and without recourse to, or guaranty by, the Trustee); (iv) a
         description of the minimum price as set forth in the Agreement; (v) a
         formal bidsheet as determined by the Trustee and Servicer; (vi) a
         detailed timetable (which shall include, but not be limited to, the
         provisions and dates ____ preliminary bids, due diligence and final
         bids); and (vii) a data tape of the Mortgage Loans as of the related
         Remittance Period reflecting substantially the same data attributes
         used in the Prospectus Supplement dated June __, 2003.

3.       A detailed timetable will be determined approximately ten (10) days
         prior to each auction sale and shall be determined by the Servicer with
         the consent of the Trustee, which consent shall not be unreasonably
         withheld, within reasonable market conditions at the time of the
         auction sale.

4.       All bids will be submitted directly to the Trustee. Upon acceptance of
         a bid which meets or exceeds the conditions set forth in Section 9.01,
         the Trustee will distribute the proceeds from the auction to the
         holders of the Certificates on the next succeeding Distribution Date as
         set forth in the Agreement. In the event the Trustee receives two (2)
         or more bids from bidders above the Minimum Price and at equal bids (a
         "Tie Event"), the Trustee shall notify such bidders to resubmit a bid
         to break the Tie Event.

5.       Upon determination that the minimum price was not met, the Trustee
         shall cancel such auction sale and notify the Servicer, Depositor and
         NIMs Insurer immediately.

                                       N-1
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                                    EXHIBIT O

                              FORM OF CAP CONTRACT

                             [INTENTIONALLY OMITTED]

                                       O-1

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