Document:

EXECUTION COPY

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                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                             BANKERS TRUST COMPANY,

                                     Trustee

                               SERIES SUPPLEMENT,

                         DATED AS OF SEPTEMBER 1, 2001,

                                       TO

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

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2001-QS12

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<PAGE>

<TABLE>
<CAPTION>

<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. (See Section 2.04 of
                      the Standard Terms)..................................................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

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

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

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

        Section 4.03. Statements to Certificateholders.  (See Section 4.03 of the
                      Standard Terms and Exhibit Three attached hereto)....................30

        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)......................................................30

        Section 4.05. Allocation of Realized Losses. ......................................30

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
                      (See Section 4.06 of the Standard Terms).............................32

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section
                      4.07 of the Standard Terms)..........................................32

        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................32

                                        i

<PAGE>

Article V  THE CERTIFICATES................................................................33

        Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms)..........33

        Section 5.02. Registration of Transfer and Exchange of Certificates................33

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates. (See Section
                      5.03 of the Standard Terms)..........................................33

        Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard Terms)......33

        Section 5.05. Appointment of Paying Agent. (See Section 5.05 of the Standard
                      Terms)...............................................................33

Article VI    THE COMPANY AND THE MASTER SERVICER..........................................34

Article VII   DEFAULT......................................................................35

Article VIII  CONCERNING THE TRUSTEE.......................................................36

Article IX    TERMINATION..................................................................37

Article X      REMIC PROVISIONS............................................................38

        Section 10.01.REMIC Administration.  (See Section 10.01 of the Standard Terms).....38

        Section 10.02.Master Servicer; REMIC Administrator and Trustee
                      Indemnification.  (See Section 10.02 of the Standard Terms)..........38

        Section 10.03.Designation of REMICs................................................38

        Section 10.04.Distributions on the Uncertificated REMIC I and REMIC II
                      Regular Interests....................................................38

        Section 10.05.Compliance with Withholding Requirements.............................40

Article XI   MISCELLANEOUS PROVISIONS......................................................41

        Section 11.01.Amendment.  (See Section 11.01 of the Standard Terms)................41

        Section 11.02.Recordation of Agreement;  Counterparts.  (See Section 11.02 of
                      the Standard Terms)..................................................41

        Section 11.03.Limitation on Rights of Certificateholders.  (See Section 11.03
                      of the Standard Terms)...............................................41

        Section 11.04.Governing Laws.  (See Section 11.04 of the Standard Terms)...........41

        Section 11.05.Notices..............................................................41

                                        ii
<PAGE>

        Section 11.06.Required Notices to Rating Agency and Subservicer.  (See
                      Section 11.06 of the Standard Terms).................................42

        Section 11.07.Severability of Provisions. (See Section 11.07 of the Standard
                      Terms)...............................................................42

        Section 11.08.Supplemental Provisions for Resecuritization.  (See Section
                      11.08 of the Standard Terms).........................................42

        Section 11.09.Allocation of Voting Rights..........................................42

        Section 11.10.No Petition..........................................................42

                                        iii

<PAGE>

                                    EXHIBITS

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

                                        iv
<PAGE>

        This is a Series Supplement,  dated as of September 1, 2001 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of July 1, 2001 and attached as Exhibit Four hereto (the  "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among RESIDENTIAL  ACCREDIT LOANS, INC., as the company (together
with its permitted successors and assigns,  the "Company"),  RESIDENTIAL FUNDING
CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns, the "Master Servicer"), and BANKERS TRUST COMPANY, as Trustee (together
with its permitted successors and assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

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

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

<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.

                               AGGREGATE
                                INITIAL
                              CERTIFICATE                                         FITCH/
               PASS-THROUGH    PRINCIPAL                        MATURITY       ------------     MINIMUM
 DESIGNATION      RATE         BALANCE       FEATURES1            DATE           MOODY'S     DENOMINATIONS2
                                      -
                                                              September 25,
Class A-1         5.85%     $39,406,000.00      Senior            2031           AAA/Aaa       $25,000.00
Class A-2         5.81%     $102,583,000.00     Senior        September 25,      AAA/Aaa       $25,000.00
                                                                  2031
Class A-2A        0.04%              $0.003  Senior/Interest  September 25,      AAA/Aaa     $2,000,000.00
                                                 Only             2031
Class A-3      Adjustable   $119,985,358.00  Senior/Floater/  September 25,      AAA/Aaa       $25,000.00
               Rate4                         -------------        2031
                                              Adjustable
                                                 Rate
Class A-3A     Adjustable            $0.005  Senior/Interest  September 25,      AAA/Aaa     $2,000,000.00
                  Rate4                      Only/Adjustable      2031
                                             Rate/Inverse
                                                Floater
Class A-4         5.85%     $14,513,642.00      Senior        September 25,      AAA/Aaa       $25,000.00
                                                                  2031
Class A-5         7.00%     $40,738,000.00      Senior        September 25,      AAA/Aaa       $25,000.00
                                                                  2031
Class A-6         6.75%     $24,443,000.00      Senior        September 25,      AAA/Aaa       $25,000.00
                                                                  2031
Class A-6A        0.25%              $0.006  Senior/Interest  September 25,      AAA/Aaa     $2,000,000.00
                                                 Only             2031
Class A-7         7.00%     $16,000,000.00      Senior        September 25,      AAA/Aaa       $25,000.00
                                                                  2031
Class A-8         7.00%      $6,553,000.00   Senior/Lockout   September 25,      AAA/Aaa       $25,000.00
                                                                  2031
Class A-9         6.75%     $35,957,000.00   Senior/Lockout   September 25,      AAA/Aaa       $25,000.00
                                                                  2031
Class A-9A        0.25%              $0.007  Senior/Interest  September 25,      AAA/Aaa     $2,000,000.00
                                                 Only             2031
                  0.00%        $694,650.77     Principal      September 25,      AAA/Aaa       $25,000.00

1    The Certificates,  other than the Class A-P, Class A-V, Class B and Class R
     Certificates  shall be Book-Entry  Certificates.  The Class A-P, Class A-V,
     Class B and Class R Certificates  shall be delivered to the holders thereof
     in physical form.

2    The Certificates,  other than the Class A-V and Class R Certificates, shall
     be  issuable  in  minimum  dollar  denominations  as  indicated  above  (by
     Certificate  Principal  Balance or  Notional  Amount,  as  applicable)  and
     integral  multiples  of $1 (or $1,000 in the case of the Class  A-P,  Class
     B-1, Class B-2 and Class B-3  Certificates) in excess thereof,  except that
     one  Certificate of any of the Class A-P and Class B-1, Class B-2 and Class
     B-3 Certificates  that contain an uneven multiple of $1,000 shall be issued
     in a denomination equal to the sum of the related minimum  denomination set
     forth  above and such  uneven  multiple  for such  Class or the sum of such
     denomination      and     an      integral      multiple     of     $1,000.

3    The  notional  amount of the Class A-2A  Certificates  will be equal to the
     Certificate Principal Balance of the Class A-2 Certificates.

4
-------------------------------------------------------------------------------------
ADJUSTABLE      INITIAL        FORMULA                  MAXIMUM        MINIMUM
RATES:
-------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
  Class A-3:    4.36%          LIBOR + 0.55%            8.50%          0.55%
-------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
  Class A-3A:   4.14%          7.95% -LIBOR             7.95%          0.00%

                                       2
<PAGE>

Class A-P                                     Only/Senior         2031
Class A-V       Variable             $0.00     Variable       September 25,      AAA/Aaa     9
               Rate8                         Strip/Interest       2031
                                              Only/Senior
Class R-I         7.00%            $100.00   Residual/Senior  September 25,      AAA/Aaa     10
                                                                  2031
Class R-II        7.00%            $100.00   Residual/Senior  September 25,      AAA/Aaa           10
                                                                  2031
Class M-1         7.00%     $13,816,700.00     Mezzanine      September 25,       AA/NA        $25,000.00
                                                                  2031
Class M-2         7.00%      $3,826,000.00     Mezzanine      September 25,        A/NA       $250,000.00
                                                                  2031
Class M-3         7.00%     $1,700,500.00      Mezzanine      September 25,       BBB/NA      $250,000.00
                                                                  2031
Class B-1         7.00%     $2,125,500.00     Subordinate     September 25,       BB/NA       $250,000.00
                                                                  2031
Class B-2         7.00%     $1,275,300.00     Subordinate     September 25,        B/NA       $250,000.00
                                                                  2031
Class B-3         7.00%     $1,487,939.47     Subordinate     September 25,       NA/NA       $250,000.00
                                                                  2031
</TABLE>

________________

5    The  notional  amount of the Class A-3A  Certificates  will be equal to the
     Certificate Principal Balance of the Class A-3 Certificates.

6    The  notional  amount of the Class A-6A  Certificates  will be equal to the
     Certificate Principal Balance of the Class A-6 Certificates.

7    The  notional  amount of the Class A-9A  Certificates  will be equal to the
     Certificate Principal Balance of the Class A-9 Certificates.

8    The initial Pass-Through Rate on the Class A-V Certificates is 0.5109%.

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

10   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 $425,105,790.24.

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

                                       3
<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.

     Adjustable  Rate  Certificates:   Any  of  the  Class  A-3  or  Class  A-3A
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)
$150,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

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

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

                                       4
<PAGE>

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

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

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

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

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled "Bankers Trust Company, as trustee, in trust for the registered holders
of  Residential  Accredit  Loans,  Inc.,  Mortgage   Asset-Backed   Pass-Through
Certificates, Series 2001-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-3A,  Class A-4, Class A-5, Class A-6, Class A-6A,  Class A-7,
Class A-8, Class A-9, Class A-9A, 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:  September 27, 2001.

                                       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 2001-QS12.

        Cut-off Date:  September 1, 2001.

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

        Discount Net Mortgage Rate:  7.00% per annum.

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

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

        Floater Certificates:  Any one of the Class A-5 Certificates.

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 3.00% of the aggregate  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination,  (Y) from the first to the second  anniversary of
the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount
as of the most  recent  anniversary  of the  Cut-off  Date and (b)  2.00% of the
aggregate  outstanding  principal balance of all of the Mortgage Loans as of the
most recent  anniversary  of the Cut-off Date minus (2) the aggregate  amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance  with Section 4.05 since the most recent  anniversary  of the Cut-off
Date up to such  date of  determination,  and (Z) from the  second  to the fifth
anniversary  of the Cut-off  Date,  an amount equal to (1) the lesser of (a) the
Fraud Loss Amount as of the most recent  anniversary of the Cut-off Date and (b)
1.00% of the  aggregate  outstanding  principal  balance of all of the  Mortgage
Loans as of the most  recent  anniversary  of the  Cut-off  Date  minus  (2) the
aggregate  amount  of Fraud  Losses  allocated  solely  to one or more  specific
Classes of  Certificates  in accordance  with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of  determination.  On and after
the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero.

                                       6
<PAGE>

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

        Initial Monthly Payment Fund: $250,417, representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on October 1, 2001,  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,
$102,583,000.  With respect to the Class A-3A Certificates,  $119,985,358.  With
respect to the Class A-6A Certificates,  $24,443,000.  With respect to the Class
A-9A  Certificates,  $35,957,000.  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 the such Class of  Subordinate  Certificates
divided by the aggregate Stated  Principal  Balance of all the Mortgage Loans as
of the Cut-off Date as follows:

        Class M-1:  3.25%           Class B-1:  0.50%
        Class M-2:  0.90%           Class B-2:  0.30%
        Class M-3:  0.40%           Class B-3:  0.35%

        Interest Accrual Period:  With respect to any  Certificates  (other than
the  Floater and  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-3A, Class
A-6A, Class A-9A or Class A-V Certificates.  The Interest Only Certificates will
have no Certificate Principal Balance.

        Inverse Floater Certificates:  Any one of the Class A-3A Certificates.

     Lockout  Certificates:  Any one of the Class A-8  Certificates or Class A-9
Certificates.

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

                                       7
<PAGE>

     Maturity  Date:  September  25, 2031,  the  Distribution  Date  immediately
following the latest scheduled maturity date of any Mortgage Loan.

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

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

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

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

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

(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, Class A-3A, Class A-6A and Class A-9A Certificates,  an amount equal
to the Certificate  Principal Balance of the Class A-2, Class A-3, Class A-6 and
Class A-9 Certificates,  respectively,  immediately prior to such date, and (ii)
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.

                                       8
<PAGE>

        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.  With  respect to the  Floater  Certificates  and the initial
Interest Accrual Period,  4.36% per annum, and as to any Interest Accrual Period
thereafter,  a per annum rate equal to 0.55%  plus  LIBOR,  subject to a maximum
rate of 8.50% per annum and a minimum  rate of 0.55% per annum.  With respect to
the Inverse Floater  Certificates and the initial Interest Accrual Period, 4.14%
per annum,  and as to any Interest Accrual Period  thereafter,  a per annum rate
equal to 7.95% minus  LIBOR,  subject to a maximum rate of 7.95% per annum and a
minimum  rate of 0.00% per annum.  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 0.5109% 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 4.0% per annum of the then  outstanding  principal
balance of the  related  Mortgage  Loans in the first  month of the life of such
Mortgage  Loans and an additional  1.090909% per annum in each month  thereafter
until the twelfth  month,  and  beginning in the twelfth month and in each month
thereafter during the life of the Mortgage Loans, a constant  prepayment rate of
16.0% per annum.

        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
               October 2006 (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

                                       9
<PAGE>

               Balance  of such  Class  immediately  prior to such  date and the
               denominator  of  which  is the sum of the  Certificate  Principal
               Balances  immediately  prior  to such  date of (1) the  Class  of
               Subordinate   Certificates  then  outstanding  with  the  Highest
               Priority and (2) all other  Classes of  Subordinate  Certificates
               for which the respective  Prepayment  Distribution  Triggers have
               been satisfied; and

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

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

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

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

     REMICI:  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,

                                       10
<PAGE>

               (ii)   all  payments and  collections  in respect of the Mortgage
                      Loans due after the Cut-off Date as shall be on deposit in
                      the Custodial  Account or in the  Certificate  Account and
                      identified  as belonging to the Trust Fund,  including the
                      proceeds from the liquidation of Additional Collateral for
                      any Additional  Collateral Loan, but not including amounts
                      on deposit in the Initial Monthly Payment Fund,

               (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
$4,251,058  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  31.3%  (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

                                       12
<PAGE>

related Senior  Percentages) for such  Distribution  Date under clauses (1), (2)
and (3) of Section 4.02(a)(ii)(Y)(A); (ii) such Class's pro rata share, based on
the Certificate Principal Balance of each Class of Subordinate Certificates then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)   (without   giving   effect  to  the  Senior   Accelerated
Distribution  Percentage)  to the  extent  such  collections  are not  otherwise
distributed  to the Senior  Certificates;  (iii) the  product of (x) the related
Prepayment  Distribution  Percentage  and (y)  the  aggregate  of all  Principal
Prepayments in Full received in the related  Prepayment  Period and Curtailments
received in the  preceding  calendar  month  (other  than the  related  Discount
Fraction of such Principal  Prepayments in Full and Curtailments with respect to
a Discount Mortgage Loan) to the extent not payable to the Senior  Certificates;
(iv) if such Class is the Class of  Subordinate  Certificates  with the  Highest
Priority,  any Excess  Subordinate  Principal Amount for such Distribution Date;
and (v) any amounts  described in clauses (i), (ii) and (iii) as determined  for
any previous  Distribution  Date, that remain  undistributed  to the extent that
such amounts are not  attributable  to Realized Losses which have been allocated
to a Class of  Subordinate  Certificates  minus (b) with respect to the Class of
Subordinate  Certificates  with the  Lowest  Priority,  any  Excess  Subordinate
Principal  Amount  for  such  Distribution  Date;  provided,  however,  that the
Subordinate   Principal   Distribution  Amount  for  any  Class  of  Subordinate
Certificates on any  Distribution  Date shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.

        Uncertificated Accrued Interest: With respect to each Distribution Date,
(i)  as to  each  Uncertificated  REMIC  I  Regular  Interest  other  than  each
Uncertificated  REMIC I Regular  Interest  Z, an amount  equal to the  aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof on the Related Classes of  Certificates if the  Pass-Through
Rate on such Classes were equal to the Uncertificated  Pass-Through Rate on such
Uncertificated REMIC I Regular Interest,  (ii) as to each Uncertificated REMIC I
Regular  Interest  Z and each  Uncertificated  REMIC II Regular  Interest  Z, an
amount  equal to one  month's  interest  at the Pool Strip  Rate of the  related
Mortgage  Loan on the  principal  balance of such  Mortgage Loan reduced by such
Interest's  pro-rata  share  of any  prepayment  interest  shortfalls  or  other
reductions of interest allocable to the Class A-V Certificates.

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

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

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

1.   The  principal  balance  from time to time of each  Uncertificated  REMIC I
     Regular  Interest  identified  in the  table  below  shall  be  the  amount
     identified as the Initial  Principal  Balance thereof in such table,  minus
     (ii)  the  sum of  (x)  the  aggregate  of all  amounts  previously  deemed
     distributed  with  respect  to such  interest  and  applied  to reduce  the

                                       13
<PAGE>

     Uncertificated  Principal Balance thereof pursuant to Section  10.04(a)(ii)
     and (y) the aggregate of all  reductions in Certificate  Principal  Balance
     deemed to have  occurred  in  connection  with  Realized  Losses  that were
     previously deemed allocated to the Uncertificated Principal Balance of such
     Uncertificated REMIC I Regular Interest pursuant to Section 10.04(d), which
     equals  the  aggregate  principal  balance of the  Classes of  Certificates
     identified as related to such  Uncertificated  REMIC I Regular  Interest in
     such table.

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

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

 Uncertificated REMIC   Related Classes of Certificates   Pass-Through Rate   Initial Principal
  I Regular Interest                                                               Balance

<S>                             <C>        <C>            <C>                    <C>
          S             Class A-1, Class A-4              5.85%                  $ 53,919,642.00
          T             Class A-2, Class A-2A             5.85%                  $102,583,000.00
          U             Class A-3, Class A-3A             8.50%                  $119,985,358.00
          V             Class A-5, Class A-7, Class       7.00%                  $ 87,523,039.47
                        A-8, Class R-II, Class M-1,
                        Class M-2, Class M-3, Class
                        B-1, Class B-2, Class B-3
          W             Class A-6, Class A-6A             7.00%                  $ 24,443,000.00
          X             Class A-9, Class A-9A             7.00%                  $ 35,957,000.00
          Y             Class A-P                         0.00%                   $   694,650.77
</TABLE>

        Uncertificated   REMIC  I  Regular   Interests  Z:  Each  of  the  2,130
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 2,130,  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  2,130
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  2,130 each  relating to the  identically
numbered  Uncertificated  REMIC I Regular  Interests Z, each having no principal
balance and bearing  interest at a rate equal to the related  Pool Strip Rate on
the Stated  Principal  Balance of the Mortgage  Loan related to the  identically
numbered   Uncertificated   REMIC  I  Regular   Interests  Z,   comprising  such
Uncertificated  REMIC  II  Regular  Interest's  pro  rata  share  of the  amount
distributed pursuant to Sections 10.04(a).

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

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
Bridge  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,  LIBOR shall be so  established by use of such 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 Floater Certificates and

                                       15
<PAGE>

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  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, 3.81%;  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 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  Trustee'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 to any  Certificateholder  so
requesting  by  telephone  the  Pass-Through   Rates  on  each  of  the  Floater
Certificates   and  Inverse  Floater   Certificates  for  the  current  and  the
immediately preceding Interest Accrual Period.

                                       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 on the first day of each month and terms to
        maturity at origination or modification of not more than 30 years;

(iv) To the best of the  Company's  knowledge,  except in the case of 9 Mortgage
     Loans representing  approximately 0.3% of the Mortgage Loans, if a Mortgage
     Loan is secured  by a  Mortgaged  Property  with a  Loan-to-Value  Ratio at
     origination  in excess  of 80%,  such  Mortgage  Loan is the  subject  of a
     Primary  Insurance  Policy  that  insures  (a) at least  35% of the  Stated
     Principal  Balance of the Mortgage Loan at origination if the Loan-to-Value
     Ratio  is  between  100.00%  and  95.01%,  (b) at least  30% of the  Stated
     Principal  Balance of the Mortgage Loan at origination if the Loan-to-Value
     Ratio is between 95.00% and 90.01%, (c) at least 25% of such balance if the
     Loan-to-Value  Ratio is  between  90.00% and 85.01% and (d) at least 12% of
     such balance if the  Loan-to-Value  Ratio is between 85.00% and 80.01%.  To
     the best of the Company's knowledge,  each such Primary Insurance Policy is
     in full force and  effect  and the  Trustee  is  entitled  to the  benefits
     thereunder;

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

                                       17
<PAGE>

(vi)    No more than 0.5% of the Mortgage  Loans by aggregate  Stated  Principal
        Balance  as of the  Cut-off  Date are  secured by  Mortgaged  Properties
        located in any one zip code area in California  and no more than 0.7% 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 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 55.64% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  14.40% of the Mortgage  Loans by
        aggregate  Stated  Principal   Balance  as  of  the  Cut-off  Date  were
        underwritten under a no-stated income program,  and approximately  2.68%
        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  14.31% 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) One  of the  Mortgage  Loans  contains  in the  related  Mortgage  File a
     Destroyed Mortgage Note;

(xviii) No more than 0.2% of the Mortgage  Loans by aggregate  Stated  Principal
        Balance  as of the  Cut-off  Date will  have been made to  International
        Borrowers,  and no such  Mortgagor  is a member of a foreign  diplomatic
        mission with diplomatic rank;

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

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

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

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

                                       19
<PAGE>

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

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

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

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

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

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

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

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

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

                                       20
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                               OF MORTGAGE LOANS

                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                        21

<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

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

Section 4.02.  Distributions.

(a) On each  Distribution  Date (x) the Master Servicer on behalf of the Trustee
or (y) the Paying Agent appointed by the Trustee, shall distribute to the Master
Servicer,  in the case of a distribution pursuant to Section 4.02(a)(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), 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),  (c) and (e), the sum of the  following  (applied to reduce the
        Certificate   Principal  Balances  of  such  Senior   Certificates,   as
        applicable):

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

(1)  the  principal  portion of each Monthly  Payment due during the related Due
     Period on each  Outstanding  Mortgage Loan (other than the related Discount
     Fraction  of the  principal  portion  of such  payment  with  respect  to a

                                       22
<PAGE>

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

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

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

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

                                       23
<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;

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

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

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

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

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

                                       24
<PAGE>

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

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

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

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

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

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

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

                                       25
<PAGE>

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

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

          (xvii) to the Class R-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 such unpaid Accrued Certificate  Interest was attributable to
interest  shortfalls  relating to the failure of the Master Servicer to make any
required Advance,  or the determination by the Master Servicer that any proposed
Advance would be a  Nonrecoverable  Advance with respect to the related Mortgage
Loan where such Mortgage Loan has not yet been the subject of a Cash Liquidation
or REO Disposition or the related Liquidation  Proceeds,  Insurance Proceeds and
REO Proceeds have not yet been distributed to the Certificateholders.

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

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

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

                                       26
<PAGE>

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

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

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

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

(ii)    second, the Senior Principal Distribution Amount shall be distributed to
        the Class R  Certificates,  on a pro rata basis in  proportion  to their
        respective   Certificate  Principal  Balances,   until  the  Certificate
        Principal Balances thereof have been reduced to zero; and

(iii)   third, the balance of the Senior Principal Distribution Amount remaining
        after  the  distribution   described  in  clause  (ii)  above  shall  be
        distributed in the following manner and priority:

     (A)  first, , to the Class A-8 Certificates and Class A-9 Certificates,  on
          a pro rata basis,  an amount  equal to the Lockout  Percentage  of the
          Lockout   Certificates'   pro  rata  share  (based  on  the  aggregate
          Certificate  Principal  Balances  thereof  relative  to the  aggregate
          Certificate  Principal Balance of all of the Certificates  (other than
          the Principal Only  Certificates)) of the aggregate of the collections
          described in clauses (A),  (B), (C) and (E) of Section  4.02(a)(ii)(Y)
          without any application of the Senior Percentage or Senior Accelerated
          Distribution Percentage;

                                       27
<PAGE>

               provided  that,  if the  aggregate  of the  amounts  set forth in
               clauses (A), (B), (C) and (E) of Section  4.02(a)(ii)(Y)  is more
               than the balance of the Available  Distribution  Amount remaining
               after the amount  described in Section  4.02(a)(i)  and the Class
               A-P Distribution Amount have been distributed, the amount paid to
               the Lockout  Certificates  pursuant to this clause (iii) shall be
               reduced by an amount equal to the Lockout  Certificates' pro rata
               share  (based  on the  aggregate  Certificate  Principal  Balance
               thereof relative to the aggregate  Certificate  Principal Balance
               of all classes of Senior  Certificates  (other than the Principal
               Only Certificates)) of such difference;

(B)            second, concurrently, as follows, after the payments of principal
               made  in  accordance  with  clause  (iii)(A)  above,   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:

                      (1)  56.60377376233%  of the  remaining  Senior  Principal
                  Distribution Amount,  sequentially to the Class A-1, Class A-2
                  and Class A-4 Certificates,  in that order, in each case until
                  the   Certificate   Principal   Balance   of  that   Class  of
                  Certificates has been reduced to zero; and

                         (2)  43.39622623767%  of the remaining Senior Principal
                    Distribution Amount to the Class A-3 Certificates;

(C)            third,  after the payments of principal  made in accordance  with
               clauses (iii)(A) and (B) above, to the Class A-5 Certificates and
               Class A-6  Certificates,  on a pro rata basis,  in  proportion to
               their  respective  Certificate  Principal  Balances,   until  the
               Certificate  Principal  Balance of that Class of Certificates has
               been reduced to zero;

(D)            fourth,  after the payments of principal made in accordance  with
               clauses   (iii)(A)   through   (C)   above,   to  the  Class  A-7
               Certificates, until the Certificate Principal Balance thereof has
               been reduced to zero; and

(E)            fifth,  after the payments of principal  made in accordance  with
               clauses (iii)(A) through (D) above, to the Class A-8 Certificates
               and Class A-9 Certificates, on a pro rata basis, in proportion to
               their  respective  Certificate  Principal  Balances,   until  the
               Certificate  Principal  Balance of that Class of Certificates has
               been reduced to zero.

(c) On or after the Credit Support  Depletion  Date, all priorities  relating to
distributions  as  described  in Section  4.02(b)  above in respect of principal
among the  various  classes  of Senior  Certificates  (other  than the Class A-P
Certificates)  will be  disregarded,  and (i) an  amount  equal to the  Discount
Fraction  of  the  principal  portion  of  scheduled  payments  and  unscheduled
collections  received or advanced in respect of the Discount Mortgage Loans will
be  distributed  to the  Class  A-P  Certificates,  (ii)  the  Senior  Principal

                                       28
<PAGE>

Distribution  Amount will be  distributed to the remaining  Senior  Certificates
(other  than the Class  A-P  Certificates)  pro rata in  accordance  with  their
respective  outstanding  Certificate Principal Balances and (iii) the amount set
forth in Section 4.02(a)(i) will be distributed as set forth therein.

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

(e) In addition to the  foregoing  distributions,  with  respect to any Mortgage
Loan that was previously the subject of a Cash Liquidation or an REO Disposition
that resulted in a Realized Loss, in the event that within two years of the date
on which such Realized Loss was determined to have occurred the Master  Servicer
receives  amounts,  which the Master Servicer  reasonably  believes to represent
subsequent recoveries (net of any related liquidation  expenses),  or determines
that it holds surplus amounts previously  reserved to cover estimated  expenses,
specifically  related to such  Mortgage  Loan  (including,  but not  limited to,
recoveries in respect of the  representations and warranties made by the related
Seller pursuant to the applicable Seller's Agreement and assigned to the Trustee
pursuant to Section 2.04),  the Master Servicer shall distribute such amounts to
the applicable Certificateholders of the Class or Classes to which such Realized
Loss was  allocated  (with the amounts to be  distributed  allocated  among such
Classes in the same proportions as such Realized Loss was allocated), and within
each  such  Class to the  Certificateholders  of record  as of the  Record  Date
immediately  preceding  the  date of such  distribution  (or if  such  Class  of
Certificates is no longer outstanding,  to the  Certificateholders  of record at
the  time  that  such  Realized  Loss  was  allocated);  provided  that  no such
distribution to any Class of Certificates of subsequent  recoveries related to a
Mortgage Loan shall exceed, either individually or in the aggregate and together
with any other amounts paid in reimbursement therefor, the amount of the related
Realized Loss that was allocated to such Class of Certificates.  Notwithstanding
the  foregoing,  no  such  distribution  shall  be  made  with  respect  to  the
Certificates of any Class to the extent that either (i) such Class was protected
against the related Realized Loss pursuant to any instrument or fund established
under Section  11.01(e) or (ii) such Class of  Certificates  has been  deposited
into  a  separate  trust  fund  or  other   structuring   vehicle  and  separate
certificates  or other  instruments  representing  interests  therein  have been
issued in one or more classes,  and any of such separate  certificates  or other
instruments  was  protected  against the related  Realized  Loss pursuant to any
limited guaranty, payment obligation, irrevocable letter of credit, surety bond,
insurance  policy or similar  instrument  or a reserve  fund,  or a  combination
thereof. Any amount to be so distributed with respect to the Certificates of any
Class shall be distributed by the Master Servicer to the  Certificateholders  of
record as of the Record Date immediately preceding the date of such distribution
(i) with  respect to the  Certificates  of any Class  (other  than the Class A-V
Certificates),  on a pro rata basis based on the Percentage Interest represented
by each  Certificate  of such Class as of such Record Date and (ii) with respect
to the Class A-V  Certificates,  to the Class A-V  Certificates  or any Subclass
thereof in the same proportion as the related  Realized Loss was allocated.  Any
amounts to be so distributed  shall not be remitted to or  distributed  from the
Trust Fund, and shall constitute  subsequent recoveries with respect to Mortgage
Loans that are no longer assets of the Trust Fund.

                                       29
<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.  (See  Section  4.03  of the
     Standard Terms and Exhibit Three attached hereto)

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

Section 4.05.  Allocation of Realized Losses.

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

                                       30
<PAGE>

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

        As used herein,  an  allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation  shall be deemed to have  occurred  on such  Distribution  Date.  Any
allocation of the principal  portion of Realized Losses (other than Debt Service
Reductions) to the Subordinate  Certificates  then  outstanding  with the Lowest
Priority shall be made by operation of the definition of "Certificate  Principal
Balance" and by operation of the provisions of Section  4.02(a).  Allocations of
the  interest  portions of Realized  Losses shall be made in  proportion  to the
amount of Accrued  Certificate  Interest and by operation of the  definition  of
"Accrued  Certificate  Interest"  and by operation of the  provisions of Section
4.02(a).  Allocations of the principal portion of Debt Service  Reductions shall
be made by operation of the provisions of Section  4.02(a).  All Realized Losses
and all other losses  allocated  to a Class of  Certificates  hereunder  will be
allocated  among the  Certificates of such Class in proportion to the Percentage
Interests  evidenced  thereby;  provided that if any Subclasses of the Class A-V
Certificates have been issued pursuant to Section 5.01(c),  such Realized Losses
and other  losses  allocated  to the Class A-V  Certificates  shall be allocated
among  such  Subclasses  in  proportion  to the  respective  amounts  of Accrued
Certificate  Interest payable on such Distribution Date that would have resulted
absent such reductions.

                                       31
<PAGE>

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

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

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

                                       32
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

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

        Section 5.02. Registration of Transfer and Exchange of Certificates.

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

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

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

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

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

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

                                       33
<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       34
<PAGE>

                                   ARTICLE VII

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       35
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       36
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       37
<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

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

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

Section 10.03..Designation of REMICs.

        The REMIC  Administrator  will  make an  election  to treat  the  entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this  Agreement  (including  the  Mortgage  Loans but  excluding  the Initial
Monthly Payment Fund) as a REMIC ("REMIC I") and will make and election to treat
the pool of assets comprised of the Uncertificated  REMIC I Regular Interests as
a REMIC ("REMIC II") for federal income tax purposes.

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

        The Class A-1, Class A-2, Class A-2A,  Class A-3, Class A-3A, Class A-4,
Class A-5, Class A-6,  Class A-6A,  Class A-7, Class A-8, Class A-9, Class A-9A,
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).

                                       38
<PAGE>

        (b)The  amount  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   S,  (ii)
Uncertificated  REMIC I Regular Interest T, (iii) Uncertificated REMIC I Regular
Interest U, (iv)  Uncertificated  REMIC I Regular Interest V, (v) Uncertificated
REMIC I Regular Interest W, (vi)  Uncertificated  REMIC I Regular Interest X and
(vii)  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  pro-rata  according  to the  respective  amounts  of
        Uncertificated   Accrued  Interest  that  would  have  accrued  on  such
        Uncertificated  REMIC Regular II Interests for the Distribution Date for
        which such allocation is being made in the absence of such allocation;

               (ii) Realized Losses  allocated to the Class A-1 Certificates and
        Class A-4  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest S;

               (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 T;

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

               (v) Realized Losses  allocated to the Class A-5, Class A-7, Class
        A-8,  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 V;

               (vi) Realized Losses  allocated to the Class A-6 Certificates and
        Class A-6A Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest W;

                                       39
<PAGE>

               (vii) Realized Losses allocated to the Class A-9 Certificates and
        Class A-9A Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest X;

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

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

        (e)On each  Distribution  Date the Trustee shall be deemed to distribute
from REMIC II, in the  priority  set forth in  Sections  4.02(a) and (b), to the
Holders of each Class of  Certificates  (other than the Class R-I  Certificates)
the  amounts  distributable  thereon  from the  Uncertificated  REMIC I  Regular
Interest  Distribution  Amounts  deemed to have been  received  by REMIC II from
REMIC I under this Section 10.04. The amounts deemed distributed  hereunder with
respect to the Class A-V  Certificates  shall be deemed to have been distributed
in respect of the Uncertificated REMIC II Regular Interests Z in accordance with
their respective  Uncertificated REMIC II Regular Interest Distribution Amounts,
as such  Uncertificated  REMIC II  Regular  Interests  comprise  the  Class  A-V
Certificates.

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

Section 10.05. Compliance with Withholding Requirements.

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

                                       40
<PAGE>

                                   ARTICLE XI

                           MISCELLANEOUS PROVISIONS

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

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

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

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

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

            RECIPIENT                                         ADDRESS

Company                            8400 Normandale Lake Boulevard
                                   Suite 250, Minneapolis, Minnesota  55437,
                                   Attention: President

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

Trustee                            Corporate Trust Office
                                   1761 East St. Andrew Place
                                   Santa Ana, California 92705-4934,
                                   Attention:  Residential Accredit Loans, Inc.
                                        Series 2001-QS12

                                   The Trustee designates its offices located at
                                   Four Albany Street, New York, New York 10006,
                                   for  the  purposes  of  Section  8.12  of the
                                   Standard Terms
Moody's Investors Service, Inc.    99 Church Street, 4th Floor
                                   New York, New York 10007

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

                                       41
<PAGE>

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

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

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

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

Section 11.09. Allocation of Voting Rights.

               94% of all of the Voting Rights shall be allocated  among Holders
of  Certificates,  other  than  the  Interest  Only  Certificates  and  Class  R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their respective Certificates;  1% of all Voting Rights shall be allocated among
the Holders of the Class A-2A Certificates,  in accordance with their respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-3A  Certificates,  in  accordance  with their  respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-6A  Certificates,  in  accordance  with their  respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-9A  Certificates,  in  accordance  with their  respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-V  Certificates,  in  accordance  with  their  respective
Percentage  Interests;  0.5% of all Voting  Rights shall be allocated  among the
Holders of the Class R-I  Certificates,  in  accordance  with  their  respective
Percentage Interests; and 0.5% of all Voting Rights shall be allocated among the
Holders of the Class R-II  Certificates,  in  accordance  with their  respective
Percentage Interests.

Section 11.10. No Petition.

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

                                       42
<PAGE>

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

                                            RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

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

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

                                            RESIDENTIAL FUNDING CORPORATION
[Seal]

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

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

                                            BANKERS TRUST COMPANY,
                                                 as Trustee
[Seal]

                                            By: /s/ Stephen T. Hessler
                                                 Name: Stephen T. Hessler
                                                 Title:   Vice President

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

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 27th day of September,  2001 before me, a notary public in
and for said State,  personally appeared Randy Van Zee, known to me to be a Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                                   /s/ Brian S. Bangerter

                                                   Notary Public

[Notarial Seal]

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 27th day of September,  2001 before me, a notary public in
and for said State,  personally  appeared Julie Steinhagen,  known to me to be a
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                                   //s// Brian S. Bangerter

                                                   Notary Public

[Notarial Seal]

<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 27th day of September,  2001 before me, a notary public in
and for said State,  personally  appeared Stephen  Hessler,  known to me to be a
Vice President of Bankers Trust Company,  the New York banking  corporation that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

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

                                                   /s/ Thomas J. Baldwin

                                                   Notary Public

[Notarial Seal]

<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 09/24/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 10.34.35           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2001-QS12                                 CUTOFF : 09/01/01
  POOL       : 0004542
             :
             :
  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
  --------------------------------------------------------------------------
      4127491                              .2500
       89,673.87                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4239311                              .2500
      183,095.94                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4346442                              .2500
       69,251.21                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4364586                              .2500
      274,033.19                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      4419929                              .2500
      279,418.13                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4491755                              .2500
      185,367.58                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700
1

      4535142                              .2500
       87,215.76                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      4569198                              .2500
      398,497.03                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4581768                              .2500
      367,195.84                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4597860                              .2500
      106,194.70                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4600849                              .2500
      139,888.94                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4609503                              .2500
      246,700.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4610905                              .2500
      166,102.53                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      4622718                              .2500
      433,630.27                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000
1

      4628587                              .2500
      237,363.73                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4656554                              .2500
       70,553.31                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4661450                              .2500
      207,612.90                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4679689                              .2500
      139,121.81                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4682123                              .2500
      215,407.31                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      4683934                              .2500
      318,003.59                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4684003                              .2500
      183,178.31                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4684628                              .2500
      274,590.54                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700
1

      4685067                              .2500
      134,595.46                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4690762                              .2500
      251,299.46                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4695926                              .2500
       84,852.21                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      4696992                              .2500
      143,112.03                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4700085                              .2500
      266,478.90                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4712348                              .2500
      106,221.85                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4717126                              .2500
       39,751.61                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4717320                              .2500
      119,917.42                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450
1

      4735491                              .2500
      381,216.87                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4737255                              .2500
      479,075.44                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4740047                              .2500
      449,064.81                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4742217                              .2500
      147,200.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4745676                              .2500
      193,942.26                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      4746867                              .2500
      351,751.55                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4748733                              .2500
       90,052.80                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4748814                              .2500
      214,352.80                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950
1

      4751590                              .2500
      154,958.48                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4759907                              .2500
      143,677.38                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4761554                              .2500
      199,594.72                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4762547                              .2500
       32,142.55                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      4762917                              .2500
      338,776.50                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4772585                              .2500
      341,213.59                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4778411                              .2500
      182,177.94                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4778603                              .2500
       83,438.96                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200
1

      4779001                              .2500
      327,601.18                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4784890                              .2500
       98,704.61                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4785178                              .2500
      111,681.49                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4788186                              .2500
      198,576.76                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4796749                              .2500
       50,409.89                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      4796776                              .2500
      439,038.51                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4797244                              .2500
       39,928.63                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      4798661                              .2500
      100,474.40                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700
1

      4799868                              .2500
      409,210.27                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4801939                              .2500
      247,175.08                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4802215                              .2500
      176,413.67                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4809727                              .2500
      108,739.25                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4810653                              .2500
      274,428.49                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4810765                              .2500
      379,572.34                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      4813002                              .2500
      114,735.85                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4817117                              .2500
      234,324.20                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700
1

      4820219                              .2500
      318,768.94                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4822514                              .2500
      386,254.55                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4823251                              .2500
       80,683.04                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      4823489                              .2500
       50,270.11                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4825383                              .2500
      414,115.61                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4828249                              .2500
       81,105.06                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      4829887                              .2500
       96,562.27                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4832121                              .2500
       83,694.51                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700
1

      4832445                              .2500
      241,923.82                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4837045                              .2500
      123,921.75                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4838714                              .2500
      557,609.22                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4841855                              .2500
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      5477066                              .2500
      366,713.70                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      5477067                              .2500
       89,933.21                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5477068                              .2500
      199,847.82                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450
1

      5483338                              .2500
      155,700.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5483348                              .2500
      110,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5483368                              .2500
      122,400.00                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      5483381                              .2500
      118,350.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5483387                              .2500
      118,500.00                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5483390                              .2500
       79,750.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5483394                              .2500
      217,000.00                          .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      5483399                              .2500
      161,500.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450
1

      5483405                              .2500
       63,450.00                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      5483412                              .2500
      128,250.00                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      5483415                              .2500
      506,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5483422                              .2500
      506,250.00                          .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      5483424                              .2500
      100,800.00                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      5483429                              .2500
      120,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5483430                              .2500
      139,500.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5483434                              .2500
      410,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700
1

      5483448                              .2500
      382,500.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5483462                              .2500
      314,500.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5483467                              .2500
      196,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5483480                              .2500
      360,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      5483485                              .2500
      148,950.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5483523                              .2500
      207,700.00                          .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      5483531                              .2500
      265,650.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5483554                              .2500
      320,000.00                          .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000
1

      5483560                              .2500
      116,000.00                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      5483572                              .2500
      130,500.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5483573                              .2500
      164,500.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5483582                              .2500
      170,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5494353                              .2500
       92,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5494355                              .2500
      209,700.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5494358                              .2500
       68,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5494362                              .2500
      120,000.00                          .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000
1

      5494378                              .2500
      615,000.00                          .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      5494382                              .2500
      184,500.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5494383                              .2500
      325,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5494384                              .2500
       90,000.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      5494389                              .2500
      120,000.00                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5494394                              .2500
      186,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5494398                              .2500
      280,000.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5494403                              .2500
      300,000.00                          .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000
1

      5494405                              .2500
       45,900.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5494408                              .2500
      100,800.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5494420                              .2500
      484,000.00                          .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      5494421                              .2500
      115,600.00                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5494428                              .2500
      105,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5494440                              .2500
      161,600.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5494655                              .2500
      225,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5506458                              .2500
      217,980.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700
1

      5506461                              .2500
      153,600.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5506464                              .2500
       48,000.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5506476                              .2500
      281,200.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      5506477                              .2500
      208,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5506487                              .2500
      192,000.00                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      5506507                              .2500
      208,000.00                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      5506512                              .2500
       96,000.00                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      5506517                              .2500
      275,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700
1

      5506524                              .2500
      103,500.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5506534                              .2500
      475,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5506542                              .2500
       80,910.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5506556                              .2500
      562,500.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      5511545                              .2500
      449,362.73                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5511915                              .2500
      157,196.61                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      5511973                              .2500
      329,761.16                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5512337                              .2500
       51,500.04                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450
1

      5512708                              .2500
      363,121.53                          .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      5513096                              .2500
      325,021.07                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5513516                              .2500
      449,424.13                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      5516941                              .2500
      121,000.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      5516951                              .2500
      422,800.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5516958                              .2500
      374,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5516963                              .2500
      195,500.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5516979                              .2500
       78,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450
1

      5516980                              .2500
      504,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5516984                              .2500
      285,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      5517034                              .2500
      144,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5517041                              .2500
      349,250.00                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      5517044                              .2500
       68,000.00                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      5517052                              .2500
      135,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5517072                              .2500
      121,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5517118                              .2500
      449,713.05                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200
1

      5517132                              .2500
      107,843.16                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5517153                              .2500
      313,954.75                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5517219                              .2500
      283,108.49                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      5518067                              .2500
      406,687.35                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5518252                              .2500
      489,695.44                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      5518403                              .2500
      109,018.88                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5518431                              .2500
      649,585.52                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      5519309                              .2500
      111,318.27                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200
1

      5519473                              .2500
      164,900.04                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5523856                              .2500
      201,200.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5523861                              .2500
      162,000.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      5523880                              .2500
      195,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      5523896                              .2500
       53,800.00                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      5523911                              .2500
      114,500.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5524227                              .2500
      409,404.61                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5524444                              .2500
      119,612.19                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000
1

      5524568                              .2500
       66,519.01                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5524871                              .2500
      346,000.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      5524960                              .2500
      491,386.25                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      5525288                              .2500
      356,519.32                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      5528481                              .2500
       54,866.73                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5528846                              .2500
      359,739.44                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      5534173                              .2500
      158,400.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5534227                              .2500
       65,700.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200
1

      5534259                              .2500
       96,000.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      5535062                              .2500
      622,500.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      5543964                              .2500
      199,500.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      5548199                              .2500
      229,500.00                          .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

  TOTAL NUMBER OF LOANS:     2130
  TOTAL BALANCE........:        425,105,790.24

  RUN ON     : 09/24/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 10.34.35            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS12       FIXED SUMMARY REPORT      CUTOFF : 09/01/01
  POOL       : 0004542
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        7.8273            6.5900      9.6250
  RFC NET RATE                          7.5750            6.3400      9.3750
  NET MTG RATE(INVSTR RATE)             7.4995            6.3100      9.2950
  POST STRIP RATE                       6.9886            6.3100      7.0000
  SUB SERV FEE                           .2523             .2500       .5000
  MSTR SERV FEE                          .0755             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .5109             .0000      2.2950

  TOTAL NUMBER OF LOANS:  2130
  TOTAL BALANCE........:     425,105,790.24

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 09/24/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 10.34.35          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS12                                 CUTOFF : 09/01/01
  POOL       : 0004542
             :
             :
  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 #
  ______________________________________________________________________________

    4127491          742/G02             F           90,000.00         ZZ
                                         360         89,673.87          1
                                       8.375            684.07         68
                                       8.125            684.07
    CANASTOTA        NY   13032          1            04/27/01         00
    0433125986                           05           06/01/01          0
    6203178                              O            05/01/31
    0

    4239311          B60/G02             F          184,000.00         ZZ
                                         360        183,095.94          1
                                       7.875          1,334.13         80
                                       7.625          1,334.13
    LEBANON          TN   37087          2            01/26/01         00
    0433040284                           05           03/01/01          0
    305837                               O            02/01/31
    0

    4346442          E22/G02             F           70,400.00         ZZ
                                         360         69,251.21          1
                                       8.000            516.57         80
                                       7.750            516.57
    HOUSTON          TX   77070          5            02/12/01         00
    0412356206                           03           04/01/01          0
    0412356206                           O            03/01/31
    0

    4364586          601/G02             F          275,000.00         ZZ
                                         360        274,033.19          1
                                       8.750          2,163.43         78
                                       8.500          2,163.43
    SANTA FE         NM   87505          1            02/28/01         00
    0433113875                           05           04/01/01          0
1

    60413846                             N            03/01/31
    0

    4419929          601/G02             F          280,000.00         ZZ
                                         360        279,418.13          1
                                       7.875          2,030.19         80
                                       7.625          2,030.19
    VALLEY           NE   68064          5            05/23/01         00
    0433045713                           05           07/01/01          0
    60402278                             O            06/01/31
    0

    4491755          664/G02             F          186,000.00         ZZ
                                         360        185,367.58          3
                                       8.000          1,364.81         93
                                       7.750          1,364.81
    CICERO           IL   60804          2            03/24/01         01
    0433113339                           05           05/01/01         30
    0003831633                           O            04/01/31
    0

    4535142          994/G02             F           87,500.00         T
                                         360         87,215.76          1
                                       8.875            696.19         67
                                       8.625            696.19
    SCARBOROUGH      ME   04074          5            03/30/01         00
    0433041076                           05           05/01/01          0
    32180475401                          O            04/01/31
    0

    4569198          A06/G02             F          400,000.00         ZZ
                                         360        398,497.03          1
                                       7.500          2,796.86         40
                                       7.250          2,796.86
    WEST BLOOMFIELD  MI   48328          5            03/20/01         00
    0433055266                           05           05/01/01          0
    1                                    O            04/01/31
    0

    4581768          994/G02             F          368,000.00         ZZ
                                         360        367,195.84          1
                                       7.625          2,604.69         80
                                       7.375          2,604.69
    POINT PLEASANT   NJ   08742          1            05/23/01         00
    0433123213                           05           07/01/01          0
    1000297756                           N            06/01/31
    0

1

    4597860          964/G02             F          112,100.00         ZZ
                                         360        106,194.70          1
                                       7.875            812.80         62
                                       7.625            812.80
    ARVADA           CO   80004          2            03/06/01         00
    0432934453                           05           05/01/01          0
    106047                               O            04/01/31
    0

    4600849          J40/G02             F          140,320.00         ZZ
                                         360        139,888.94          1
                                       7.375            969.16         80
                                       7.125            969.16
    HIAWASSEE        GA   30546          2            04/13/01         00
    0432910123                           05           06/01/01          0
    7702504                              O            05/01/31
    0

    4609503          168/168             F          247,500.00         T
                                         360        246,700.00          1
                                       8.250          1,859.38         75
                                       8.000          1,859.38
    RICHMOND         CA   94804          2            03/08/01         00
    0439601363                           01           05/01/01          0
    0439601363                           O            04/01/31
    0

    4610905          601/G02             F          166,500.00         ZZ
                                         360        166,102.53          2
                                       8.625          1,295.02         90
                                       8.375          1,295.02
    MT LEBANON       PA   15228          1            04/16/01         12
    0433044435                           05           06/01/01         25
    60489093                             N            05/01/31
    0

    4622718          994/G02             F          435,000.00         ZZ
                                         360        433,630.27          1
                                       7.250          2,967.47         44
                                       7.000          2,967.47
    CHEVY CHASE      MD   20815          5            04/25/01         00
    0433040821                           05           06/01/01          0
    918219503                            O            05/01/31
    0

    4628587          E86/G02             F          238,000.00         ZZ
                                         360        237,363.73          1
                                       8.125          1,767.14         90
                                       7.875          1,767.14
1

    BRADFORD         MA   01835          5            04/23/01         04
    0432914018                           05           06/01/01         25
    316691                               O            05/01/31
    0

    4656554          926/926             F           70,750.00         ZZ
                                         360         70,553.31          1
                                       7.875            512.99         69
                                       7.625            512.99
    HILTON HEAD ISL  SC   29928          2            04/24/01         00
    01048134                             01           06/01/01          0
    01048134                             N            05/01/31
    0

    4661450          742/G02             F          207,900.00         ZZ
                                         360        207,612.90          3
                                       7.875          1,507.42         90
                                       7.625          1,507.42
    BROOKLYN         NY   11207          1            06/26/01         14
    0433039864                           05           08/01/01         25
    6208730                              O            07/01/31
    0

    4679689          601/G02             F          139,500.00         ZZ
                                         360        139,121.81          1
                                       8.000          1,023.61         90
                                       7.750          1,023.61
    DENVER           CO   80219          2            04/30/01         11
    0433050036                           05           06/01/01         25
    60506995                             O            05/01/31
    0

    4682123          U05/G02             F          215,650.00         ZZ
                                         360        215,407.31          4
                                       8.875          1,715.81         95
                                       8.625          1,715.81
    POMONA           CA   91766          1            06/27/01         11
    0433040904                           05           08/01/01         30
    3129043                              O            07/01/31
    0

    4683934          994/G02             F          318,700.00         ZZ
                                         360        318,003.59          1
                                       7.625          2,255.74         72
                                       7.375          2,255.74
    WARWICK          NY   10990          2            05/17/01         00
    0433106960                           05           07/01/01          0
    001999991810                         O            06/01/31
    0
1

    4684003          601/G02             F          183,600.00         T
                                         360        183,178.31          1
                                       7.375          1,268.08         80
                                       7.125          1,268.08
    ARNOLD           CA   95223          1            05/04/01         00
    0433022803                           03           07/01/01          0
    60550944                             O            06/01/31
    0

    4684628          601/G02             F          275,000.00         ZZ
                                         360        274,590.54          1
                                       7.500          1,922.84         80
                                       7.250          1,922.84
    CENTER VALLEY    PA   18034          1            06/08/01         00
    0433047891                           03           08/01/01          0
    60538063                             O            07/01/31
    0

    4685067          601/G02             F          135,000.00         ZZ
                                         360        134,595.46          1
                                       7.500            943.94         90
                                       7.250            943.94
    EATONTON         GA   31024          1            04/30/01         14
    0433039294                           05           06/01/01         25
    60538949                             O            05/01/31
    0

    4690762          E82/G02             F          252,000.00         ZZ
                                         360        251,299.46          1
                                       7.875          1,827.17         56
                                       7.625          1,827.17
    LOUISVILLE       KY   40245          5            04/19/01         00
    0400408779                           05           06/01/01          0
    0400408779                           O            05/01/31
    0

    4695926          601/G02             F           85,000.00         ZZ
                                         360         84,852.21          1
                                       8.750            668.70         63
                                       8.500            668.70
    TAMPA            FL   33616          5            05/08/01         00
    0433042041                           05           07/01/01          0
    60567062                             O            06/01/31
    0

    4696992          601/G02             F          143,900.00         ZZ
                                         360        143,112.03          1
1

                                       7.750          1,030.92         80
                                       7.500          1,030.92
    DECATUR          GA   30033          1            05/02/01         00
    0433113859                           05           06/01/01          0
    60555695                             O            05/01/31
    0

    4700085          B28/G02             F          267,300.00         ZZ
                                         360        266,478.90          3
                                       7.375          1,846.17         90
                                       7.125          1,846.17
    FEDERAL HEIGHTS  CO   80260          1            04/30/01         11
    0432827657                           05           06/01/01         25
    0104200003                           N            05/01/31
    0

    4712348          601/G02             F          106,670.00         ZZ
                                         360        106,221.85          1
                                       7.625            755.00         95
                                       7.375            755.00
    LAWRENCE         KS   66046          5            05/03/01         11
    0433021623                           05           07/01/01         30
    60505807                             O            06/01/31
    0

    4717126          994/G02             F           39,800.00         ZZ
                                         360         39,751.61          1
                                       8.500            306.03         70
                                       8.250            306.03
    GRESHAM          OR   97030          2            06/13/01         00
    0433061272                           01           08/01/01          0
    0218469876                           N            07/01/31
    0

    4717320          B57/G02             F          120,000.00         ZZ
                                         360        119,917.42          1
                                       7.875            870.08         60
                                       7.625            870.08
    VALENCIA AREA S  CA   91354          5            07/10/01         00
    0433052578                           05           09/01/01          0
    2113706                              N            08/01/31
    0

    4735491          944/G02             F          382,000.00         ZZ
                                         360        381,216.87          1
                                       7.375          2,638.38         75
                                       7.125          2,638.38
    DALY CITY        CA   94015          5            06/13/01         00
    0433149515                           05           08/01/01          0
1

    W01021608                            O            07/01/31
    0

    4737255          601/G02             F          480,000.00         ZZ
                                         360        479,075.44          1
                                       8.250          3,606.08         80
                                       8.000          3,606.08
    AUSTIN           TX   78731          1            05/11/01         00
    0433113867                           05           07/01/01          0
    6057982                              O            06/01/31
    0

    4740047          601/G02             F          450,000.00         ZZ
                                         360        449,064.81          1
                                       7.875          3,262.82         75
                                       7.625          3,262.82
    MARBLE FALLS     TX   78654          1            05/22/01         00
    0433114162                           05           07/01/01          0
    60581378                             O            06/01/31
    0

    4742217          687/G02             F          147,200.00         ZZ
                                         360        147,200.00          1
                                       8.000          1,080.10         80
                                       7.750          1,080.10
    ALIQUIPPA        PA   15001          1            08/17/01         00
    0433129558                           05           10/01/01          0
    0103291501                           O            09/01/31
    0

    4745676          601/G02             F          194,400.00         T
                                         360        193,942.26          1
                                       7.250          1,326.16         80
                                       7.000          1,326.16
    HIAWASSEE        GA   30546          1            05/25/01         00
    0433052537                           05           07/01/01          0
    60561198                             O            06/01/31
    0

    4746867          P01/G02             F          352,000.00         ZZ
                                         360        351,751.55          1
                                       7.750          2,521.78         79
                                       7.500          2,521.78
    NORTH PALM BEAC  FL   33410          5            07/13/01         00
    0433099256                           03           09/01/01          0
    01003404                             O            08/01/31
    0

1

    4748733          U62/G02             F           90,250.00         ZZ
                                         360         90,052.80          1
                                       7.625            638.78         95
                                       7.375            638.78
    EAST WENATCHEE   WA   98802          5            05/11/01         04
    0432898864                           05           07/01/01         30
    2001245513                           O            06/01/31
    0

    4748814          601/G02             F          215,000.00         ZZ
                                         360        214,352.80          1
                                       8.125          1,596.37         70
                                       7.875          1,596.37
    ALLENDALE        NJ   07401          2            05/31/01         00
    0433043320                           05           07/01/01          0
    60587821                             O            06/01/31
    0

    4751590          T68/G02             F          155,250.00         ZZ
                                         360        154,958.48          1
                                       8.375          1,180.01         90
                                       8.125          1,180.01
    SAN ANTONIO      TX   78249          1            05/15/01         04
    0432991842                           03           07/01/01         25
    62565934S                            O            06/01/31
    0

    4759907          T90/G02             F          144,000.00         ZZ
                                         360        143,677.38          2
                                       7.500          1,006.87         90
                                       7.250          1,006.87
    NEW ORLEANS      LA   70118          5            05/22/01         12
    0432926566                           05           07/01/01         25
    48313                                O            06/01/31
    0

    4761554          601/G02             F          200,000.00         ZZ
                                         360        199,594.72          1
                                       8.000          1,467.53         57
                                       7.750          1,467.53
    FORT MYERS BEAC  FL   33931          5            05/15/01         00
    0433041316                           05           07/01/01          0
    60593621                             O            06/01/31
    0

    4762547          A33/G02             F           32,200.00         ZZ
                                         360         32,142.55          2
                                       8.625            250.45         70
                                       8.375            250.45
1

    GRAND RAPIDS     MI   49504          1            05/16/01         00
    0433051067                           05           07/01/01          0
    0769104533                           N            06/01/31
    0

    4762917          994/G02             F          339,500.00         ZZ
                                         360        338,776.50          1
                                       7.750          2,432.22         80
                                       7.500          2,432.22
    DANA POINT       CA   92629          5            05/10/01         00
    0433041670                           09           07/01/01          0
    1417968241                           O            06/01/31
    0

    4772585          U62/G02             F          342,000.00         ZZ
                                         360        341,213.59          1
                                       7.375          2,362.11         60
                                       7.125          2,362.11
    SUNNYVALE        CA   94086          5            05/22/01         00
    0433071271                           05           07/01/01          0
    2001245579                           O            06/01/31
    0

    4778411          601/G02             F          182,512.00         ZZ
                                         360        182,177.94          1
                                       8.500          1,403.36         72
                                       8.250          1,403.36
    EXCELSIOR SPRIN  MO   64024          5            05/21/01         00
    0433114212                           05           07/01/01          0
    60583606                             O            06/01/31
    0

    4778603          601/G02             F           83,600.00         ZZ
                                         360         83,438.96          1
                                       8.250            628.06         80
                                       8.000            628.06
    ST PAUL          MN   55104          5            05/25/01         00
    0433042405                           05           07/01/01          0
    60587565                             O            06/01/31
    0

    4779001          R49/G02             F          328,000.00         ZZ
                                         360        327,601.18          1
                                       8.500          2,522.04         90
                                       8.250          2,522.04
    ALTADENA         CA   91001          5            06/15/01         01
    0433023009                           05           08/01/01         25
    9709214                              O            07/01/31
    0
1

    4784890          601/G02             F           98,900.00         ZZ
                                         360         98,704.61          1
                                       8.125            734.33         90
                                       7.875            734.33
    MARIETTA         GA   30066          1            05/21/01         10
    0433113594                           05           07/01/01         17
    60554995                             O            06/01/31
    0

    4785178          A46/G02             F          111,920.00         ZZ
                                         360        111,681.49          1
                                       7.750            801.81         80
                                       7.500            801.81
    RIO RANCHO       NM   87124          1            05/30/01         00
    0433052024                           05           07/01/01          0
    0993134                              O            06/01/31
    0

    4788186          601/G02             F          199,000.00         ZZ
                                         360        198,576.76          1
                                       8.000          1,460.20         90
                                       7.750          1,460.20
    AUDOBON          PA   19403          1            05/22/01         11
    0433114170                           05           07/01/01         25
    60579166                             O            06/01/31
    0

    4796749          601/G02             F           50,500.00         ZZ
                                         360         50,409.89          1
                                       8.625            392.79         60
                                       8.375            392.79
    RIO RANCHO       NM   87124          1            05/23/01         00
    0433114188                           05           07/01/01          0
    60596947                             N            06/01/31
    0

    4796776          601/G02             F          440,000.00         ZZ
                                         360        439,038.51          1
                                       7.625          3,114.30         80
                                       7.375          3,114.30
    SALINAS          CA   93907          5            05/30/01         00
    0433113446                           05           07/01/01          0
    60592235                             O            06/01/31
    0

    4797244          601/G02             F           40,000.00         ZZ
                                         360         39,928.63          1
1

                                       8.625            311.12         59
                                       8.375            311.12
    RIO RANCHO       NM   87124          1            05/23/01         00
    0433048733                           05           07/01/01          0
    60597028                             N            06/01/31
    0

    4798661          T27/G02             F          100,700.00         ZZ
                                         360        100,474.40          1
                                       7.500            704.11         95
                                       7.250            704.11
    SAVANNAH         GA   31419          2            05/25/01         10
    0433055514                           05           07/01/01         30
    9215010004598                        O            06/01/31
    0

    4799868          994/G02             F          410,000.00         ZZ
                                         360        409,210.27          1
                                       8.250          3,080.19         74
                                       8.000          3,080.19
    YORBA LINDA      CA   92886          5            05/17/01         00
    0433131554                           05           07/01/01          0
    1418290454                           O            06/01/31
    0

    4801939          601/G02             F          247,500.00         ZZ
                                         360        247,175.08          1
                                       8.125          1,837.69         90
                                       7.875          1,837.69
    KNOXVILLE        TN   37932          1            06/29/01         14
    0433050234                           05           08/01/01         25
    6060091-3                            O            07/01/31
    0

    4802215          601/G02             F          176,800.00         ZZ
                                         360        176,413.67          1
                                       7.625          1,251.38         80
                                       7.375          1,251.38
    GONZALEZ         LA   70737          5            05/29/01         00
    0433113479                           05           07/01/01          0
    60609872                             O            06/01/31
    0

    4809727          601/G02             F          109,000.00         ZZ
                                         360        108,739.25          4
                                       8.250            818.88         80
                                       8.000            818.88
    BATON ROUGE      LA   70819          2            05/22/01         00
    0433030814                           05           07/01/01          0
1

    60481645                             N            06/01/31
    0

    4810653          601/G02             F          275,000.00         ZZ
                                         360        274,428.49          1
                                       7.875          1,993.95         75
                                       7.625          1,993.95
    COLORADO SPRING  CO   80908          5            05/23/01         00
    0433113933                           05           07/01/01          0
    60582541                             O            06/01/31
    0

    4810765          601/G02             F          380,000.00         ZZ
                                         360        379,572.34          1
                                       8.875          3,023.46         80
                                       8.625          3,023.46
    SHAWNEE          KS   66216          5            06/06/01         00
    0433113669                           03           08/01/01          0
    60596855                             O            07/01/31
    0

    4813002          E60/G02             F          115,000.00         ZZ
                                         360        114,735.85          1
                                       7.375            794.28         23
                                       7.125            794.28
    CAMBRIA          CA   93428          5            05/01/01         00
    0432992493                           05           07/01/01          0
    513250                               O            06/01/31
    0

    4817117          N60/N60             F          234,800.00         ZZ
                                         360        234,324.20          1
                                       8.000          1,722.88         80
                                       7.750          1,722.88
    SARASOTA         FL   34238          5            05/25/01         00
    523033648                            05           07/01/01          0
    523033648                            O            06/01/31
    0

    4820219          601/G02             F          319,400.00         ZZ
                                         360        318,768.94          1
                                       8.125          2,371.54         90
                                       7.875          2,371.54
    BIRMINGHAM       AL   35242          1            05/29/01         10
    0433114204                           05           07/01/01         25
    60594090                             O            06/01/31
    0

1

    4822514          601/G02             F          387,000.00         ZZ
                                         360        386,254.55          1
                                       8.250          2,907.41         80
                                       8.000          2,907.41
    BELLAIR BEACH    FL   33786          1            05/25/01         00
    0433046844                           05           07/01/01          0
    60616802                             O            06/01/31
    0

    4823251          H19/G02             F           80,820.00         ZZ
                                         360         80,683.04          3
                                       8.875            643.05         90
                                       8.625            643.05
    NEWARK           OH   43055          1            05/23/01         10
    0432900280                           29           07/01/01         25
    0002246635                           N            06/01/31
    0

    4823489          N47/G02             F           50,400.00         ZZ
                                         360         50,270.11          1
                                       8.250            378.64         80
                                       8.000            378.64
    FORT WAYNE       IN   46807          1            06/07/01         00
    0433014503                           05           07/01/01          0
    40111036                             O            06/01/31
    0

    4825383          994/G02             F          415,000.00         ZZ
                                         360        414,115.61          1
                                       7.750          2,973.11         70
                                       7.500          2,973.11
    SAN JOSE         CA   95126          5            05/23/01         00
    0433131430                           05           07/01/01          0
    0218279358                           O            06/01/31
    0

    4828249          601/G02             F           81,250.00         ZZ
                                         360         81,105.06          4
                                       8.625            631.95         65
                                       8.375            631.95
    ALBUQUERQUE      NM   87108          5            06/01/01         00
    0433047669                           05           07/01/01          0
    60607850                             N            06/01/31
    0

    4829887          575/G02             F           96,800.00         ZZ
                                         360         96,562.27          1
                                       7.750            693.49         80
                                       7.500            693.49
1

    BRUNSWICK        OH   44212          5            06/04/01         00
    0432996858                           05           08/01/01          0
    11957685                             O            07/01/31
    0

    4832121          E84/G02             F           83,900.00         ZZ
                                         360         83,694.51          1
                                       8.500            645.12         60
                                       8.250            645.12
    GAITHERSBURG     MD   20878          1            04/30/01         00
    0432812824                           01           06/01/01          0
    70307010                             O            05/01/31
    0

    4832445          822/G02             F          242,250.00         ZZ
                                         360        241,923.82          1
                                       8.000          1,777.55         85
                                       7.750          1,777.55
    WILDWOOD CREST   NJ   08260          1            06/30/01         12
    0433050820                           01           08/01/01         20
    3636044435                           N            07/01/31
    0

    4837045          N74/G02             F          124,200.00         ZZ
                                         360        123,921.75          1
                                       7.500            868.42         90
                                       7.250            868.42
    GREER            SC   29650          2            05/24/01         10
    0432914075                           05           07/01/01         25
    0028855010                           O            06/01/31
    0

    4838714          994/G02             F          558,400.00         ZZ
                                         360        557,609.22          1
                                       7.750          4,000.45         80
                                       7.500          4,000.45
    POWAY            CA   92064          5            07/21/01         00
    0433055084                           05           08/01/01          0
    0218366973                           O            07/01/31
    0

    4841855          601/G02             F           86,500.00         ZZ
                                         360         86,329.06          1
                                       8.125            642.27         74
                                       7.875            642.27
    VENICE           FL   34293          5            06/01/01         00
    0433050531                           05           07/01/01          0
    6060306-5                            N            06/01/31
    0
1

    4842090          601/G02             F           57,150.00         ZZ
                                         360         56,443.26          1
                                       8.625            444.51         90
                                       8.375            444.51
    JACKSONVILLE     FL   32277          1            06/01/01         14
    0433109550                           05           07/01/01         25
    60620838                             O            06/01/31
    0

    4843439          601/G02             F          132,500.00         ZZ
                                         360        132,217.63          1
                                       7.750            949.25         77
                                       7.500            949.25
    EL PRADO         NM   87529          1            06/04/01         00
    0433037900                           05           07/01/01          0
    60619392                             O            06/01/31
    0

    4844192          601/G02             F          128,600.00         ZZ
                                         360        128,325.94          1
                                       7.750            921.31         90
                                       7.500            921.31
    CONYERS          GA   30013          1            05/31/01         14
    0433053758                           05           07/01/01         25
    60277555                             O            06/01/31
    0

    4844242          E45/G02             F          207,950.00         ZZ
                                         360        207,579.04          3
                                       8.625          1,617.41         90
                                       8.375          1,617.41
    ATHENS           GA   30603          1            06/01/01         11
    0432952513                           23           07/01/01         25
    136051                               N            06/01/31
    0

    4845874          964/G02             F          156,500.00         ZZ
                                         360        156,402.73          1
                                       8.375          1,189.51         56
                                       8.125          1,189.51
    PHOENIX          AZ   85041          5            07/11/01         00
    0433007978                           05           09/01/01          0
    123584                               O            08/01/31
    0

    4850458          E23/G02             F          154,700.00         ZZ
                                         360        154,507.03          1
1

                                       8.375          1,175.83         85
                                       8.125          1,175.83
    MISSION VIEJO    CA   92691          5            06/19/01         04
    0433058088                           01           08/01/01         12
    51004666                             O            07/01/31
    0

    4850615          994/G02             F          284,000.00         ZZ
                                         360        283,794.45          1
                                       7.625          2,010.13         80
                                       7.375          2,010.13
    GLENDORA         CA   91740          5            06/27/01         00
    0433074648                           05           09/01/01          0
    618413833                            O            08/01/31
    0

    4854274          601/G02             F          275,000.00         ZZ
                                         360        274,674.10          1
                                       8.625          2,138.93         65
                                       8.375          2,138.93
    EL DORADO HILLS  CA   95762          2            06/05/01         00
    0433113958                           05           08/01/01          0
    60628476                             O            07/01/31
    0

    4856930          N47/G02             F          136,000.00         ZZ
                                         360        135,834.64          1
                                       8.500          1,045.72         80
                                       8.250          1,045.72
    CULVER CITY      CA   90230          1            06/25/01         00
    0432992519                           01           08/01/01          0
    30210322                             O            07/01/31
    0

    4860045          H58/G02             F          364,000.00         ZZ
                                         360        363,470.76          1
                                       7.625          2,576.70         80
                                       7.375          2,576.70
    BEND             OR   97701          5            06/18/01         00
    0432960979                           05           08/01/01          0
    0000066497                           O            07/01/31
    0

    4862281          601/G02             F          128,000.00         ZZ
                                         360        127,823.24          1
                                       7.875            928.09         80
                                       7.625            928.09
    GATLINBURG       TN   37738          5            06/14/01         00
    0433114055                           05           08/01/01          0
1

    60628351                             O            07/01/31
    0

    4862684          E45/G02             F          348,000.00         ZZ
                                         360        347,440.19          2
                                       9.125          2,831.44         80
                                       8.875          2,831.44
    NILES            IL   60714          1            06/04/01         00
    0433076205                           05           07/01/01          0
    140870                               O            06/01/31
    0

    4866729          A50/G02             F          160,000.00         ZZ
                                         360        159,749.62          1
                                       7.250          1,091.48         80
                                       7.000          1,091.48
    CALHOUN          GA   30701          5            06/20/01         00
    0433107547                           05           08/01/01          0
    305770                               O            07/01/31
    0

    4868607          964/G02             F          141,800.00         ZZ
                                         360        141,594.09          1
                                       7.625          1,003.65         90
                                       7.375          1,003.65
    AVONDALE         AZ   85323          1            06/25/01         01
    0432990224                           05           08/01/01         25
    127905                               N            07/01/31
    0

    4868884          601/G02             F          145,000.00         ZZ
                                         360        144,789.42          1
                                       7.625          1,026.31         85
                                       7.375          1,026.31
    VILLA RICA       GA   30180          5            06/07/01         10
    0433041399                           05           08/01/01         12
    60624608                             O            07/01/31
    0

    4869287          286/286             F          206,500.00         ZZ
                                         360        206,041.84          3
                                       9.000          1,661.55         78
                                       8.750          1,661.55
    CHICAGO          IL   60637          2            04/20/01         00
    9837723                              05           06/01/01          0
    9837723                              N            05/01/31
    0

1

    4874096          477/G02             F          233,700.00         ZZ
                                         360        233,369.04          1
                                       7.750          1,674.26         95
                                       7.500          1,674.26
    ANAHEIM          CA   92804          5            06/11/01         10
    0433003209                           05           08/01/01         30
    109788                               O            07/01/31
    0

    4879838          H37/G02             F          175,000.00         ZZ
                                         360        174,758.09          1
                                       7.875          1,269.00         55
                                       7.625          1,269.00
    BRICK            NJ   08723          5            06/18/01         00
    0432997005                           05           08/01/01          0
    00267074                             O            07/01/31
    0

    4879934          H22/G02             F          200,000.00         ZZ
                                         360        199,858.85          1
                                       7.750          1,432.82         80
                                       7.500          1,432.82
    PLAINVIEW        NY   11803          1            07/12/01         00
    0432981546                           05           09/01/01          0
    0105051                              O            08/01/31
    0

    4881463          U05/G02             F          224,000.00         ZZ
                                         360        223,147.18          1
                                       7.625          1,585.46         76
                                       7.375          1,585.46
    SUNOL            CA   94586          2            04/26/01         00
    0432877157                           03           06/01/01          0
    3123855                              O            05/01/31
    0

    4881484          U05/G02             F          225,000.00         ZZ
                                         360        224,325.80          1
                                       7.500          1,573.23         75
                                       7.250          1,573.23
    PORTLAND         OR   97215          1            04/27/01         00
    0432877181                           05           06/01/01          0
    3116232                              O            05/01/31
    0

    4884419          601/G02             F          501,000.00         ZZ
                                         360        500,290.51          1
                                       7.750          3,589.23         62
                                       7.500          3,589.23
1

    FORT COLLINS     CO   80528          5            06/06/01         00
    0433114014                           05           08/01/01          0
    60578382                             O            07/01/31
    0

    4885944          E22/G02             F          320,000.00         ZZ
                                         360        319,457.83          1
                                       8.875          2,546.06         80
                                       8.625          2,546.06
    SAN MATEO        CA   94401          1            05/25/01         00
    0412627291                           05           07/01/01          0
    0412627291                           N            06/01/31
    0

    4886383          624/G02             F          114,000.00         ZZ
                                         360        113,919.54          1
                                       7.750            816.71         75
                                       7.500            816.71
    SCOTTSDALE       AZ   85254          5            07/16/01         00
    0433118841                           05           09/01/01          0
    35500610223F                         N            08/01/31
    0

    4887756          623/985             F          215,900.00         ZZ
                                         360        215,129.84          1
                                       7.750          1,546.73         80
                                       7.500          1,546.73
    STANWOOD         MI   49346          2            04/18/01         00
    5329560                              05           06/01/01          0
    5329560                              O            05/01/31
    0

    4887764          623/985             F          204,000.00         ZZ
                                         360        202,446.19          1
                                       7.500          1,426.40         80
                                       7.250          1,426.40
    CLIO             MI   48420          2            04/02/01         00
    5331841                              05           05/01/01          0
    5331841                              O            04/01/31
    0

    4889179          L81/G02             F          208,000.00         ZZ
                                         360        207,666.35          1
                                       7.125          1,401.33         80
                                       6.875          1,401.33
    SALIDA           CA   95368          5            06/01/01         00
    0432873396                           05           08/01/01          0
    10000901                             O            07/01/31
    0
1

    4890414          A22/G02             F          192,000.00         ZZ
                                         360        191,867.86          2
                                       7.875          1,392.14         80
                                       7.625          1,392.14
    RICHMOND HILL    NY   11418          1            07/20/01         00
    0433016557                           05           09/01/01          0
    2149                                 O            08/01/31
    0

    4892365          588/G02             F          111,200.00         ZZ
                                         360        111,061.28          1
                                       8.375            845.20         80
                                       8.125            845.20
    HANOVER TOWNSHI  PA   18017          1            06/29/01         00
    0433035987                           05           08/01/01          0
    1042997                              O            07/01/31
    0

    4897903          601/G02             F          199,875.00         ZZ
                                         360        199,644.16          4
                                       8.750          1,572.42         65
                                       8.500          1,572.42
    NEW BRIGHTON     MN   55112          5            06/11/01         00
    0433113388                           05           08/01/01          0
    60588415                             O            07/01/31
    0

    4899490          601/G02             F           97,500.00         ZZ
                                         360         97,381.45          1
                                       8.500            749.69         75
                                       8.250            749.69
    DECATUR          GA   30035          5            06/28/01         00
    0433048428                           05           08/01/01          0
    60633658                             N            07/01/31
    0

    4902098          Q73/G02             F          180,000.00         ZZ
                                         360        179,731.99          1
                                       7.500          1,258.59         75
                                       7.250          1,258.59
    SENATOBIA        MS   38668          5            06/18/01         00
    0433009776                           05           08/01/01          0
    2818928                              O            07/01/31
    0

    4906112          U62/G02             F           76,000.00         ZZ
                                         360         75,777.51          1
1

                                       7.125            512.02         66
                                       6.875            512.02
    SMALLWOOD        NY   12778          5            07/14/01         00
    0432999829                           05           08/01/01          0
    2001257449                           O            07/01/31
    0

    4906225          168/168             F          208,000.00         ZZ
                                         360        207,567.76          1
                                       7.875          1,508.14         72
                                       7.625          1,508.14
    WEST HEMPSTEAD   NY   11552          2            05/14/01         00
    0249761297                           05           07/01/01          0
    0249761297                           O            06/01/31
    0

    4906520          A46/G02             F          104,000.00         ZZ
                                         360        103,852.72          1
                                       7.750            745.07         80
                                       7.500            745.07
    PUEBLO WEST      CO   81007          1            06/12/01         00
    0433038049                           05           08/01/01          0
    0993138                              O            07/01/31
    0

    4909774          E22/G02             F          200,000.00         ZZ
                                         360        199,678.25          4
                                       9.125          1,627.27         79
                                       8.875          1,627.27
    SAVANNAH         GA   31404          5            05/31/01         00
    0412666182                           05           07/01/01          0
    0412666182                           O            06/01/31
    0

    4910207          G52/G02             F          190,800.00         ZZ
                                         360        190,476.73          1
                                       8.875          1,518.09         90
                                       8.625          1,518.09
    LAS VEGAS        NV   89108          1            05/17/01         10
    0433060399                           05           07/01/01         25
    6100000054                           N            06/01/31
    0

    4910740          588/G02             F          380,500.00         ZZ
                                         360        379,933.47          1
                                       7.500          2,660.51         72
                                       7.250          2,660.51
    BERNARDS TOWNSH  NJ   07920          1            06/18/01         00
    0432966596                           03           08/01/01          0
1

    1033034                              O            07/01/31
    0

    4911770          624/G02             F          247,200.00         ZZ
                                         360        246,849.93          1
                                       7.750          1,770.97         80
                                       7.500          1,770.97
    SANTA BARBARA    CA   93105          1            06/18/01         00
    0432993137                           01           08/01/01          0
    72017510013F                         O            07/01/31
    0

    4912541          U05/G02             F           92,800.00         ZZ
                                         360         92,681.23          1
                                       8.250            697.18         80
                                       8.000            697.18
    DALLAS           TX   75218          5            06/26/01         00
    0433059839                           05           08/01/01          0
    3141096                              O            07/01/31
    0

    4912690          601/G02             F          147,600.00         ZZ
                                         360        147,396.17          1
                                       7.875          1,070.20         90
                                       7.625          1,070.20
    VALRICO          FL   33594          1            06/11/01         11
    0433041167                           03           08/01/01         25
    60626694                             O            07/01/31
    0

    4913633          168/168             F          200,000.00         ZZ
                                         360        199,055.09          1
                                       8.000          1,467.53         80
                                       7.750          1,467.53
    OSWEGO           NY   13126          2            04/18/01         00
    0189780169                           05           06/01/01          0
    0189780169                           O            05/01/31
    0

    4914204          601/G02             F           80,000.00         ZZ
                                         360         79,889.52          1
                                       7.875            580.06         32
                                       7.625            580.06
    DENVER           CO   80121          5            06/15/01         00
    0433114154                           05           08/01/01          0
    60613049                             O            07/01/31
    0

1

    4914586          B28/G02             F          250,400.00         ZZ
                                         360        248,973.09          4
                                       7.125          1,687.00         80
                                       6.875          1,687.00
    DENVER           CO   80219          1            01/31/01         00
    0432845790                           05           03/01/01          0
    0011280017                           O            02/01/31
    0

    4914836          601/G02             F          100,000.00         ZZ
                                         360         99,875.24          1
                                       8.375            760.08         80
                                       8.125            760.08
    JACKSONVILLE     FL   32218          1            06/20/01         00
    0433113644                           03           08/01/01          0
    60647179                             O            07/01/31
    0

    4915611          E47/G02             F          210,000.00         ZZ
                                         360        209,844.15          2
                                       7.500          1,468.35         75
                                       7.250          1,468.35
    CHICAGO          IL   60647          2            07/12/01         00
    0433035128                           05           09/01/01          0
    7360512045                           O            08/01/31
    0

    4917378          E84/G02             F          295,000.00         ZZ
                                         360        294,287.25          1
                                       7.125          1,987.74         54
                                       6.875          1,987.74
    HILLSBORO        OR   97124          5            05/09/01         00
    0432839819                           05           07/01/01          0
    60106834                             O            06/01/31
    0

    4917653          883/G02             F           85,900.00         ZZ
                                         360         85,798.21          1
                                       8.625            668.13         72
                                       8.375            668.13
    PORT ST LUCIE    FL   34983          4            07/05/01         00
    0433104312                           05           08/01/01          0
    05007365                             O            07/01/31
    0

    4921843          T90/G02             F          115,200.00         ZZ
                                         360        115,133.72          2
                                       8.750            906.28         90
                                       8.500            906.28
1

    METAIRIE         LA   70003          1            07/25/01         12
    0433081221                           05           09/01/01         25
    51305                                N            08/01/31
    0

    4922561          A50/G02             F          180,000.00         ZZ
                                         360        179,745.10          1
                                       7.750          1,289.54         68
                                       7.500          1,289.54
    PINE MOUNTAIN    GA   31822          2            06/25/01         00
    0433003647                           05           08/01/01          0
    463322                               O            07/01/31
    0

    4922626          E22/G02             F          160,000.00         ZZ
                                         360        159,641.55          1
                                       7.500          1,118.74         80
                                       7.250          1,118.74
    SHIRLEY          NY   11967          5            06/01/01         00
    0412580102                           05           07/01/01          0
    0412580102                           O            06/01/31
    0

    4925058          601/G02             F          101,600.00         ZZ
                                         360        101,459.68          3
                                       7.875            736.68         80
                                       7.625            736.68
    GULF BREEZE      FL   32561          1            06/14/01         00
    0433048097                           05           08/01/01          0
    60626009                             N            07/01/31
    0

    4925188          P59/G02             F          347,000.00         ZZ
                                         360        346,520.81          1
                                       7.875          2,516.00         77
                                       7.625          2,516.00
    ARROYO GRANDE    CA   93420          5            06/29/01         00
    0433102795                           05           08/01/01          0
    AT002064                             O            07/01/31
    0

    4925868          U62/G02             F          138,000.00         ZZ
                                         360        137,794.52          3
                                       7.500            964.92         69
                                       7.250            964.92
    UNION CITY       NJ   07087          2            06/18/01         00
    0432999837                           05           08/01/01          0
    20011252517                          N            07/01/31
    0
1

    4928169          J95/G02             F          103,500.00         ZZ
                                         360        103,273.83          1
                                       7.625            732.57         90
                                       7.375            732.57
    SCOTTSDALE       AZ   85250          1            05/03/01         01
    0432870251                           01           07/01/01         25
    0023417942                           O            06/01/31
    0

    4930976          U05/G02             F           86,500.00         ZZ
                                         360         86,438.95          1
                                       7.750            619.70         59
                                       7.500            619.70
    AUSTIN           TX   78745          5            07/05/01         00
    0433061025                           05           09/01/01          0
    3142319                              O            08/01/31
    0

    4933260          E76/G02             F          323,000.00         ZZ
                                         360        322,645.82          1
                                       9.000          2,598.93         93
                                       8.750          2,598.93
    ATLANTA          GA   30310          1            06/14/01         12
    0432922276                           05           08/01/01         30
    10006222                             O            07/01/31
    0

    4934794          286/286             F           85,500.00         ZZ
                                         360         85,343.48          2
                                       8.500            657.43         95
                                       8.250            657.43
    DETROIT          MI   48238          5            05/14/01         12
    321804                               05           07/01/01         30
    321804                               O            06/01/31
    0

    4934838          286/286             F           54,960.00         ZZ
                                         360         54,848.62          1
                                       8.000            403.28         80
                                       7.750            403.28
    PINEVILLE        LA   71360          2            05/08/01         00
    388823                               05           07/01/01          0
    388823                               N            06/01/31
    0

    4934860          286/286             F          200,000.00         ZZ
                                         360        199,195.31          1
1

                                       7.500          1,398.43         79
                                       7.250          1,398.43
    CASSOPOLIS       MI   49031          5            05/04/01         00
    360424                               05           07/01/01          0
    360424                               O            06/01/31
    0

    4934866          286/286             F           36,800.00         ZZ
                                         360         36,717.53          1
                                       7.500            257.32         80
                                       7.250            257.32
    DES MOINES       IA   50317          5            05/15/01         00
    390059                               05           07/01/01          0
    390059                               O            06/01/31
    0

    4934886          286/286             F          177,300.00         ZZ
                                         360        176,991.74          1
                                       8.750          1,394.82         90
                                       8.500          1,394.82
    RIO RANCHO       NM   87124          2            03/08/01         12
    9820111                              05           05/01/01         25
    9820111                              O            04/01/31
    0

    4934892          286/286             F          238,000.00         ZZ
                                         360        237,286.84          3
                                       7.500          1,664.13         90
                                       7.250          1,664.13
    LOS ANGELES      CA   90019          2            04/27/01         11
    9833990                              05           06/01/01         25
    9833990                              O            05/01/31
    0

    4935675          601/G02             F          101,250.00         ZZ
                                         360        101,133.06          4
                                       8.750            796.54         90
                                       8.500            796.54
    TAMPA            FL   33610          1            06/14/01         11
    0433043833                           05           08/01/01         25
    6062879-9                            N            07/01/31
    0

    4936604          601/G02             F          101,250.00         ZZ
                                         360        101,133.06          4
                                       8.750            796.54         90
                                       8.500            796.54
    TAMPA            FL   33610          1            06/14/01         11
    0433039716                           05           08/01/01         25
1

    60628823                             N            07/01/31
    0

    4937198          601/G02             F          101,250.00         ZZ
                                         360        101,133.06          4
                                       8.750            796.54         90
                                       8.500            796.54
    TAMPA            FL   33610          1            06/14/01         11
    0433026531                           05           08/01/01         25
    60628815                             N            07/01/31
    0

    4937576          253/253             F          194,400.00         ZZ
                                         360        194,117.69          1
                                       7.625          1,375.96         80
                                       7.375          1,375.96
    TEMECULA         CA   92592          1            06/27/01         00
    969987                               05           08/01/01          0
    969987                               O            07/01/31
    0

    4937858          T29/G02             F           98,400.00         ZZ
                                         360         98,037.41          1
                                       7.750            704.95         80
                                       7.500            704.95
    PHOENIX          AZ   85014          1            06/14/01         00
    0432993475                           05           08/01/01          0
    1200300                              O            07/01/31
    0

    4938404          168/168             F           67,500.00         ZZ
                                         360         67,382.65          3
                                       8.750            531.02         90
                                       8.500            531.02
    STITTVILLE       NY   13469          1            05/24/01         10
    0189794232                           05           07/01/01         25
    0189794232                           N            06/01/31
    0

    4938501          601/G02             F           88,900.00         ZZ
                                         360         88,691.19          1
                                       8.500            683.57         70
                                       8.250            683.57
    DENVER           CO   80223          1            06/14/01         00
    0433054368                           05           08/01/01          0
    60660792                             N            07/01/31
    0

1

    4942211          601/G02             F           40,800.00         ZZ
                                         240         40,654.42          1
                                       7.625            331.81         85
                                       7.375            331.81
    JENNINGS         LA   70546          5            06/18/01         14
    0433049012                           05           08/01/01          6
    60662566                             O            07/01/21
    0

    4947566          F89/G02             F          124,000.00         ZZ
                                         360        123,819.95          1
                                       7.625            877.66         80
                                       7.375            877.66
    MADERA           CA   93638          1            06/25/01         00
    0432985059                           05           08/01/01          0
    40010954                             O            07/01/31
    0

    4948222          286/286             F           75,000.00         ZZ
                                         360         74,831.94          1
                                       7.500            524.42         39
                                       7.250            524.42
    BEACHWOOD        NJ   08722          1            05/22/01         00
    326641                               05           07/01/01          0
    326641                               O            06/01/31
    0

    4948224          286/286             F          106,000.00         ZZ
                                         360        105,756.22          1
                                       7.375            732.12         72
                                       7.125            732.12
    SANTA FE         NM   87505          2            05/21/01         00
    389428                               01           07/01/01          0
    389428                               O            06/01/31
    0

    4948237          286/286             F          180,000.00         ZZ
                                         360        179,543.73          1
                                       6.875          1,182.47         43
                                       6.625          1,182.47
    WINDSOR          CA   95492          1            05/10/01         00
    9845179                              05           07/01/01          0
    9845179                              O            06/01/31
    0

    4948238          286/286             F          179,000.00         ZZ
                                         360        178,598.98          1
                                       7.500          1,251.59         68
                                       7.250          1,251.59
1

    VALLEY CENTER    CA   92082          5            05/16/01         00
    9841142                              05           07/01/01          0
    9841142                              O            06/01/31
    0

    4948240          286/286             F          146,500.00         ZZ
                                         360        146,070.84          1
                                       7.500          1,024.35         70
                                       7.250          1,024.35
    SANTA ROSA       CA   95407          5            05/11/01         00
    9846669                              05           07/01/01          0
    9846669                              O            06/01/31
    0

    4948249          286/286             F          136,500.00         ZZ
                                         240        135,654.63          1
                                       7.500          1,099.63         69
                                       7.250          1,099.63
    SANTA ANA        CA   92707          2            05/11/01         00
    9825223                              05           07/01/01          0
    9825223                              O            06/01/21
    0

    4948250          286/286             F          222,750.00         ZZ
                                         360        222,164.88          1
                                       7.750          1,595.81         75
                                       7.500          1,595.81
    POWAY            CA   92064          5            05/16/01         00
    9844785                              05           07/01/01          0
    9844785                              O            06/01/31
    0

    4948251          286/286             F           90,000.00         ZZ
                                         360         89,812.98          1
                                       7.875            652.56         57
                                       7.625            652.56
    PALATINE         IL   60067          5            05/23/01         00
    9843763                              03           07/01/01          0
    9843763                              O            06/01/31
    0

    4948252          286/286             F          115,000.00         ZZ
                                         360        114,534.01          2
                                       7.375            794.28         70
                                       7.125            794.28
    LOS ANGELES      CA   90011          5            05/16/01         00
    9842404                              05           07/01/01          0
    9842404                              O            06/01/31
    0
1

    4948254          286/286             F          108,000.00         ZZ
                                         360        107,751.94          1
                                       7.375            745.93         64
                                       7.125            745.93
    PERRIS AREA      CA   92501          2            05/11/01         00
    9837119                              05           07/01/01          0
    9837119                              O            06/01/31
    0

    4948260          286/286             F          176,000.00         ZZ
                                         360        175,624.92          1
                                       7.750          1,260.89         71
                                       7.500          1,260.89
    MANTECA          CA   95336          5            05/10/01         00
    9833074                              03           07/01/01          0
    9833074                              O            06/01/31
    0

    4950499          601/G02             F           85,500.00         ZZ
                                         360         85,401.26          1
                                       8.750            672.63         90
                                       8.500            672.63
    ATLANTA          GA   30015          1            06/19/01         10
    0433045085                           05           08/01/01         25
    60581121                             N            07/01/31
    0

    4950513          W83/G02             F          155,000.00         ZZ
                                         360        154,879.09          1
                                       7.250          1,057.37         60
                                       7.000          1,057.37
    TAYLORSVILLE     NC   28681          5            07/02/01         00
    0433132396                           05           09/01/01          0
    92115010004009                       O            08/01/31
    0

    4952337          253/253             F          141,920.00         ZZ
                                         360        141,814.67          1
                                       7.500            992.33         80
                                       7.250            992.33
    LAKE HAVASU CIT  AZ   86406          1            07/10/01         00
    970801                               05           09/01/01          0
    970801                               O            08/01/31
    0

    4952931          F26/G02             F          144,500.00         ZZ
                                         360        144,290.17          1
1

                                       7.625          1,022.76         85
                                       7.375          1,022.76
    FEDERAL WAY      WA   98023          2            06/22/01         12
    0433039526                           05           08/01/01         25
    W017334                              N            07/01/31
    0

    4954959          E47/G02             F          114,750.00         T
                                         360        114,687.33          1
                                       9.000            923.30         90
                                       8.750            923.30
    BOYNTON BEACH    FL   33435          1            07/11/01         10
    0433036399                           05           09/01/01         25
    7361011100                           O            08/01/31
    0

    4956175          A33/G02             F           27,900.00         ZZ
                                         360         27,868.61          1
                                       8.875            221.98         90
                                       8.625            221.98
    MUNCIE           IN   47304          1            06/27/01         10
    0433013281                           05           08/01/01         25
    035105770                            N            07/01/31
    0

    4956299          253/253             F          110,400.00         T
                                         360        110,325.92          1
                                       8.000            810.08         80
                                       7.750            810.08
    GUNNISON         CO   81230          1            07/16/01         00
    972139                               05           09/01/01          0
    972139                               O            08/01/31
    0

    4958091          E82/G02             F          116,000.00         ZZ
                                         360        115,827.28          1
                                       7.500            811.09         63
                                       7.250            811.09
    LUDLOW           MA   01056          2            06/06/01         00
    0400432084                           05           08/01/01          0
    0400432084                           O            07/01/31
    0

    4958092          E82/G02             F          122,500.00         ZZ
                                         360        122,317.61          1
                                       7.500            856.54         57
                                       7.250            856.54
    CASPER           WY   82601          2            06/06/01         00
    0400431532                           05           08/01/01          0
1

    0400431532                           O            07/01/31
    0

    4958102          783/G02             F          192,000.00         ZZ
                                         360        191,728.10          1
                                       7.750          1,375.51         47
                                       7.500          1,375.51
    EAST WENATCHEE   WA   98802          5            06/06/01         00
    0432895225                           05           08/01/01          0
    9420000866                           N            07/01/31
    0

    4958950          601/G02             F          375,000.00         ZZ
                                         360        374,468.95          1
                                       7.750          2,686.55         70
                                       7.500          2,686.55
    GRAYSON          GA   30017          2            06/26/01         00
    0433054020                           03           08/01/01          0
    60598471                             O            07/01/31
    0

    4959001          601/G02             F          110,000.00         ZZ
                                         360        109,840.25          1
                                       7.625            778.58         69
                                       7.375            778.58
    CLEARWATER       FL   33739          5            06/21/01         00
    0433114238                           05           08/01/01          0
    60621950                             O            07/01/31
    0

    4959164          G52/G02             F          248,000.00         ZZ
                                         360        247,497.44          1
                                       8.000          1,819.74         80
                                       7.750          1,819.74
    TUCSON           AZ   85737          5            05/23/01         00
    0433051331                           03           07/01/01          0
    9900000612                           O            06/01/31
    0

    4960964          E86/G02             F          121,000.00         ZZ
                                         360        120,918.81          1
                                       8.000            887.86         79
                                       7.750            887.86
    NORTH MYRTLE BE  SC   29582          1            07/05/01         00
    0433007176                           05           09/01/01          0
    0000115241                           O            08/01/31
    0

1

    4962009          U05/G02             F          236,550.00         ZZ
                                         360        236,406.69          2
                                       8.500          1,818.87         95
                                       8.250          1,818.87
    VAN NUYS AREA    CA   91411          1            07/06/01         11
    0433067485                           05           09/01/01         30
    3144076                              O            08/01/31
    0

    4963515          U62/G02             F          180,000.00         ZZ
                                         360        179,565.62          1
                                       7.125          1,212.69         79
                                       6.875          1,212.69
    PAPILLION        NE   68133          5            05/25/01         00
    0433014156                           05           07/01/01          0
    2001255417                           O            06/01/31
    0

    4964310          U05/G02             F          384,000.00         ZZ
                                         360        383,748.81          1
                                       8.125          2,851.19         80
                                       7.875          2,851.19
    SAN JOSE         CA   95123          5            07/02/01         00
    0433041597                           05           09/01/01          0
    3124051                              O            08/01/31
    0

    4966065          T44/G02             F          120,000.00         ZZ
                                         360        119,913.15          1
                                       7.625            849.35         47
                                       7.375            849.35
    SACRAMENTO       CA   95819          5            07/10/01         00
    0433013745                           05           09/01/01          0
    1003741                              O            08/01/31
    0

    4966751          964/G02             F          225,000.00         ZZ
                                         360        224,867.16          1
                                       8.625          1,750.03        100
                                       8.375          1,750.03
    GLENDALE         AZ   85308          1            07/01/01         01
    0432992543                           05           09/01/01         35
    130025                               O            08/01/31
    0

    4968673          575/G02             F          126,700.00         ZZ
                                         360        126,511.35          1
                                       7.500            885.91         70
                                       7.250            885.91
1

    ROCKVILLE        MD   20852          1            06/19/01         00
    0432993681                           01           08/01/01          0
    0011078680                           N            07/01/31
    0

    4972442          601/G02             F          120,500.00         ZZ
                                         360        120,414.95          1
                                       7.750            863.28         66
                                       7.500            863.28
    ST CHARLES       MO   63301          2            07/10/01         00
    0433054590                           09           09/01/01          0
    60660750                             O            08/01/31
    0

    4975635          E82/G02             F          229,000.00         ZZ
                                         360        228,675.71          1
                                       7.750          1,640.58         70
                                       7.500          1,640.58
    SCITUATE         MA   02066          1            06/15/01         00
    0400436671                           05           08/01/01          0
    0400436671                           O            07/01/31
    0

    4976182          883/G02             F          477,600.00         ZZ
                                         360        476,725.84          1
                                       8.500          3,672.34         70
                                       8.250          3,672.34
    DAVIE            FL   33330          4            06/04/01         00
    0433079704                           03           07/01/01          0
    05007417                             O            06/01/31
    0

    4981250          A33/G02             F           90,250.00         ZZ
                                         360         90,144.53          1
                                       9.000            726.17         74
                                       8.750            726.17
    WHITELAND        IN   46184          2            06/28/01         00
    0433002862                           05           08/01/01          0
    026099361                            N            07/01/31
    0

    4982393          U05/G02             F           75,400.00         ZZ
                                         360         75,354.32          1
                                       8.500            579.76         80
                                       8.250            579.76
    ARLINGTON        TX   76015          5            07/09/01         00
    0433066537                           05           09/01/01          0
    070901                               O            08/01/31
    0
1

    4982746          U62/G02             F           73,500.00         ZZ
                                         360         73,387.80          1
                                       7.375            507.65         76
                                       7.125            507.65
    CHARLOTTE        NC   28212          2            06/21/01         00
    0432991388                           05           08/01/01          0
    2001258140                           N            07/01/31
    0

    4983243          623/G02             F           70,000.00         ZZ
                                         360         69,825.58          1
                                       7.750            501.49         31
                                       7.500            501.49
    DENVER           CO   80210          2            05/07/01         00
    0432904308                           05           07/01/01          0
    1971440                              O            06/01/31
    0

    4983291          623/G02             F          145,600.00         ZZ
                                         360        145,273.79          1
                                       7.500          1,018.06         80
                                       7.250          1,018.06
    BROOKLYN CENTER  MN   55429          5            05/17/01         00
    0432904647                           05           07/01/01          0
    5352658                              O            06/01/31
    0

    4983746          601/G02             F          375,000.00         ZZ
                                         360        374,566.92          1
                                       8.750          2,950.13         75
                                       8.500          2,950.13
    COLORADO SPRING  CO   80920          5            06/27/01         00
    0433045754                           05           08/01/01          0
    60638897                             N            07/01/31
    0

    4988877          601/G02             F           88,720.00         ZZ
                                         360         88,594.35          1
                                       7.750            635.60         80
                                       7.500            635.60
    MURFREESBORO     TN   37129          1            06/29/01         00
    0433048147                           05           08/01/01          0
    60678836                             O            07/01/31
    0

    4990026          U05/G02             F          126,600.00         ZZ
                                         360        126,446.08          1
1

                                       8.500            973.44         65
                                       8.250            973.44
    CONROE           TX   77302          5            06/27/01         00
    0433058187                           05           08/01/01          0
    3140898                              O            07/01/31
    0

    4993401          H22/G02             F          100,000.00         ZZ
                                         360         99,929.42          1
                                       7.750            716.41         31
                                       7.500            716.41
    GOSHEN           CT   06756          5            06/28/01         00
    0432996940                           05           09/01/01          0
    0106005                              O            08/01/31
    0

    4994872          K15/G02             F          208,200.00         ZZ
                                         360        207,933.56          3
                                       8.250          1,564.14         85
                                       8.000          1,564.14
    ELMA             NY   14059          5            06/26/01         11
    0432948248                           05           08/01/01         12
    002360005303501                      O            07/01/31
    0

    4994909          601/G02             F          300,000.00         ZZ
                                         360        299,671.03          1
                                       9.000          2,413.87         75
                                       8.750          2,413.87
    DESTIN           FL   32541          1            06/22/01         00
    0433029816                           05           08/01/01          0
    60654910                             N            07/01/31
    0

    4996543          E76/G02             F           88,200.00         ZZ
                                         360         88,071.93          1
                                       7.625            624.27         90
                                       7.375            624.27
    OKLAHOMA CITY    OK   73120          5            06/26/01         12
    0432986206                           05           08/01/01         25
    10006944                             O            07/01/31
    0

    4996712          601/G02             F           89,300.00         ZZ
                                         360         89,160.24          1
                                       7.250            609.19         95
                                       7.000            609.19
    LEES SUMMIT      MO   64063          5            06/26/01         11
    0433113891                           05           08/01/01         30
1

    60610979                             O            07/01/31
    0

    4996945          A48/G02             F          294,000.00         ZZ
                                         360        293,797.68          1
                                       7.875          2,131.70         70
                                       7.625          2,131.70
    SAN JOSE         CA   95122          5            07/23/01         00
    0433099306                           05           09/01/01          0
    8511015198                           O            08/01/31
    0

    4997164          601/G02             F          102,700.00         ZZ
                                         360        102,561.72          1
                                       8.000            753.58         80
                                       7.750            753.58
    WESTMINSTER      CO   80030          1            06/29/01         00
    0433049400                           05           08/01/01          0
    60675303                             N            07/01/31
    0

    4998414          U62/G02             F           40,000.00         ZZ
                                         360         39,943.36          1
                                       7.750            286.56         32
                                       7.500            286.56
    WHEELING         IL   60090          5            06/23/01         00
    0432991818                           01           08/01/01          0
    2001259554                           O            07/01/31
    0

    5001350          E22/G02             F          207,900.00         ZZ
                                         360        207,293.00          1
                                       7.750          1,489.42         80
                                       7.500          1,489.42
    ELK GROVE        CA   95758          1            06/14/01         00
    0412723926                           03           08/01/01          0
    0412723926                           O            07/01/31
    0

    5003393          742/G02             F           39,500.00         ZZ
                                         360         39,500.00          1
                                       8.125            293.29         37
                                       7.875            293.29
    SOUTH GLENS FAL  NY   12803          1            08/06/01         00
    0433088895                           05           10/01/01          0
    1LOPEZ                               O            09/01/31
    0

1

    5003968          U05/G02             F          400,000.00         ZZ
                                         360        399,724.72          1
                                       7.875          2,900.28         67
                                       7.625          2,900.28
    HOUSTON          TX   77098          5            07/03/01         00
    0433060043                           05           09/01/01          0
    3143138                              O            08/01/31
    0

    5005987          K31/G02             F          166,000.00         ZZ
                                         360        165,876.80          1
                                       7.500          1,160.70         80
                                       7.250          1,160.70
    ALPHARETTA       GA   30022          1            07/31/01         00
    0433044625                           03           09/01/01          0
    682892                               O            08/01/31
    0

    5007645          E22/G02             F           76,500.00         ZZ
                                         360         76,386.10          1
                                       7.500            534.90         90
                                       7.250            534.90
    NORMAN           OK   73071          5            06/20/01         04
    0412647919                           05           08/01/01         25
    0412647919                           O            07/01/31
    0

    5007689          E22/G02             F          384,000.00         ZZ
                                         360        383,469.73          1
                                       7.875          2,784.27         80
                                       7.625          2,784.27
    HAYWARD          CA   94544          5            06/14/01         00
    0412713133                           05           08/01/01          0
    0412713133                           O            07/01/31
    0

    5008115          601/G02             F          119,000.00         ZZ
                                         360        118,822.81          1
                                       7.500            832.07         85
                                       7.250            832.07
    DAPHNE           AL   36526          5            06/28/01         10
    0433033180                           05           08/01/01         17
    60634953                             O            07/01/31
    0

    5008788          W39/G02             F           34,650.00         ZZ
                                         360         34,612.97          1
                                       9.125            281.93         95
                                       8.875            281.93
1

    DALLAS           TX   75219          1            06/06/01         04
    0433086253                           01           08/01/01         30
    0466237                              O            07/01/31
    0

    5008950          944/G02             F          352,000.00         ZZ
                                         360        351,725.40          1
                                       7.250          2,401.27         80
                                       7.000          2,401.27
    SALINAS          CA   93901          5            07/06/01         00
    0433049608                           05           09/01/01          0
    W01053681                            O            08/01/31
    0

    5008997          N74/G02             F          126,500.00         ZZ
                                         360        126,403.75          1
                                       7.375            873.70         75
                                       7.125            873.70
    LYNCHBURG        VA   24502          5            07/27/01         00
    0433078177                           05           09/01/01          0
    0029179010                           O            08/01/31
    0

    5009124          601/G02             F          275,000.00         T
                                         360        274,800.97          1
                                       7.625          1,946.43         79
                                       7.375          1,946.43
    DESTIN           FL   32550          1            07/06/01         00
    0433052602                           01           09/01/01          0
    60680238                             O            08/01/31
    0

    5009560          U05/G02             F          417,600.00         ZZ
                                         360        417,312.61          1
                                       7.875          3,027.89         80
                                       7.625          3,027.89
    SHERMON OAKS     CA   91423          1            07/02/01         00
    0433055456                           05           09/01/01          0
    3145550                              O            08/01/31
    0

    5009574          A48/G02             F          258,000.00         ZZ
                                         360        257,831.23          3
                                       8.125          1,915.64         80
                                       7.875          1,915.64
    BROOKLYN         NY   11236          2            07/27/01         00
    0433035888                           05           09/01/01          0
    2170702840                           N            08/01/31
    0
1

    5010768          Q59/G02             F          352,000.00         ZZ
                                         360        351,732.15          1
                                       7.375          2,431.18         80
                                       7.125          2,431.18
    DUARTE           CA   91010          5            07/25/01         00
    0433098878                           05           09/01/01          0
    303710                               O            08/01/31
    0

    5010789          964/G02             F           51,600.00         ZZ
                                         360         51,567.10          1
                                       8.250            387.65         64
                                       8.000            387.65
    PHOENIX          AZ   85033          5            07/25/01         00
    0433038221                           05           09/01/01          0
    132477                               O            08/01/31
    0

    5010856          B60/G02             F          437,500.00         ZZ
                                         360        436,780.67          1
                                       7.000          2,910.70         50
                                       6.750          2,910.70
    ENCINO AREA      CA   91316          1            06/21/01         00
    0433119336                           05           08/01/01          0
    335116                               O            07/01/31
    0

    5011324          G52/G02             F          160,000.00         ZZ
                                         360        159,659.02          1
                                       7.750          1,146.26         80
                                       7.500          1,146.26
    RIO RANCHO       NM   87124          5            05/10/01         00
    0433039211                           05           07/01/01          0
    5605000155                           O            06/01/31
    0

    5012597          A35/A35             F          326,400.00         ZZ
                                         360        326,175.37          1
                                       7.875          2,366.63         80
                                       7.625          2,366.63
    BROOKLYN         NY   11234          1            07/18/01         00
    1                                    05           09/01/01          0
    1                                    O            08/01/31
    0

    5013638          286/286             F          167,000.00         ZZ
                                         360        166,281.27          1
1

                                       7.750          1,196.41         80
                                       7.500          1,196.41
    ROSEVILLE        CA   95747          1            02/09/01         00
    248033                               05           04/01/01          0
    248033                               O            03/01/31
    0

    5013639          286/286             F          149,900.00         ZZ
                                         360        149,564.15          1
                                       7.500          1,048.13         47
                                       7.250          1,048.13
    ASHLAND          OR   97520          5            05/31/01         00
    267665                               05           07/01/01          0
    267665                               O            06/01/31
    0

    5013650          286/286             F          138,000.00         ZZ
                                         360        137,799.60          1
                                       7.625            976.76         70
                                       7.375            976.76
    ROYAL OAK        MI   48073          1            06/04/01         00
    417308                               05           08/01/01          0
    417308                               O            07/01/31
    0

    5013651          286/286             F          119,200.00         ZZ
                                         360        118,931.84          1
                                       7.375            823.29         80
                                       7.125            823.29
    JACKSONVILLE     OR   97530          1            06/05/01         00
    267904                               05           08/01/01          0
    267904                               O            07/01/31
    0

    5013654          286/286             F          152,000.00         ZZ
                                         360        151,762.13          1
                                       7.250          1,036.91         80
                                       7.000          1,036.91
    MESA             AZ   85208          1            06/07/01         00
    313447                               03           08/01/01          0
    313447                               O            07/01/31
    0

    5013667          286/286             F          210,000.00         ZZ
                                         360        208,921.07          1
                                       7.500          1,468.35         33
                                       7.250          1,468.35
    FORESTVILLE      CA   95436          2            05/29/01         00
    9826369                              05           07/01/01          0
1

    9826369                              O            06/01/31
    0

    5014393          601/G02             F          158,750.00         ZZ
                                         360        136,793.89          1
                                       8.250          1,192.64         70
                                       8.000          1,192.64
    ALPHARETTA       GA   30005          1            07/03/01         00
    0433049541                           03           08/01/01          0
    60688793                             O            07/01/31
    0

    5015452          E23/G02             F          220,000.00         ZZ
                                         360        219,519.26          3
                                       7.625          1,557.15         80
                                       7.375          1,557.15
    SAN DIEGO        CA   92104          1            05/10/01         00
    0432993202                           05           07/01/01          0
    11003976                             N            06/01/31
    0

    5015459          601/G02             F          192,000.00         ZZ
                                         360        191,864.48          1
                                       7.750          1,375.52         80
                                       7.500          1,375.52
    PAGOSA SPRINGS   CO   81147          2            07/06/01         00
    0433032588                           05           09/01/01          0
    60676848                             O            08/01/31
    0

    5016272          883/G02             F          126,800.00         ZZ
                                         360        126,112.00          1
                                       7.375            875.78         71
                                       7.125            875.78
    LOXAHATCHEE      FL   33470          1            03/02/01         00
    0433078086                           05           04/01/01          0
    236921650                            O            03/01/31
    0

    5017193          G52/G02             F          500,000.00         ZZ
                                         360        499,343.64          1
                                       8.125          3,712.49         71
                                       7.875          3,712.49
    MESA             AZ   85213          1            06/29/01         00
    0433060233                           03           08/01/01          0
    6400000253                           O            07/01/31
    0

1

    5017795          E46/G02             F          138,000.00         ZZ
                                         360        137,918.53          1
                                       8.625          1,073.35         79
                                       8.375          1,073.35
    WEST PITTSON     PA   18643          5            07/23/01         00
    0433045291                           05           09/01/01          0
    00503580                             O            08/01/31
    0

    5019210          E47/G02             F          342,000.00         ZZ
                                         360        341,752.48          1
                                       7.625          2,420.65         95
                                       7.375          2,420.65
    SAN JOSE         CA   95111          1            07/12/01         11
    0433092293                           05           09/01/01         30
    7333011492                           O            08/01/31
    0

    5019611          601/G02             F          464,800.00         ZZ
                                         360        464,488.13          1
                                       8.000          3,410.54         80
                                       7.750          3,410.54
    ATLANTA          GA   30307          1            07/16/01         00
    0433113941                           05           09/01/01          0
    60676103                             O            08/01/31
    0

    5019910          964/G02             F          145,200.00         ZZ
                                         360        145,092.24          1
                                       7.500          1,015.26         61
                                       7.250          1,015.26
    PALM SPRINGS     CA   92264          5            07/18/01         00
    0433011962                           05           09/01/01          0
    132703                               O            08/01/31
    0

    5021112          H58/G02             F           91,200.00         ZZ
                                         360         91,137.24          1
                                       7.875            661.26         95
                                       7.625            661.26
    SACRAMENTO       CA   95825          1            07/17/01         01
    0433076379                           01           09/01/01         30
    0000068657                           O            08/01/31
    0

    5021441          601/G02             F           57,000.00         ZZ
                                         360         56,898.31          4
                                       8.625            443.34         95
                                       8.375            443.34
1

    SAINT LOUIS      MO   63116          1            07/02/01         12
    0433052800                           05           08/01/01         30
    60656790                             O            07/01/31
    0

    5021472          964/G02             F          118,400.00         ZZ
                                         360        118,223.71          1
                                       7.500            827.87         80
                                       7.250            827.87
    MILWAUKIE        OR   97267          5            06/27/01         00
    0432991511                           05           08/01/01          0
    128838                               O            07/01/31
    0

    5022083          994/G02             F          364,000.00         ZZ
                                         360        363,451.79          1
                                       7.750          2,607.74         80
                                       7.500          2,607.74
    CASTRO VALLEY    CA   94546          5            07/12/01         00
    0433132610                           05           09/01/01          0
    818441867                            O            08/01/31
    0

    5024528          E46/G02             F          225,250.00         ZZ
                                         360        225,091.02          3
                                       7.750          1,613.72         84
                                       7.500          1,613.72
    LANGHORNE        PA   19047          5            07/02/01         04
    0432981165                           05           09/01/01         12
    00503459                             O            08/01/31
    0

    5024777          144/144             F          525,000.00         ZZ
                                         360        524,610.37          1
                                       7.500          3,670.88         78
                                       7.250          3,670.88
    NEW PALTZ        NY   12561          5            07/06/01         00
    160669382                            05           09/01/01          0
    160669382                            O            08/01/31
    0

    5025691          601/G02             F          248,000.00         ZZ
                                         360        247,811.30          1
                                       7.375          1,712.87         80
                                       7.125          1,712.87
    OMAHA            NE   68136          1            07/02/01         00
    0433035201                           05           09/01/01          0
    60658879                             O            08/01/31
    0
1

    5026011          T44/G02             F          182,000.00         ZZ
                                         360        181,767.08          1
                                       8.250          1,367.31         70
                                       8.000          1,367.31
    PORTLAND         OR   97215          1            06/28/01         00
    0433012150                           05           08/01/01          0
    1015114                              O            07/01/31
    0

    5026359          253/253             F          115,200.00         ZZ
                                         360        115,024.14          1
                                       7.375            795.66         80
                                       7.125            795.66
    ARLINGTON        TX   76013          1            07/03/01         00
    972521                               05           08/01/01          0
    972521                               O            07/01/31
    0

    5026983          W30/G02             F          172,800.00         ZZ
                                         360        172,567.33          3
                                       8.000          1,267.95         90
                                       7.750          1,267.95
    LOWELL           MA   01851          1            07/02/01         14
    0433112513                           05           08/01/01         30
    0474177                              O            07/01/31
    0

    5027400          G52/G02             F          105,000.00         ZZ
                                         360        104,878.73          1
                                       8.750            826.04         75
                                       8.500            826.04
    SAN DIEGO        CA   92113          5            06/12/01         00
    0433051422                           05           08/01/01          0
    8005000357                           N            07/01/31
    0

    5027783          601/G02             F          190,800.00         ZZ
                                         360        190,568.00          4
                                       8.500          1,467.09         90
                                       8.250          1,467.09
    HOUSTON          TX   77023          1            07/03/01         14
    0433049830                           05           08/01/01         25
    60637477                             N            07/01/31
    0

    5027888          601/G02             F           53,000.00         ZZ
                                         360         52,966.21          1
1

                                       8.250            398.17         72
                                       8.000            398.17
    SENECA           MO   64865          2            07/24/01         00
    0433049962                           05           09/01/01          0
    60642634                             O            08/01/31
    0

    5028281          601/G02             F          151,000.00         ZZ
                                         360        150,896.08          1
                                       7.875          1,094.86         64
                                       7.625          1,094.86
    LONGMONT         CO   80501          5            07/03/01         00
    0433047651                           03           09/01/01          0
    60683885                             O            08/01/31
    0

    5029828          950/G02             F          157,000.00         ZZ
                                         360        156,788.61          4
                                       8.000          1,152.01         90
                                       7.750          1,152.01
    SUMNER           WA   98390          1            07/02/01         04
    0433126208                           05           08/01/01         25
    E2105489                             N            07/01/31
    0

    5030427          737/G02             F           89,000.00         ZZ
                                         360         88,940.28          1
                                       8.000            653.05         62
                                       7.750            653.05
    SCOTTSDALE       AZ   85251          1            07/06/01         00
    0433016342                           05           09/01/01          0
    2029621                              N            08/01/31
    0

    5030880          E85/G02             F          440,000.00         ZZ
                                         360        439,697.19          1
                                       7.875          3,190.31         57
                                       7.625          3,190.31
    SAN RAFAEL       CA   94901          5            07/03/01         00
    0433085172                           05           09/01/01          0
    9610200                              O            08/01/31
    0

    5031230          B60/G02             F          180,000.00         ZZ
                                         360        179,731.99          1
                                       7.500          1,258.59         38
                                       7.250          1,258.59
    SAN FRANCISCO    CA   94110          5            06/21/01         00
    0432993442                           05           08/01/01          0
1

    336777                               O            07/01/31
    0

    5031742          M05/G02             F          111,750.00         ZZ
                                         360        111,684.01          1
                                       8.625            869.19         75
                                       8.375            869.19
    RONKONKOMA       NY   11779          1            07/17/01         00
    0433025400                           01           09/01/01          0
    1                                    O            08/01/31
    0

    5032759          144/144             F          136,500.00         ZZ
                                         360        136,393.52          1
                                       7.250            931.17         42
                                       7.000            931.17
    HURLEY           NY   12443          5            07/03/01         00
    160669051                            05           09/01/01          0
    160669051                            O            08/01/31
    0

    5033987          773/G02             F           79,800.00         ZZ
                                         360         79,751.65          3
                                       8.500            613.60         95
                                       8.250            613.60
    SANFORD          ME   04073          1            07/31/01         04
    0433091188                           05           09/01/01         30
    7153                                 O            08/01/31
    0

    5035167          B57/G02             F           71,500.00         ZZ
                                         360         71,448.25          1
                                       7.625            506.07         32
                                       7.375            506.07
    VICTORVILLE      CA   92392          5            07/01/01         00
    0433080090                           03           09/01/01          0
    2114185                              O            08/01/31
    0

    5036389          H76/G02             F          225,000.00         ZZ
                                         360        224,849.02          1
                                       8.000          1,650.98         73
                                       7.750          1,650.98
    YONKERS          NY   10703          5            07/02/01         00
    0433004421                           05           09/01/01          0
    2001390998                           O            08/01/31
    0

1

    5038078          964/G02             F          109,200.00         T
                                         360        109,118.96          1
                                       7.500            763.54         80
                                       7.250            763.54
    LAS VEGAS        NV   89102          1            07/07/01         00
    0432999209                           05           09/01/01          0
    132959                               O            08/01/31
    0

    5041661          N74/G02             F          162,400.00         ZZ
                                         360        162,276.42          1
                                       7.375          1,121.66         80
                                       7.125          1,121.66
    THOMASVILLE      NC   27360          5            06/28/01         00
    0432993103                           05           09/01/01          0
    0029066010                           O            08/01/31
    0

    5043445          601/G02             F          132,000.00         ZZ
                                         360        131,922.06          1
                                       8.625          1,026.69         80
                                       8.375          1,026.69
    EAST POINT       GA   30344          1            07/06/01         00
    0433024122                           05           09/01/01          0
    60666203                             N            08/01/31
    0

    5043500          601/G02             F           83,200.00         ZZ
                                         360         83,150.87          1
                                       8.625            647.13         80
                                       8.375            647.13
    ATLANTA          GA   30310          1            07/06/01         00
    0433047875                           05           09/01/01          0
    60666245                             N            08/01/31
    0

    5043738          U62/G02             F           95,000.00         ZZ
                                         360         94,929.50          1
                                       7.500            664.25         44
                                       7.250            664.25
    MANCHESTER       MO   63011          5            07/03/01         00
    0433052503                           05           09/01/01          0
    2001252603                           O            08/01/31
    0

    5048173          A48/G02             F          193,500.00         ZZ
                                         360        193,356.40          2
                                       7.500          1,352.98         90
                                       7.250          1,352.98
1

    BROOKLYN         NY   11221          1            07/26/01         11
    0433086345                           05           09/01/01         25
    2502101977                           O            08/01/31
    0

    5049190          L94/G02             F          384,000.00         ZZ
                                         360        383,748.81          1
                                       8.125          2,851.19         80
                                       7.875          2,851.19
    MIDWAY           UT   84049          2            07/17/01         00
    0433039880                           03           09/01/01          0
    100004511                            N            08/01/31
    0

    5049286          U28/G02             F           75,600.00         ZZ
                                         360         75,549.27          1
                                       8.000            554.73         90
                                       7.750            554.73
    CAMILA           GA   31730          1            07/17/01         10
    0433036100                           05           09/01/01         25
    HAYESRA                              O            08/01/31
    0

    5049489          G34/G02             F          191,250.00         ZZ
                                         360        191,131.13          3
                                       8.375          1,453.64         90
                                       8.125          1,453.64
    CARSON           CA   90810          1            07/17/01         01
    0433099132                           05           09/01/01         25
    77118903                             N            08/01/31
    0

    5051196          N47/G02             F          130,900.00         ZZ
                                         360        130,723.75          1
                                       8.000            960.50         85
                                       7.750            960.50
    KENNESAW         GA   30144          1            06/18/01         12
    0433012176                           05           08/01/01         12
    40110894                             O            07/01/31
    0

    5051866          G18/G02             F          391,200.00         ZZ
                                         360        390,902.33          1
                                       7.375          2,701.92         80
                                       7.125          2,701.92
    STILLWATER       MN   55082          1            07/10/01         00
    0433040417                           05           09/01/01          0
    01DH00018900                         O            08/01/31
    0
1

    5051894          A06/G02             F          194,000.00         ZZ
                                         360        193,725.27          1
                                       7.750          1,389.84         80
                                       7.500          1,389.84
    MARSHALL TOWNSH  MI   49068          1            07/06/01         00
    0432991396                           05           08/01/01          0
    4982188                              O            07/01/31
    0

    5053790          E22/G02             F          192,000.00         ZZ
                                         360        191,760.49          4
                                       8.375          1,459.34         80
                                       8.125          1,459.34
    HOLLYWOOD        FL   33020          2            06/25/01         00
    0412675076                           05           08/01/01          0
    0412675076                           O            07/01/31
    0

    5053791          E22/G02             F           75,000.00         ZZ
                                         360         74,893.79          1
                                       7.750            537.31         62
                                       7.500            537.31
    BROKEN ARROW     OK   74014          2            06/22/01         00
    0412675142                           05           08/01/01          0
    0412675142                           O            07/01/31
    0

    5053925          E22/G02             F          140,000.00         ZZ
                                         360        139,780.90          1
                                       7.250            955.05         80
                                       7.000            955.05
    DALLAS           TX   75219          2            06/25/01         00
    0412758674                           06           08/01/01          0
    0412758674                           O            07/01/31
    0

    5054677          P34/G02             F          141,500.00         ZZ
                                         360        141,336.57          2
                                       8.750          1,113.19         55
                                       8.500          1,113.19
    REHOBOTH         MA   02769          5            06/27/01         00
    0433011954                           05           08/01/01          0
    61672                                N            07/01/31
    0

    5054982          U05/G02             F          108,000.00         ZZ
                                         360        107,927.53          1
1

                                       8.000            792.47         80
                                       7.750            792.47
    PLANO            TX   75075          5            07/05/01         00
    0433055449                           05           09/01/01          0
    3148600                              O            08/01/31
    0

    5055135          601/G02             F          120,000.00         ZZ
                                         360        119,915.30          1
                                       7.750            859.70         45
                                       7.500            859.70
    SANTA FE         NM   87562          5            07/09/01         00
    0433035540                           05           09/01/01          0
    60663291                             O            08/01/31
    0

    5055354          N47/G02             F          437,500.00         ZZ
                                         360        436,864.69          1
                                       7.625          3,096.60         70
                                       7.375          3,096.60
    SAN RAMON        CA   94583          5            06/12/01         00
    0433097177                           03           08/01/01          0
    20210414                             O            07/01/31
    0

    5056831          F96/G02             F          238,000.00         ZZ
                                         360        237,836.21          1
                                       7.875          1,725.67         70
                                       7.625          1,725.67
    FORT LAUDERDALE  FL   33332          1            07/10/01         00
    0433058468                           03           09/01/01          0
    0105115                              O            08/01/31
    0

    5056836          N74/G02             F          126,500.00         ZZ
                                         360        126,403.75          1
                                       7.375            873.70         73
                                       7.125            873.70
    NORTH OGDEN      UT   84414          1            07/09/01         00
    0433002938                           05           09/01/01          0
    0029076010                           O            08/01/31
    0

    5058424          K89/G02             F          162,000.00         ZZ
                                         360        162,000.00          4
                                       8.500          1,245.64         90
                                       8.250          1,245.64
    NORTH MIAMI      FL   33161          1            08/15/01         10
    0433116696                           05           10/01/01         25
1

    200107011                            N            09/01/31
    0

    5058426          L99/G02             F           68,400.00         ZZ
                                         360         68,359.62          2
                                       8.625            532.01         90
                                       8.375            532.01
    SAINT LOUIS      MO   63116          1            07/30/01         01
    0433085818                           05           09/01/01         25
    5058426                              N            08/01/31
    0

    5058640          G34/G02             F           95,900.00         ZZ
                                         360         95,838.85          1
                                       8.250            720.46         70
                                       8.000            720.46
    SANTA ANA        CA   92703          1            07/25/01         00
    0433136207                           09           09/01/01          0
    19106905                             N            08/01/31
    0

    5060116          N74/G02             F           34,000.00         ZZ
                                         360         34,000.00          1
                                       7.625            240.65         68
                                       7.375            240.65
    MESQUITE         TX   75149          5            07/30/01         00
    0433101698                           05           10/01/01          0
    0029184010                           O            09/01/31
    0

    5061064          U05/G02             F          339,200.00         ZZ
                                         360        338,776.85          1
                                       8.375          2,578.17         80
                                       8.125          2,578.17
    ANAHEIM          CA   92808          1            06/26/01         00
    0433041332                           03           08/01/01          0
    3138420                              O            07/01/31
    0

    5061886          E22/G02             F          188,000.00         ZZ
                                         360        187,720.09          1
                                       7.500          1,314.52         80
                                       7.250          1,314.52
    KIRKLAND         WA   98034          5            06/25/01         00
    0412748162                           09           08/01/01          0
    0412748162                           O            07/01/31
    0

1

    5062116          G52/G02             F          100,000.00         ZZ
                                         360         99,861.91          1
                                       7.875            725.07         80
                                       7.625            725.07
    POMONA           CA   91766          2            06/15/01         00
    0433007788                           05           08/01/01          0
    8905000711                           O            07/01/31
    0

    5062151          U73/G02             F          142,000.00         ZZ
                                         360        141,913.97          1
                                       8.500          1,091.86         95
                                       8.250          1,091.86
    BOWLING GREEN    KY   42101          5            07/20/01         10
    0433146636                           05           09/01/01         30
    9215010006130                        O            08/01/31
    0

    5062613          U05/G02             F          606,000.00         ZZ
                                         360        605,561.40          1
                                       7.625          4,289.23         74
                                       7.375          4,289.23
    CROWNSVILLE      MD   21032          5            07/17/01         00
    0433041944                           03           09/01/01          0
    3140476                              O            08/01/31
    0

    5062952          E23/G02             F           95,200.00         ZZ
                                         360         95,131.10          1
                                       7.625            673.82         80
                                       7.375            673.82
    PRESCOTT         AZ   86303          5            07/12/01         00
    0433018710                           05           09/01/01          0
    41001923                             O            08/01/31
    0

    5066558          A46/G02             F          476,000.00         ZZ
                                         360        475,646.73          1
                                       7.500          3,328.27         80
                                       7.250          3,328.27
    FRIENDSWOOD      TX   77546          2            07/09/01         00
    0433015930                           03           09/01/01          0
    0296710                              O            08/01/31
    0

    5066845          601/G02             F          148,000.00         ZZ
                                         360        147,887.38          1
                                       7.375          1,022.20         80
                                       7.125          1,022.20
1

    SPRING           TX   77388          1            07/26/01         00
    0433047685                           03           09/01/01          0
    60701794                             O            08/01/31
    0

    5066939          964/G02             F          259,000.00         ZZ
                                         360        258,802.92          1
                                       7.375          1,788.85         73
                                       7.125          1,788.85
    GOLDEN           CO   80401          5            07/10/01         00
    0433104007                           03           09/01/01          0
    129945                               O            08/01/31
    0

    5068814          E22/G02             F          136,000.00         ZZ
                                         360        135,770.84          1
                                       6.875            893.42         76
                                       6.625            893.42
    AMITYVILLE       NY   11701          2            06/27/01         00
    0412596231                           05           08/01/01          0
    0412596231                           O            07/01/31
    0

    5069061          950/G02             F          240,000.00         ZZ
                                         360        239,462.33          1
                                       7.500          1,678.11         80
                                       7.250          1,678.11
    REDDING          CA   96002          5            05/21/01         00
    0433038999                           05           07/01/01          0
    A5105009                             O            06/01/31
    0

    5069723          L99/G02             F           83,600.00         ZZ
                                         360         83,554.34          4
                                       9.000            672.66         95
                                       8.750            672.66
    DAYTON           OH   45429          1            07/10/01         10
    0433085974                           05           09/01/01         30
    211114                               O            08/01/31
    0

    5070925          601/G02             F          107,600.00         ZZ
                                         360        107,518.12          1
                                       7.375            743.17         90
                                       7.125            743.17
    BLOOMING PRAIRI  MN   55917          1            07/13/01         11
    0433048717                           05           09/01/01         25
    60674967                             O            08/01/31
    0
1

    5071110          168/168             F          128,000.00         ZZ
                                         360        127,823.24          1
                                       7.875            928.09         78
                                       7.625            928.09
    CLIFTON PARK     NY   12065          1            06/22/01         00
    0189779977                           03           08/01/01          0
    0189779977                           O            07/01/31
    0

    5071461          601/G02             F          297,000.00         ZZ
                                         360        296,833.49          1
                                       8.875          2,363.07         90
                                       8.625          2,363.07
    POWDER SPRINGS   GA   30127          1            07/10/01         10
    0433113917                           05           09/01/01         25
    60623378                             O            08/01/31
    0

    5071518          B57/G02             F          119,500.00         ZZ
                                         360        119,423.80          2
                                       8.250            897.76         57
                                       8.000            897.76
    LOS ANGELES      CA   90023          5            07/19/01         00
    0433046174                           05           09/01/01          0
    2114998                              N            08/01/31
    0

    5071697          076/076             F           82,450.00         ZZ
                                         360         82,269.82          1
                                       7.625            583.58         85
                                       7.375            583.58
    BENTON HARBOR    MI   49022          2            04/30/01         12
    4520365                              05           07/01/01         12
    4520365                              O            06/01/31
    0

    5072835          964/G02             F          157,600.00         ZZ
                                         360        157,488.76          2
                                       7.750          1,129.07         80
                                       7.500          1,129.07
    SACRAMENTO       CA   95815          1            07/19/01         00
    0433044658                           05           09/01/01          0
    127337                               N            08/01/31
    0

    5073797          E23/G02             F          376,000.00         ZZ
                                         360        375,720.95          1
1

                                       7.500          2,629.05         80
                                       7.250          2,629.05
    SAN DIEGO        CA   92115          5            07/17/01         00
    0433039815                           05           09/01/01          0
    51004729                             O            08/01/31
    0

    5073897          964/G02             F          380,000.00         ZZ
                                         360        379,731.80          1
                                       7.750          2,722.37         80
                                       7.500          2,722.37
    WEST HILLS       CA   91307          2            07/11/01         00
    0433013273                           05           09/01/01          0
    130760                               O            08/01/31
    0

    5074120          E11/G02             F          162,000.00         ZZ
                                         360        161,891.30          1
                                       8.000          1,188.70         90
                                       7.750          1,188.70
    WEST LAKELAND    MN   55082          1            08/03/01         04
    0433098522                           05           09/01/01         25
    0002001032261                        O            08/01/31
    0

    5074556          A52/G02             F          306,850.00         ZZ
                                         360        306,638.82          1
                                       7.875          2,224.88         85
                                       7.625          2,224.88
    LITHONIA         GA   30058          5            07/12/01         11
    0433069317                           03           09/01/01         12
    15622                                O            08/01/31
    0

    5074658          742/G02             F          142,400.00         ZZ
                                         360        142,302.00          1
                                       7.875          1,032.50         80
                                       7.625          1,032.50
    HOLLAND          NY   14080          1            07/16/01         00
    0433051265                           05           09/01/01          0
    6386577                              O            08/01/31
    0

    5076157          964/G02             F          115,000.00         ZZ
                                         360        114,908.03          1
                                       7.125            774.78         77
                                       6.875            774.78
    HENDERSON        NV   89015          2            07/30/01         00
    0433047420                           03           09/01/01          0
1

    134349                               O            08/01/31
    0

    5076387          K15/G02             F           94,000.00         ZZ
                                         360         93,948.14          1
                                       9.000            756.86         90
                                       8.750            756.86
    PHOENIX          AZ   85017          5            07/09/01         26
    0433013554                           05           09/01/01         25
    021705303675                         O            08/01/31
    0

    5076599          Q99/G02             F          222,000.00         ZZ
                                         360        221,693.45          1
                                       7.875          1,609.65         74
                                       7.625          1,609.65
    WEBSTER          MA   01570          5            07/16/01         00
    0433006848                           05           08/20/01          0
    1                                    O            07/20/31
    0

    5076830          356/G02             F          465,000.00         ZZ
                                         360        463,905.18          1
                                       7.250          3,172.12         75
                                       7.000          3,172.12
    SAN RAMON        CA   94583          5            05/15/01         00
    0433085586                           05           07/01/01          0
    2772                                 O            06/01/31
    0

    5077422          E22/G02             F          191,000.00         ZZ
                                         360        190,767.78          1
                                       8.500          1,468.62         77
                                       8.250          1,468.62
    BURLESON         TX   76028          5            06/28/01         00
    0412770737                           05           08/01/01          0
    0412770737                           O            07/01/31
    0

    5077543          E82/G02             F          220,000.00         ZZ
                                         360        219,664.15          1
                                       7.375          1,519.49         80
                                       7.125          1,519.49
    WOODLAND PARK    CO   80863          5            06/26/01         00
    0400417028                           05           08/01/01          0
    0400417028                           O            07/01/31
    0

1

    5078103          T90/G02             F           86,925.00         ZZ
                                         360         86,877.52          2
                                       9.000            699.42         95
                                       8.750            699.42
    BATON ROUGE      LA   70806          1            07/11/01         12
    0433052594                           05           09/01/01         30
    52842                                O            08/01/31
    0

    5079334          975/G02             F          200,000.00         ZZ
                                         360        199,851.57          1
                                       7.500          1,398.43         80
                                       7.250          1,398.43
    SAN DIEGO        CA   92126          5            07/02/01         00
    0433012200                           05           09/01/01          0
    2012818                              O            08/01/31
    0

    5080022          883/G02             F          188,100.00         ZZ
                                         360        187,867.35          1
                                       8.375          1,429.70         69
                                       8.125          1,429.70
    UMATILLA         FL   32784          1            06/29/01         00
    0433104064                           05           08/01/01          0
    05010690                             O            07/01/31
    0

    5080353          964/G02             F          312,000.00         ZZ
                                         360        311,790.65          1
                                       8.000          2,289.35         80
                                       7.750          2,289.35
    GOLD RIVER       CA   95670          5            07/18/01         00
    0433047511                           03           09/01/01          0
    130384                               O            08/01/31
    0

    5080447          W08/G02             F          328,200.00         ZZ
                                         360        327,974.13          1
                                       7.875          2,379.68         84
                                       7.625          2,379.68
    CORAL GABLES     FL   33134          5            08/01/01         10
    0433078326                           05           09/01/01         12
    010169M                              O            08/01/31
    0

    5080613          700/G02             F          105,000.00         ZZ
                                         360        104,925.89          1
                                       7.750            752.23         57
                                       7.500            752.23
1

    GRAND TERRACE    CA   92313          1            07/16/01         00
    0433055712                           05           09/01/01          0
    00260292                             O            08/01/31
    0

    5085296          074/G02             F           89,200.00         ZZ
                                         360         89,073.68          1
                                       7.750            639.04         56
                                       7.500            639.04
    HOOKSETT         NH   03106          2            06/12/01         00
    0432928257                           01           08/01/01          0
    1815127079                           O            07/01/31
    0

    5085306          074/G02             F           77,200.00         ZZ
                                         360         77,027.05          1
                                       7.500            539.79         90
                                       7.250            539.79
    HAMPTON          VA   23666          1            05/30/01         04
    0432933687                           05           07/01/01         25
    1782078402                           N            06/01/31
    0

    5085326          074/G02             F          200,780.00         ZZ
                                         360        200,495.67          1
                                       7.750          1,438.41         78
                                       7.500          1,438.41
    INGLESIDE        IL   60041          2            06/11/01         00
    0432947158                           05           08/01/01          0
    1606125432                           O            07/01/31
    0

    5085328          074/G02             F          128,350.00         ZZ
                                         360        128,062.45          1
                                       7.500            897.44         63
                                       7.250            897.44
    ROSELLE          IL   60172          2            05/24/01         00
    0432934636                           05           07/01/01          0
    1600070746                           O            06/01/31
    0

    5085345          074/G02             F          118,400.00         T
                                         360        118,252.29          1
                                       8.375            899.93         80
                                       8.125            899.93
    MIAMI            FL   33178          1            06/15/01         00
    0432948735                           01           08/01/01          0
    1589617206                           O            07/01/31
    0
1

    5085365          074/G02             F           46,600.00         ZZ
                                         360         46,530.60          2
                                       7.500            325.84         88
                                       7.250            325.84
    PITTSBURGH       PA   15214          1            06/25/01         01
    0432960292                           03           08/01/01         25
    1581571236                           N            07/01/31
    0

    5085377          074/G02             F           62,000.00         ZZ
                                         360         61,916.51          1
                                       8.000            454.94         47
                                       7.750            454.94
    BRUNSWICK        GA   31523          2            06/15/01         00
    0432926541                           27           08/01/01          0
    1577507867                           O            07/01/31
    0

    5085382          074/G02             F           64,850.00         ZZ
                                         360         64,681.10          1
                                       7.125            436.91         42
                                       6.875            436.91
    ROWLETT          TX   75089          2            05/25/01         00
    0432960805                           05           07/01/01          0
    1563454693                           O            06/01/31
    0

    5085395          074/G02             F          125,000.00         ZZ
                                         360        124,813.88          1
                                       7.500            874.02         12
                                       7.250            874.02
    LOS GATOS        CA   95032          2            06/11/01         00
    0432948875                           05           08/01/01          0
    1561537224                           O            07/01/31
    0

    5085400          074/G02             F           62,500.00         ZZ
                                         360         62,406.95          1
                                       7.500            437.01         79
                                       7.250            437.01
    OCALA            FL   34480          2            06/20/01         00
    0432948230                           05           08/01/01          0
    1533165212                           O            07/01/31
    0

    5085406          074/G02             F          175,000.00         T
                                         360        174,745.87          1
1

                                       7.625          1,238.64         70
                                       7.375          1,238.64
    HARLINGEN        TX   78550          1            06/22/01         00
    0432944049                           05           08/01/01          0
    1530002415                           O            07/01/31
    0

    5085415          074/G02             F          235,000.00         ZZ
                                         360        234,511.65          1
                                       7.875          1,703.91         32
                                       7.625          1,703.91
    SEMINOLE         FL   33772          5            05/25/01         00
    0432946481                           05           07/01/01          0
    1516067501                           O            06/01/31
    0

    5085430          074/G02             F          140,000.00         T
                                         360        139,796.70          1
                                       7.625            990.91         56
                                       7.375            990.91
    DAVENPORT        FL   33837          1            06/25/01         00
    0432956290                           03           08/01/01          0
    1331218041                           O            07/01/31
    0

    5085437          074/G02             F           98,392.00         ZZ
                                         360         98,256.13          1
                                       7.875            713.41         80
                                       7.625            713.41
    MIAMI            FL   33178          1            06/25/01         00
    0432933125                           01           08/01/01          0
    1311386666                           O            07/01/31
    0

    5085442          074/G02             F           73,600.00         T
                                         360         73,450.87          1
                                       8.000            540.05         80
                                       7.750            540.05
    WEST PALM BEACH  FL   33415          1            05/25/01         00
    0432928455                           09           07/01/01          0
    1303052439                           O            06/01/31
    0

    5085465          074/G02             F           95,900.00         ZZ
                                         360         95,749.92          1
                                       7.250            654.21         59
                                       7.000            654.21
    MONTROSE         CO   81401          2            06/22/01         00
    0432952992                           05           08/01/01          0
1

    1274008843                           O            07/01/31
    0

    5085469          074/G02             F           55,500.00         ZZ
                                         360         55,345.73          1
                                       7.875            402.41         79
                                       7.625            402.41
    SACRAMENTO       CA   95821          2            04/06/01         00
    0432932226                           01           06/01/01          0
    1262012413                           O            05/01/31
    0

    5086348          964/G02             F           90,550.00         ZZ
                                         360         90,486.09          1
                                       7.750            648.71         80
                                       7.500            648.71
    PHOENIX          AZ   85032          1            07/24/01         00
    0433040607                           05           09/01/01          0
    134359                               O            08/01/31
    0

    5087456          E22/G02             F          146,400.00         E
                                         360        146,212.66          1
                                       8.250          1,099.85         46
                                       8.000          1,099.85
    KIHEI            HI   96753          1            06/28/01         00
    0412773996                           21           08/01/01          0
    0412773996                           N            07/01/31
    0

    5087480          E22/G02             F          211,883.00         ZZ
                                         360        211,733.45          1
                                       7.750          1,517.96         85
                                       7.500          1,517.96
    FOLSOM           CA   95630          1            07/03/01         01
    0412807802                           03           09/01/01         25
    0412807802                           O            08/01/31
    0

    5087698          486/G02             F          119,000.00         ZZ
                                         360        118,916.01          1
                                       7.750            852.53         73
                                       7.500            852.53
    RENO             NV   89502          5            07/13/01         00
    0433035581                           05           09/01/01          0
    CRN0838                              O            08/01/31
    0

1

    5087741          B28/G02             F          175,000.00         ZZ
                                         360        174,888.41          2
                                       8.250          1,314.72         45
                                       8.000          1,314.72
    HAYWARD          CA   94541          5            07/23/01         00
    0433042900                           05           09/01/01          0
    0106130005                           O            08/01/31
    0

    5088386          U05/G02             F           79,600.00         ZZ
                                         360         79,551.77          1
                                       8.500            612.06         80
                                       8.250            612.06
    ALLEN            TX   75002          5            07/13/01         00
    0433055548                           05           09/01/01          0
    3141640                              O            08/01/31
    0

    5088484          758/G02             F           50,000.00         ZZ
                                         360         49,964.71          1
                                       7.750            358.21         53
                                       7.500            358.21
    TEMPLE           TX   76502          5            07/16/01         00
    0433101821                           05           09/01/01          0
    580102                               O            08/01/31
    0

    5089467          E11/G02             F          267,250.00         ZZ
                                         360        267,066.08          1
                                       7.875          1,937.75         90
                                       7.625          1,937.75
    ORONO            MN   55359          1            07/19/01         04
    0433067956                           05           09/01/01         25
    1                                    O            08/01/31
    0

    5090668          253/253             F          183,194.00         ZZ
                                         360        183,064.70          1
                                       7.750          1,312.43         80
                                       7.500          1,312.43
    GOODYEAR         AZ   85338          1            07/13/01         00
    971112                               03           09/01/01          0
    971112                               O            08/01/31
    0

    5092230          B98/G02             F          388,000.00         ZZ
                                         360        387,726.15          1
                                       7.750          2,779.68         80
                                       7.500          2,779.68
1

    HAYWARD          CA   94545          5            07/26/01         00
    0433052628                           05           09/01/01          0
    1                                    O            08/01/31
    0

    5092272          U05/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         90
                                       7.250          2,517.17
    CERRITOS         CA   90703          2            08/01/01         11
    0433099504                           05           10/01/01         25
    3140536                              O            09/01/31
    0

    5093097          U59/G02             F           75,000.00         ZZ
                                         360         74,893.79          1
                                       7.750            537.31         66
                                       7.500            537.31
    RICHTON PARK     IL   60471          5            06/26/01         00
    0432995058                           05           08/01/01          0
    800847947                            O            07/01/31
    0

    5094537          U62/G02             F           68,000.00         ZZ
                                         360         67,946.95          1
                                       7.250            463.88         80
                                       7.000            463.88
    SUGAR LAND       TX   77479          5            07/13/01         00
    0433034345                           09           09/01/01          0
    2001261993                           O            08/01/31
    0

    5094551          N47/G02             F          308,000.00         ZZ
                                         360        307,753.70          1
                                       7.125          2,075.05         80
                                       6.875          2,075.05
    JAMUL            CA   91935          5            07/26/01         00
    0433057791                           03           09/01/01          0
    30111210                             O            08/01/31
    0

    5094840          U05/G02             F          440,000.00         ZZ
                                         360        439,681.54          1
                                       7.625          3,114.29         80
                                       7.375          3,114.29
    THOUSAND OAKS    CA   91360          1            07/25/01         00
    0433102126                           03           09/01/01          0
    3150031                              O            08/01/31
    0
1

    5095709          624/G02             F          400,000.00         ZZ
                                         360        399,710.50          1
                                       7.625          2,831.17         80
                                       7.375          2,831.17
    PISMO BEACH      CA   93449          5            07/20/01         00
    0433041936                           05           09/01/01          0
    72005510176F                         O            08/01/31
    0

    5096631          253/253             F          392,000.00         ZZ
                                         360        391,730.22          1
                                       7.875          2,842.28         80
                                       7.625          2,842.28
    MEAD             CO   80542          5            07/25/01         00
    972068                               05           09/01/01          0
    972068                               O            08/01/31
    0

    5096774          601/G02             F          318,500.00         ZZ
                                         360        318,257.64          1
                                       7.375          2,199.81         65
                                       7.125          2,199.81
    LOVELADIES       NJ   08008          5            07/25/01         00
    0433034881                           05           09/01/01          0
    60735313                             O            08/01/31
    0

    5097217          E22/G02             F          235,000.00         ZZ
                                         360        234,842.32          2
                                       8.000          1,724.35         68
                                       7.750          1,724.35
    MORRIS TOWNSHIP  NJ   07960          5            07/03/01         00
    0412612608                           05           09/01/01          0
    0412612608                           O            08/01/31
    0

    5097246          E22/G02             F          210,000.00         ZZ
                                         360        209,855.48          2
                                       7.875          1,522.65         68
                                       7.625          1,522.65
    WINTHROP         MA   02152          5            07/03/01         00
    0412741969                           05           09/01/01          0
    0412741969                           O            08/01/31
    0

    5097266          E22/G02             F          175,900.00         ZZ
                                         360        175,638.10          1
1

                                       7.500          1,229.92         85
                                       7.250          1,229.92
    COLUMBIA         SC   29212          5            07/03/01         01
    0412756553                           05           08/01/01         12
    0412756553                           O            07/01/31
    0

    5097861          601/G02             F          303,500.00         ZZ
                                         360        303,257.29          1
                                       7.125          2,044.74         79
                                       6.875          2,044.74
    COLORADO SPRING  CO   80921          5            07/12/01         00
    0433040938                           05           09/01/01          0
    60681731                             O            08/01/31
    0

    5098324          601/G02             F           84,000.00         ZZ
                                         360         83,945.05          1
                                       8.125            623.70         80
                                       7.875            623.70
    SEMINOLE         FL   33772          5            07/12/01         00
    0433033552                           05           09/01/01          0
    60695295                             O            08/01/31
    0

    5100530          144/144             F          450,000.00         ZZ
                                         360        449,666.03          1
                                       7.500          3,146.47         76
                                       7.250          3,146.47
    NEW ROCHELLE     NY   10804          1            07/25/01         00
    160670224                            05           09/01/01          0
    01ROYCED                             O            08/01/31
    0

    5100686          601/G02             F          138,750.00         ZZ
                                         360        138,649.57          1
                                       7.625            982.07         75
                                       7.375            982.07
    SEVIERVILLE      TN   37862          5            07/19/01         00
    0433113982                           05           09/01/01          0
    60711009                             N            08/01/31
    0

    5101395          U05/G02             F          392,000.00         ZZ
                                         360        391,730.23          1
                                       7.875          2,842.27         80
                                       7.625          2,842.27
    SAN JOSE         CA   95148          1            07/25/01         00
    0433099199                           05           09/01/01          0
1

    3153175                              O            08/01/31
    0

    5101622          N74/G02             F          119,000.00         ZZ
                                         360        118,922.16          1
                                       8.125            883.57         67
                                       7.875            883.57
    SUNNYVALE        TX   75182          5            07/13/01         00
    0433042611                           05           09/01/01          0
    0029115010                           O            08/01/31
    0

    5103331          601/G02             F          190,400.00         ZZ
                                         360        190,255.12          1
                                       7.375          1,315.05         80
                                       7.125          1,315.05
    PAGOSA SPRINGS   CO   81147          2            07/13/01         00
    0433032307                           05           09/01/01          0
    60641206                             O            08/01/31
    0

    5103452          U62/G02             F          109,600.00         ZZ
                                         360        109,514.50          1
                                       7.250            747.67         80
                                       7.000            747.67
    THE WOODLANDS    TX   77381          5            07/30/01         00
    0433071321                           03           09/01/01          0
    2001263808                           O            08/01/31
    0

    5103914          N47/G02             F          352,000.00         ZZ
                                         360        351,763.82          1
                                       8.000          2,582.85         80
                                       7.750          2,582.85
    SAN JOSE         CA   95127          1            07/24/01         00
    0433042520                           05           09/01/01          0
    20310964                             N            08/01/31
    0

    5104853          950/G02             F          493,300.00         ZZ
                                         360        492,960.51          1
                                       7.875          3,576.77         90
                                       7.625          3,576.77
    SNOHOMISH        WA   98296          1            07/17/01         14
    0433090768                           03           09/01/01         25
    E1102162                             O            08/01/31
    0

1

    5105129          E22/G02             F          100,000.00         ZZ
                                         360         99,932.91          1
                                       8.000            733.76         80
                                       7.750            733.76
    BLOOMINGTON      IN   47401          1            07/10/01         00
    0412718090                           05           09/01/01          0
    0412718090                           O            08/01/31
    0

    5105159          E22/G02             F          138,600.00         ZZ
                                         360        138,509.34          1
                                       8.125          1,029.10         90
                                       7.875          1,029.10
    MAGNOLIA         TX   77354          1            07/10/01         04
    0412772584                           03           09/01/01         25
    0412772584                           O            08/01/31
    0

    5105161          E22/G02             F          192,000.00         ZZ
                                         360        191,867.87          1
                                       7.875          1,392.13         80
                                       7.625          1,392.13
    DALLAS           TX   75229          5            07/03/01         00
    0412774010                           05           09/01/01          0
    0412774010                           O            08/01/31
    0

    5105186          E22/G02             F          104,400.00         ZZ
                                         360        104,329.95          1
                                       8.000            766.05         95
                                       7.750            766.05
    BAY CITY         MI   48706          1            07/10/01         11
    0412800179                           05           09/01/01         30
    0412800179                           O            08/01/31
    0

    5105281          964/G02             F           64,000.00         ZZ
                                         360         63,955.96          2
                                       7.875            464.04         54
                                       7.625            464.04
    MESA             AZ   85203          5            07/27/01         00
    0433049863                           05           09/01/01          0
    125349                               O            08/01/31
    0

    5105289          E82/G02             F          130,000.00         ZZ
                                         360        129,905.91          1
                                       7.625            920.13         51
                                       7.375            920.13
1

    ROCKWALL         TX   75087          2            07/06/01         00
    0400441473                           05           09/01/01          0
    3749031                              O            08/01/31
    0

    5107073          E47/G02             F          342,000.00         ZZ
                                         360        341,792.82          1
                                       8.500          2,629.68         95
                                       8.250          2,629.68
    SAN JOSE         CA   95122          1            07/18/01         11
    0433118981                           05           09/01/01         30
    7333011468                           O            08/01/31
    0

    5107591          U05/G02             F          138,150.00         ZZ
                                         360        138,066.31          4
                                       8.500          1,062.25         90
                                       8.250          1,062.25
    LAUDERHILL       FL   33313          1            07/25/01         11
    0433060381                           05           09/01/01         25
    3148723                              N            08/01/31
    0

    5108602          K39/G02             F          132,562.00         ZZ
                                         360        132,477.46          1
                                       8.250            995.90         62
                                       8.000            995.90
    EPPING           NH   03042          2            07/25/01         00
    0433101029                           05           09/01/01          0
    022686261                            O            08/01/31
    0

    5108634          E86/G02             F          150,500.00         ZZ
                                         360        150,500.00          1
                                       7.875          1,091.23         61
                                       7.625          1,091.23
    GRESHAM          OR   97080          5            08/22/01         00
    0433136819                           05           10/01/01          0
    0000130087                           O            09/01/31
    0

    5109460          H81/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       7.625          1,868.58         73
                                       7.375          1,868.58
    WEST BEND        WI   53090          5            08/08/01         00
    0433116639                           05           10/01/01          0
    WH13311                              O            09/01/31
    0
1

    5109556          601/G02             F           88,800.00         ZZ
                                         360         88,741.91          1
                                       8.125            659.34         80
                                       7.875            659.34
    ATLANTA          GA   30310          1            07/23/01         00
    0433048972                           05           09/01/01          0
    60716206                             N            08/01/31
    0

    5109697          601/G02             F           88,800.00         ZZ
                                         360         88,741.91          1
                                       8.125            659.34         80
                                       7.875            659.34
    ATLANTA          GA   30310          1            07/23/01         00
    0433039260                           05           09/01/01          0
    60716180                             N            08/01/31
    0

    5110241          601/G02             F          360,000.00         ZZ
                                         360        359,752.25          1
                                       7.875          2,610.25         80
                                       7.625          2,610.25
    FLAGLER BEACH    FL   32136          1            07/20/01         00
    0433037454                           05           09/01/01          0
    60718251                             O            08/01/31
    0

    5111427          W39/G02             F          161,900.00         ZZ
                                         360        161,788.58          1
                                       7.875          1,173.89         79
                                       7.625          1,173.89
    DENHAM SPRINGS   LA   70726          5            07/24/01         00
    0433043007                           05           09/01/01          0
    971154                               O            08/01/31
    0

    5111781          624/G02             F          272,000.00         ZZ
                                         360        271,803.13          1
                                       7.625          1,925.20         80
                                       7.375          1,925.20
    PLEASANTON       CA   94566          5            07/13/01         00
    0433040789                           09           09/01/01          0
    8800810293F                          O            08/01/31
    0

    5111809          B60/G02             F          135,000.00         ZZ
                                         360        134,902.29          1
1

                                       7.625            955.52         90
                                       7.375            955.52
    PHOENIX          AZ   85032          2            06/26/01         01
    0433119708                           05           09/01/01         25
    337759                               O            08/01/31
    0

    5111993          N47/G02             F          182,000.00         ZZ
                                         360        181,868.28          1
                                       7.625          1,288.18         80
                                       7.375          1,288.18
    CASTLE ROCK      CO   80104          5            07/31/01         00
    0433017837                           03           09/01/01          0
    30310681                             O            08/01/31
    0

    5112107          Q59/G02             F          202,500.00         ZZ
                                         360        202,500.00          1
                                       7.375          1,398.62         75
                                       7.125          1,398.62
    LOS ANGELES      CA   90026          5            08/02/01         00
    0433101664                           05           10/01/01          0
    303803                               O            09/01/31
    0

    5113358          E22/G02             F          106,000.00         ZZ
                                         360        105,943.59          1
                                       9.125            862.45         93
                                       8.875            862.45
    IMPERIAL         MO   63052          1            07/11/01         01
    0412711822                           03           09/01/01         30
    0412711822                           O            08/01/31
    0

    5113365          E22/G02             F           65,000.00         ZZ
                                         240         64,887.92          1
                                       7.875            538.64         77
                                       7.625            538.64
    ARLINGTON        TX   76001          5            07/06/01         00
    0412727554                           05           09/01/01          0
    0412727554                           O            08/01/21
    0

    5113378          E22/G02             F           90,000.00         ZZ
                                         360         89,939.61          1
                                       8.000            660.39         67
                                       7.750            660.39
    HUNTSVILLE       TX   77340          5            07/06/01         00
    0412756090                           05           09/01/01          0
1

    0412756090                           O            08/01/31
    0

    5113423          E22/G02             F          184,500.00         ZZ
                                         360        184,373.03          1
                                       7.875          1,337.75         90
                                       7.625          1,337.75
    BOCA RATON       FL   33428          5            07/06/01         01
    0412800427                           03           09/01/01         25
    0412800427                           O            08/01/31
    0

    5114157          P01/G02             F          117,000.00         ZZ
                                         360        116,919.47          3
                                       7.875            848.33         90
                                       7.625            848.33
    ALBANY           NY   12210          1            07/30/01         14
    0433149929                           05           09/01/01         25
    01004506                             N            08/01/31
    0

    5115219          U59/G02             F          130,800.00         ZZ
                                         360        130,709.99          1
                                       7.875            948.39         80
                                       7.625            948.39
    OLATHE           KS   66061          1            07/19/01         00
    0433016508                           05           09/01/01          0
    800862595                            O            08/01/31
    0

    5116278          975/G02             F          339,000.00         ZZ
                                         360        338,748.41          1
                                       7.500          2,370.34         80
                                       7.250          2,370.34
    FULLERTON        CA   92833          2            07/19/01         00
    0433066891                           05           09/01/01          0
    2013386                              O            08/01/31
    0

    5116493          U59/G02             F          100,000.00         ZZ
                                         360         99,931.18          1
                                       7.875            725.07         54
                                       7.625            725.07
    PEEKSKILL        NY   10566          5            07/25/01         00
    0433055670                           05           09/01/01          0
    800868707                            O            08/01/31
    0

1

    5116659          964/G02             F          107,950.00         ZZ
                                         360        107,871.87          1
                                       7.625            764.06         80
                                       7.375            764.06
    FRESNO           CA   93704          1            07/18/01         00
    0433040797                           05           09/01/01          0
    127830                               O            08/01/31
    0

    5117862          K89/G02             F           58,800.00         ZZ
                                         360         58,758.49          1
                                       7.750            421.26         80
                                       7.500            421.26
    MIAMI            FL   33176          1            07/30/01         00
    0433075082                           01           09/01/01          0
    200105120                            N            08/01/31
    0

    5118078          U28/G02             F           81,000.00         ZZ
                                         360         80,942.83          1
                                       7.750            580.29         90
                                       7.500            580.29
    RALEIGH          NC   27610          5            07/30/01         04
    0433048550                           05           09/01/01         25
    HENRY                                O            08/01/31
    0

    5119925          N47/G02             F          242,000.00         ZZ
                                         360        241,824.85          1
                                       7.625          1,712.86         74
                                       7.375          1,712.86
    VALLEY CENTER    CA   92082          5            07/15/01         00
    0433060373                           05           09/01/01          0
    30111138                             O            08/01/31
    0

    5120375          601/G02             F           84,900.00         ZZ
                                         360         84,843.03          1
                                       8.000            622.97         44
                                       7.750            622.97
    PASADENA         TX   77504          1            07/19/01         00
    0433047966                           05           09/01/01          0
    60695657                             O            08/01/31
    0

    5122651          J95/J95             F          353,700.00         ZZ
                                         360        353,107.68          1
                                       8.000          2,595.33         79
                                       7.750          2,595.33
1

    KITTY HAWK       NC   27949          5            07/23/01         00
    18362764                             05           09/01/01          0
    18362764                             N            08/01/31
    0

    5122704          742/G02             F           86,000.00         ZZ
                                         360         85,814.78          1
                                       8.000            631.04         80
                                       7.750            631.04
    MANLIUS          NY   13104          1            06/28/01         00
    0432993483                           05           08/01/01          0
    6355325                              O            07/01/31
    0

    5122851          N74/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       7.250            627.60         82
                                       7.000            627.60
    SANDSTON         VA   23150          5            07/30/01         10
    0433074887                           05           10/01/01         30
    0029162010                           O            09/01/31
    0

    5123043          664/G02             F          324,000.00         ZZ
                                         360        323,454.04          1
                                       6.875          2,128.45         80
                                       6.625          2,128.45
    OAKTON           VA   22124          5            06/05/01         00
    0432961449                           05           08/01/01          0
    0008098410                           O            07/01/31
    0

    5124182          168/168             F           41,400.00         ZZ
                                         360         41,348.36          1
                                       8.375            314.67         90
                                       8.125            314.67
    TONAWANDA        NY   14223          1            06/29/01         14
    0059458372                           05           08/01/01         25
    0059458372                           O            07/01/31
    0

    5126140          642/G02             F           80,750.00         ZZ
                                         360         80,693.01          1
                                       7.750            578.50         95
                                       7.500            578.50
    LINCOLN          NE   68522          5            07/06/01         11
    0432997575                           05           09/01/01         30
    06177201                             O            08/01/31
    0
1

    5126307          168/168             F          560,000.00         ZZ
                                         360        559,226.69          1
                                       7.875          4,060.39         80
                                       7.625          4,060.39
    DIX HILLS        NY   11746          5            06/15/01         00
    0059471344                           05           08/01/01          0
    0059471344                           O            07/01/31
    0

    5126589          623/985             F          120,000.00         ZZ
                                         360        118,671.24          1
                                       8.250            901.52         64
                                       8.000            901.52
    HICKORY CORNERS  MI   49060          5            05/25/01         00
    5339335                              05           07/01/01          0
    5339335                              O            06/01/31
    0

    5126593          623/985             F           75,000.00         ZZ
                                         360         74,888.33          1
                                       7.500            524.41         73
                                       7.250            524.41
    TRAVERSE CITY    MI   49684          1            06/12/01         00
    5344175                              05           08/01/01          0
    5344175                              O            07/01/31
    0

    5126594          623/985             F          175,000.00         ZZ
                                         360        174,549.01          1
                                       8.250          1,314.72         58
                                       8.000          1,314.72
    BRIGHTON         MI   48116          5            04/25/01         00
    5344317                              05           06/01/01          0
    5344317                              O            05/01/31
    0

    5126599          623/985             F          135,000.00         ZZ
                                         360        134,711.40          1
                                       7.750            967.16         58
                                       7.500            967.16
    TINLEY PARK      IL   60477          5            05/03/01         00
    5346352                              05           07/01/01          0
    5346352                              O            06/01/31
    0

    5126603          623/985             F           44,000.00         ZZ
                                         360         43,917.38          1
1

                                       8.375            334.43         36
                                       8.125            334.43
    EDWARDSBURG      MI   49112          5            05/15/01         00
    5354525                              05           07/01/01          0
    5354525                              O            06/01/31
    0

    5126606          623/G02             F           95,250.00         ZZ
                                         360         95,127.41          1
                                       8.375            723.97         75
                                       8.125            723.97
    LA GRANDE        OR   97850          5            06/15/01         00
    0432981595                           05           08/01/01          0
    1548224                              O            07/01/31
    0

    5126613          623/G02             F          100,000.00         ZZ
                                         360         99,865.35          4
                                       8.000            733.77         63
                                       7.750            733.77
    EL CENTRO        CA   92243          5            06/13/01         00
    0432977965                           05           08/01/01          0
    1973565                              O            07/01/31
    0

    5126614          623/G02             F          103,500.00         ZZ
                                         360        103,119.20          1
                                       8.500            795.83         74
                                       8.250            795.83
    CHINO VALLEY     AZ   86323          1            06/07/01         00
    0432981777                           05           08/01/01          0
    1973865                              O            07/01/31
    0

    5126619          623/G02             F          204,000.00         ZZ
                                         360        203,696.25          1
                                       7.500          1,426.40         80
                                       7.250          1,426.40
    CHULA VISTA      CA   91913          5            06/12/01         00
    0432980365                           03           08/01/01          0
    1976160                              O            07/01/31
    0

    5126620          623/G02             F          150,000.00         ZZ
                                         360        149,765.25          1
                                       7.250          1,023.27         36
                                       7.000          1,023.27
    SOUTH PASADENA   CA   91030          2            06/14/01         00
    0432976306                           05           08/01/01          0
1

    1976883                              O            07/01/31
    0

    5126624          623/G02             F          135,000.00         ZZ
                                         360        134,803.94          1
                                       7.625            955.53         73
                                       7.375            955.53
    CORVALLIS        OR   97333          5            06/08/01         00
    0432977676                           05           08/01/01          0
    1979732                              O            07/01/31
    0

    5126625          623/G02             F          180,000.00         ZZ
                                         360        179,721.51          1
                                       7.375          1,243.22         66
                                       7.125          1,243.22
    FALLBROOK        CA   92028          1            06/21/01         00
    0432981785                           05           08/01/01          0
    1979855                              O            07/01/31
    0

    5126629          623/G02             F          148,500.00         ZZ
                                         360        148,278.89          1
                                       7.500          1,038.34         80
                                       7.250          1,038.34
    RIVERBANK        CA   95367          1            06/12/01         00
    0432980407                           05           08/01/01          0
    1980392                              O            07/01/31
    0

    5126631          623/G02             F          100,000.00         ZZ
                                         360         99,861.91          1
                                       7.875            725.07         34
                                       7.625            725.07
    ARROYO GRANDE    CA   93420          1            06/11/01         00
    0432977874                           05           08/01/01          0
    1980734                              N            07/01/31
    0

    5126646          623/G02             F           97,000.00         ZZ
                                         360         96,855.57          1
                                       7.500            678.24         76
                                       7.250            678.24
    MIDDLE TOWNSHIP  NJ   08210          1            06/14/01         00
    0432976736                           01           08/01/01          0
    5334509                              O            07/01/31
    0

1

    5126648          623/G02             F           75,000.00         ZZ
                                         360         74,769.38          1
                                       8.000            550.32         75
                                       7.750            550.32
    CONYERS          GA   30094          1            04/27/01         00
    0432977106                           05           06/01/01          0
    5344485                              O            05/01/31
    0

    5126651          623/G02             F          118,000.00         ZZ
                                         360        117,547.88          1
                                       7.750            845.37         72
                                       7.500            845.37
    NEW LENOX        IL   60451          1            06/04/01         00
    0432976272                           05           07/01/01          0
    5351039                              O            06/01/31
    0

    5126655          623/G02             F           75,510.00         ZZ
                                         360         75,284.21          1
                                       7.625            534.46         90
                                       7.375            534.46
    TALLAHASSEE      FL   32304          1            05/31/01         10
    0432981884                           03           07/01/01         25
    5354566                              N            06/01/31
    0

    5126658          623/G02             F          101,900.00         ZZ
                                         360        101,523.98          1
                                       7.500            712.50         80
                                       7.250            712.50
    SAVANAH          GA   31406          1            05/29/01         00
    0432977668                           05           07/01/01          0
    5356061                              O            06/01/31
    0

    5126659          623/G02             F           60,000.00         ZZ
                                         360         59,915.03          3
                                       7.750            429.85         86
                                       7.500            429.85
    WILDWOOD         NJ   08260          1            06/18/01         01
    0432978500                           05           08/01/01         25
    5357187                              N            07/01/31
    0

    5126663          623/G02             F          166,500.00         ZZ
                                         360        166,145.16          1
                                       7.750          1,192.83         68
                                       7.500          1,192.83
1

    AUSTINBURG TOWN  OH   44047          5            05/30/01         00
    0432976553                           05           07/01/01          0
    5357669                              O            06/01/31
    0

    5126664          623/G02             F          129,000.00         ZZ
                                         360        128,758.26          1
                                       7.375            890.97         79
                                       7.125            890.97
    LAWRENCEVILLE    GA   30043          2            06/15/01         00
    0432981694                           05           08/01/01          0
    5357839                              O            07/01/31
    0

    5126669          623/G02             F          155,000.00         ZZ
                                         360        154,763.38          1
                                       7.375          1,070.55         74
                                       7.125          1,070.55
    WASHINGTON       DC   20037          5            06/20/01         00
    0432977718                           01           08/01/01          0
    5360012                              O            07/01/31
    0

    5126675          623/G02             F          149,000.00         ZZ
                                         360        148,799.38          1
                                       8.000          1,093.31         75
                                       7.750          1,093.31
    GLEN ELLYN       IL   60137          1            06/18/01         00
    0432980696                           05           08/01/01          0
    5363305                              O            07/01/31
    0

    5126831          700/G02             F          287,600.00         ZZ
                                         360        287,391.85          1
                                       7.625          2,035.61         60
                                       7.375          2,035.61
    LIVERMORE        CA   94550          5            07/10/01         00
    0433127826                           05           09/01/01          0
    70260245                             O            08/01/31
    0

    5127263          K15/G02             F           97,900.00         ZZ
                                         360         97,830.90          1
                                       7.750            701.37         79
                                       7.500            701.37
    NEW IPSWICH      NH   03071          5            07/18/01         00
    0433041977                           05           09/01/01          0
    003330005305363                      O            08/01/31
    0
1

    5127272          Q59/G02             F          264,750.00         ZZ
                                         360        264,553.52          1
                                       7.500          1,851.17         75
                                       7.250          1,851.17
    SAN DIMAS        CA   91773          1            07/23/01         00
    0433056546                           05           09/01/01          0
    303799                               O            08/01/31
    0

    5127290          G18/G02             F          275,000.00         ZZ
                                         360        274,690.52          3
                                       8.875          2,188.02         89
                                       8.625          2,188.02
    MINNEAPOLIS      MN   55405          1            06/29/01         04
    0433047289                           05           08/01/01         25
    09DM10104000                         N            07/01/31
    0

    5127410          738/G02             F          412,000.00         ZZ
                                         360        411,076.95          1
                                       7.500          2,880.77         80
                                       7.250          2,880.77
    CHARLOTTE        NC   28226          1            05/30/01         00
    0433102894                           03           07/01/01          0
    5801826                              O            06/01/31
    0

    5128360          A50/G02             F          113,500.00         ZZ
                                         360        113,417.85          1
                                       7.625            803.35         75
                                       7.375            803.35
    TUSCALOOSA       AL   35405          5            07/20/01         00
    0433108263                           05           09/01/01          0
    447500                               O            08/01/31
    0

    5129835          624/G02             F          143,200.00         ZZ
                                         360        143,096.36          1
                                       7.625          1,013.56         80
                                       7.375          1,013.56
    SPRING VALLEY    CA   91977          1            07/17/01         00
    0433068723                           05           09/01/01          0
    39016110013F                         N            08/01/31
    0

    5130044          E44/G02             F          108,375.00         ZZ
                                         360        108,304.11          1
1

                                       8.125            804.68         85
                                       7.875            804.68
    SALT LAKE CITY   UT   84116          2            07/20/01         12
    0433101755                           05           09/01/01         12
    53010019                             O            08/01/31
    0

    5130439          624/G02             F          173,000.00         ZZ
                                         360        172,880.94          2
                                       7.875          1,254.37         83
                                       7.625          1,254.37
    APPLE VALLEY     CA   92307          5            07/20/01         01
    0433047412                           05           09/01/01         12
    34083410273F                         O            08/01/31
    0

    5130507          U66/G02             F           45,600.00         ZZ
                                         360         45,570.92          1
                                       8.250            342.58         95
                                       8.000            342.58
    HOUSTON          TX   77054          1            07/23/01         11
    0433042595                           01           09/01/01         30
    240                                  O            08/01/31
    0

    5130589          B57/G02             F          314,800.00         ZZ
                                         360        314,800.00          1
                                       7.875          2,282.52         80
                                       7.625          2,282.52
    ALTADENA         CA   91001          1            08/10/01         00
    0433128287                           05           10/01/01          0
    2115734                              O            09/01/31
    0

    5130804          967/G02             F          120,000.00         ZZ
                                         360        119,919.48          1
                                       8.000            880.52         80
                                       7.750            880.52
    PAYSON           AZ   85541          1            07/20/01         00
    0433043080                           05           09/01/01          0
    6424493                              O            08/01/31
    0

    5130890          U05/G02             F          420,000.00         ZZ
                                         360        420,000.00          2
                                       7.875          3,045.29         80
                                       7.625          3,045.29
    MORGAN HILL      CA   95037          5            08/06/01         00
    0433122561                           05           10/01/01          0
1

    3106477                              O            09/01/31
    0

    5131419          B60/G02             F          177,600.00         ZZ
                                         360        177,474.65          1
                                       7.750          1,272.35         80
                                       7.500          1,272.35
    SAN JUAN CAPIST  CA   92675          5            06/28/01         00
    0433113271                           09           09/01/01          0
    333371                               O            08/01/31
    0

    5132573          E82/G02             F           72,400.00         ZZ
                                         360         72,347.60          1
                                       7.625            512.44         67
                                       7.375            512.44
    ARLINGTON HEIGH  IL   60004          2            07/11/01         00
    0400425195                           01           09/01/01          0
    0400425195                           O            08/01/31
    0

    5132768          E22/G02             F          150,000.00         ZZ
                                         360        149,894.13          1
                                       7.750          1,074.62         95
                                       7.500          1,074.62
    LEES SUMMIT      MO   64082          2            07/06/01         04
    0412756181                           03           09/01/01         30
    0412756181                           O            08/01/31
    0

    5132788          E22/G02             F          108,000.00         ZZ
                                         360        107,927.53          2
                                       8.000            792.47         80
                                       7.750            792.47
    UNIVERSITY PLAC  WA   98466          1            07/02/01         00
    0412777039                           05           09/01/01          0
    0412777039                           N            08/01/31
    0

    5132820          E22/G02             F          105,000.00         ZZ
                                         360        104,925.90          1
                                       7.750            752.23         65
                                       7.500            752.23
    MOBILE           AL   36607          2            07/09/01         00
    0412795700                           05           09/01/01          0
    0412795700                           O            08/01/31
    0

1

    5132823          E22/G02             F          124,000.00         ZZ
                                         360        123,907.97          1
                                       7.500            867.03         80
                                       7.250            867.03
    RICHLAND         WA   99352          1            07/08/01         00
    0412801326                           05           09/01/01          0
    0412801326                           O            08/01/31
    0

    5133777          964/G02             F          175,500.00         ZZ
                                         360        175,500.00          1
                                       7.875          1,272.50         90
                                       7.625          1,272.50
    MESA             AZ   85203          1            08/02/01         01
    0433054335                           05           10/01/01         25
    130401                               O            09/01/31
    0

    5133835          964/G02             F          100,000.00         ZZ
                                         360         99,927.63          1
                                       7.625            707.79         40
                                       7.375            707.79
    RANCHOS DE TAOS  NM   87557          5            07/18/01         00
    0433016912                           05           09/01/01          0
    100147                               O            08/01/31
    0

    5134357          U05/G02             F          210,000.00         ZZ
                                         360        209,844.15          1
                                       7.500          1,468.35         76
                                       7.250          1,468.35
    AVENTURA         FL   33180          1            07/19/01         00
    0433006004                           06           09/01/01          0
    3148933                              O            08/01/31
    0

    5134790          N47/G02             F          360,000.00         ZZ
                                         360        359,726.07          1
                                       7.375          2,486.43         65
                                       7.125          2,486.43
    SAN JOSE         CA   95131          5            07/25/01         00
    0433068921                           05           09/01/01          0
    20111342                             O            08/01/31
    0

    5135428          T90/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
                                       8.625          1,120.02         78
                                       8.375          1,120.02
1

    NEW ORLEANS      LA   70116          5            08/17/01         00
    0433140209                           05           10/01/01          0
    53526                                O            09/01/31
    0

    5136626          601/G02             F           77,400.00         ZZ
                                         360         77,346.73          3
                                       7.875            561.21         90
                                       7.625            561.21
    FRANKLINVILLE    NJ   08322          1            07/23/01         11
    0433043387                           05           09/01/01         30
    60720570                             O            08/01/31
    0

    5136811          975/G02             F          240,000.00         ZZ
                                         360        239,834.83          2
                                       7.875          1,740.17         78
                                       7.625          1,740.17
    TORRANCE         CA   90501          5            07/02/01         00
    0433048675                           05           09/01/01          0
    2012013                              O            08/01/31
    0

    5137141          964/G02             F          145,000.00         ZZ
                                         360        144,900.21          1
                                       7.875          1,051.35         72
                                       7.625          1,051.35
    DENVER           CO   80233          1            07/23/01         00
    0433038643                           05           09/01/01          0
    133049                               O            08/01/31
    0

    5137349          Q99/G02             F          122,000.00         ZZ
                                         360        121,913.90          1
                                       7.750            874.02         94
                                       7.500            874.02
    WINSTON SALEM    NC   27106          2            07/24/01         14
    0433041720                           05           09/01/01         30
    BOS                                  O            08/01/31
    0

    5137814          E23/G02             F          466,000.00         ZZ
                                         360        465,679.31          1
                                       7.875          3,378.82         74
                                       7.625          3,378.82
    FREMONT          CA   94536          2            07/19/01         00
    0433067808                           05           09/01/01          0
    11005159                             O            08/01/31
    0
1

    5138079          964/G02             F           87,000.00         ZZ
                                         360         86,938.59          1
                                       7.750            623.28         46
                                       7.500            623.28
    HENDERSON        NV   89014          5            07/24/01         00
    0433040094                           09           09/01/01          0
    134397                               N            08/01/31
    0

    5138147          962/G02             F          207,000.00         ZZ
                                         360        206,864.59          1
                                       8.125          1,536.97         90
                                       7.875          1,536.97
    KINDRED          ND   58051          2            07/20/01         14
    0433070489                           05           09/01/01         25
    2001484                              O            08/01/31
    0

    5138603          K89/G02             F          149,400.00         ZZ
                                         360        149,400.00          1
                                       7.500          1,044.63         90
                                       7.250          1,044.63
    PEMBROKE PINES   FL   33025          2            08/01/01         10
    0433069341                           05           10/01/01         25
    200107077                            O            09/01/31
    0

    5140596          B23/G02             F          180,000.00         ZZ
                                         360        179,863.03          1
                                       7.375          1,243.22         75
                                       7.125          1,243.22
    ANAHEIM          CA   92804          5            07/23/01         00
    0433035722                           05           09/01/01          0
    88004672                             O            08/01/31
    0

    5140773          M66/G02             F          173,600.00         ZZ
                                         360        173,494.83          2
                                       8.500          1,334.84         70
                                       8.250          1,334.84
    FURLONG          PA   18925          1            07/26/01         00
    0433051356                           05           09/01/01          0
    215210                               N            08/01/31
    0

    5141077          950/G02             F          151,200.00         ZZ
                                         360        151,108.40          1
1

                                       8.500          1,162.60         76
                                       8.250          1,162.60
    LINCOLN CITY     OR   97367          1            07/20/01         00
    0433098415                           05           09/01/01          0
    YC107041                             N            08/01/31
    0

    5141524          E22/G02             F          200,000.00         ZZ
                                         360        199,855.24          1
                                       7.625          1,415.59         65
                                       7.375          1,415.59
    NEVADA CITY      CA   95959          5            07/08/01         00
    0412750960                           05           09/01/01          0
    0412750960                           O            08/01/31
    0

    5141538          E22/G02             F           53,250.00         ZZ
                                         360         53,208.46          1
                                       7.250            363.26         75
                                       7.000            363.26
    EL PASO          TX   79936          5            07/12/01         00
    0412762700                           05           09/01/01          0
    0412762700                           N            08/01/31
    0

    5141582          E22/G02             F          161,550.00         ZZ
                                         360        161,444.33          1
                                       8.125          1,199.50         90
                                       7.875          1,199.50
    DURANGO          CO   81301          1            07/16/01         04
    0412798597                           05           09/01/01         25
    0412798597                           O            08/01/31
    0

    5141612          E22/G02             F           83,500.00         ZZ
                                         360         83,443.98          1
                                       8.000            612.69         94
                                       7.750            612.69
    CONNEAUT         OH   44030          2            07/11/01         04
    0412823080                           05           09/01/01         30
    0412823080                           O            08/01/31
    0

    5141673          E82/G02             F           55,200.00         ZZ
                                         360         55,166.56          3
                                       8.500            424.44         80
                                       8.250            424.44
    SYRACUSE         NY   13208          1            07/13/01         00
    0400448817                           05           09/01/01          0
1

    0400448817                           N            08/01/31
    0

    5142243          601/G02             F           63,750.00         ZZ
                                         360         63,707.22          1
                                       8.000            467.78         85
                                       7.750            467.78
    TAMPA            FL   33610          5            07/24/01         11
    0433048683                           05           09/01/01         12
    60685997                             O            08/01/31
    0

    5142552          601/G02             F           72,250.00         ZZ
                                         360         72,205.09          1
                                       8.375            549.15         85
                                       8.125            549.15
    WINSTON SALEM    NC   27104          5            07/23/01         11
    0433049889                           09           09/01/01         12
    60722105                             O            08/01/31
    0

    5142787          A06/G02             F          500,000.00         T
                                         360        500,000.00          1
                                       7.500          3,496.08         65
                                       7.250          3,496.08
    MIAMI BEACH      FL   33139          1            08/08/01         00
    0433103215                           06           10/01/01          0
    021000020130852                      O            09/01/31
    0

    5143179          E11/G02             F          160,800.00         ZZ
                                         360        160,677.64          1
                                       7.375          1,110.61         80
                                       7.125          1,110.61
    ST LOUIS PARK    MN   55426          1            07/31/01         00
    0433102522                           05           09/01/01          0
    0003001033544                        O            08/01/31
    0

    5143407          994/G02             F          306,000.00         ZZ
                                         360        305,778.53          1
                                       7.625          2,165.85         75
                                       7.375          2,165.85
    RANCHO SANTA MA  CA   92688          5            07/19/01         00
    0433153517                           05           09/01/01          0
    2218622607                           O            08/01/31
    0

1

    5144265          964/G02             F          240,000.00         ZZ
                                         360        239,834.83          1
                                       7.875          1,740.17         69
                                       7.625          1,740.17
    FULLERTON        CA   92832          5            07/24/01         00
    0433057858                           05           09/01/01          0
    133312                               O            08/01/31
    0

    5144492          E46/G02             F          238,000.00         ZZ
                                         360        237,818.90          1
                                       7.375          1,643.81         60
                                       7.125          1,643.81
    WARWICK TOWNSHI  PA   18974          5            07/27/01         00
    0433044922                           05           09/01/01          0
    00503873                             O            08/01/31
    0

    5144580          T90/G02             F          198,000.00         ZZ
                                         360        197,883.11          1
                                       8.625          1,540.02         90
                                       8.375          1,540.02
    BRANDON          MS   39047          1            07/26/01         12
    0433104304                           05           09/01/01         25
    53177                                O            08/01/31
    0

    5145071          N47/G02             F          332,000.00         ZZ
                                         360        331,782.83          1
                                       8.125          2,465.09         67
                                       7.875          2,465.09
    SAN DIEGO        CA   92117          5            07/24/01         00
    0433041217                           05           09/01/01          0
    30111284                             O            08/01/31
    0

    5145284          K99/G02             F          215,000.00         ZZ
                                         360        214,836.40          2
                                       7.375          1,484.95         80
                                       7.125          1,484.95
    DOWNEY           CA   90242          5            07/11/01         00
    0433036415                           05           09/01/01          0
    010624                               O            08/01/31
    0

    5145374          H58/G02             F          340,000.00         ZZ
                                         360        339,741.28          1
                                       7.375          2,348.30         80
                                       7.125          2,348.30
1

    ANTIOCH          CA   94509          5            07/25/01         00
    0433099090                           03           09/01/01          0
    0000072289                           O            08/01/31
    0

    5145466          A50/G02             F          204,000.00         ZZ
                                         360        203,711.11          1
                                       7.750          1,461.48         80
                                       7.500          1,461.48
    DALLAS           GA   30157          5            06/15/01         00
    0433003803                           05           08/01/01          0
    449009                               O            07/01/31
    0

    5146353          H22/G02             F          200,000.00         ZZ
                                         360        199,851.57          1
                                       7.500          1,398.43         80
                                       7.250          1,398.43
    JACKSON HEIGTHS  NY   11370          2            07/26/01         00
    0433122496                           07           09/01/01          0
    0100951102                           O            08/01/31
    0

    5147395          742/G02             F          100,200.00         ZZ
                                         360        100,129.27          2
                                       7.750            717.85         36
                                       7.500            717.85
    WOODSIDE         NY   11377          2            07/19/01         00
    0433119427                           07           09/01/01          0
    01C2639                              O            08/01/31
    0

    5147488          601/G02             F           60,000.00         ZZ
                                         360         59,965.47          1
                                       8.750            472.03         75
                                       8.500            472.03
    DENTON           TX   76205          5            07/27/01         00
    0433048303                           05           09/01/01          0
    60665940                             N            08/01/31
    0

    5147777          696/G02             F          209,000.00         ZZ
                                         360        208,856.16          1
                                       7.875          1,515.40         78
                                       7.625          1,515.40
    SILVER SPRING    MD   20906          1            07/11/01         00
    0432958551                           03           09/01/01          0
    31901087                             N            08/01/31
    0
1

    5148689          U62/G02             F           65,000.00         ZZ
                                         360         64,949.30          1
                                       7.250            443.41         51
                                       7.000            443.41
    PAWTUCKET        RI   02860          5            07/24/01         00
    0433048394                           05           09/01/01          0
    2001269492                           O            08/01/31
    0

    5149590          M82/G02             F          195,300.00         ZZ
                                         360        195,172.24          1
                                       8.125          1,450.10         90
                                       7.875          1,450.10
    BUCKHEAD         GA   30625          1            07/30/01         12
    0433087566                           05           09/01/01         25
    10035                                O            08/01/31
    0

    5149952          E22/G02             F          120,000.00         ZZ
                                         360        119,913.15          1
                                       7.625            849.35         43
                                       7.375            849.35
    EDISON           NJ   08820          5            07/12/01         00
    0412752230                           05           09/01/01          0
    0412752230                           O            08/01/31
    0

    5149958          E22/G02             F          102,600.00         ZZ
                                         360        102,523.86          1
                                       7.500            717.39         90
                                       7.250            717.39
    PEMBROKE PINES   FL   33026          2            07/12/01         04
    0412759995                           09           09/01/01         25
    0412759995                           O            08/01/31
    0

    5149970          E22/G02             F          172,000.00         ZZ
                                         360        171,881.63          1
                                       7.875          1,247.12         80
                                       7.625          1,247.12
    GRANBURY         TX   76049          5            07/12/01         00
    0412774705                           05           09/01/01          0
    0412774705                           O            08/01/31
    0

    5149972          E22/G02             F          240,000.00         ZZ
                                         360        239,817.38          1
1

                                       7.375          1,657.62         80
                                       7.125          1,657.62
    SANTA CLARITA    CA   91350          2            07/10/01         00
    0412775959                           05           09/01/01          0
    0412775959                           O            08/01/31
    0

    5149973          E22/G02             F          114,400.00         ZZ
                                         360        114,323.24          1
                                       8.000            839.43         80
                                       7.750            839.43
    HUMBLE           TX   77396          5            07/02/01         00
    0412779241                           05           09/01/01          0
    0412779241                           O            08/01/31
    0

    5149980          E22/G02             F          232,000.00         ZZ
                                         360        231,823.46          1
                                       7.375          1,602.37         80
                                       7.125          1,602.37
    SOUTH LAKE TAHO  CA   96150          5            07/09/01         00
    0412784324                           05           09/01/01          0
    0412784324                           O            08/01/31
    0

    5149982          E22/G02             F           92,000.00         ZZ
                                         360         91,952.31          2
                                       9.250            756.86         72
                                       9.000            756.86
    NEW ORLEANS      LA   70119          5            07/10/01         00
    0412785024                           05           09/01/01          0
    0412785024                           O            08/01/31
    0

    5150009          E22/G02             F          125,000.00         ZZ
                                         360        124,911.77          1
                                       7.750            895.52         36
                                       7.500            895.52
    AUSTIN           TX   78759          5            07/12/01         00
    0412807059                           05           09/01/01          0
    0412807059                           O            08/01/31
    0

    5150020          E22/G02             F           78,000.00         ZZ
                                         360         77,942.11          1
                                       7.500            545.39         65
                                       7.250            545.39
    RIVERVIEW        FL   33569          2            07/12/01         00
    0412811440                           05           09/01/01          0
1

    0412811440                           O            08/01/31
    0

    5150029          E22/G02             F          121,400.00         ZZ
                                         360        121,320.59          1
                                       8.125            901.39         90
                                       7.875            901.39
    SAGINAW          MI   48603          1            07/17/01         04
    0412823775                           05           09/01/01         25
    0412823775                           O            08/01/31
    0

    5150145          E82/G02             F           83,200.00         ZZ
                                         360         83,144.18          1
                                       8.000            610.49         80
                                       7.750            610.49
    SOMONAUK         IL   60552          2            07/17/01         00
    0400451324                           05           09/01/01          0
    400451324                            N            08/01/31
    0

    5150682          076/076             F          151,680.00         ZZ
                                         360        151,202.42          1
                                       7.250          1,034.72         55
                                       7.000          1,034.72
    GRAND BLANC      MI   48439          5            04/24/01         00
    4858054                              05           06/01/01          0
    4858054                              O            05/01/31
    0

    5151013          601/G02             F           88,000.00         ZZ
                                         360         87,929.62          1
                                       7.125            592.88         80
                                       6.875            592.88
    CUMMING          GA   30041          1            07/24/01         00
    0433046042                           05           09/01/01          0
    60729928                             O            08/01/31
    0

    5151827          A50/G02             F           69,000.00         ZZ
                                         360         68,950.06          1
                                       7.625            488.38         46
                                       7.375            488.38
    LEESBURG         GA   31763          2            06/28/01         00
    0433001922                           05           09/01/01          0
    322813                               O            08/01/31
    0

1

    5152004          N74/G02             F          102,500.00         ZZ
                                         360        102,425.81          1
                                       7.625            725.49         93
                                       7.375            725.49
    WINCHESTER       VA   22602          2            07/20/01         10
    0433081387                           03           09/01/01         30
    1                                    O            08/01/31
    0

    5152084          N74/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       7.500            594.33         53
                                       7.250            594.33
    WINSTON SALEM    NC   27107          5            07/30/01         00
    0433055480                           05           10/01/01          0
    0029190010                           O            09/01/31
    0

    5152917          U05/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.500            978.90         70
                                       7.250            978.90
    GRANTS PASS      OR   97526          1            09/09/01         00
    0433147485                           05           10/01/01          0
    3114264                              O            09/01/31
    0

    5153007          D03/D03             F          123,000.00         ZZ
                                         360        122,904.05          1
                                       7.250            839.08        100
                                       7.000            839.08
    RENO             NV   89509          1            07/23/01         11
    1102937                              01           09/01/01         35
    1102937                              O            08/01/31
    0

    5153288          601/G02             F          105,000.00         ZZ
                                         360        104,934.73          1
                                       8.375            798.08         75
                                       8.125            798.08
    COLONIAL HEIGHT  VA   23834          5            07/26/01         00
    0433043551                           05           09/01/01          0
    60729480                             N            08/01/31
    0

    5153387          738/G02             F          395,900.00         ZZ
                                         360        395,627.54          1
                                       7.875          2,870.55         80
                                       7.625          2,870.55
1

    WINTER SPRINGS   FL   32708          1            07/24/01         00
    0433127966                           03           09/01/01          0
    5861992                              O            08/01/31
    0

    5153445          N47/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
                                       7.250          1,582.65         80
                                       7.000          1,582.65
    SAN DIEGO        CA   92111          5            08/06/01         00
    0433110954                           05           10/01/01          0
    30111275                             O            09/01/31
    0

    5153727          K15/G02             F           45,000.00         ZZ
                                         360         44,973.43          1
                                       8.625            350.01         90
                                       8.375            350.01
    CORRY            PA   16407          5            07/26/01         26
    0433055290                           05           09/01/01         25
    027105303247                         O            08/01/31
    0

    5153958          E76/G02             F          109,592.00         ZZ
                                         360        109,518.46          1
                                       8.000            804.15         80
                                       7.750            804.15
    WAXAHACHIE       TX   75165          1            07/27/01         00
    0433071941                           05           09/01/01          0
    10007369                             O            08/01/31
    0

    5154841          U62/G02             F          140,000.00         ZZ
                                         360        139,786.28          1
                                       7.375            966.95         45
                                       7.125            966.95
    WANTAGH          NY   11793          5            06/23/01         00
    0433005261                           05           08/01/01          0
    2001263757                           O            07/01/31
    0

    5154851          562/G02             F           76,800.00         ZZ
                                         360         76,800.00          2
                                       8.625            597.35         80
                                       8.375            597.35
    POUGHKEEPSIE     NY   12601          1            08/03/01         00
    0433116522                           05           10/01/01          0
    297015431                            N            09/01/31
    0
1

    5155145          A21/G02             F          398,400.00         ZZ
                                         360        398,096.85          1
                                       7.375          2,751.65         80
                                       7.125          2,751.65
    CHATSWORTH       CA   91311          1            07/31/01         00
    0433053998                           05           09/01/01          0
    010020021                            O            08/01/31
    0

    5155760          962/G02             F          299,000.00         ZZ
                                         360        298,809.34          1
                                       8.250          2,246.29         95
                                       8.000          2,246.29
    PELICAN RAPIDS   MN   56572          5            07/25/01         14
    0433057221                           05           09/01/01         30
    1                                    O            08/01/31
    0

    5155960          M18/G02             F          200,000.00         ZZ
                                         360        199,878.84          3
                                       8.500          1,537.83         80
                                       8.250          1,537.83
    LONG BEACH       CA   90813          5            06/29/01         00
    0433043106                           05           09/01/01          0
    980101229                            O            08/01/31
    0

    5156096          964/G02             F          424,000.00         ZZ
                                         360        423,700.74          1
                                       7.750          3,037.59         80
                                       7.500          3,037.59
    NIPOMO           CA   93444          5            07/24/01         00
    0433040458                           05           09/01/01          0
    134964                               O            08/01/31
    0

    5156342          N47/G02             F          208,000.00         ZZ
                                         360        207,841.73          1
                                       7.375          1,436.60         41
                                       7.125          1,436.60
    NAPA             CA   94558          2            07/20/01         00
    0433085800                           03           09/01/01          0
    20111358                             O            08/01/31
    0

    5156382          940/G02             F           72,000.00         ZZ
                                         360         71,946.57          1
1

                                       7.500            503.43         33
                                       7.250            503.43
    UPLAND           CA   91784          5            07/25/01         00
    0433088119                           05           09/01/01          0
    40010740                             O            08/01/31
    0

    5157057          T44/G02             F           85,600.00         ZZ
                                         360         85,542.57          1
                                       8.000            628.10         80
                                       7.750            628.10
    CARMICHAEL       CA   95608          1            07/24/01         00
    0433042959                           09           09/01/01          0
    1016401                              N            08/01/31
    0

    5157815          883/G02             F           65,450.00         ZZ
                                         360         65,410.35          1
                                       8.500            503.25         85
                                       8.250            503.25
    KISSIMMEE        FL   34759          1            07/26/01         14
    0433085065                           03           09/01/01         12
    39000116                             O            08/01/31
    0

    5157886          E77/G02             F           60,000.00         ZZ
                                         360         59,958.71          1
                                       7.875            435.04         51
                                       7.625            435.04
    ARNOLD           MD   21012          2            07/13/01         00
    0433096658                           05           09/01/01          0
    1080001065                           O            08/01/31
    0

    5157997          U62/G02             F          330,000.00         ZZ
                                         360        329,496.24          1
                                       7.375          2,279.23         42
                                       7.125          2,279.23
    FORT WORTH       TX   76107          5            06/12/01         00
    0433074291                           05           08/01/01          0
    2001252342                           O            07/01/31
    0

    5158412          601/G02             F           49,200.00         T
                                         360         49,170.19          1
                                       8.500            378.31         80
                                       8.250            378.31
    NEW PORT RICHEY  FL   34653          1            07/25/01         00
    0433043650                           05           09/01/01          0
1

    60711561                             O            08/01/31
    0

    5158778          F96/G02             F          232,000.00         ZZ
                                         360        231,840.34          1
                                       7.875          1,682.16         80
                                       7.625          1,682.16
    READINGTON TOWN  NJ   08889          1            07/31/01         00
    0433081742                           05           09/01/01          0
    0103106                              O            08/01/31
    0

    5158857          E82/G02             F          355,000.00         ZZ
                                         360        354,755.69          1
                                       7.875          2,574.00         71
                                       7.625          2,574.00
    ALISO VIEJO      CA   92656          5            07/16/01         00
    0400454047                           03           09/01/01          0
    400454047                            O            08/01/31
    0

    5159211          964/G02             F          180,800.00         ZZ
                                         360        180,675.57          1
                                       7.875          1,310.93         80
                                       7.625          1,310.93
    FORT COLLINS     CO   80526          5            07/26/01         00
    0433040987                           05           09/01/01          0
    134773                               O            08/01/31
    0

    5160137          E47/G02             F          400,000.00         ZZ
                                         360        399,695.63          1
                                       7.375          2,762.70         79
                                       7.125          2,762.70
    CHARLOTTE        NC   28270          2            07/30/01         00
    0433116571                           05           09/01/01          0
    7339010312                           O            08/01/31
    0

    5160204          A48/G02             F          164,350.00         ZZ
                                         360        164,350.00          2
                                       8.000          1,205.94         95
                                       7.750          1,205.94
    STATEN ISLAND    NY   10304          1            08/16/01         04
    0433107687                           05           10/01/01         35
    2302101898                           O            09/01/31
    0

1

    5161536          700/G02             F          399,000.00         ZZ
                                         360        398,711.21          1
                                       7.625          2,824.10         87
                                       7.375          2,824.10
    MISSION VIEJO    CA   92691          5            07/23/01         01
    0433096393                           03           09/01/01         12
    00260380                             O            08/01/31
    0

    5162870          624/G02             F          219,200.00         ZZ
                                         360        219,024.71          1
                                       7.125          1,476.79         80
                                       6.875          1,476.79
    TRUCKEE          CA   96161          1            07/25/01         00
    0433077542                           03           09/01/01          0
    36800511283F                         O            08/01/31
    0

    5163700          624/G02             F          116,400.00         ZZ
                                         360        116,400.00          1
                                       7.125            784.21         80
                                       6.875            784.21
    SAN DIEGO        CA   92126          1            08/08/01         00
    0433119377                           01           10/01/01          0
    39000410483F                         N            09/01/31
    0

    5163885          562/G02             F          220,000.00         ZZ
                                         360        219,852.38          1
                                       8.000          1,614.29         74
                                       7.750          1,614.29
    WEST ISLIP       NY   11795          5            08/01/01         00
    0433080140                           05           09/01/01          0
    297013980                            O            08/01/31
    0

    5164246          L49/G02             F          292,000.00         ZZ
                                         360        291,575.97          1
                                       7.625          2,066.76         80
                                       7.375          2,066.76
    CAMARILLO        CA   93010          1            06/22/01         00
    0433058617                           05           08/01/01          0
    10006522                             O            07/01/31
    0

    5164266          G52/G02             F          202,500.00         ZZ
                                         360        202,367.53          4
                                       8.125          1,503.56         90
                                       7.875          1,503.56
1

    TUCSON           AZ   85712          1            07/25/01         10
    0433060878                           05           09/01/01         25
    9700000302                           N            08/01/31
    0

    5165199          E23/G02             F          293,000.00         ZZ
                                         360        292,793.20          1
                                       7.750          2,099.09         85
                                       7.500          2,099.09
    CERRITOS         CA   90703          5            07/24/01         04
    0433059052                           05           09/01/01         25
    51006178                             O            08/01/31
    0

    5165551          964/G02             F           47,200.00         ZZ
                                         360         47,167.52          1
                                       7.875            342.23         54
                                       7.625            342.23
    LAS VEGAS        NV   89144          1            07/20/01         00
    0433037561                           01           09/01/01          0
    134164                               N            08/01/31
    0

    5165560          940/G02             F           99,000.00         ZZ
                                         360         98,935.24          4
                                       8.125            735.07         90
                                       7.875            735.07
    APPLE VALLEY     CA   92307          1            07/24/01         10
    0433047172                           05           09/01/01         25
    65010234                             O            08/01/31
    0

    5165570          964/G02             F           47,890.00         ZZ
                                         360         47,857.04          1
                                       7.875            347.24         54
                                       7.625            347.24
    LAS VEGAS        NV   89144          1            07/20/01         00
    0433047263                           01           09/01/01          0
    134154                               N            08/01/31
    0

    5165734          E76/G02             F           95,000.00         ZZ
                                         360         95,000.00          1
                                       8.000            697.08         60
                                       7.750            697.08
    CHINO VALLEY     AZ   86232          1            08/06/01         00
    0433108552                           03           10/01/01          0
    10007572                             O            09/01/31
    0
1

    5165999          830/G02             F          348,000.00         ZZ
                                         360        347,741.73          1
                                       7.500          2,433.27         80
                                       7.250          2,433.27
    SALT LAKE CITY   UT   84101          1            07/25/01         00
    0433039583                           05           09/01/01          0
    POULTON545606                        O            08/01/31
    0

    5166266          E22/G02             F          151,500.00         ZZ
                                         360        151,390.35          1
                                       7.625          1,072.31         61
                                       7.375          1,072.31
    VENTURA          CA   93001          2            07/09/01         00
    0412685588                           05           09/01/01          0
    0412685588                           O            08/01/31
    0

    5166291          E22/G02             F           50,000.00         ZZ
                                         360         49,930.97          1
                                       7.875            362.53         41
                                       7.625            362.53
    LAKELAND         FL   33813          1            07/02/01         00
    0412758716                           03           08/01/01          0
    0412758716                           O            07/01/31
    0

    5166309          E22/G02             F          260,000.00         ZZ
                                         360        259,816.50          1
                                       7.750          1,862.67         80
                                       7.500          1,862.67
    THOUSAND OAKS    CA   91362          1            07/16/01         00
    0412780280                           05           09/01/01          0
    0412780280                           O            08/01/31
    0

    5166319          E22/G02             F           45,000.00         ZZ
                                         360         44,976.67          1
                                       9.250            370.20         65
                                       9.000            370.20
    SAN ANTONIO      TX   78220          5            07/09/01         00
    0412786279                           05           09/01/01          0
    0412786279                           O            08/01/31
    0

    5166495          E22/G02             F          132,500.00         ZZ
                                         360        132,408.81          1
1

                                       7.875            960.72         95
                                       7.625            960.72
    WEST PALM BEACH  FL   33412          1            07/19/01         04
    0412770919                           05           09/01/01         30
    0412770919                           O            08/01/31
    0

    5166509          E22/G02             F          123,500.00         ZZ
                                         360        123,430.77          2
                                       8.875            982.62         95
                                       8.625            982.62
    JEFFERSONVILLE   VT   05464          1            07/19/01         04
    0412795478                           05           09/01/01         30
    0412795478                           O            08/01/31
    0

    5166521          E22/G02             F          130,200.00         ZZ
                                         360        130,110.40          1
                                       7.875            944.04         70
                                       7.625            944.04
    MI WUK VILLAGE   CA   95346          1            07/12/01         00
    0412819385                           05           09/01/01          0
    0412819385                           O            08/01/31
    0

    5166539          E22/G02             F          136,640.00         ZZ
                                         360        136,541.10          1
                                       7.625            967.13         80
                                       7.375            967.13
    MCKINNEY         TX   75070          1            07/19/01         00
    0412842668                           03           09/01/01          0
    0412842668                           O            08/01/31
    0

    5166609          E82/G02             F          172,400.00         ZZ
                                         360        172,268.82          1
                                       7.375          1,190.72         57
                                       7.125          1,190.72
    BREA             CA   92821          2            07/16/01         00
    0400458386                           03           09/01/01          0
    1983011                              O            08/01/31
    0

    5166708          822/G02             F          157,500.00         ZZ
                                         360        157,391.60          3
                                       7.875          1,141.99         90
                                       7.625          1,141.99
    PHILADELPHIA     PA   19148          1            07/31/01         11
    0433151610                           05           09/01/01         25
1

    3636055275                           N            08/01/31
    0

    5166991          E47/G02             F           49,600.00         ZZ
                                         360         49,564.99          1
                                       7.750            355.34         80
                                       7.500            355.34
    SPRING HILL      FL   34608          1            07/24/01         00
    0433067741                           05           09/01/01          0
    7361011179                           O            08/01/31
    0

    5167053          A06/G02             F          372,000.00         ZZ
                                         360        371,716.93          1
                                       7.375          2,569.32         80
                                       7.125          2,569.32
    BLOOMFIELD TWP   MI   48301          2            07/11/01         00
    0433079118                           05           09/01/01          0
    1000010012759                        O            08/01/31
    0

    5168074          E40/G02             F          260,000.00         ZZ
                                         360        259,792.08          1
                                       7.125          1,751.67         80
                                       6.875          1,751.67
    READING          MA   01867          1            07/30/01         00
    0433049921                           05           09/01/01          0
    200101137                            O            08/01/31
    0

    5168725          N74/G02             F          159,000.00         ZZ
                                         360        158,879.02          1
                                       7.375          1,098.17         65
                                       7.125          1,098.17
    BASTROP          TX   78602          5            07/26/01         00
    0433052297                           05           09/01/01          0
    1                                    O            08/01/31
    0

    5168753          B60/G02             F          321,930.00         ZZ
                                         360        321,697.00          1
                                       7.625          2,278.60         70
                                       7.375          2,278.60
    FOUNTAIN VALLEY  CA   92708          1            07/24/01         00
    0433102076                           05           09/01/01          0
    338554                               O            08/01/31
    0

1

    5170296          964/G02             F           78,000.00         ZZ
                                         360         77,951.52          1
                                       8.375            592.86         75
                                       8.125            592.86
    MONTROSE         CO   81401          5            08/03/01         00
    0433084928                           03           09/01/01          0
    135458                               N            08/01/31
    0

    5170478          964/G02             F          414,000.00         ZZ
                                         360        413,700.36          1
                                       7.625          2,930.27         61
                                       7.375          2,930.27
    NOVATO           CA   94945          2            07/27/01         00
    0433049376                           05           09/01/01          0
    133676                               N            08/01/31
    0

    5170971          L48/G02             F           85,000.00         ZZ
                                         360         84,948.50          3
                                       8.500            653.58         90
                                       8.250            653.58
    GRAND RAPIDS     MI   49504          2            07/30/01         10
    0433056090                           05           09/01/01         25
    120074                               N            08/01/31
    0

    5171192          883/G02             F           89,150.00         ZZ
                                         360         89,150.00          1
                                       7.750            638.68         75
                                       7.500            638.68
    WINTER HAVEN     FL   33880          1            08/06/01         00
    0433117892                           05           10/01/01          0
    05013133                             O            09/01/31
    0

    5171459          U42/G02             F          500,000.00         ZZ
                                         360        499,704.80          1
                                       8.625          3,888.95         76
                                       8.375          3,888.95
    AUSTIN           TX   78746          5            07/27/01         00
    0433097045                           05           09/01/01          0
    10100843                             O            08/01/31
    0

    5171579          E23/G02             F          440,000.00         ZZ
                                         360        439,665.20          1
                                       7.375          3,038.97         80
                                       7.125          3,038.97
1

    LOS ANGELES      CA   91607          5            07/27/01         00
    0433061116                           05           09/01/01          0
    51006469                             O            08/01/31
    0

    5172374          P34/G02             F          251,900.00         ZZ
                                         360        251,747.39          1
                                       8.500          1,936.90         90
                                       8.250          1,936.90
    NARRAGANSETT     RI   02882          1            07/27/01         04
    0433102944                           05           09/01/01         25
    61683                                O            08/01/31
    0

    5172665          N47/G02             F          136,000.00         ZZ
                                         360        135,812.21          1
                                       7.875            986.09         80
                                       7.625            986.09
    CITRUS HEIGHTS   CA   95621          1            06/04/01         00
    0433016862                           05           08/01/01          0
    20310556                             O            07/01/31
    0

    5174479          K15/G02             F          206,000.00         ZZ
                                         360        205,839.30          1
                                       7.250          1,405.28         72
                                       7.000          1,405.28
    RIVERHEAD        NY   11901          5            07/26/01         00
    0433055332                           05           09/01/01          0
    020805302641                         O            08/01/31
    0

    5174729          758/G02             F           96,300.00         ZZ
                                         360         96,104.85          1
                                       8.000            706.62         80
                                       7.750            706.62
    SPRING           TX   77373          2            05/23/01         00
    0433053394                           05           07/01/01          0
    160155                               N            06/01/31
    0

    5174854          K15/G02             F          112,400.00         ZZ
                                         360        112,335.33          1
                                       8.750            884.25         90
                                       8.500            884.25
    GRETNA           LA   70054          5            07/26/01         26
    0433055415                           05           09/01/01         25
    000040005302664                      O            08/01/31
    0
1

    5175032          E23/G02             F          232,000.00         ZZ
                                         360        231,840.34          1
                                       7.875          1,682.16         80
                                       7.625          1,682.16
    EL CERRITO       CA   94530          1            07/25/01         00
    0433061504                           05           09/01/01          0
    61001828                             O            08/01/31
    0

    5175174          U05/G02             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       7.375          2,223.97         85
                                       7.125          2,223.97
    PEMBROKE PINES   FL   33029          1            08/17/01         11
    0433101854                           05           10/01/01         12
    3154178                              O            09/01/31
    0

    5176055          B60/G02             F          185,725.00         ZZ
                                         360        185,587.16          3
                                       7.500          1,298.62         95
                                       7.250          1,298.62
    CRANSTON         RI   02910          1            07/26/01         01
    0433100302                           05           09/01/01         30
    329906                               O            08/01/31
    0

    5176192          E22/G02             F           71,200.00         ZZ
                                         360         71,143.06          1
                                       7.125            479.69         51
                                       6.875            479.69
    LARGO            FL   33778          2            07/16/01         00
    0412763088                           05           09/01/01          0
    0412763088                           O            08/01/31
    0

    5176205          E22/G02             F          105,200.00         ZZ
                                         360        105,129.41          1
                                       8.000            771.92         80
                                       7.750            771.92
    RAHWAY           NJ   07065          1            07/20/01         00
    0412778078                           05           09/01/01          0
    0412778078                           O            08/01/31
    0

    5176236          E22/G02             F          133,000.00         ZZ
                                         360        132,908.47          1
1

                                       7.875            964.34         95
                                       7.625            964.34
    OAKLAND          CA   94621          1            07/12/01         01
    0412810244                           05           09/01/01         30
    0412810244                           O            08/01/31
    0

    5176242          E22/G02             F          170,000.00         ZZ
                                         240        169,706.88          1
                                       7.875          1,408.75         78
                                       7.625          1,408.75
    LEVITTOWN        NY   11756          5            07/16/01         00
    0412813305                           05           09/01/01          0
    0412813305                           O            08/01/21
    0

    5176254          E22/G02             F           80,100.00         ZZ
                                         360         80,035.48          1
                                       8.875            637.31         90
                                       8.625            637.31
    FARMERS BRANCH   TX   75234          1            07/19/01         04
    0412820904                           01           09/01/01         25
    0412820904                           O            08/01/31
    0

    5176264          E22/G02             F           61,200.00         ZZ
                                         360         61,159.96          1
                                       8.125            454.41         80
                                       7.875            454.41
    DEERFIELD BEACH  FL   33442          1            07/20/01         00
    0412829731                           03           09/01/01          0
    0412829731                           O            08/01/31
    0

    5176308          E82/G02             F          257,200.00         ZZ
                                         360        257,040.13          4
                                       8.375          1,954.91         80
                                       8.125          1,954.91
    NORTH HOLLYWOOD  CA   91606          2            07/13/01         00
    0400449047                           05           09/01/01          0
    5176308                              N            08/01/31
    0

    5176309          E82/G02             F          181,500.00         ZZ
                                         360        181,375.09          2
                                       7.875          1,316.00         38
                                       7.625          1,316.00
    ARLINGTON        MA   02474          5            07/19/01         00
    0400441069                           05           09/01/01          0
1

    0400441069                           O            08/01/31
    0

    5176311          E82/G02             F          112,800.00         ZZ
                                         360        112,720.39          1
                                       7.750            808.11         75
                                       7.500            808.11
    RIO LINDA        CA   95673          2            07/19/01         00
    0400450235                           05           09/01/01          0
    0400450235                           N            08/01/31
    0

    5176409          926/926             F          185,600.00         ZZ
                                         360        185,462.25          1
                                       7.500          1,297.75         87
                                       7.250          1,297.75
    BLUFFTON         SC   29910          1            07/31/01         10
    163024205                            03           09/01/01         17
    163024205                            O            08/01/31
    0

    5177149          144/144             F          624,000.00         ZZ
                                         360        623,570.57          1
                                       7.875          4,524.43         65
                                       7.625          4,524.43
    BEDFORD          NY   10506          2            07/27/01         00
    160670455                            05           09/01/01          0
    99ENAVEG1                            O            08/01/31
    0

    5177536          737/G02             F           95,500.00         ZZ
                                         360         95,443.62          4
                                       8.625            742.79         84
                                       8.375            742.79
    NEW ORLEANS      LA   70126          2            07/26/01         12
    0433052222                           05           09/01/01         20
    1                                    N            08/01/31
    0

    5178861          964/G02             F          143,900.00         ZZ
                                         360        143,900.00          1
                                       7.750          1,030.92         80
                                       7.500          1,030.92
    LAKE ELSINORE    CA   92530          1            08/06/01         00
    0433056033                           05           10/01/01          0
    136192                               O            09/01/31
    0

1

    5178930          U62/G02             F           91,200.00         ZZ
                                         360         91,121.48          1
                                       6.750            591.52         66
                                       6.500            591.52
    BOISE            ID   83702          5            07/26/01         00
    0433071354                           05           09/01/01          0
    2001264423                           O            08/01/31
    0

    5179134          964/G02             F          172,500.00         ZZ
                                         360        172,368.75          1
                                       7.375          1,191.41         79
                                       7.125          1,191.41
    CHATSWORTH       CA   91311          5            07/26/01         00
    0433040466                           05           09/01/01          0
    128225                               O            08/01/31
    0

    5179208          964/G02             F          115,900.00         ZZ
                                         360        115,811.81          1
                                       7.375            800.49         80
                                       7.125            800.49
    EAGLE            ID   83616          1            07/25/01         00
    0433018967                           05           09/01/01          0
    135371                               O            08/01/31
    0

    5179234          R68/G02             F          144,000.00         ZZ
                                         360        143,898.37          1
                                       7.750          1,031.63         80
                                       7.500          1,031.63
    DAVIE            FL   33331          1            07/26/01         00
    0433033917                           03           09/01/01          0
    20010489                             O            08/01/31
    0

    5179341          U28/G02             F           59,550.00         ZZ
                                         360         59,507.97          1
                                       7.750            426.62         90
                                       7.500            426.62
    BIRMINGHAM       AL   35235          1            07/02/01         10
    0433023256                           05           09/01/01         25
    HOLME                                N            08/01/31
    0

    5179347          U05/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.625          1,946.43         71
                                       7.375          1,946.43
1

    AUSTIN           TX   78759          5            08/08/01         00
    0433149796                           05           10/01/01          0
    3154051                              O            09/01/31
    0

    5179798          623/G02             F           73,430.00         ZZ
                                         360         73,314.91          1
                                       9.250            604.09         70
                                       9.000            604.09
    WEST VALLEY CIT  UT   84120          1            05/08/01         00
    0433004801                           05           07/01/01          0
    1913918                              N            06/01/31
    0

    5179800          623/G02             F          176,000.00         ZZ
                                         360        175,184.01          1
                                       7.375          1,215.59         80
                                       7.125          1,215.59
    EAGLE            ID   83616          1            02/26/01         00
    0433004744                           03           04/01/01          0
    1949181                              O            03/01/31
    0

    5179814          623/G02             F          183,750.00         ZZ
                                         360        183,489.78          1
                                       7.750          1,316.41         75
                                       7.500          1,316.41
    WEST COVINA      CA   91790          5            06/18/01         00
    0433005428                           05           08/01/01          0
    1981430                              O            07/01/31
    0

    5179822          623/G02             F          165,000.00         ZZ
                                         360        164,639.46          1
                                       7.625          1,167.86         62
                                       7.375          1,167.86
    DUNSTABLE        MA   01827          2            05/25/01         00
    0433003357                           05           07/01/01          0
    5348033                              O            06/01/31
    0

    5179826          623/G02             F          102,000.00         ZZ
                                         360        101,869.47          1
                                       8.250            766.29         51
                                       8.000            766.29
    HULL             MA   02045          5            06/21/01         00
    0433005188                           05           08/01/01          0
    5357732                              O            07/01/31
    0
1

    5179833          623/G02             F          108,750.00         ZZ
                                         360        108,595.99          1
                                       7.750            779.10         75
                                       7.500            779.10
    CUMMING          GA   30040          5            06/21/01         00
    0433003373                           05           08/01/01          0
    5360725                              O            07/01/31
    0

    5179835          623/G02             F          195,750.00         ZZ
                                         360        195,472.79          1
                                       7.750          1,402.38         90
                                       7.500          1,402.38
    GROVE CITY       OH   43123          1            06/26/01         10
    0433005832                           05           08/01/01         25
    5361841                              O            07/01/31
    0

    5179837          623/G02             F          136,000.00         ZZ
                                         360        135,802.51          1
                                       7.625            962.60         80
                                       7.375            962.60
    NAPERVILLE       IL   60563          1            06/20/01         00
    0433005030                           01           08/01/01          0
    5363046                              O            07/01/31
    0

    5179838          623/G02             F           58,400.00         ZZ
                                         360         58,315.19          1
                                       7.625            413.35         80
                                       7.375            413.35
    SWAINSBORO       GA   30401          2            06/22/01         00
    0433005360                           05           08/01/01          0
    5364296                              O            07/01/31
    0

    5180144          E66/G02             F          225,000.00         ZZ
                                         360        224,845.15          1
                                       7.875          1,631.41         75
                                       7.625          1,631.41
    CONCORD          NC   28025          5            07/09/01         00
    0433080389                           05           09/01/01          0
    600660163                            O            08/01/31
    0

    5180448          964/G02             F          194,000.00         ZZ
                                         360        194,000.00          1
1

                                       7.625          1,373.12         95
                                       7.375          1,373.12
    LAS VEGAS        NV   89102          1            08/07/01         27
    0433075108                           05           10/01/01         30
    137118                               O            09/01/31
    0

    5181007          A21/G02             F           98,000.00         ZZ
                                         360         98,000.00          1
                                       8.125            727.65         70
                                       7.875            727.65
    TEANECK          NJ   07666          5            08/02/01         00
    0433103660                           05           10/01/01          0
    0100118176                           O            09/01/31
    0

    5181287          369/G02             F          326,000.00         ZZ
                                         360        325,797.37          1
                                       8.375          2,477.84         77
                                       8.125          2,477.84
    KALAMAZOO        MI   49009          4            07/26/01         00
    0433135001                           05           09/01/01          0
    KASMI32542                           O            08/01/31
    0

    5182083          E47/G02             F          108,350.00         ZZ
                                         360        108,350.00          1
                                       8.500            833.12         95
                                       8.250            833.12
    MISSOULA         MT   59801          2            08/03/01         11
    0433129731                           05           10/01/01         30
    7332018822                           O            09/01/31
    0

    5183934          U62/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.500          1,398.43         80
                                       7.250          1,398.43
    SAN DIEGO        CA   92123          5            08/07/01         00
    0433106036                           05           10/01/01          0
    2001275992                           O            09/01/31
    0

    5184111          964/G02             F          169,600.00         ZZ
                                         360        169,477.25          1
                                       7.625          1,200.42         80
                                       7.375          1,200.42
    ELK GROVE        CA   95758          1            07/27/01         00
    0433087897                           05           09/01/01          0
1

    136160                               O            08/01/31
    0

    5184516          B60/G02             F          337,000.00         ZZ
                                         360        336,749.90          3
                                       7.500          2,356.35         90
                                       7.250          2,356.35
    GLENDALE         CA   91205          2            07/12/01         01
    0433113289                           05           09/01/01         25
    339817                               O            08/01/31
    0

    5184862          B60/G02             F          286,000.00         ZZ
                                         360        285,787.75          1
                                       7.500          1,999.75         72
                                       7.250          1,999.75
    CAMBRIDGE        MA   02138          5            06/14/01         00
    0433119781                           08           09/01/01          0
    334356                               O            08/01/31
    0

    5184986          E22/G02             F           98,000.00         ZZ
                                         360         97,925.43          1
                                       7.375            676.86         59
                                       7.125            676.86
    CITRUS HEIGHTS   CA   95610          1            07/03/01         00
    0412741142                           05           09/01/01          0
    0412741142                           O            08/01/31
    0

    5185004          E22/G02             F           78,000.00         ZZ
                                         360         77,942.11          1
                                       7.500            545.39         94
                                       7.250            545.39
    MIAMI            FL   33183          2            07/17/01         04
    0412783599                           01           09/01/01         30
    0412783599                           O            08/01/31
    0

    5185006          E22/G02             F          248,000.00         ZZ
                                         360        247,820.50          1
                                       7.625          1,755.33         71
                                       7.375          1,755.33
    COLLEYVILLE      TX   76034          5            07/17/01         00
    0412784373                           03           09/01/01          0
    0412784373                           O            08/01/31
    0

1

    5185047          E22/G02             F          208,000.00         ZZ
                                         360        207,841.73          1
                                       7.375          1,436.60         80
                                       7.125          1,436.60
    CHICO            TX   76431          5            07/18/01         00
    0412811481                           05           09/01/01          0
    0412811481                           O            08/01/31
    0

    5185060          E22/G02             F           52,700.00         ZZ
                                         360         52,661.85          1
                                       7.625            373.01         85
                                       7.375            373.01
    CAMDEN           SC   29020          5            07/17/01         04
    0412818437                           05           09/01/01         12
    0412818437                           O            08/01/31
    0

    5185062          E22/G02             F          216,000.00         ZZ
                                         360        215,831.50          1
                                       7.250          1,473.50         80
                                       7.000          1,473.50
    CORINTH          TX   76210          5            07/13/01         00
    0412819054                           05           09/01/01          0
    0412819054                           O            08/01/31
    0

    5185065          E22/G02             F          200,000.00         ZZ
                                         360        199,858.85          1
                                       7.750          1,432.82         67
                                       7.500          1,432.82
    BOCA RATON       FL   33496          1            07/23/01         00
    0412820177                           03           09/01/01          0
    0412820177                           O            08/01/31
    0

    5185091          E22/G02             F          110,700.00         ZZ
                                         360        110,631.19          1
                                       8.375            841.40         90
                                       8.125            841.40
    BOYNTON BEACH    FL   33426          1            07/23/01         04
    0412850273                           03           09/01/01         25
    0412850273                           O            08/01/31
    0

    5185125          E82/G02             F          165,600.00         ZZ
                                         360        165,477.10          1
                                       7.500          1,157.90         90
                                       7.250          1,157.90
1

    MENDOTA HEIGHTS  MN   55118          1            07/24/01         04
    0400450656                           05           09/01/01         25
    0400450656                           O            08/01/31
    0

    5185126          E82/G02             F          112,400.00         ZZ
                                         360        112,318.65          1
                                       7.625            795.56         63
                                       7.375            795.56
    JUPITER          FL   33458          2            07/20/01         00
    0400448973                           05           09/01/01          0
    0400448973                           O            08/01/31
    0

    5185129          E82/G02             F           96,000.00         ZZ
                                         360         95,932.24          1
                                       7.750            687.76         24
                                       7.500            687.76
    ALPINE           WY   83128          5            07/18/01         00
    0400446043                           05           09/01/01          0
    0400446043                           O            08/01/31
    0

    5185130          E82/G02             F          134,900.00         ZZ
                                         360        134,797.35          1
                                       7.375            931.72         56
                                       7.125            931.72
    PITTSBURG        CA   94565          5            07/17/01         00
    0400453957                           05           09/01/01          0
    0400453957                           O            08/01/31
    0

    5185143          E82/G02             F           79,300.00         ZZ
                                         360         79,245.43          1
                                       7.875            574.98         82
                                       7.625            574.98
    MT VERNON        IN   47620          2            07/19/01         04
    0400451332                           05           09/01/01         12
    0400451332                           O            08/01/31
    0

    5186010          994/G02             F          550,000.00         ZZ
                                         360        549,201.31          1
                                       7.625          3,892.87         79
                                       7.375          3,892.87
    NORTON           MA   02766          5            06/01/01         00
    0433118635                           05           08/01/01          0
    1000245578                           O            07/01/31
    0
1

    5188275          E76/G02             F          363,000.00         ZZ
                                         360        362,743.79          1
                                       7.750          2,600.58         70
                                       7.500          2,600.58
    SAINT FRANCISVI  LA   70775          2            07/27/01         00
    0433057759                           05           09/01/01          0
    10007398                             O            08/01/31
    0

    5188657          253/253             F          110,000.00         ZZ
                                         360        109,924.30          1
                                       7.875            797.58         42
                                       7.625            797.58
    BOULDER          CO   80303          1            07/27/01         00
    973113                               05           09/01/01          0
    973113                               N            08/01/31
    0

    5188687          A06/G02             F          313,000.00         ZZ
                                         360        312,761.83          1
                                       7.375          2,161.82         79
                                       7.125          2,161.82
    COMMERCE         MI   48382          2            08/01/01         00
    0433071875                           05           09/01/01          0
    0020133311                           O            08/01/31
    0

    5189264          F36/G02             F          182,400.00         ZZ
                                         360        182,277.61          1
                                       8.000          1,338.39         95
                                       7.750          1,338.39
    GIG HARBOR       WA   98329          2            07/27/01         14
    0433122371                           03           09/01/01         30
    06402576                             O            08/01/31
    0

    5189893          U59/G02             F          402,000.00         ZZ
                                         360        401,737.03          2
                                       8.125          2,984.84         67
                                       7.875          2,984.84
    STATEN ISLAND    NY   10312          1            08/06/01         00
    0433131455                           05           09/06/01          0
    800867797                            O            08/06/31
    0

    5190971          964/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
1

                                       7.750            501.49         34
                                       7.500            501.49
    LYNNWOOD         WA   98036          5            07/30/01         00
    0433081593                           05           10/01/01          0
    136811                               O            09/01/31
    0

    5193217          U62/G02             F           63,450.00         ZZ
                                         360         63,401.72          2
                                       7.375            438.23         90
                                       7.125            438.23
    EASTON           PA   18042          1            07/31/01         04
    0433052685                           05           09/01/01         25
    2001261000                           N            08/01/31
    0

    5193438          940/G02             F          108,000.00         ZZ
                                         360        107,921.83          1
                                       7.625            764.42         80
                                       7.375            764.42
    RIVERSIDE        CA   92509          5            07/20/01         00
    0433039104                           05           09/01/01          0
    40010576                             O            08/01/31
    0

    5193702          K15/G02             F          151,000.00         ZZ
                                         360        150,890.71          1
                                       7.625          1,068.77         69
                                       7.375          1,068.77
    RIVERHEAD        NY   11901          5            07/26/01         00
    0433067576                           05           09/01/01          0
    020805302734                         O            08/01/31
    0

    5194271          E22/G02             F           85,000.00         ZZ
                                         360         84,940.01          1
                                       7.750            608.95         59
                                       7.500            608.95
    MALAKOFF         TX   75148          5            07/16/01         00
    0412757114                           05           09/01/01          0
    0412757114                           O            08/01/31
    0

    5194313          E22/G02             F          106,250.00         ZZ
                                         360        106,182.25          1
                                       8.250            798.22         85
                                       8.000            798.22
    OMAHA            NE   68157          1            07/24/01         04
    0412806499                           05           09/01/01         12
1

    0412806499                           O            08/01/31
    0

    5194320          E22/G02             F           79,900.00         ZZ
                                         360         79,846.39          1
                                       8.000            586.28         85
                                       7.750            586.28
    CHARLOTTE        NC   28215          2            07/24/01         01
    0412813909                           03           09/01/01         25
    0412813909                           N            08/01/31
    0

    5194328          E22/G02             F          151,400.00         ZZ
                                         360        151,287.64          1
                                       7.500          1,058.61         95
                                       7.250          1,058.61
    SWANNANOA        NC   28778          1            07/24/01         01
    0412824237                           05           09/01/01         30
    0412824237                           O            08/01/31
    0

    5194340          E22/G02             F           40,500.00         ZZ
                                         360         40,476.70          3
                                       8.750            318.61         90
                                       8.500            318.61
    BATTLE CREEK     MI   49017          1            07/24/01         01
    0412833477                           05           09/01/01         25
    0412833477                           N            08/01/31
    0

    5194351          E22/G02             F          100,440.00         ZZ
                                         360        100,365.46          1
                                       7.500            702.29         90
                                       7.250            702.29
    FRESNO           CA   93720          1            07/19/01         01
    0412852592                           05           09/01/01         25
    0412852592                           O            08/01/31
    0

    5194950          952/G02             F          114,400.00         ZZ
                                         360        114,260.89          1
                                       8.500            879.64         80
                                       8.250            879.64
    RAMSEY           NJ   07466          1            06/22/01         00
    0433040714                           01           08/01/01          0
    100108253                            O            07/01/31
    0

1

    5195011          A06/G02             F           80,000.00         ZZ
                                         360         79,940.62          1
                                       7.500            559.38         64
                                       7.250            559.38
    DETROIT          MI   48235          2            07/30/01         00
    0433032257                           05           09/01/01          0
    021000020136162                      N            08/01/31
    0

    5196124          P44/G02             F          180,000.00         ZZ
                                         360        179,896.44          2
                                       8.750          1,416.06         90
                                       8.500          1,416.06
    WORCESTER        MA   01602          1            07/27/01         10
    0433051158                           05           09/01/01         30
    001460                               N            08/01/31
    0

    5196812          N47/G02             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       7.625          1,911.04         58
                                       7.375          1,911.04
    GOLETA           CA   93117          5            08/13/01         00
    0433123577                           05           10/01/01          0
    30310884                             N            09/01/31
    0

    5197704          624/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.750          2,865.65         80
                                       7.500          2,865.65
    ALAMEDA          CA   94501          5            07/27/01         00
    0433089893                           05           10/01/01          0
    36800410226F                         O            09/01/31
    0

    5197895          U59/G02             F          268,000.00         ZZ
                                         360        267,824.68          4
                                       8.125          1,989.90         80
                                       7.875          1,989.90
    RICHMOND HILL    NY   11418          1            08/13/01         00
    0433104189                           05           09/13/01          0
    800870416                            O            08/13/31
    0

    5198739          U28/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       8.250          1,111.87         80
                                       8.000          1,111.87
1

    DECATUR          GA   30030          1            08/08/01         00
    0433080108                           05           10/01/01          0
    HOLLANDWEJR                          N            09/01/31
    0

    5199198          168/168             F           72,900.00         ZZ
                                         360         72,853.52          1
                                       8.250            547.67         49
                                       8.000            547.67
    IRONDEQUOIT      NY   14617          1            07/12/01         00
    005927714                            05           09/01/01          0
    005927714                            O            08/01/31
    0

    5199560          W39/G02             F          360,000.00         ZZ
                                         360        359,776.24          1
                                       8.375          2,736.26         90
                                       8.125          2,736.26
    RIVER RIDGE      LA   70123          5            07/09/01         01
    0433039336                           05           09/01/01         25
    991207                               O            08/01/31
    0

    5199602          737/G02             F          370,000.00         ZZ
                                         360        369,751.74          1
                                       8.000          2,714.93         79
                                       7.750          2,714.93
    SCOTTSDALE       AZ   85260          1            07/27/01         00
    0433118387                           03           09/01/01          0
    2031699                              O            08/01/31
    0

    5200265          E86/G02             F          150,000.00         ZZ
                                         360        149,803.08          1
                                       8.125          1,113.75         47
                                       7.875          1,113.75
    DANA POINT       GA   92629          1            06/26/01         00
    0433142676                           09           08/01/01          0
    0000123458                           O            07/01/31
    0

    5200298          B60/G02             F          160,800.00         ZZ
                                         360        160,677.64          1
                                       7.375          1,110.61         80
                                       7.125          1,110.61
    SYLMAR (AREA)    CA   91342          1            07/20/01         00
    0433103801                           01           09/01/01          0
    339586                               O            08/01/31
    0
1

    5200730          S43/G02             F          113,600.00         ZZ
                                         360        113,600.00          1
                                       8.000            833.56         80
                                       7.750            833.56
    ALBUQUERQUE      NM   87102          2            08/01/01         00
    0433081767                           07           10/01/01          0
    011154                               N            09/01/31
    0

    5200965          369/G02             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       7.875          2,899.56         80
                                       7.625          2,899.56
    SCOTTSDALE       AZ   85262          1            08/01/01         00
    0433128535                           01           10/01/01          0
    0073138216                           O            09/01/31
    0

    5201075          964/G02             F          241,600.00         ZZ
                                         360        241,600.00          1
                                       7.875          1,751.77         80
                                       7.625          1,751.77
    RANCHO MURIETA   CA   95683          5            07/31/01         00
    0433050473                           05           10/01/01          0
    135210                               O            09/01/31
    0

    5201196          S43/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       8.000            821.82         80
                                       7.750            821.82
    ALBUQUERQUE      NM   87102          2            08/01/01         00
    0433102480                           05           10/01/01          0
    011155                               N            09/01/31
    0

    5201385          E87/G02             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.500          2,684.98         80
                                       7.250          2,684.98
    SANTA BARBARA    CA   93105          1            08/01/01         00
    0433074846                           05           10/01/01          0
    70003646                             O            09/01/31
    0

    5201906          M18/G02             F          388,000.00         ZZ
                                         360        388,000.00          1
1

                                       7.875          2,813.27         80
                                       7.625          2,813.27
    MISSION VIEJO    CA   92691          5            07/27/01         00
    0433135035                           05           10/01/01          0
    980101330                            O            09/01/31
    0

    5201962          S43/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       8.000            880.52         80
                                       7.750            880.52
    ALBUQUERQUE      NM   87102          2            08/01/01         00
    0433119526                           05           10/01/01          0
    011156                               N            09/01/31
    0

    5201965          S43/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       8.000            821.82         80
                                       7.750            821.82
    ALBUQUERQUE      NM   87102          2            08/01/01         00
    0433119542                           07           10/01/01          0
    011151                               N            09/01/31
    0

    5202440          E22/G02             F          216,505.00         ZZ
                                         360        216,356.00          1
                                       7.875          1,569.81         95
                                       7.625          1,569.81
    MIAMI            FL   33131          1            07/25/01         04
    0412634610                           06           09/01/01         30
    0412634610                           O            08/01/31
    0

    5202442          E22/G02             F          138,100.00         ZZ
                                         240        137,846.75          1
                                       7.375          1,101.99         78
                                       7.125          1,101.99
    WOODLAND         CA   95776          2            07/15/01         00
    0412674053                           05           09/01/01          0
    0412674053                           O            08/01/21
    0

    5202462          E22/G02             F          195,000.00         ZZ
                                         360        194,865.80          1
                                       7.875          1,413.89         64
                                       7.625          1,413.89
    CHARLESTON       SC   29407          5            07/20/01         00
    0412785776                           05           09/01/01          0
1

    0412785776                           O            08/01/31
    0

    5202495          E22/G02             F          240,000.00         ZZ
                                         360        239,830.61          1
                                       7.750          1,719.39         80
                                       7.500          1,719.39
    AUSTIN           TX   78731          5            07/19/01         00
    0412818809                           05           09/01/01          0
    0412818809                           O            08/01/31
    0

    5202497          E22/G02             F           85,000.00         ZZ
                                         360         84,944.40          1
                                       8.125            631.12         74
                                       7.875            631.12
    GARLAND          TX   75042          5            07/19/01         00
    0412819260                           05           09/01/01          0
    0412819260                           O            08/01/31
    0

    5202518          E22/G02             F           81,000.00         ZZ
                                         360         80,941.38          1
                                       7.625            573.31         63
                                       7.375            573.31
    BOISE            ID   83704          5            07/19/01         00
    0412840860                           03           09/01/01          0
    0412840860                           O            08/01/31
    0

    5202530          E22/G02             F          203,160.00         ZZ
                                         360        203,009.23          1
                                       7.500          1,420.52         80
                                       7.250          1,420.52
    BOULDER CITY     NV   89005          1            07/20/01         00
    0412854028                           03           09/01/01          0
    0412854028                           O            08/01/31
    0

    5202583          E82/G02             F          147,000.00         ZZ
                                         360        146,888.15          1
                                       7.375          1,015.29         78
                                       7.125          1,015.29
    MIAMI SPRINGS    FL   33166          2            07/23/01         00
    0400452595                           05           09/01/01          0
    0400452595                           O            08/01/31
    0

1

    5202596          E82/G02             F          100,500.00         ZZ
                                         360        100,434.26          1
                                       8.125            746.21         88
                                       7.875            746.21
    PLAQUEMINE       LA   70764          5            07/23/01         04
    0400455275                           05           09/01/01         30
    0400455275                           O            08/01/31
    0

    5202693          H93/G02             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.500          3,146.47         68
                                       7.250          3,146.47
    KANSAS CITY      MO   64113          5            08/03/01         00
    0433098902                           05           10/01/01          0
    2001001295                           O            09/01/31
    0

    5203690          N47/G02             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       7.125          2,688.14         55
                                       6.875          2,688.14
    SANTA CRUZ       CA   95060          5            08/06/01         00
    0433102803                           05           10/01/01          0
    20111398                             O            09/01/31
    0

    5203871          A50/G02             F          122,000.00         ZZ
                                         360        122,000.00          1
                                       7.750            874.02         85
                                       7.500            874.02
    NORTHPORT        AL   35473          5            07/31/01         11
    0433146321                           05           10/01/01         12
    353218                               O            09/01/31
    0

    5204651          N47/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       7.375          1,768.13         80
                                       7.125          1,768.13
    SALINAS          CA   93906          5            08/01/01         00
    0433085214                           05           10/01/01          0
    20111417                             O            09/01/31
    0

    5205194          964/G02             F          235,000.00         ZZ
                                         360        234,816.68          1
                                       7.250          1,603.11         79
                                       7.000          1,603.11
1

    ARROYO GRANDE    CA   93420          5            07/30/01         00
    0433050051                           05           09/01/01          0
    132675                               O            08/01/31
    0

    5205254          964/G02             F          416,000.00         ZZ
                                         360        415,683.46          1
                                       7.375          2,873.21         80
                                       7.125          2,873.21
    GIG HARBOR       WA   98335          2            08/01/01         00
    0433050325                           05           09/01/01          0
    135631                               O            08/01/31
    0

    5205652          U05/G02             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       8.000          2,289.35         80
                                       7.750          2,289.35
    HOLLISTER        CA   95023          1            08/01/01         00
    0433101318                           05           10/01/01          0
    3157228                              O            09/01/31
    0

    5206074          U43/G02             F          400,000.00         ZZ
                                         360        399,081.27          1
                                       7.375          2,762.70         77
                                       7.125          2,762.70
    MUKILTEO         WA   98275          2            05/15/01         00
    0433102498                           05           07/01/01          0
    20078339754                          O            06/01/31
    0

    5206197          286/286             F          126,800.00         ZZ
                                         360        126,629.28          1
                                       8.000            930.41         80
                                       7.750            930.41
    TUCSON           AZ   85701          1            06/07/01         00
    438772                               05           08/01/01          0
    438772                               O            07/01/31
    0

    5206214          286/286             F          180,000.00         ZZ
                                         360        179,228.86          1
                                       7.500          1,258.59         80
                                       7.250          1,258.59
    LIVERMORE        CA   94550          1            06/05/01         00
    9854111                              01           08/01/01          0
    9854111                              O            07/01/31
    0
1

    5206929          964/G02             F          148,000.00         ZZ
                                         360        147,895.54          1
                                       7.750          1,060.29         80
                                       7.500          1,060.29
    ANAHEIM          CA   92807          1            07/18/01         00
    0433045044                           01           09/01/01          0
    134245                               O            08/01/31
    0

    5207331          F25/G02             F          199,500.00         ZZ
                                         360        199,362.71          3
                                       7.875          1,446.51         95
                                       7.625          1,446.51
    STRATFORD        CT   06615          1            07/31/01         04
    0433061041                           05           09/01/01         30
    R0106022                             O            08/01/31
    0

    5207837          286/286             F          115,650.00         ZZ
                                         360        115,519.84          1
                                       8.875            920.17         90
                                       8.625            920.17
    LAS VEGAS        NV   89149          1            06/07/01         11
    77168                                01           08/01/01         25
    77168                                O            07/01/31
    0

    5207838          286/286             F          243,750.00         ZZ
                                         360        243,453.62          1
                                       8.500          1,874.23         75
                                       8.250          1,874.23
    OAKHILL          VA   20171          5            06/11/01         00
    319630                               05           08/01/01          0
    319630                               O            07/01/31
    0

    5207839          286/286             F          207,000.00         ZZ
                                         360        206,636.50          1
                                       8.750          1,628.48         90
                                       8.500          1,628.48
    MONTROSS         VA   22520          1            06/01/01         11
    300620                               05           07/01/01         30
    300620                               O            06/01/31
    0

    5207840          286/286             F          129,600.00         ZZ
                                         360        129,374.69          1
1

                                       8.750          1,019.56         80
                                       8.500          1,019.56
    HOLLYWOOD        FL   33021          1            05/30/01         00
    315490                               05           07/01/01          0
    315490                               O            06/01/31
    0

    5207841          286/286             F          135,900.00         ZZ
                                         360        135,663.71          1
                                       8.750          1,069.13         80
                                       8.500          1,069.13
    BOWIE            MD   20715          1            05/16/01         00
    235482                               05           07/01/01          0
    235482                               O            06/01/31
    0

    5207842          286/286             F          980,000.00         ZZ
                                         360        978,897.11          1
                                       8.875          7,797.33         70
                                       8.625          7,797.33
    ATLANTA          GA   30328          1            06/14/01         00
    345371                               05           08/01/01          0
    345371                               O            07/01/31
    0

    5207843          286/286             F          100,000.00         ZZ
                                         360         99,828.42          1
                                       8.000            733.77         68
                                       7.750            733.77
    PRESCOTT         AZ   86301          5            06/07/01         00
    313318                               05           08/01/01          0
    313318                               O            07/01/31
    0

    5207891          286/286             F          292,000.00         ZZ
                                         360        291,505.23          1
                                       8.875          2,323.29         80
                                       8.625          2,323.29
    BETHESDA         MD   20817          1            06/04/01         00
    418948                               05           07/01/01          0
    418948                               O            06/01/31
    0

    5207892          286/286             F           30,000.00         ZZ
                                         360         29,963.51          1
                                       8.500            230.68         53
                                       8.250            230.68
    OCEAN CITY       MD   21842          1            06/08/01         00
    417511                               01           08/01/01          0
1

    417511                               N            07/01/31
    0

    5207894          286/286             F          300,000.00         ZZ
                                         360        299,635.21          1
                                       8.500          2,306.75         89
                                       8.250          2,306.75
    HOLLY TWP        MI   48442          1            06/01/01         10
    291602                               05           08/01/01         25
    291602                               O            07/01/31
    0

    5207895          286/286             F          175,000.00         ZZ
                                         360        174,550.87          1
                                       7.750          1,253.73         67
                                       7.500          1,253.73
    CHICAGO          IL   60645          5            06/08/01         00
    363074                               05           08/01/01          0
    363074                               O            07/01/31
    0

    5207898          286/286             F           61,600.00         ZZ
                                         360         61,164.51          1
                                       9.625            523.60         80
                                       9.375            523.60
    SOUTH RIVER      NJ   08882          1            06/06/00         00
    9980335                              05           08/01/00          0
    9980335                              N            07/01/30
    0

    5207899          286/286             F          106,400.00         ZZ
                                         360        106,223.60          1
                                       8.250            799.35         90
                                       8.000            799.35
    PHOENIX          AZ   85037          1            06/14/01         12
    313283                               05           08/01/01         25
    313283                               N            07/01/31
    0

    5207906          286/286             F          180,000.00         ZZ
                                         360        179,763.70          2
                                       8.125          1,336.50         90
                                       7.875          1,336.50
    EAGLE            ID   83616          1            06/12/01         12
    268065                               05           08/01/01         30
    268065                               N            07/01/31
    0

1

    5207913          286/286             F           48,000.00         ZZ
                                         360         47,945.98          1
                                       8.875            381.91         80
                                       8.625            381.91
    INDIANAPOLIS     IN   46201          2            06/06/01         00
    421965                               05           08/01/01          0
    421965                               N            07/01/31
    0

    5207914          286/286             F           48,800.00         ZZ
                                         360         48,745.07          1
                                       8.875            388.28         80
                                       8.625            388.28
    INDIANAPOLIS     IN   46218          2            06/06/01         00
    421997                               05           08/01/01          0
    421997                               N            07/01/31
    0

    5207915          286/286             F           85,000.00         ZZ
                                         360         84,885.56          1
                                       8.000            623.70         85
                                       7.750            623.70
    MINDEN           LA   71055          2            06/06/01         11
    270868                               05           08/01/01         12
    270868                               O            07/01/31
    0

    5207921          286/286             F          113,850.00         ZZ
                                         360        113,680.47          4
                                       7.500            796.06         90
                                       7.250            796.06
    KENOSHA          WI   53144          1            06/11/01         12
    408063                               05           08/01/01         25
    408063                               O            07/01/31
    0

    5207922          286/286             F          229,650.00         ZZ
                                         360        229,122.53          1
                                       7.375          1,586.14         80
                                       7.125          1,586.14
    CHESAPEAKE       VA   23322          1            06/05/01         00
    306002                               05           07/01/01          0
    306002                               O            06/01/31
    0

    5207924          286/286             F           62,500.00         ZZ
                                         360         62,423.79          1
                                       8.500            480.58         90
                                       8.250            480.58
1

    LAKEWOOD         OH   44107          1            06/04/01         12
    421499                               05           08/01/01         25
    421499                               N            07/01/31
    0

    5207925          286/286             F           76,500.00         ZZ
                                         360         76,394.36          1
                                       7.875            554.68         90
                                       7.625            554.68
    WICKLIFFE        OH   44092          1            06/07/01         10
    384026                               05           08/01/01         25
    384026                               N            07/01/31
    0

    5207926          286/286             F           52,200.00         ZZ
                                         360         52,134.88          1
                                       8.375            396.76         90
                                       8.125            396.76
    AKRON            OH   44301          2            06/06/01         11
    421920                               05           08/01/01         25
    421920                               N            07/01/31
    0

    5207928          286/286             F          206,000.00         ZZ
                                         360        205,709.13          1
                                       7.875          1,493.65         80
                                       7.625          1,493.65
    VERNONIA         OR   97064          1            06/14/01         00
    267576                               05           08/01/01          0
    267576                               O            07/01/31
    0

    5207929          286/286             F          273,150.00         ZZ
                                         360        272,334.04          3
                                       7.500          1,909.91         90
                                       7.250          1,909.91
    LAMBERTVILLE     NJ   08530          1            06/14/01         11
    399637                               05           08/01/01         25
    399637                               O            07/01/31
    0

    5207930          286/286             F           92,700.00         ZZ
                                         360         92,581.36          2
                                       8.250            696.43         90
                                       8.000            696.43
    FT. LAUDERDALE   FL   33304          1            06/13/01         21
    315851                               05           08/01/01         25
    315851                               N            07/01/31
    0
1

    5207931          286/286             F           56,700.00         ZZ
                                         360         56,601.42          1
                                       8.750            446.06         90
                                       8.500            446.06
    TULSA            OK   74127          1            06/01/01         11
    389521                               05           07/01/01         25
    389521                               N            06/01/31
    0

    5207933          286/286             F          229,500.00         ZZ
                                         360        229,158.29          4
                                       7.500          1,604.70         90
                                       7.250          1,604.70
    BROOKLYN         NY   11212          5            06/01/01         12
    406013                               05           08/01/01         25
    406013                               O            07/01/31
    0

    5207936          286/286             F          237,850.00         ZZ
                                         360        237,521.55          1
                                       7.875          1,724.58         80
                                       7.625          1,724.58
    HIGLEY           AZ   85236          1            06/04/01         00
    312366                               03           08/01/01          0
    312366                               N            07/01/31
    0

    5207937          286/286             F          135,900.00         ZZ
                                         360        135,599.66          1
                                       9.000          1,093.49         80
                                       8.750          1,093.49
    RALEIGH          NC   27603          1            04/30/01         00
    9650856                              05           06/01/01          0
    9650856                              O            05/01/31
    0

    5207939          286/286             F          205,000.00         ZZ
                                         360        204,687.06          2
                                       7.375          1,415.89         79
                                       7.125          1,415.89
    DORCHESTER       MA   02122          2            06/11/01         00
    319695                               05           08/01/01          0
    319695                               O            07/01/31
    0

    5207940          286/286             F          216,000.00         ZZ
                                         360        215,451.11          1
1

                                       7.875          1,566.15         80
                                       7.625          1,566.15
    HARWICH          MA   02645          1            06/01/01         00
    319578                               05           07/01/01          0
    319578                               O            06/01/31
    0

    5207941          286/286             F           81,000.00         ZZ
                                         360         80,908.83          1
                                       8.875            644.48         90
                                       8.625            644.48
    FREEHOLD         NJ   07728          1            06/13/01         12
    253229                               05           08/01/01         25
    253229                               N            07/01/31
    0

    5207943          286/286             F          150,000.00         ZZ
                                         360        149,782.17          1
                                       7.625          1,061.70         66
                                       7.375          1,061.70
    DANVERS          MA   01923          5            06/14/01         00
    319677                               05           08/01/01          0
    319677                               O            07/01/31
    0

    5207944          286/286             F           61,600.00         ZZ
                                         360         61,211.79          1
                                       7.750            441.31         80
                                       7.500            441.31
    COLONIAL HEIGHT  VA   23834          1            06/05/01         00
    405276                               05           08/01/01          0
    405276                               N            07/01/31
    0

    5207945          286/286             F          165,600.00         ZZ
                                         360        165,210.47          1
                                       7.625          1,172.11         80
                                       7.375          1,172.11
    ROCKFORD         IL   61114          1            06/08/01         00
    384279                               05           08/01/01          0
    384279                               O            07/01/31
    0

    5207947          286/286             F          246,500.00         ZZ
                                         360        246,159.60          3
                                       7.875          1,787.30         62
                                       7.625          1,787.30
    EUREKA           CA   95501          5            06/01/01         00
    342261                               05           08/01/01          0
1

    342261                               O            07/01/31
    0

    5207949          286/286             F           92,000.00         ZZ
                                         360         91,848.08          4
                                       9.000            740.26         80
                                       8.750            740.26
    ST LOUIS         MO   63118          1            06/01/01         00
    390743                               05           07/01/01          0
    390743                               N            06/01/31
    0

    5207951          286/286             F           95,000.00         ZZ
                                         300         94,791.27          1
                                       7.750            717.57         80
                                       7.500            717.57
    HOFFMAN ESTATES  IL   60195          2            06/11/01         00
    261114                               03           08/01/01          0
    261114                               N            07/01/26
    0

    5207952          286/286             F          463,250.00         ZZ
                                         360        462,574.46          1
                                       7.625          3,278.86         85
                                       7.375          3,278.86
    CLIFTON          VA   20184          5            06/11/01         12
    287905                               03           08/01/01         25
    287905                               O            07/01/31
    0

    5207954          286/286             F          107,100.00         ZZ
                                         360        106,976.31          1
                                       8.750            842.56         90
                                       8.500            842.56
    INDIANAPOLIS     IN   46227          1            06/14/01         12
    403402                               05           08/01/01         25
    403402                               O            07/01/31
    0

    5207955          286/286             F          121,600.00         ZZ
                                         360        121,436.27          1
                                       8.000            892.26         80
                                       7.750            892.26
    SCOTTSDALE       AZ   85254          1            06/04/01         00
    313317                               05           08/01/01          0
    313317                               N            07/01/31
    0

1

    5207956          286/286             F          112,500.00         ZZ
                                         360        112,321.19          2
                                       7.375            777.01         90
                                       7.125            777.01
    ATLANTA          GA   30344          1            06/12/01         12
    344691                               05           08/01/01         25
    344691                               N            07/01/31
    0

    5207957          286/286             F          170,400.00         ZZ
                                         360        170,071.77          4
                                       8.250          1,280.16         80
                                       8.000          1,280.16
    PHOENIX          AZ   85018          1            05/31/01         00
    313256                               05           07/01/01          0
    313256                               N            06/01/31
    0

    5207959          286/286             F          174,400.00         ZZ
                                         360        174,159.15          1
                                       7.875          1,264.53         80
                                       7.625          1,264.53
    CANYON CITY      OR   97820          1            06/12/01         00
    229069                               05           08/01/01          0
    229069                               O            07/01/31
    0

    5207961          286/286             F          153,600.00         ZZ
                                         360        153,408.37          1
                                       8.375          1,167.48         80
                                       8.125          1,167.48
    NORMAL           IL   61761          2            06/11/01         00
    415398                               05           08/01/01          0
    415398                               O            07/01/31
    0

    5207962          286/286             F           36,900.00         ZZ
                                         360         36,856.26          4
                                       8.625            287.01         90
                                       8.375            287.01
    WASHINGTON       DC   20019          1            06/14/01         12
    396304                               05           08/01/01         25
    396304                               N            07/01/31
    0

    5207963          286/286             F           55,250.00         ZZ
                                         360         55,153.91          4
                                       8.750            434.66         70
                                       8.500            434.66
1

    ST. LOUIS        MO   63118          5            05/25/01         00
    390007                               05           07/01/01          0
    390007                               N            06/01/31
    0

    5207965          286/286             F           78,000.00         ZZ
                                         360         77,892.28          2
                                       7.875            565.56         64
                                       7.625            565.56
    CHANDLER         AZ   85224          5            06/11/01         00
    402830                               05           08/01/01          0
    402830                               N            07/01/31
    0

    5207967          286/286             F           22,500.00         ZZ
                                         360         22,459.84          2
                                       8.625            175.01         90
                                       8.375            175.01
    WARREN           OH   44483          1            06/01/01         12
    300808                               05           07/01/01         25
    300808                               N            06/01/31
    0

    5207968          286/286             F           33,750.00         ZZ
                                         360         33,688.22          2
                                       8.500            259.51         90
                                       8.250            259.51
    WARREN           OH   44483          1            06/01/01         10
    300811                               05           07/01/01         25
    300811                               N            06/01/31
    0

    5207969          286/286             F           76,950.00         ZZ
                                         360         76,816.20          3
                                       8.750            605.37         90
                                       8.500            605.37
    SPRINGFIELD      MA   01108          1            06/05/01         11
    308315                               05           07/01/01         25
    308315                               N            06/01/31
    0

    5207970          286/286             F          107,000.00         ZZ
                                         360        106,654.58          1
                                       8.750            841.77         65
                                       8.500            841.77
    WEST COVINA      CA   91792          5            05/29/01         00
    342084                               01           07/01/01          0
    342084                               N            06/01/31
    0
1

    5207971          286/286             F          128,000.00         ZZ
                                         360        127,818.73          2
                                       7.750            917.01         80
                                       7.500            917.01
    EAST PROVIDENCE  RI   02914          2            06/01/01         00
    207786                               05           08/01/01          0
    207786                               O            07/01/31
    0

    5207972          286/286             F           49,500.00         ZZ
                                         360         49,439.79          3
                                       8.500            380.62         90
                                       8.250            380.62
    NEWBURGH         NY   12550          1            06/13/01         11
    9423648                              05           08/01/01         25
    9423648                              N            07/01/31
    0

    5207973          286/286             F          105,000.00         ZZ
                                         360        104,839.71          1
                                       7.375            725.21         84
                                       7.125            725.21
    PATCHOGUE        NY   11772          1            06/04/01         11
    310252                               05           08/01/01         12
    310252                               O            07/01/31
    0

    5207974          286/286             F          221,350.00         ZZ
                                         360        220,878.28          1
                                       7.750          1,585.78         80
                                       7.500          1,585.78
    HIGLEY           AZ   85236          1            05/01/01         00
    312561                               03           07/01/01          0
    312561                               N            06/01/31
    0

    5207975          286/286             F           66,500.00         ZZ
                                         360         66,419.14          1
                                       8.500            511.33         70
                                       8.250            511.33
    PHOENIX          AZ   85044          5            06/06/01         00
    313404                               03           08/01/01          0
    313404                               N            07/01/31
    0

    5207976          286/286             F          102,400.00         ZZ
                                         360        102,275.48          1
1

                                       8.500            787.37         80
                                       8.250            787.37
    CORAL GABLES     FL   33134          1            06/14/01         00
    315969                               01           08/01/01          0
    315969                               N            07/01/31
    0

    5207977          286/286             F           90,900.00         ZZ
                                         360         90,720.41          1
                                       8.125            674.93         90
                                       7.875            674.93
    CINCINNATI       OH   45219          1            05/31/01         10
    397608                               05           07/01/01         25
    397608                               N            06/01/31
    0

    5207981          286/286             F          126,400.00         ZZ
                                         360        126,229.81          4
                                       8.000            927.48         80
                                       7.750            927.48
    MESA             AZ   85210          1            06/04/01         00
    313348                               03           08/01/01          0
    313348                               N            07/01/31
    0

    5207982          286/286             F           46,800.00         ZZ
                                         360         46,728.55          4
                                       7.375            323.24         75
                                       7.125            323.24
    CLEVELAND        OH   44102          2            05/11/01         00
    398323                               05           08/01/01          0
    398323                               N            07/01/31
    0

    5207984          286/286             F           82,500.00         ZZ
                                         360         82,352.82          4
                                       8.625            641.68         75
                                       8.375            641.68
    COLUMBUS         OH   43219          2            06/01/01         00
    421755                               05           07/01/01          0
    421755                               N            06/01/31
    0

    5207985          286/286             F          198,400.00         ZZ
                                         360        198,148.19          1
                                       8.750          1,560.82         80
                                       8.500          1,560.82
    HOLMDEL          NJ   07733          1            06/04/01         00
    97493                                01           08/01/01          0
1

    97493                                N            07/01/31
    0

    5207989          286/286             F          106,200.00         ZZ
                                         360        106,037.84          4
                                       8.875            844.98         90
                                       8.625            844.98
    NEWARK           NJ   07112          1            06/04/01         11
    223206                               05           08/01/01         25
    223206                               N            07/01/31
    0

    5207991          286/286             F          150,000.00         ZZ
                                         360        149,798.03          1
                                       8.000          1,100.65         79
                                       7.750          1,100.65
    BRIGHTON         MA   02135          5            06/04/01         00
    319397                               01           08/01/01          0
    319397                               N            07/01/31
    0

    5207992          286/286             F          202,500.00         ZZ
                                         360        202,272.10          3
                                       8.875          1,611.19         90
                                       8.625          1,611.19
    WILDWOOD CREST   NJ   08260          1            06/14/01         11
    179274                               05           08/01/01         25
    179274                               N            07/01/31
    0

    5207994          286/286             F          174,600.00         ZZ
                                         360        174,277.30          3
                                       8.250          1,311.72         90
                                       8.000          1,311.72
    PHOENIX          AZ   85008          1            06/14/01         12
    313058                               05           08/01/01         25
    313058                               N            07/01/31
    0

    5207995          286/286             F           58,500.00         ZZ
                                         360         58,430.67          1
                                       8.625            455.01         90
                                       8.375            455.01
    PONTIAC          MI   48341          1            06/13/01         01
    322056                               05           08/01/01         25
    322056                               N            07/01/31
    0

1

    5207997          286/286             F          149,600.00         ZZ
                                         360        149,338.82          1
                                       7.875          1,084.71         80
                                       7.625          1,084.71
    MEDFORD          OR   97504          5            06/13/01         00
    268162                               05           08/01/01          0
    268162                               O            07/01/31
    0

    5207999          286/286             F          125,100.00         ZZ
                                         360        124,882.47          4
                                       8.750            984.17         90
                                       8.500            984.17
    MILWAUKEE        WI   53216          1            06/04/01         10
    407915                               05           07/01/01         25
    407915                               N            06/01/31
    0

    5208000          286/286             F          264,000.00         ZZ
                                         360        262,397.52          1
                                       9.000          2,124.21         75
                                       8.750          2,124.21
    CHICAGO          IL   60657          5            06/11/01         00
    374557                               01           08/01/01          0
    374557                               N            07/01/31
    0

    5208001          286/286             F           41,300.00         ZZ
                                         360         41,252.30          3
                                       8.750            324.91         90
                                       8.500            324.91
    CANTON           OH   44703          1            06/11/01         12
    289394                               05           08/01/01         25
    289394                               N            07/01/31
    0

    5208002          286/286             F           80,100.00         ZZ
                                         360         79,983.67          1
                                       7.625            566.95         90
                                       7.375            566.95
    BLOOMINGTON      IL   61704          1            06/08/01         10
    431561                               05           08/01/01         25
    431561                               N            07/01/31
    0

    5208003          286/286             F           95,200.00         ZZ
                                         360         95,054.66          2
                                       7.375            657.53         80
                                       7.125            657.53
1

    KEYPORT          NJ   07735          1            06/04/01         00
    253857                               05           08/01/01          0
    253857                               O            07/01/31
    0

    5208005          286/286             F          630,000.00         ZZ
                                         360        628,904.67          1
                                       8.750          4,956.21         70
                                       8.500          4,956.21
    SAUSALITO        CA   94965          1            05/23/01         00
    9851069                              05           07/01/01          0
    9851069                              N            06/01/31
    0

    5208006          286/286             F          252,000.00         ZZ
                                         360        251,677.52          1
                                       8.250          1,893.19         80
                                       8.000          1,893.19
    PLEASANT HILL    CA   94523          1            06/01/01         00
    9855966                              05           08/01/01          0
    9855966                              N            07/01/31
    0

    5208007          286/286             F          161,250.00         ZZ
                                         360        161,027.33          1
                                       7.875          1,169.17         75
                                       7.625          1,169.17
    SEATTLE          WA   98126          5            06/07/01         00
    9845930                              05           08/01/01          0
    9845930                              N            07/01/31
    0

    5208009          286/286             F          161,600.00         ZZ
                                         360        161,304.23          1
                                       8.500          1,242.56         80
                                       8.250          1,242.56
    OAKLAND          CA   94603          1            05/24/01         00
    9839892                              05           07/01/01          0
    9839892                              N            06/01/31
    0

    5208010          286/286             F           54,000.00         ZZ
                                         360         53,937.63          3
                                       8.750            424.82         90
                                       8.500            424.82
    NORWICH          CT   06360          1            06/07/01         12
    9845325                              05           08/01/01         25
    9845325                              N            07/01/31
    0
1

    5208012          286/286             F          188,900.00         ZZ
                                         360        188,596.13          3
                                       9.125          1,536.95         90
                                       8.875          1,536.95
    BROCKTON         MA   02302          1            06/01/01         12
    9856640                              05           07/01/01         25
    9856640                              N            06/01/31
    0

    5208013          286/286             F           79,500.00         ZZ
                                         360         79,390.22          1
                                       7.875            576.43         77
                                       7.625            576.43
    SHORELINE        WA   98155          5            06/06/01         00
    9847859                              01           08/01/01          0
    9847859                              O            07/01/31
    0

    5208015          286/286             F          637,450.00         ZZ
                                         360        636,397.56          1
                                       9.000          5,129.07         75
                                       8.750          5,129.07
    SAN DIEGO        CA   92130          1            05/30/01         00
    9859061                              03           07/01/01          0
    9859061                              O            06/01/31
    0

    5208019          286/286             F          300,000.00         ZZ
                                         360        299,585.73          1
                                       7.875          2,175.21         75
                                       7.625          2,175.21
    SAN JOSE         CA   95126          1            06/07/01         00
    9857933                              05           08/01/01          0
    9857933                              N            07/01/31
    0

    5208020          286/286             F           88,000.00         ZZ
                                         360         87,784.50          3
                                       8.500            676.64         80
                                       8.250            676.64
    HAMMOND          IN   46324          5            06/01/01         00
    9846054                              05           07/01/01          0
    9846054                              N            06/01/31
    0

    5208021          286/286             F          300,000.00         ZZ
                                         360        299,422.14          1
1

                                       8.250          2,253.80         80
                                       8.000          2,253.80
    BYRON            CA   94514          1            05/25/01         00
    9856293                              03           07/01/01          0
    9856293                              O            06/01/31
    0

    5208022          286/286             F          132,750.00         ZZ
                                         360        132,580.11          1
                                       8.250            997.31         75
                                       8.000            997.31
    CONYERS          GA   30094          2            06/12/01         00
    9851293                              05           08/01/01          0
    9851293                              N            07/01/31
    0

    5208023          286/286             F          141,500.00         ZZ
                                         360        141,344.84          1
                                       9.000          1,138.54         80
                                       8.750          1,138.54
    CITRUS HEIGHTS   CA   95610          1            06/01/01         00
    9856792                              05           08/01/01          0
    9856792                              O            07/01/31
    0

    5208024          286/286             F          225,000.00         ZZ
                                         360        224,712.07          1
                                       8.250          1,690.35         75
                                       8.000          1,690.35
    LAWRENCEVILLE    GA   30043          2            06/12/01         00
    9851294                              05           08/01/01          0
    9851294                              N            07/01/31
    0

    5208027          286/286             F          448,000.00         ZZ
                                         360        447,482.62          2
                                       8.750          3,524.42         80
                                       8.500          3,524.42
    REDWOOD          CA   94063          1            06/11/01         00
    9860436                              05           08/01/01          0
    9860436                              O            07/01/31
    0

    5208029          286/286             F          131,800.00         ZZ
                                         360        131,651.67          4
                                       8.875          1,048.66         80
                                       8.625          1,048.66
    RIO VISTA        CA   94571          1            06/04/01         00
    9943840                              05           08/01/01          0
1

    9943840                              O            07/01/31
    0

    5208030          286/286             F           77,200.00         ZZ
                                         360         77,093.41          1
                                       7.875            559.75         80
                                       7.625            559.75
    LEAGUE CITY      TX   77573          1            06/14/01         00
    9949101                              03           08/01/01          0
    9949101                              O            07/01/31
    0

    5208031          286/286             F          188,000.00         ZZ
                                         360        187,733.77          1
                                       7.750          1,346.86         80
                                       7.500          1,346.86
    VANCOUVER        WA   98684          1            06/11/01         00
    9943756                              03           08/01/01          0
    9943756                              O            07/01/31
    0

    5208032          286/286             F          158,500.00         ZZ
                                         360        158,297.16          1
                                       8.250          1,190.76         64
                                       8.000          1,190.76
    TOMBALL          TX   77375          1            06/01/01         00
    9942980                              03           08/01/01          0
    9942980                              N            07/01/31
    0

    5208033          286/286             F           72,000.00         ZZ
                                         360         71,916.86          1
                                       8.750            566.42         90
                                       8.500            566.42
    CHICAGO          IL   60619          1            06/11/01         11
    9849339                              05           08/01/01         25
    9849339                              O            07/01/31
    0

    5208034          286/286             F           95,400.00         ZZ
                                         360         95,274.40          3
                                       8.875            759.05         90
                                       8.625            759.05
    PROVIDENCE       RI   02904          1            06/08/01         12
    9858139                              05           08/01/01         25
    9858139                              N            07/01/31
    0

1

    5208035          286/286             F          365,000.00         ZZ
                                         360        364,015.33          1
                                       7.875          2,646.50         80
                                       7.625          2,646.50
    UNION CITY       CA   94587          5            05/24/01         00
    9846764                              05           07/01/01          0
    9846764                              O            06/01/31
    0

    5208036          286/286             F          115,000.00         ZZ
                                         360        114,870.58          3
                                       8.875            914.99         80
                                       8.625            914.99
    CHICAGO          IL   60623          5            06/11/01         00
    9826092                              05           08/01/01          0
    9826092                              O            07/01/31
    0

    5208548          758/G02             F          248,000.00         ZZ
                                         360        247,837.78          4
                                       8.125          1,841.39         80
                                       7.875          1,841.39
    GREELEY          CO   80631          1            07/31/01         00
    0433082369                           05           09/01/01          0
    770063                               N            08/01/31
    0

    5208947          286/286             F          252,000.00         ZZ
                                         360        251,615.32          2
                                       7.375          1,740.50         80
                                       7.125          1,740.50
    OAKLAND          CA   94608          1            06/11/01         00
    9858543                              05           08/01/01          0
    9858543                              N            07/01/31
    0

    5208948          286/286             F          150,000.00         ZZ
                                         360        149,619.79          4
                                       6.875            985.39         50
                                       6.625            985.39
    FAIRFIELD        CA   94533          5            05/25/01         00
    9848246                              05           07/01/01          0
    9848246                              N            06/01/31
    0

    5209199          U05/G02             F           68,800.00         ZZ
                                         360         68,800.00          1
                                       8.250            516.87         80
                                       8.000            516.87
1

    HOUSTON          TX   77072          5            08/08/01         00
    0433129277                           03           10/01/01          0
    3148698                              O            09/01/31
    0

    5209988          964/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       7.625          1,472.21         80
                                       7.375          1,472.21
    IRVINE           CA   93003          1            07/30/01         00
    0433087889                           05           10/01/01          0
    130107                               O            09/01/31
    0

    5210133          964/G02             F          383,500.00         T
                                         360        383,200.83          1
                                       7.250          2,616.15         54
                                       7.000          2,616.15
    ESTES PARK       CO   80517          5            07/26/01         00
    0433019874                           05           09/01/01          0
    133367                               O            08/01/31
    0

    5210826          U62/G02             F           61,500.00         ZZ
                                         360         61,450.82          1
                                       7.125            414.34         75
                                       6.875            414.34
    COLLEGE PARK     GA   30349          5            07/31/01         00
    0433074390                           07           09/01/01          0
    2001280135                           N            08/01/31
    0

    5211090          U42/G02             F          155,500.00         ZZ
                                         360        155,390.25          1
                                       7.750          1,114.02         79
                                       7.500          1,114.02
    DENVER           CO   80222          2            07/31/01         00
    0433095007                           05           09/01/01          0
    28100398                             O            08/01/31
    0

    5211129          624/G02             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.875          2,899.92         80
                                       7.625          2,899.92
    SAN JOSE         CA   95127          1            08/02/01         00
    0433098472                           05           10/01/01          0
    89000610256F                         O            09/01/31
    0
1

    5211272          E22/G02             F          118,750.00         ZZ
                                         360        118,666.19          1
                                       7.750            850.74         95
                                       7.500            850.74
    CASSELBERRY      FL   32707          1            07/26/01         01
    0412812570                           03           09/01/01         30
    0412812570                           O            08/01/31
    0

    5211286          E22/G02             F          143,000.00         ZZ
                                         360        142,896.50          1
                                       7.625          1,012.15         72
                                       7.375          1,012.15
    SUN VALLEY       CA   91352          5            07/19/01         00
    0412833642                           05           09/01/01          0
    0412833642                           O            08/01/31
    0

    5211718          E65/G02             F           71,250.00         ZZ
                                         360         71,200.97          1
                                       7.875            516.61         95
                                       7.625            516.61
    FORT WAYNE       IN   46807          5            08/02/01         11
    0433085628                           05           09/01/01         30
    237185                               O            08/01/31
    0

    5211833          N74/G02             F           89,900.00         ZZ
                                         360         89,900.00          1
                                       7.125            605.67         82
                                       6.875            605.67
    MARTINSVILLE     VA   24112          5            07/31/01         10
    0433090057                           05           10/01/01         25
    970                                  O            09/01/31
    0

    5212861          737/G02             F           95,400.00         ZZ
                                         360         95,339.17          1
                                       8.250            716.71         90
                                       8.000            716.71
    GLENDALE         AZ   85301          1            07/18/01         12
    0433055506                           05           09/01/01         25
    2030784                              O            08/01/31
    0

    5212906          K15/G02             F           60,800.00         ZZ
                                         360         60,765.02          1
1

                                       8.750            478.31         95
                                       8.500            478.31
    MONTAGUE         NJ   07827          5            07/26/01         26
    0433055209                           01           09/01/01         30
    01105302731                          O            08/01/31
    0

    5213079          H22/G02             F          215,200.00         ZZ
                                         360        215,200.00          1
                                       7.500          1,504.71         80
                                       7.250          1,504.71
    COLLEGE POINT    NY   11356          1            08/22/01         00
    0433128576                           05           10/01/01          0
    0107030                              O            09/01/31
    0

    5213368          964/G02             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.625          2,717.93         77
                                       7.375          2,717.93
    HUNTINGTON BEAC  CA   92648          5            08/07/01         00
    0433090115                           09           10/01/01          0
    130178                               O            09/01/31
    0

    5213883          E47/G02             F          124,000.00         ZZ
                                         360        123,810.70          1
                                       7.375            856.44         80
                                       7.125            856.44
    ENGLEWOOD        CO   80110          5            06/08/01         00
    0433031960                           05           08/01/01          0
    7332018255                           O            07/01/31
    0

    5214582          S64/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       7.000            745.14         63
                                       6.750            745.14
    CRESTWOOD        KY   40014          5            08/01/01         00
    0433039930                           05           10/01/01          0
    M106200076                           O            09/01/31
    0

    5215554          758/G02             F          210,000.00         ZZ
                                         360        209,840.20          1
                                       7.375          1,450.42         75
                                       7.125          1,450.42
    APACHE JUNCTION  AZ   85219          5            08/01/01         00
    0433070810                           05           09/01/01          0
1

    690230                               O            08/01/31
    0

    5215641          K15/G02             F           93,100.00         ZZ
                                         360         93,100.00          1
                                       8.625            724.12         95
                                       8.375            724.12
    NASHVILLE        TN   37216          5            08/02/01         11
    0433050721                           05           10/01/01         30
    002905302263                         O            09/01/31
    0

    5215918          N47/G02             F          517,500.00         ZZ
                                         360        517,500.00          1
                                       7.500          3,618.44         75
                                       7.250          3,618.44
    DUBLIN           CA   94568          5            08/07/01         00
    0433100617                           05           10/01/01          0
    20210996                             O            09/01/31
    0

    5217334          Q01/G02             F           72,000.00         ZZ
                                         360         71,958.58          1
                                       8.750            566.42         68
                                       8.500            566.42
    VIRGINIA BEACH   VA   23462          5            07/27/01         00
    0433076445                           05           09/01/01          0
    43037A                               N            08/01/31
    0

    5219493          S43/G02             F          136,350.00         ZZ
                                         360        136,350.00          4
                                       8.250          1,024.35         90
                                       8.000          1,024.35
    TIJERAS          NM   87059          1            08/06/01         01
    0433085255                           05           10/01/01         25
    011179                               N            09/01/31
    0

    5219860          E22/G02             F           68,000.00         ZZ
                                         360         67,960.87          1
                                       8.750            534.96        100
                                       8.500            534.96
    FARMINGTON       MO   63640          1            07/27/01         01
    0412758625                           05           09/01/01         35
    0412758625                           O            08/01/31
    0

1

    5219875          E22/G02             F          150,000.00         ZZ
                                         360        149,882.99          1
                                       7.250          1,023.26         43
                                       7.000          1,023.26
    SONORA           CA   95370          5            07/19/01         00
    0412784548                           05           09/01/01          0
    0412784548                           O            08/01/31
    0

    5219886          E22/G02             F           80,000.00         ZZ
                                         360         79,942.10          1
                                       7.625            566.23         49
                                       7.375            566.23
    OMAHA            NE   68144          5            07/23/01         00
    0412798530                           05           09/01/01          0
    0412798530                           O            08/01/31
    0

    5219900          E22/G02             F           94,600.00         ZZ
                                         360         94,534.89          1
                                       7.875            685.92         78
                                       7.625            685.92
    JOSHUA           TX   76058          4            07/26/01         00
    0412808099                           05           09/01/01          0
    0412808099                           O            08/01/31
    0

    5219901          E22/G02             F           92,000.00         ZZ
                                         360         91,933.41          1
                                       7.625            651.17         77
                                       7.375            651.17
    JONESVILLE       MI   49250          5            07/23/01         00
    0412812166                           05           09/01/01          0
    0412812166                           O            08/01/31
    0

    5219921          E22/G02             F           90,000.00         ZZ
                                         360         89,933.21          1
                                       7.500            629.29         75
                                       7.250            629.29
    PFLUGERVILLE     TX   78660          5            07/23/01         00
    0412831091                           03           09/01/01          0
    0412831091                           O            08/01/31
    0

    5219932          E22/G02             F          100,000.00         ZZ
                                         360         99,937.85          2
                                       8.375            760.07         59
                                       8.125            760.07
1

    HAVERHILL        MA   01830          1            07/27/01         00
    0412839896                           05           09/01/01          0
    0412839896                           N            08/01/31
    0

    5219934          E22/G02             F          171,920.00         ZZ
                                         360        171,785.88          1
                                       7.250          1,172.80         80
                                       7.000          1,172.80
    PARKER           CO   80134          1            07/27/01         00
    0412841314                           03           09/01/01          0
    0412841314                           O            08/01/31
    0

    5219938          E22/G02             F          121,500.00         ZZ
                                         360        121,418.48          3
                                       8.000            891.52         90
                                       7.750            891.52
    MANCHESTER       NH   03103          1            07/27/01         04
    0412844441                           05           09/01/01         25
    0412844441                           O            08/01/31
    0

    5219941          E22/G02             F          109,250.00         ZZ
                                         240        109,083.81          1
                                       8.875            974.18         95
                                       8.625            974.18
    MISHAWAKA        IN   46545          5            07/23/01         04
    0412846131                           05           09/01/01         25
    0412846131                           O            08/01/21
    0

    5219943          E22/G02             F          189,000.00         ZZ
                                         360        188,869.93          1
                                       7.875          1,370.38         90
                                       7.625          1,370.38
    TOMBALL          TX   77375          1            07/27/01         01
    0412848830                           03           09/01/01         25
    0412848830                           O            08/01/31
    0

    5219954          E22/G02             F           86,400.00         ZZ
                                         360         86,342.03          1
                                       8.000            633.97         80
                                       7.750            633.97
    ALBUQUERQUE      NM   87120          2            07/27/01         00
    0412855389                           07           09/01/01          0
    0412855389                           N            08/01/31
    0
1

    5219958          E22/G02             F          100,000.00         ZZ
                                         360         99,932.91          1
                                       8.000            733.76         80
                                       7.750            733.76
    ALBUQUERQUE      NM   87120          2            07/27/01         00
    0412859274                           07           09/01/01          0
    0412859274                           N            08/01/31
    0

    5219959          E22/G02             F          100,000.00         ZZ
                                         360         99,932.91          1
                                       8.000            733.76         80
                                       7.750            733.76
    ALBUQUERQUE      NM   87120          2            07/27/01         00
    0412859738                           07           09/01/01          0
    0412859738                           N            08/01/31
    0

    5219968          E22/G02             F           60,400.00         ZZ
                                         360         60,354.04          1
                                       7.375            417.17         80
                                       7.125            417.17
    DAVIE            FL   33324          1            07/27/01         00
    0412865347                           01           09/01/01          0
    0412865347                           O            08/01/31
    0

    5220658          225/G02             F           96,600.00         T
                                         360         96,308.44          1
                                       8.125            717.26         70
                                       7.875            717.26
    GOULDSBORO       PA   18424          1            05/24/01         00
    0433000569                           03           07/01/01          0
    727160700                            O            06/01/31
    0

    5221028          U28/G02             F          156,100.00         ZZ
                                         360        155,984.16          1
                                       7.500          1,091.47         73
                                       7.250          1,091.47
    DALLAS           GA   30157          5            08/02/01         00
    0433076106                           05           09/01/01          0
    1                                    O            08/01/31
    0

    5222382          225/G02             F          121,410.00         ZZ
                                         360        121,224.67          1
1

                                       7.375            838.55         90
                                       7.125            838.55
    BRIDGEPORT       CT   06605          1            06/08/01         14
    0433000502                           05           08/01/01         25
    727362800                            O            07/01/31
    0

    5222502          964/G02             F          292,000.00         ZZ
                                         360        292,000.00          1
                                       7.375          2,016.77         76
                                       7.125          2,016.77
    LITTLETON        CO   80126          5            08/06/01         00
    0433095031                           03           10/01/01          0
    137836                               O            09/01/31
    0

    5222613          964/G02             F           75,500.00         ZZ
                                         360         75,500.00          1
                                       7.625            534.38         50
                                       7.375            534.38
    LAS VEGAS        NV   89147          1            08/20/01         00
    0433119229                           03           10/01/01          0
    138506                               O            09/01/31
    0

    5223278          U05/G02             F          453,000.00         ZZ
                                         360        452,672.13          1
                                       7.625          3,206.31         75
                                       7.375          3,206.31
    LAFAYETTE        CA   94549          1            07/27/01         00
    0433067014                           05           09/01/01          0
    3151724                              O            08/01/31
    0

    5223326          Q59/G02             F          392,000.00         ZZ
                                         360        391,723.33          1
                                       7.750          2,808.34         70
                                       7.500          2,808.34
    LA CANADA-FLINT  CA   91011          5            07/24/01         00
    0433069507                           05           09/01/01          0
    303805                               O            08/01/31
    0

    5223906          F26/G02             F          542,000.00         ZZ
                                         360        541,597.76          1
                                       7.500          3,789.74         74
                                       7.250          3,789.74
    BELLEVUE         WA   98004          5            08/01/01         00
    0433128527                           05           09/01/01          0
1

    7142775508                           O            08/01/31
    0

    5224075          964/G02             F          159,950.00         ZZ
                                         360        159,950.00          1
                                       7.375          1,104.73         80
                                       7.125          1,104.73
    LAS VEGAS        NV   89146          1            08/03/01         00
    0433052552                           05           10/01/01          0
    138518                               O            09/01/31
    0

    5224322          U35/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
                                       8.375            513.05         90
                                       8.125            513.05
    MINNEAPOLIS      MN   55411          1            08/06/01         11
    0433058484                           05           10/01/01         25
    1                                    N            09/01/31
    0

    5224596          N47/G02             F          120,750.00         ZZ
                                         360        120,750.00          1
                                       7.750            865.07         80
                                       7.500            865.07
    LAS VEGAS        NV   89144          1            08/01/01         00
    0433085180                           01           10/01/01          0
    20210786                             N            09/01/31
    0

    5225435          E47/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.750          2,865.65         67
                                       7.500          2,865.65
    SOLANO BEACH     CA   92075          5            08/01/01         00
    0433080520                           05           10/01/01          0
    7331013231                           O            09/01/31
    0

    5225465          N47/G02             F          568,000.00         ZZ
                                         360        568,000.00          1
                                       7.625          4,020.27         80
                                       7.375          4,020.27
    WALNUT CREEK     CA   94598          5            08/01/01         00
    0433070588                           05           10/01/01          0
    20211043                             O            09/01/31
    0

1

    5225714          964/G02             F          105,000.00         ZZ
                                         360        105,000.00          3
                                       7.875            761.32         70
                                       7.625            761.32
    SACRAMENTO       CA   95815          1            08/02/01         00
    0433081569                           05           10/01/01          0
    133962                               N            09/01/31
    0

    5225952          964/G02             F          104,000.00         ZZ
                                         360        104,000.00          2
                                       7.875            754.07         80
                                       7.625            754.07
    SACRAMENTO       CA   95815          1            08/02/01         00
    0433058674                           05           10/01/01          0
    133860                               N            09/01/31
    0

    5227259          N47/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.625          2,406.50         80
                                       7.375          2,406.50
    SAN DIEGO        CA   92115          5            08/02/01         00
    0433107869                           05           10/01/01          0
    30111443                             O            09/01/31
    0

    5228763          E22/G02             F          200,000.00         ZZ
                                         360        199,887.88          1
                                       8.875          1,591.29         80
                                       8.625          1,591.29
    ELIZABETH        CO   80107          2            07/24/01         00
    0412726291                           05           09/01/01          0
    0412726291                           O            08/01/31
    0

    5228773          E22/G02             F           92,000.00         ZZ
                                         360         91,931.72          1
                                       7.500            643.28         80
                                       7.250            643.28
    SACRAMENTO       CA   95824          2            07/20/01         00
    0412764086                           05           09/01/01          0
    0412764086                           O            08/01/31
    0

    5228784          E22/G02             F           70,000.00         ZZ
                                         360         69,954.21          1
                                       8.125            519.75         73
                                       7.875            519.75
1

    SPRING           TX   77388          5            07/16/01         00
    0412783151                           03           09/01/01          0
    0412783151                           O            08/01/31
    0

    5228789          E22/G02             F          175,000.00         ZZ
                                         360        174,758.35          1
                                       7.875          1,268.87         59
                                       7.625          1,268.87
    HOUSTON          TX   77027          5            07/23/01         00
    0412791584                           05           09/01/01          0
    0412791584                           O            08/01/31
    0

    5228790          E22/G02             F          154,400.00         ZZ
                                         360        154,306.47          1
                                       8.500          1,187.20         80
                                       8.250          1,187.20
    LOMBARD          IL   60148          1            07/30/01         00
    0412792145                           05           09/01/01          0
    0412792145                           O            08/01/31
    0

    5228794          E22/G02             F          175,000.00         ZZ
                                         360        174,879.57          1
                                       7.875          1,268.87         78
                                       7.625          1,268.87
    NORTH BERGEN     NJ   07047          1            07/30/01         00
    0412797854                           05           09/01/01          0
    0412797854                           O            08/01/31
    0

    5228799          E22/G02             F           48,000.00         ZZ
                                         360         47,966.97          1
                                       7.875            348.03         64
                                       7.625            348.03
    DETROIT          MI   48205          5            07/24/01         00
    0412802282                           05           09/01/01          0
    0412802282                           O            08/01/31
    0

    5228808          E22/G02             F           88,000.00         ZZ
                                         360         87,939.44          1
                                       7.875            638.06         80
                                       7.625            638.06
    S. ST. PAUL      MN   55075          5            07/25/01         00
    0412808032                           05           09/01/01          0
    0412808032                           O            08/01/31
    0
1

    5228822          E22/G02             F          199,500.00         ZZ
                                         360        199,366.14          1
                                       8.000          1,463.86         70
                                       7.750          1,463.86
    DALLAS           TX   75214          5            07/24/01         00
    0412819799                           05           09/01/01          0
    0412819799                           O            08/01/31
    0

    5228832          E22/G02             F           83,600.00         ZZ
                                         360         83,553.13          1
                                       8.875            665.16         95
                                       8.625            665.16
    BESSEMER         AL   35020          5            07/24/01         01
    0412824427                           05           09/01/01         30
    0412824427                           O            08/01/31
    0

    5228844          E22/G02             F          156,000.00         ZZ
                                         360        155,889.90          1
                                       7.750          1,117.60         80
                                       7.500          1,117.60
    SACRAMENTO       CA   95826          1            07/18/01         00
    0412829780                           05           09/01/01          0
    0412829780                           O            08/01/31
    0

    5228857          E22/G02             F          175,000.00         ZZ
                                         360        174,879.57          1
                                       7.875          1,268.87         54
                                       7.625          1,268.87
    BILLERICA        MA   01821          5            07/25/01         00
    0412837403                           05           09/01/01          0
    0412837403                           O            08/01/31
    0

    5228858          E22/G02             F          172,000.00         ZZ
                                         360        171,869.12          1
                                       7.375          1,187.96         77
                                       7.125          1,187.96
    LOTUS            CA   95651          5            07/24/01         00
    0412837635                           05           09/01/01          0
    0412837635                           O            08/01/31
    0

    5228879          E22/G02             F          200,000.00         T
                                         360        199,862.36          1
1

                                       7.875          1,450.14         80
                                       7.625          1,450.14
    HEALDSBURG       CA   95448          1            07/20/01         00
    0412847733                           05           09/01/01          0
    0412847733                           O            08/01/31
    0

    5228881          E22/G02             F           88,000.00         ZZ
                                         360         87,931.35          1
                                       7.250            600.32         80
                                       7.000            600.32
    HOUSTON          TX   77015          5            07/25/01         00
    0412848590                           03           09/01/01          0
    0412848590                           O            08/01/31
    0

    5228882          E22/G02             F           56,000.00         ZZ
                                         360         55,956.31          1
                                       7.250            382.02         69
                                       7.000            382.02
    PASADENA         TX   77503          5            07/24/01         00
    0412848723                           05           09/01/01          0
    0412848723                           O            08/01/31
    0

    5228893          E22/G02             F          130,000.00         ZZ
                                         360        129,912.78          1
                                       8.000            953.89         75
                                       7.750            953.89
    FRUITA           CO   81521          5            07/25/01         00
    0412854200                           05           09/01/01          0
    0412854200                           O            08/01/31
    0

    5228894          E22/G02             F           69,600.00         ZZ
                                         360         69,548.35          1
                                       7.500            486.65         80
                                       7.250            486.65
    HOUSTON          TX   77088          1            07/30/01         00
    0412854382                           03           09/01/01          0
    0412854382                           O            08/01/31
    0

    5228897          E22/G02             F           76,850.00         ZZ
                                         360         76,797.11          1
                                       7.875            557.22         95
                                       7.625            557.22
    OHATCHEE         AL   36271          1            07/30/01         10
    0412855520                           05           09/01/01         30
1

    0412855520                           O            08/01/31
    0

    5228901          E22/G02             F           89,600.00         T
                                         360         89,533.50          1
                                       7.500            626.50         80
                                       7.250            626.50
    ROYAL PALM BEAC  FL   33411          1            07/30/01         00
    0412860207                           05           09/01/01          0
    0412860207                           O            08/01/31
    0

    5229296          K81/G02             F          233,600.00         ZZ
                                         360        233,600.00          1
                                       8.500          1,796.18         80
                                       8.250          1,796.18
    ST AUGUSTINE     FL   32080          1            08/09/01         00
    0433098241                           05           10/01/01          0
    2005688                              O            09/01/31
    0

    5229460          B98/G02             F          300,000.00         ZZ
                                         360        299,777.36          1
                                       7.500          2,097.64         77
                                       7.250          2,097.64
    SAN JOSE         CA   95122          5            07/17/01         00
    0433052560                           05           09/01/01          0
    276325660                            O            08/01/31
    0

    5230238          A06/G02             F          110,500.00         ZZ
                                         360        109,492.43          1
                                       7.750            791.64         85
                                       7.500            791.64
    DETROIT          MI   48224          5            04/18/01         12
    0433110467                           05           06/01/01         12
    025000020103761                      O            05/01/31
    0

    5230469          U28/G02             F          160,650.00         ZZ
                                         360        160,650.00          1
                                       7.750          1,150.92         90
                                       7.500          1,150.92
    KENNESAW         GA   30152          1            08/08/01         04
    0433114303                           03           10/01/01         25
    TCA11014                             O            09/01/31
    0

1

    5231186          967/G02             F          188,400.00         ZZ
                                         360        188,400.00          1
                                       8.375          1,431.98         80
                                       8.125          1,431.98
    QUEEN CREEK      AZ   85242          2            08/03/01         00
    0433096252                           03           10/01/01          0
    6436125                              N            09/01/31
    0

    5231478          964/G02             F          405,000.00         ZZ
                                         360        405,000.00          1
                                       7.375          2,797.23         83
                                       7.125          2,797.23
    SNOHOMISH        WA   98296          2            08/15/01         04
    0433124955                           05           10/01/01         12
    139055                               O            09/01/31
    0

    5232022          964/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       7.500          2,629.05         80
                                       7.250          2,629.05
    LAS VEGAS        NV   89117          5            08/03/01         00
    0433050200                           05           10/01/01          0
    135018                               O            09/01/31
    0

    5232586          964/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.625            990.91         80
                                       7.375            990.91
    WOODLAND         CA   95695          1            08/03/01         00
    0433086980                           05           10/01/01          0
    400138828                            N            09/01/31
    0

    5232733          950/G02             F           56,000.00         ZZ
                                         360         55,930.14          1
                                       8.375            425.64         70
                                       8.125            425.64
    BREMERTON        WA   98310          1            06/25/01         00
    0433046778                           05           08/01/01          0
    E7106037                             N            07/01/31
    0

    5232736          B60/G02             F          235,000.00         ZZ
                                         360        235,000.00          1
                                       7.750          1,683.57         80
                                       7.500          1,683.57
1

    LAKE WORTH       FL   33463          1            08/06/01         00
    0433086733                           09           10/01/01          0
    342787                               O            09/01/31
    0

    5232849          U05/G02             F           60,550.00         ZZ
                                         360         60,550.00          1
                                       8.500            465.58         70
                                       8.250            465.58
    INDIANAPOLIS     IN   46222          5            08/21/01         00
    0433129541                           05           10/01/01          0
    3153692                              N            09/01/31
    0

    5233175          K15/G02             F           50,100.00         ZZ
                                         360         50,100.00          1
                                       8.625            389.67         81
                                       8.375            389.67
    MOORELAND        IN   47360          5            08/06/01         26
    0433098829                           05           10/01/01         12
    033705302940                         O            09/01/31
    0

    5233447          964/G02             F          380,800.00         ZZ
                                         360        380,800.00          1
                                       7.500          2,662.61         80
                                       7.250          2,662.61
    SAN JOSE         CA   95148          5            08/08/01         00
    0433095619                           05           10/01/01          0
    137877                               O            09/01/31
    0

    5235451          994/X14             F          442,500.00         ZZ
                                         360        440,795.63          1
                                       7.375          3,056.24         75
                                       7.125          3,056.24
    CENTERPOINT      NY   11721          5            03/20/01         00
    0218079535                           05           05/01/01          0
    0218079535                           O            04/01/31
    0

    5235452          994/X14             F          475,000.00         ZZ
                                         360        473,687.82          1
                                       7.250          3,240.34         73
                                       7.000          3,240.34
    BURIEN           WA   98166          5            05/24/01         00
    0218332496                           05           07/01/01          0
    0218332496                           O            06/01/31
    0
1

    5235453          994/X14             F          649,900.00         ZZ
                                         360        648,505.46          1
                                       7.375          4,488.70         74
                                       7.125          4,488.70
    NAPA             CA   94558          5            06/18/01         00
    0218343550                           05           08/01/01          0
    0218343550                           O            07/01/31
    0

    5235902          E23/G02             F           98,350.00         ZZ
                                         360         98,350.00          1
                                       8.125            730.25         70
                                       7.875            730.25
    SCOTTSDALE       AZ   85257          2            08/06/01         00
    0433080678                           05           10/01/01          0
    41002109                             N            09/01/31
    0

    5235976          E23/G02             F          109,200.00         ZZ
                                         360        109,200.00          1
                                       8.125            810.81         70
                                       7.875            810.81
    SCOTTSDALE       AZ   85257          2            08/03/01         00
    0433075777                           05           10/01/01          0
    41002111                             N            09/01/31
    0

    5236024          W32/G02             F          236,800.00         ZZ
                                         360        236,800.00          3
                                       7.750          1,696.46         80
                                       7.500          1,696.46
    COSTA MESA       CA   92627          2            08/07/01         00
    0433108925                           05           10/01/01          0
    0482429                              O            09/01/31
    0

    5237060          Q01/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       8.625            528.90         80
                                       8.375            528.90
    LIVINGSTON       CA   95334          1            08/06/01         00
    0433114832                           05           10/01/01          0
    49652                                O            09/01/31
    0

    5237120          K15/G02             F           76,400.00         ZZ
                                         360         76,400.00          1
1

                                       8.625            594.23         90
                                       8.375            594.23
    WOODLAKE         CA   93286          5            08/06/01         26
    0433099017                           05           10/01/01         25
    0383050302688                        O            09/01/31
    0

    5237135          S43/G02             F          143,550.00         ZZ
                                         360        143,550.00          4
                                       8.250          1,078.44         90
                                       8.000          1,078.44
    TIJERAS          NM   87059          1            08/06/01         01
    0433078516                           05           10/01/01         25
    011174                               N            09/01/31
    0

    5237838          E22/G02             F           75,000.00         ZZ
                                         360         74,949.68          1
                                       8.000            550.32         89
                                       7.750            550.32
    CHARLOTTE        NC   28215          2            07/31/01         04
    0412760563                           05           09/01/01         25
    0412760563                           N            08/01/31
    0

    5237866          E22/G02             F           68,000.00         ZZ
                                         360         67,948.25          1
                                       7.500            475.47         85
                                       7.250            475.47
    KALAMAZOO        MI   49001          5            07/26/01         04
    0412798928                           05           09/01/01         12
    0412798928                           O            08/01/31
    0

    5237873          E22/G02             F          140,000.00         ZZ
                                         360        139,896.10          1
                                       7.500            978.90         74
                                       7.250            978.90
    ELK GROVE        CA   95758          5            07/24/01         00
    0412805434                           05           09/01/01          0
    0412805434                           O            08/01/31
    0

    5237875          E22/G02             F          154,000.00         ZZ
                                         360        153,885.71          1
                                       7.500          1,076.79         70
                                       7.250          1,076.79
    DALLAS           TX   75229          5            07/25/01         00
    0412808487                           05           09/01/01          0
1

    0412808487                           O            08/01/31
    0

    5237908          E22/G02             F           76,000.00         ZZ
                                         360         75,953.96          1
                                       8.500            584.37         72
                                       8.250            584.37
    MCALLEN          TX   78504          5            07/26/01         00
    0412828113                           05           09/01/01          0
    0412828113                           O            08/01/31
    0

    5237926          E22/G02             F          128,152.00         ZZ
                                         360        128,068.18          1
                                       8.125            951.52         80
                                       7.875            951.52
    CONROE           TX   77302          1            07/30/01         00
    0412836199                           03           09/01/01          0
    0412836199                           O            08/01/31
    0

    5237933          E22/G02             F          320,000.00         ZZ
                                         360        319,801.10          1
                                       8.375          2,432.23         80
                                       8.125          2,432.23
    LIBERTYVILLE     IL   60048          5            07/23/01         00
    0412839177                           05           09/01/01          0
    0412839177                           O            08/01/31
    0

    5237980          E22/G02             F           30,000.00         ZZ
                                         360         29,979.87          1
                                       8.000            220.13         42
                                       7.750            220.13
    SAN ANTONIO      TX   78251          1            07/31/01         00
    0412852337                           05           09/01/01          0
    0412852337                           O            08/01/31
    0

    5237985          E22/G02             F          118,750.00         ZZ
                                         360        118,666.19          1
                                       7.750            850.74         95
                                       7.500            850.74
    SUGARLAND        TX   77478          1            07/31/01         01
    0412855538                           03           09/01/01         30
    0412855538                           O            08/01/31
    0

1

    5237999          E22/G02             F          188,000.00         ZZ
                                         360        187,860.48          1
                                       7.500          1,314.52         80
                                       7.250          1,314.52
    RARITAN TOWNSHI  NJ   08822          5            07/26/01         00
    0412861346                           05           09/01/01          0
    0412861346                           O            08/01/31
    0

    5238016          E22/G02             F          186,300.00         ZZ
                                         360        186,158.24          1
                                       7.375          1,286.73         80
                                       7.125          1,286.73
    CLACKAMAS        OR   97015          1            07/26/01         00
    0412866063                           05           09/01/01          0
    0412866063                           O            08/01/31
    0

    5238040          E22/G02             F          215,650.00         ZZ
                                         360        215,512.48          2
                                       8.250          1,620.11         95
                                       8.000          1,620.11
    MILFORD          MA   01757          1            07/31/01         04
    0412879181                           05           09/01/01         30
    0412879181                           O            08/01/31
    0

    5238045          E22/G02             F          119,000.00         ZZ
                                         360        118,924.12          1
                                       8.250            894.01         85
                                       8.000            894.01
    MIAMI            FL   33135          1            07/31/01         01
    0412881583                           05           09/01/01         20
    0412881583                           N            08/01/31
    0

    5238160          225/G02             F          214,700.00         ZZ
                                         360        214,403.51          3
                                       7.875          1,556.73         95
                                       7.625          1,556.73
    HAMDEN           CT   06514          1            06/11/01         14
    0433031267                           05           08/01/01         30
    7275239                              O            07/01/31
    0

    5238189          225/G02             F          190,000.00         T
                                         360         99,014.51          1
                                       7.875          1,377.64         76
                                       7.625          1,377.64
1

    PENSACOLA        FL   32507          1            05/25/01         00
    0433031143                           01           07/01/01          0
    7269637                              O            06/01/31
    0

    5238278          225/G02             F           40,000.00         ZZ
                                         360         39,948.80          1
                                       8.250            300.51         90
                                       8.000            300.51
    RICHMOND HILL    NY   11418          1            06/13/01         14
    0433031192                           01           08/01/01         25
    7276193                              N            07/01/31
    0

    5238320          225/G02             F           88,000.00         ZZ
                                         360         87,881.50          1
                                       8.000            645.72         80
                                       7.750            645.72
    RICHMOND HILL    NY   11418          1            06/13/01         00
    0433031200                           01           08/01/01          0
    7262578                              N            07/01/31
    0

    5238403          225/G02             F           85,500.00         ZZ
                                         360         85,262.33          1
                                       7.875            619.93         90
                                       7.625            619.93
    LAKEWOOD         CO   80214          1            04/30/01         11
    0433031226                           05           06/01/01         25
    7263882                              O            05/01/31
    0

    5238946          E82/G02             F          201,250.00         ZZ
                                         360        201,096.87          1
                                       7.375          1,389.98         72
                                       7.125          1,389.98
    SALT LAKE CITY   UT   84117          2            07/27/01         00
    0400457875                           05           09/01/01          0
    1709952                              O            08/01/31
    0

    5238955          E82/G02             F          169,900.00         ZZ
                                         360        169,783.08          4
                                       7.875          1,231.89         75
                                       7.625          1,231.89
    PORTLAND         ME   04103          2            07/30/01         00
    0400453551                           05           09/01/01          0
    1995648                              N            08/01/31
    0
1

    5238961          E82/G02             F          172,100.00         ZZ
                                         360        171,975.44          1
                                       7.625          1,218.11         58
                                       7.375          1,218.11
    SAN ANTONIO      TX   78230          2            07/25/01         00
    0400454930                           03           09/01/01          0
    1554163                              O            08/01/31
    0

    5238962          E82/G02             F          139,600.00         ZZ
                                         360        139,496.40          1
                                       7.500            976.10         78
                                       7.250            976.10
    LAS VEGAS        NV   89108          2            07/26/01         00
    0400456695                           05           09/01/01          0
    0400456695                           O            08/01/31
    0

    5238963          E82/G02             F          142,000.00         ZZ
                                         360        141,897.22          1
                                       7.625          1,005.07         76
                                       7.375          1,005.07
    MINNEAPOLIS      MN   55408          2            07/24/01         00
    0400453734                           05           09/01/01          0
    3217331                              O            08/01/31
    0

    5238969          E82/G02             F          342,000.00         ZZ
                                         360        341,776.28          1
                                       8.125          2,539.34         90
                                       7.875          2,539.34
    STRASBURG        PA   17579          1            07/31/01         04
    0400455440                           05           09/01/01         25
    0400455440                           O            08/01/31
    0

    5238971          E82/G02             F          247,300.00         ZZ
                                         360        247,116.47          1
                                       7.500          1,729.16         79
                                       7.250          1,729.16
    SEVERNA PARK     MD   21146          2            07/25/01         00
    0400455267                           05           09/01/01          0
    1656493                              O            08/01/31
    0

    5239486          N47/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
1

                                       7.500          1,188.66         70
                                       7.250          1,188.66
    SAN DIEGO        CA   92108          5            08/07/01         00
    0433102985                           01           10/01/01          0
    30111191                             O            09/01/31
    0

    5242065          P44/G02             F          133,200.00         ZZ
                                         360        133,121.36          3
                                       8.625          1,036.02         90
                                       8.375          1,036.02
    WORCESTER        MA   01604          1            07/31/01         10
    0433056660                           05           09/01/01         30
    1                                    N            08/01/31
    0

    5242472          Q59/G02             F          308,000.00         ZZ
                                         360        307,771.42          1
                                       7.500          2,153.58         80
                                       7.250          2,153.58
    BURBANK          CA   91504          1            07/23/01         00
    0433042660                           05           09/01/01          0
    303793                               O            08/01/31
    0

    5243332          624/G02             F          170,000.00         ZZ
                                         360        169,867.38          1
                                       7.250          1,159.70         55
                                       7.000          1,159.70
    RIDGEFIELD       WA   98642          5            07/18/01         00
    0433096484                           05           09/01/01          0
    85600310263F                         O            08/01/31
    0

    5243383          964/G02             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.500          2,726.94         76
                                       7.250          2,726.94
    NOVATO           CA   94947          5            08/14/01         00
    0433101300                           05           10/01/01          0
    400137490                            O            09/01/31
    0

    5243862          964/G02             F          390,400.00         ZZ
                                         360        390,400.00          1
                                       7.500          2,729.73         80
                                       7.250          2,729.73
    HUNTINGTON BEAC  CA   92646          1            08/02/01         00
    0433132636                           05           10/01/01          0
1

    137769                               O            09/01/31
    0

    5244553          N47/G02             F          413,250.00         ZZ
                                         360        413,250.00          1
                                       7.750          2,960.57         75
                                       7.500          2,960.57
    ALISO VIEJO      CA   92656          2            08/07/01         00
    0433114048                           03           10/01/01          0
    30310768                             O            09/01/31
    0

    5246376          E22/G02             F          224,000.00         ZZ
                                         360        223,841.91          1
                                       7.750          1,604.76         80
                                       7.500          1,604.76
    PLANO            TX   75093          5            07/23/01         00
    0412790875                           03           09/01/01          0
    0412790875                           O            08/01/31
    0

    5246381          E22/G02             F          328,000.00         ZZ
                                         360        327,768.50          1
                                       7.750          2,349.83         80
                                       7.500          2,349.83
    AUSTIN           TX   78759          5            07/24/01         00
    0412795296                           05           09/01/01          0
    0412795296                           O            08/01/31
    0

    5246426          E22/G02             F          275,000.00         ZZ
                                         360        274,795.91          1
                                       7.500          1,922.84         79
                                       7.250          1,922.84
    SAN ANTONIO      TX   78258          5            07/27/01         00
    0412844953                           03           09/01/01          0
    0412844953                           O            08/01/31
    0

    5246438          E22/G02             F          206,000.00         ZZ
                                         360        205,858.24          1
                                       7.875          1,493.64         62
                                       7.625          1,493.64
    AUSTIN           TX   78732          5            07/25/01         00
    0412851826                           03           09/01/01          0
    0412851826                           O            08/01/31
    0

1

    5246444          E22/G02             F           63,500.00         ZZ
                                         360         63,455.18          1
                                       7.750            454.92         89
                                       7.500            454.92
    COALDALE         PA   18218          5            07/27/01         04
    0412857435                           05           09/01/01         25
    0412857435                           O            08/01/31
    0

    5246447          E22/G02             F          162,000.00         ZZ
                                         360        161,882.75          1
                                       7.625          1,146.63         90
                                       7.375          1,146.63
    FEDERAL HEIGHTS  CO   80221          5            07/27/01         01
    0412860587                           05           09/01/01         25
    0412860587                           O            08/01/31
    0

    5246448          E22/G02             F           72,800.00         ZZ
                                         360         72,748.62          1
                                       7.750            521.55         80
                                       7.500            521.55
    LANCASTER        TX   75134          5            07/26/01         00
    0412861031                           05           09/01/01          0
    0412861031                           O            08/01/31
    0

    5246449          E22/G02             F          184,668.00         ZZ
                                         360        184,534.34          1
                                       7.625          1,307.07         80
                                       7.375          1,307.07
    LEE'S SUMMIT     MO   64064          1            08/01/01         00
    0412861585                           05           09/01/01          0
    0412861585                           O            08/01/31
    0

    5246460          E22/G02             F          128,000.00         ZZ
                                         360        127,914.11          1
                                       8.000            939.22         76
                                       7.750            939.22
    GRAPEVINE        TX   76051          5            07/26/01         00
    0412873085                           05           09/01/01          0
    0412873085                           O            08/01/31
    0

    5246461          E22/G02             F           69,600.00         ZZ
                                         360         69,557.84          1
                                       8.500            535.16         80
                                       8.250            535.16
1

    DALLAS           TX   75228          5            07/27/01         00
    0412873663                           05           09/01/01          0
    0412873663                           O            08/01/31
    0

    5246464          E22/G02             F          343,200.00         ZZ
                                         360        342,951.60          1
                                       7.625          2,429.15         80
                                       7.375          2,429.15
    GLENDALE         CA   91206          1            07/27/01         00
    0412874570                           05           09/01/01          0
    0412874570                           O            08/01/31
    0

    5246467          E22/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       7.500          1,202.65         80
                                       7.250          1,202.65
    ROSEVILLE        CA   95678          1            07/30/01         00
    0412877136                           05           10/01/01          0
    0412877136                           O            09/01/31
    0

    5246469          E22/G02             F          178,400.00         ZZ
                                         360        178,274.09          1
                                       7.750          1,278.08         80
                                       7.500          1,278.08
    AUSTIN           TX   78727          1            07/31/01         00
    0412879033                           03           09/01/01          0
    0412879033                           O            08/01/31
    0

    5246516          B60/G02             F          122,250.00         ZZ
                                         360        122,076.88          1
                                       7.750            875.81         75
                                       7.500            875.81
    ALBUQUERQUE      NM   87110          5            05/22/01         00
    0433023892                           05           08/01/01          0
    332029                               O            07/01/31
    0

    5246575          883/G02             F           48,000.00         ZZ
                                         360         48,000.00          1
                                       8.250            360.61         80
                                       8.000            360.61
    BROOKSVILLE      FL   34610          1            08/08/01         00
    0433130085                           05           10/01/01          0
    05013064                             O            09/01/31
    0
1

    5246928          N74/G02             F           80,750.00         ZZ
                                         360         80,750.00          1
                                       7.500            564.62         85
                                       7.250            564.62
    TRINITY          NC   27370          5            08/07/01         10
    0433081346                           05           10/01/01         12
    0029706010                           O            09/01/31
    0

    5247032          U19/G02             F          700,000.00         ZZ
                                         360        699,530.32          1
                                       8.000          5,136.35         80
                                       7.750          5,136.35
    GOLDEN           CO   80401          1            07/31/01         00
    0433107539                           05           09/01/01          0
    01070049                             O            08/01/31
    0

    5247708          F96/G02             F          163,200.00         ZZ
                                         360        163,090.50          2
                                       8.000          1,197.50         80
                                       7.750          1,197.50
    CITY OF NEWARK   NJ   07105          1            07/13/01         00
    0433059086                           05           09/01/01          0
    0102452                              O            08/01/31
    0

    5247758          F26/G02             F          228,750.00         ZZ
                                         360        228,584.44          1
                                       7.625          1,619.08         75
                                       7.375          1,619.08
    SOUTH SEATTLE    WA   98178          5            07/19/01         00
    0433055431                           05           09/01/01          0
    W017444                              O            08/01/31
    0

    5248381          E82/G02             F          164,900.00         ZZ
                                         360        164,783.62          4
                                       7.750          1,181.36         72
                                       7.500          1,181.36
    COLORADO SPRING  CO   80916          2            07/30/01         00
    0400460127                           05           09/01/01          0
    1939743                              N            08/01/31
    0

    5248388          253/253             F           44,000.00         ZZ
                                         360         43,968.15          1
1

                                       7.625            311.43         80
                                       7.375            311.43
    NATURITA         CO   81422          1            07/12/01         00
    972000                               05           09/01/01          0
    972000                               O            08/01/31
    0

    5248727          E22/G02             F          267,400.00         ZZ
                                         360        267,400.00          4
                                       8.875          2,127.55         80
                                       8.625          2,127.55
    DALLAS           TX   75219          2            08/02/01         00
    0412696122                           05           10/01/01          0
    0412696122                           N            09/01/31
    0

    5248745          E22/G02             F           46,350.00         ZZ
                                         360         46,350.00          1
                                       8.250            348.21         90
                                       8.000            348.21
    HOCKLEY          TX   77447          1            08/01/01         04
    0412814915                           03           10/01/01         25
    0412814915                           N            09/01/31
    0

    5248754          E22/G02             F          189,500.00         ZZ
                                         360        189,359.37          1
                                       7.500          1,325.01         80
                                       7.250          1,325.01
    DES PLAINES      IL   60016          1            08/02/01         00
    0412835092                           05           09/01/01          0
    0412835092                           O            08/01/31
    0

    5248758          E22/G02             F          158,000.00         ZZ
                                         360        157,896.64          1
                                       8.125          1,173.15         89
                                       7.875          1,173.15
    MILLINGTON       TN   38053          1            08/02/01         04
    0412839680                           05           09/01/01         25
    0412839680                           O            08/01/31
    0

    5248761          E22/G02             F           48,840.00         ZZ
                                         360         48,805.52          1
                                       7.750            349.90         80
                                       7.500            349.90
    DANIA            FL   33034          1            08/02/01         00
    0412845893                           05           09/01/01          0
1

    0412845893                           O            08/01/31
    0

    5248774          E22/G02             F          100,100.00         ZZ
                                         360        100,100.00          1
                                       7.250            682.86         61
                                       7.000            682.86
    GUTHRIE          OK   73044          1            08/02/01         00
    0412863995                           05           10/01/01          0
    0412863995                           O            09/01/31
    0

    5248779          E22/G02             F          158,500.00         ZZ
                                         360        158,376.35          1
                                       7.250          1,081.25         67
                                       7.000          1,081.25
    WHITESBORO       TX   76273          4            07/27/01         00
    0412867061                           05           09/01/01          0
    0412867061                           O            08/01/31
    0

    5248784          E22/G02             F          413,100.00         ZZ
                                         360        412,815.71          4
                                       7.875          2,995.26         90
                                       7.625          2,995.26
    BROOKLYN         NY   11207          1            08/02/01         04
    0412876849                           05           09/01/01         25
    0412876849                           O            08/01/31
    0

    5249249          964/G02             F          166,300.00         ZZ
                                         360        166,300.00          1
                                       7.500          1,162.79         85
                                       7.250          1,162.79
    TEMPE            AZ   85281          2            08/14/01         01
    0433132412                           05           10/01/01         12
    125650                               O            09/01/31
    0

    5249502          E82/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.875          2,900.28         63
                                       7.625          2,900.28
    COS COB          CT   06807          2            07/31/01         00
    0400460408                           05           10/01/01          0
    0400460408                           O            09/01/31
    0

1

    5249513          U53/G02             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       7.875          2,407.23         80
                                       7.625          2,407.23
    SOUTH GLASTONBU  CT   06073          5            08/02/01         00
    0400457396                           05           10/01/01          0
    0400457396                           O            09/01/31
    0

    5249517          E82/G02             F          133,000.00         ZZ
                                         360        132,908.47          1
                                       7.875            964.34         58
                                       7.625            964.34
    LOUISVILLE       KY   40243          2            07/31/01         00
    0400461703                           05           09/01/01          0
    0400461703                           O            08/01/31
    0

    5249744          U05/G02             F          100,000.00         ZZ
                                         360         99,932.91          1
                                       8.000            733.76         80
                                       7.750            733.76
    EL PASO          TX   79902          1            07/20/01         00
    0433059763                           05           09/01/01          0
    3148953                              N            08/01/31
    0

    5249984          737/G02             F          373,950.00         ZZ
                                         360        373,686.07          1
                                       7.750          2,679.02         90
                                       7.500          2,679.02
    HUSTON           TX   77019          1            07/25/01         12
    0433154606                           05           09/01/01         25
    2031756                              O            08/01/31
    0

    5250497          F19/G02             F          292,000.00         ZZ
                                         360        291,777.81          1
                                       7.375          2,016.77         80
                                       7.125          2,016.77
    SALINAS          CA   93901          1            07/20/01         00
    0433042678                           05           09/01/01          0
    685171                               O            08/01/31
    0

    5250791          623/G02             F          173,600.00         ZZ
                                         360        173,354.17          1
                                       7.750          1,243.69         80
                                       7.500          1,243.69
1

    CLOVIS           CA   93611          1            06/27/01         00
    0433049160                           03           08/01/01          0
    1944293                              O            07/01/31
    0

    5250793          623/G02             F          121,000.00         ZZ
                                         360        120,748.53          1
                                       7.875            877.34         89
                                       7.625            877.34
    MEDFORD          OR   97501          2            05/09/01         10
    0433049137                           05           07/01/01         12
    1973892                              O            06/01/31
    0

    5250794          623/G02             F          190,500.00         ZZ
                                         360        190,236.94          1
                                       7.875          1,381.26         75
                                       7.625          1,381.26
    STOCKTON         CA   95215          1            06/15/01         00
    0433049111                           05           08/01/01          0
    1976476                              O            07/01/31
    0

    5250796          623/G02             F          286,000.00         ZZ
                                         360        285,793.00          1
                                       7.625          2,024.29         69
                                       7.375          2,024.29
    RAMONA           CA   92065          5            07/01/01         00
    0433049103                           05           09/01/01          0
    1980163                              O            08/01/31
    0

    5250797          623/G02             F           70,000.00         ZZ
                                         360         69,890.45          1
                                       7.250            477.53         70
                                       7.000            477.53
    SALEM            OR   97301          1            06/25/01         00
    0433048808                           05           08/01/01          0
    1980253                              O            07/01/31
    0

    5250798          623/G02             F          130,000.00         ZZ
                                         360        129,903.52          1
                                       7.500            908.98         71
                                       7.250            908.98
    SAN DIEGO        CA   92115          5            07/02/01         00
    0433049087                           05           09/01/01          0
    1980402                              O            08/01/31
    0
1

    5250799          623/G02             F          259,950.00         ZZ
                                         360        259,543.20          1
                                       7.250          1,773.32         73
                                       7.000          1,773.32
    PLACENTIA        CA   92870          1            06/25/01         00
    0433049335                           03           08/01/01          0
    1981010                              O            07/01/31
    0

    5250800          623/G02             F          275,000.00         ZZ
                                         360        274,590.54          1
                                       7.500          1,922.84         75
                                       7.250          1,922.84
    MALIBU           CA   90265          5            06/08/01         00
    0433049277                           01           08/01/01          0
    1981040                              O            07/01/31
    0

    5250801          623/G02             F          145,000.00         ZZ
                                         360        144,900.20          1
                                       7.875          1,051.36         78
                                       7.625          1,051.36
    SANTA FE         NM   87501          5            07/03/01         00
    0433049269                           05           09/01/01          0
    1982520                              O            08/01/31
    0

    5250803          623/G02             F          154,400.00         ZZ
                                         360        154,282.51          1
                                       7.375          1,066.41         80
                                       7.125          1,066.41
    SAN DIEGO        CA   92105          5            07/06/01         00
    0433049236                           05           09/01/01          0
    1982879                              O            08/01/31
    0

    5250804          623/G02             F          450,000.00         ZZ
                                         360        449,657.58          1
                                       7.375          3,108.04         75
                                       7.125          3,108.04
    CASTLE ROCK      CO   80104          5            07/12/01         00
    0433049228                           03           09/01/01          0
    1983344                              O            08/01/31
    0

    5250805          623/G02             F          116,000.00         ZZ
                                         360        115,916.04          2
1

                                       7.625            821.04         80
                                       7.375            821.04
    FOUNTAIN         CO   80817          5            07/09/01         00
    0433049210                           05           09/01/01          0
    1984154                              O            08/01/31
    0

    5250806          623/G02             F          308,000.00         ZZ
                                         360        307,798.53          1
                                       8.125          2,286.89         80
                                       7.875          2,286.89
    SILVERTHORNE     CO   80498          1            07/13/01         00
    0433049194                           03           09/01/01          0
    1984398                              O            08/01/31
    0

    5250807          623/G02             F          143,200.00         ZZ
                                         360        143,110.99          1
                                       8.375          1,088.43         80
                                       8.125          1,088.43
    CASTLE ROCK      CO   80104          1            07/16/01         00
    0433048964                           05           09/01/01          0
    1985612                              O            08/01/31
    0

    5250808          623/G02             F          400,000.00         T
                                         360        399,763.84          1
                                       8.625          3,111.16         75
                                       8.375          3,111.16
    SANDY            UT   84092          1            07/03/01         00
    0433048980                           05           09/01/01          0
    2788028                              O            08/01/31
    0

    5250809          623/G02             F           94,200.00         ZZ
                                         360         94,148.55          1
                                       9.000            757.95         60
                                       8.750            757.95
    SALT LAKE CITY   UT   84124          1            07/11/01         00
    0433048998                           05           09/01/01          0
    2790233                              N            08/01/31
    0

    5250810          623/G02             F          148,800.00         ZZ
                                         360        147,760.43          1
                                       7.500          1,040.43         80
                                       7.250          1,040.43
    LAWRENCE         MA   01843          2            04/17/01         00
    0433049038                           05           06/01/01          0
1

    5337925                              O            05/01/31
    0

    5250812          623/G02             F          120,750.00         ZZ
                                         360        120,668.98          1
                                       8.000            886.02         75
                                       7.750            886.02
    FLORENCE         KY   41042          5            07/05/01         00
    0433049350                           05           09/01/01          0
    5356538                              O            08/01/31
    0

    5250814          623/G02             F          463,200.00         ZZ
                                         360        462,881.23          1
                                       7.875          3,358.52         80
                                       7.625          3,358.52
    PLEASANT RIDGE   MI   48069          1            07/10/01         00
    0433048816                           05           09/01/01          0
    5360909                              O            08/01/31
    0

    5250817          623/G02             F          152,000.00         ZZ
                                         360        151,779.26          1
                                       7.625          1,075.85         78
                                       7.375          1,075.85
    JONESBORO        GA   30236          5            06/27/01         00
    0433048881                           05           08/01/01          0
    5363518                              O            07/01/31
    0

    5250818          623/G02             F           95,000.00         T
                                         360         94,881.49          1
                                       8.375            722.07         44
                                       8.125            722.07
    OCEAN CITY       MD   21842          2            06/29/01         00
    0433048899                           01           08/01/01          0
    5365955                              O            07/01/31
    0

    5250820          623/G02             F          136,500.00         ZZ
                                         360        136,421.46          4
                                       8.750          1,073.85         70
                                       8.500          1,073.85
    JOLIET           IL   60435          2            07/06/01         00
    0433048923                           05           09/01/01          0
    5366260                              N            08/01/31
    0

1

    5250821          623/G02             F           83,300.00         ZZ
                                         360         83,249.54          2
                                       8.500            640.50         70
                                       8.250            640.50
    BETHLEHEM        PA   18020          1            07/13/01         00
    0433048956                           05           09/01/01          0
    5366767                              O            08/01/31
    0

    5251105          N47/G02             F          347,000.00         ZZ
                                         360        347,000.00          1
                                       7.875          2,515.99         75
                                       7.625          2,515.99
    SAN DIEGO        CA   92129          5            08/01/01         00
    0433086204                           05           10/01/01          0
    30111228                             O            09/01/31
    0

    5251307          623/G02             F          203,600.00         ZZ
                                         360        203,311.67          1
                                       7.750          1,458.62         80
                                       7.500          1,458.62
    LOS ANGELES      CA   91042          1            06/22/01         00
    0433023538                           05           08/01/01          0
    1980488                              O            07/01/31
    0

    5251311          623/G02             F           84,700.00         ZZ
                                         360         84,576.99          1
                                       7.625            599.51         77
                                       7.375            599.51
    SUN CITY         AZ   85351          5            06/21/01         00
    0433023363                           03           08/01/01          0
    1981587                              O            07/01/31
    0

    5251313          623/G02             F           49,000.00         ZZ
                                         360         48,926.42          1
                                       9.000            394.26         70
                                       8.750            394.26
    COLORADO SPRING  CO   80909          1            06/27/01         00
    0433024924                           05           08/01/01          0
    1982283                              O            07/01/31
    0

    5251321          623/G02             F          185,000.00         ZZ
                                         360        184,872.68          1
                                       7.875          1,341.38         74
                                       7.625          1,341.38
1

    SALT LAKE CITY   UT   84121          1            07/05/01         00
    0433024379                           05           09/01/01          0
    2787991                              O            08/01/31
    0

    5251329          623/G02             F          121,100.00         ZZ
                                         360        120,754.77          1
                                       7.750            867.58         74
                                       7.500            867.58
    ST GEORGE ISLAN  FL   32328          2            04/16/01         00
    0433025434                           05           06/01/01          0
    5345967                              O            05/01/31
    0

    5251331          623/G02             F           62,100.00         ZZ
                                         360         61,948.13          1
                                       7.875            450.27         90
                                       7.625            450.27
    TALLAHASSEE      FL   32304          1            05/31/01         10
    0433024809                           05           07/01/01         25
    5354157                              N            06/01/31
    0

    5251340          623/G02             F          219,000.00         ZZ
                                         360        218,681.98          1
                                       7.625          1,550.07         75
                                       7.375          1,550.07
    MADISON          CT   06443          5            06/29/01         00
    0433025269                           05           08/01/01          0
    5361230                              O            07/01/31
    0

    5251341          623/G02             F          126,750.00         ZZ
                                         360        126,591.89          1
                                       8.375            963.39         75
                                       8.125            963.39
    SAINT LOUIS      MO   63119          5            06/25/01         00
    0433024445                           05           08/01/01          0
    5361549                              O            07/01/31
    0

    5251342          623/G02             F          120,000.00         ZZ
                                         360        119,908.69          1
                                       7.375            828.81         80
                                       7.125            828.81
    LOWELL           MA   01850          2            07/06/01         00
    0433024528                           05           09/01/01          0
    5361931                              O            08/01/31
    0
1

    5251346          623/G02             F          240,000.00         ZZ
                                         360        239,700.62          1
                                       8.375          1,824.17         72
                                       8.125          1,824.17
    KINGSTON         MA   02364          5            06/26/01         00
    0433025210                           05           08/01/01          0
    5364610                              O            07/01/31
    0

    5251349          623/G02             F          151,200.00         ZZ
                                         360        150,991.22          1
                                       7.875          1,096.30         80
                                       7.625          1,096.30
    SANFORD          FL   32773          1            06/29/01         00
    0433024247                           05           08/01/01          0
    5366663                              O            07/01/31
    0

    5251580          N47/G02             F          341,500.00         ZZ
                                         360        341,500.00          1
                                       7.625          2,417.12         77
                                       7.375          2,417.12
    EL CAJON         CA   92019          5            08/08/01         00
    0433117918                           03           10/01/01          0
    30111022                             O            09/01/31
    0

    5252633          601/G02             F          169,600.00         ZZ
                                         360        169,480.29          1
                                       7.750          1,215.04         80
                                       7.500          1,215.04
    PEYTON           CO   80831          5            08/09/01         00
    0433085420                           05           09/01/01          0
    60727625                             O            08/01/31
    0

    5252684          Q99/G02             F          118,000.00         ZZ
                                         360        118,000.00          1
                                       7.500            825.07         90
                                       7.250            825.07
    BAY MINETTE      AL   36507          2            08/08/01         14
    0433045374                           05           10/01/01         25
    1                                    O            09/01/31
    0

    5253676          461/G02             F          291,200.00         ZZ
                                         360        290,978.42          1
1

                                       7.375          2,011.25         80
                                       7.125          2,011.25
    ALISO VIEJO      CA   92656          5            07/03/01         00
    0433031838                           01           09/01/01          0
    9030662381                           O            08/01/31
    0

    5253689          461/G02             F          388,000.00         ZZ
                                         360        387,712.04          2
                                       7.500          2,712.96         80
                                       7.250          2,712.96
    LONG BEACH       CA   90803          5            07/14/01         00
    0433033446                           05           09/01/01          0
    9030650527                           O            08/01/31
    0

    5253693          461/G02             F          536,000.00         ZZ
                                         360        535,602.21          2
                                       7.500          3,747.79         80
                                       7.250          3,747.79
    NEWPORT BEACH    CA   92625          1            07/19/01         00
    0433035789                           05           09/01/01          0
    9030722169                           O            08/01/31
    0

    5253836          Q59/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       7.500          1,342.49         77
                                       7.250          1,342.49
    LOS ANGELES      CA   90034          5            08/15/01         00
    0433149754                           05           10/01/01          0
    303853                               O            09/01/31
    0

    5254443          G52/G02             F           48,000.00         ZZ
                                         360         48,000.00          1
                                       8.375            364.83         80
                                       8.125            364.83
    DALLAS           TX   75216          5            08/14/01         00
    0433129293                           05           10/01/01          0
    5705000392                           N            09/01/31
    0

    5255455          A52/G02             F          341,600.00         ZZ
                                         360        341,600.00          1
                                       7.625          2,417.82         80
                                       7.375          2,417.82
    ATLANTA          GA   30331          1            08/10/01         00
    0433099009                           03           10/01/01          0
1

    15982                                O            09/01/31
    0

    5255860          G52/G02             F           47,600.00         ZZ
                                         360         47,600.00          1
                                       8.375            361.79         80
                                       8.125            361.79
    DALLAS           TX   75216          5            08/14/01         00
    0433136413                           05           10/01/01          0
    5705000397                           N            09/01/31
    0

    5256068          U62/G02             F          144,800.00         ZZ
                                         360        144,573.40          1
                                       7.250            987.79         80
                                       7.000            987.79
    LOS ANGELES      CA   90046          5            06/12/01         00
    0433080504                           06           08/01/01          0
    2001254268                           O            07/01/31
    0

    5256454          E44/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.625          2,548.06         80
                                       7.375          2,548.06
    PARADISE         UT   84328          2            08/23/01         00
    0433147774                           05           10/01/01          0
    58000279                             O            09/01/31
    0

    5256486          U28/G02             F          175,500.00         ZZ
                                         360        175,388.09          1
                                       8.250          1,318.47         90
                                       8.000          1,318.47
    GAINESVILLE      GA   30506          1            07/25/01         04
    0433050697                           05           09/01/01         25
    2168                                 O            08/01/31
    0

    5257014          742/G02             F          175,500.00         ZZ
                                         360        175,500.00          1
                                       7.375          1,212.13         90
                                       7.125          1,212.13
    LAWRENCE TOWNSH  NJ   08648          1            08/15/01         04
    0433128543                           05           10/01/01         25
    6445852                              O            09/01/31
    0

1

    5257020          T44/G02             F           91,600.00         ZZ
                                         360         91,600.00          1
                                       7.500            640.48         80
                                       7.250            640.48
    FRESNO           CA   93727          1            08/15/01         00
    0433122421                           05           10/01/01          0
    1016529                              O            09/01/31
    0

    5257249          964/G02             F          204,400.00         ZZ
                                         360        204,400.00          1
                                       7.750          1,464.35         80
                                       7.500          1,464.35
    THORNTON         CO   80241          1            08/15/01         00
    0433116852                           03           10/01/01          0
    138295                               O            09/01/31
    0

    5257333          168/168             F           78,000.00         ZZ
                                         360         77,950.26          1
                                       8.250            585.99         59
                                       8.000            585.99
    STUGGERN         NY   10901          5            07/16/01         00
    0249725657                           01           09/01/01          0
    0249725657                           N            08/01/31
    0

    5257683          F26/G02             F          365,750.00         ZZ
                                         360        365,750.00          1
                                       7.375          2,526.14         95
                                       7.125          2,526.14
    SEATTLE          WA   98115          1            08/16/01         12
    0433132313                           05           10/01/01         30
    7142781001                           O            09/01/31
    0

    5258208          N74/G02             F          120,700.00         ZZ
                                         360        120,700.00          1
                                       7.375            833.64         85
                                       7.125            833.64
    GREENSBORO       NC   27455          5            08/06/01         10
    0433102720                           05           10/01/01         12
    1BUSBEE                              O            09/01/31
    0

    5258243          964/G02             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       7.500          1,363.47         79
                                       7.250          1,363.47
1

    PORTLAND         OR   97230          2            08/06/01         00
    0433101631                           05           10/01/01          0
    137407                               O            09/01/31
    0

    5259691          A01/G02             F          268,000.00         ZZ
                                         360        267,815.56          1
                                       7.875          1,943.19         67
                                       7.625          1,943.19
    SAN FRANCISCO    CA   94112          5            07/18/01         00
    0433071461                           05           09/01/01          0
    BARSANA                              O            08/01/31
    0

    5260599          H22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.375          2,762.70         54
                                       7.125          2,762.70
    BROOKLYN         NY   11209          1            08/14/01         00
    0433106754                           05           10/01/01          0
    0106037                              O            09/01/31
    0

    5261045          Q51/G02             F          357,000.00         ZZ
                                         360        356,748.03          1
                                       7.750          2,557.59         69
                                       7.500          2,557.59
    POWAY            CA   92064          5            07/13/01         00
    0433058377                           05           09/01/01          0
    1070909                              O            08/01/31
    0

    5262877          H22/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       8.250            574.72         65
                                       8.000            574.72
    ASTORIA          NY   11102          2            08/10/01         00
    0433104197                           06           10/01/01          0
    0103032                              O            09/01/31
    0

    5264416          624/G02             F          275,000.00         ZZ
                                         360        274,790.74          1
                                       7.375          1,899.36         75
                                       7.125          1,899.36
    BRUSH PRAIRIE    WA   98606          2            07/24/01         00
    0433042751                           05           09/01/01          0
    81700113843                          O            08/01/31
    0
1

    5265491          E22/G02             F           76,000.00         ZZ
                                         360         75,953.96          1
                                       8.500            584.37         80
                                       8.250            584.37
    PITTSBURG        CA   94565          1            07/17/01         00
    0412730020                           05           09/01/01          0
    0412730020                           N            08/01/31
    0

    5265492          E22/G02             F           27,500.00         ZZ
                                         360         27,481.08          1
                                       7.875            199.39         29
                                       7.625            199.39
    SCIO             OR   97374          2            07/10/01         00
    0412749186                           27           09/01/01          0
    0412749186                           O            08/01/31
    0

    5265501          E22/G02             F          101,600.00         ZZ
                                         360        101,600.00          1
                                       8.500            781.22         80
                                       8.250            781.22
    CHARLESTON       SC   29403          5            08/06/01         00
    0412775983                           05           10/01/01          0
    0412775983                           N            09/01/31
    0

    5265506          E22/G02             F          200,000.00         ZZ
                                         360        199,858.85          1
                                       7.750          1,432.82         42
                                       7.500          1,432.82
    MANHATTAN        NY   10019          5            08/01/01         00
    0412785149                           06           09/01/01          0
    0412785149                           O            08/01/31
    0

    5265526          E22/G02             F          100,000.00         ZZ
                                         360         99,931.18          1
                                       7.875            725.07         80
                                       7.625            725.07
    LOVELAND         CO   80537          5            08/01/01         00
    0412817637                           05           09/01/01          0
    0412817637                           O            08/01/31
    0

    5265530          E22/G02             F           75,000.00         ZZ
                                         360         74,944.34          1
1

                                       7.500            524.41         75
                                       7.250            524.41
    MIRAMAR          FL   33023          5            08/01/01         00
    0412825986                           05           09/01/01          0
    0412825986                           O            08/01/31
    0

    5265547          E22/G02             F          110,000.00         ZZ
                                         360        109,914.19          1
                                       7.250            750.39         55
                                       7.000            750.39
    DALLAS           TX   75231          5            07/30/01         00
    0412844409                           05           09/01/01          0
    0412844409                           O            08/01/31
    0

    5265549          E22/G02             F          156,000.00         ZZ
                                         360        155,892.64          1
                                       7.875          1,131.11         80
                                       7.625          1,131.11
    MISSOURI CITY    TX   77459          5            07/31/01         00
    0412845505                           03           09/01/01          0
    0412845505                           O            08/01/31
    0

    5265572          E22/G02             F          107,200.00         ZZ
                                         360        107,200.00          1
                                       7.750            767.99         80
                                       7.500            767.99
    AUSTIN           TX   78727          5            07/31/01         00
    0412859233                           05           10/01/01          0
    0412859233                           O            09/01/31
    0

    5265573          E22/G02             F          130,500.00         ZZ
                                         360        130,500.00          1
                                       7.375            901.33         90
                                       7.125            901.33
    WEST CHESTER     OH   45069          5            08/01/01         04
    0412859423                           05           10/01/01         25
    0412859423                           O            09/01/31
    0

    5265576          E22/G02             F          160,990.00         ZZ
                                         360        160,867.50          1
                                       7.375          1,111.92         74
                                       7.125          1,111.92
    SAN ANTONIO      TX   78209          5            08/01/01         00
    0412861908                           07           09/01/01          0
1

    0412861908                           O            08/01/31
    0

    5265577          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       8.375          1,033.70         80
                                       8.125          1,033.70
    PT. PLEASANT BO  NJ   08742          1            08/06/01         00
    0412861981                           05           10/01/01          0
    0412861981                           O            09/01/31
    0

    5265587          E22/G02             F          432,000.00         ZZ
                                         360        432,000.00          1
                                       7.125          2,910.46         80
                                       6.875          2,910.46
    SANTA CLARA      CA   95051          5            08/01/01         00
    0142866832                           05           10/01/01          0
    0412866832                           O            09/01/31
    0

    5265590          E22/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
                                       7.500            776.13         62
                                       7.250            776.13
    MEADOWLAKES      TX   78654          5            07/31/01         00
    0412870180                           03           10/01/01          0
    0412870180                           O            09/01/31
    0

    5265595          E22/G02             F          318,750.00         ZZ
                                         360        318,750.00          1
                                       7.875          2,311.16         85
                                       7.625          2,311.16
    BRIDGEWATER      NJ   08807          1            08/06/01         04
    0412871923                           05           10/01/01         12
    0412871923                           O            09/01/31
    0

    5265608          E22/G02             F          143,650.00         ZZ
                                         360        143,543.39          1
                                       7.500          1,004.42         67
                                       7.250          1,004.42
    AUSTIN           TX   78734          2            07/31/01         00
    0412879116                           05           09/01/01          0
    0412879116                           O            08/01/31
    0

1

    5265611          E22/G02             F           87,210.00         ZZ
                                         360         87,152.95          1
                                       8.125            647.53         90
                                       7.875            647.53
    PORTLAND         OR   97217          1            07/30/01         01
    0412882698                           05           09/01/01         35
    0412882698                           N            08/01/31
    0

    5265623          E22/G02             F          339,600.00         ZZ
                                         360        339,600.00          2
                                       8.250          2,551.30         95
                                       8.000          2,551.30
    CHICAGO          IL   60625          1            08/06/01         04
    0412896128                           05           10/01/01         30
    0412896128                           O            09/01/31
    0

    5265679          E82/G02             F           67,150.00         ZZ
                                         360         67,150.00          1
                                       8.500            516.33         85
                                       8.250            516.33
    LINCOLN          NE   68502          5            08/02/01         04
    0400451522                           05           10/01/01         12
    0400451522                           O            09/01/31
    0

    5265680          E82/G02             F          172,200.00         ZZ
                                         360        172,065.67          1
                                       7.250          1,174.71         79
                                       7.000          1,174.71
    FRESNO           CA   93706          1            08/06/01         00
    0400446209                           05           09/01/01          0
    0400446209                           O            08/01/31
    0

    5265687          E82/G02             F          111,000.00         ZZ
                                         360        110,917.62          1
                                       7.500            776.13         71
                                       7.250            776.13
    NEW ORLEANS      LA   70116          2            08/02/01         00
    0400458329                           05           09/01/01          0
    3578521                              O            08/01/31
    0

    5265690          E82/G02             F          299,200.00         ZZ
                                         360        298,988.82          1
                                       7.750          2,143.51         80
                                       7.500          2,143.51
1

    NEW ORLEANS      LA   70124          2            08/01/01         00
    0400459053                           05           09/01/01          0
    0400459053                           O            08/01/31
    0

    5266557          964/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
                                       7.500            489.45         60
                                       7.250            489.45
    PHOENIX          AZ   85008          5            08/17/01         00
    0433117603                           05           10/01/01          0
    139712                               O            09/01/31
    0

    5267360          U28/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
                                       7.250          1,337.07         80
                                       7.000          1,337.07
    DULUTH           GA   30096          1            08/15/01         00
    0433128212                           05           10/01/01          0
    1                                    O            09/01/31
    0

    5267459          E22/G02             F          154,800.00         ZZ
                                         360        154,696.13          1
                                       8.000          1,135.87         90
                                       7.750          1,135.87
    MIAMI            FL   33175          1            08/03/01         01
    0412733560                           05           09/01/01         25
    0412733560                           O            08/01/31
    0

    5267468          E22/G02             F          165,560.00         ZZ
                                         360        165,443.15          1
                                       7.750          1,186.09         80
                                       7.500          1,186.09
    O'FALLON         MO   63366          1            08/03/01         00
    0412780512                           03           09/01/01          0
    0412780512                           O            08/01/31
    0

    5267479          E22/G02             F          187,000.00         ZZ
                                         360        187,000.00          1
                                       7.875          1,355.88         76
                                       7.625          1,355.88
    LAKE WORTH       FL   33467          1            08/03/01         00
    0412814485                           03           10/01/01          0
    0412814485                           O            09/01/31
    0
1

    5267484          E22/G02             F           85,000.00         ZZ
                                         360         84,945.80          1
                                       8.250            638.58         61
                                       8.000            638.58
    WEATHERFORD      TX   76087          5            07/30/01         00
    0412824617                           05           09/01/01          0
    0412824617                           O            08/01/31
    0

    5267489          E22/G02             F          119,200.00         ZZ
                                         360        119,200.00          1
                                       8.375            906.01         80
                                       8.125            906.01
    RENO             NV   89503          1            08/01/01         00
    0412828220                           05           10/01/01          0
    0412828220                           N            09/01/31
    0

    5267552          E22/G02             F          218,500.00         ZZ
                                         360        218,353.39          1
                                       8.000          1,603.28         95
                                       7.750          1,603.28
    MACOMB TWP       MI   48044          1            08/03/01         04
    0412899726                           05           09/01/01         30
    0412899726                           O            08/01/31
    0

    5267688          962/G02             F           57,600.00         ZZ
                                         360         57,600.00          3
                                       8.750            453.14         90
                                       8.500            453.14
    FARGO            ND   58102          1            08/10/01         14
    0433119757                           05           10/01/01         25
    2001494                              N            09/01/31
    0

    5268309          S35/G02             F           63,850.00         ZZ
                                         360         63,802.61          1
                                       7.500            446.45         35
                                       7.250            446.45
    MIAMI            FL   33155          2            07/25/01         00
    0433060928                           05           09/01/01          0
    0105024                              O            08/01/31
    0

    5269219          962/G02             F           76,400.00         ZZ
                                         360         76,400.00          4
1

                                       8.750            601.04         90
                                       8.500            601.04
    MOORHEAD         MN   56560          1            08/10/01         10
    0433107265                           05           10/01/01         25
    2001495                              N            09/01/31
    0

    5269442          H58/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
                                       7.750            451.34         20
                                       7.500            451.34
    MARTINEZ         CA   94553          5            08/10/01         00
    0433126323                           05           10/01/01          0
    0000072016                           O            09/01/31
    0

    5270997          M82/G02             F          128,800.00         T
                                         360        128,711.36          1
                                       7.875            933.89         70
                                       7.625            933.89
    DESTIN           FL   32550          5            07/31/01         00
    0433087517                           01           09/01/01          0
    10028                                O            08/01/31
    0

    5273026          696/G02             F          252,000.00         ZZ
                                         360        251,822.14          1
                                       7.750          1,805.36         80
                                       7.500          1,805.36
    MCLEAN           VA   22101          5            08/01/01         00
    0433053626                           03           09/01/01          0
    21301067                             O            08/01/31
    0

    5273732          964/G02             F          122,000.00         T
                                         360        122,000.00          1
                                       7.375            842.62         80
                                       7.125            842.62
    MAMMOTH LAKES    CA   93546          1            08/15/01         00
    0433103876                           01           10/01/01          0
    135343                               O            09/01/31
    0

    5273789          K15/G02             F           40,800.00         ZZ
                                         360         40,800.00          1
                                       8.500            313.72         85
                                       8.250            313.72
    RICHMOND         IN   47374          5            08/10/01         11
    0433115938                           05           10/01/01         12
1

    033705302986                         O            09/01/31
    0

    5274098          940/G02             F          275,000.00         ZZ
                                         360        274,800.97          1
                                       7.625          1,946.43         79
                                       7.375          1,946.43
    COSTA MESA       CA   92626          5            07/19/01         00
    0433037363                           05           09/01/01          0
    40010732                             O            08/01/31
    0

    5274307          783/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.750          1,970.13         70
                                       7.500          1,970.13
    PORT ANGELES     WA   98362          5            08/17/01         00
    0433148871                           05           10/01/01          0
    01070500330007                       O            09/01/31
    0

    5274552          U96/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       7.625          3,114.29         80
                                       7.375          3,114.29
    HONOLULU         HI   96822          5            08/16/01         00
    0433150265                           05           10/01/01          0
    10700067                             O            09/01/31
    0

    5275725          E22/G02             F           70,125.00         ZZ
                                         360         70,125.00          1
                                       7.750            502.38         85
                                       7.500            502.38
    DENTON           TX   76201          1            08/07/01         04
    0412727182                           05           10/01/01         20
    0412727182                           N            09/01/31
    0

    5275735          E22/G02             F          156,750.00         ZZ
                                         360        156,630.73          4
                                       7.375          1,082.63         95
                                       7.125          1,082.63
    NORTH POLE       AK   99705          5            07/26/01         04
    0412797540                           05           09/01/01         30
    0412797540                           O            08/01/31
    0

1

    5275740          E22/G02             F          157,500.00         ZZ
                                         360        157,500.00          1
                                       7.875          1,141.98         90
                                       7.625          1,141.98
    MIAMI            FL   33016          1            08/03/01         01
    0412817272                           05           10/01/01         30
    0412817272                           O            09/01/31
    0

    5275745          E22/G02             F          172,000.00         ZZ
                                         360        171,881.63          1
                                       7.875          1,247.12         80
                                       7.625          1,247.12
    PLANO            TX   75025          5            07/27/01         00
    0412825093                           05           09/01/01          0
    0412825093                           O            08/01/31
    0

    5275747          E22/G02             F          251,250.00         ZZ
                                         360        251,072.67          1
                                       7.750          1,799.99         75
                                       7.500          1,799.99
    LITTLETON        CO   80127          5            07/25/01         00
    0412832701                           03           09/01/01          0
    0412832701                           O            08/01/31
    0

    5275749          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       7.125            485.08         70
                                       6.875            485.08
    FORT LAUDERDALE  FL   33317          2            08/02/01         00
    0412835654                           09           10/01/01          0
    0412835654                           O            09/01/31
    0

    5275752          E22/G02             F          446,000.00         ZZ
                                         360        446,000.00          1
                                       7.625          3,156.76         74
                                       7.375          3,156.76
    DISCOVERY BAY    CA   94514          5            07/31/01         00
    0412837486                           05           10/01/01          0
    0412837486                           O            09/01/31
    0

    5275757          E22/G02             F           89,625.00         ZZ
                                         360         89,625.00          1
                                       7.875            649.84         75
                                       7.625            649.84
1

    CITRUS HEIGHTS   CA   95621          1            08/02/01         00
    0412842528                           03           10/01/01          0
    0412842528                           N            09/01/31
    0

    5275763          E22/G02             F          450,000.00         ZZ
                                         360        449,674.31          1
                                       7.625          3,185.07         75
                                       7.375          3,185.07
    FORT COLLINS     CO   80524          2            07/30/01         00
    0412849150                           05           09/01/01          0
    0412849150                           O            08/01/31
    0

    5275765          E22/G02             F           84,000.00         ZZ
                                         360         83,945.05          1
                                       8.125            623.70         78
                                       7.875            623.70
    ROUND ROCK       TX   78664          5            07/31/01         00
    0412849838                           05           09/01/01          0
    0412849838                           O            08/01/31
    0

    5275770          E22/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       7.875          1,595.15         63
                                       7.625          1,595.15
    CASTRO VALLEY    CA   94546          5            08/02/01         00
    0412852048                           05           10/01/01          0
    0412852048                           N            09/01/31
    0

    5275773          E22/G02             F           82,500.00         ZZ
                                         360         82,500.00          1
                                       7.875            598.18         73
                                       7.625            598.18
    SACRAMENTO       CA   95820          2            07/31/01         00
    0412854127                           05           10/01/01          0
    0412854127                           N            09/01/31
    0

    5275774          E22/G02             F          114,000.00         ZZ
                                         360        114,000.00          3
                                       8.875            907.04         79
                                       8.625            907.04
    PROVIDENCE       RI   02908          2            08/07/01         00
    0412854473                           05           10/01/01          0
    0412854473                           N            09/01/31
    0
1

    5275785          E22/G02             F          480,000.00         ZZ
                                         360        479,643.77          1
                                       7.500          3,356.23         80
                                       7.250          3,356.23
    WEST CHESTER     PA   19382          5            07/30/01         00
    0412866451                           05           09/01/01          0
    0412866451                           O            08/01/31
    0

    5275786          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       7.750            974.32         80
                                       7.500            974.32
    HOLDEN           LA   70744          5            08/01/01         00
    0412866485                           05           10/01/01          0
    0412866485                           O            09/01/31
    0

    5275791          E22/G02             F           78,300.00         ZZ
                                         360         78,243.33          1
                                       7.625            554.20         87
                                       7.375            554.20
    URBANA           IL   61801          5            08/02/01         01
    0412869976                           05           09/01/01         25
    0412869976                           O            08/01/31
    0

    5275802          E22/G02             F          105,000.00         ZZ
                                         360        104,924.01          1
                                       7.625            743.18         56
                                       7.375            743.18
    AVON             CO   81620          1            08/03/01         00
    0412877961                           01           09/01/01          0
    0412877961                           O            08/01/31
    0

    5275812          E22/G02             F           80,600.00         ZZ
                                         360         80,600.00          1
                                       8.000            591.41         75
                                       7.750            591.41
    WAXAHACHIE       TX   75165          5            08/07/01         00
    0412883878                           05           10/01/01          0
    0412883878                           N            09/01/31
    0

    5275822          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
1

                                       8.500          1,353.29         75
                                       8.250          1,353.29
    HOBOKEN          NJ   07030          1            08/07/01         00
    0412893554                           01           10/01/01          0
    0412893554                           O            09/01/31
    0

    5275881          E40/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       7.000          1,729.79         75
                                       6.750          1,729.79
    WAYLAND          MA   01778          1            08/15/01         00
    0433152600                           05           10/01/01          0
    200101417                            O            09/01/31
    0

    5276812          477/G02             F          372,000.00         ZZ
                                         360        371,756.66          1
                                       8.125          2,762.09         80
                                       7.875          2,762.09
    CERRITOS         CA   90703          5            07/17/01         00
    0433057304                           05           09/01/01          0
    115520                               O            08/01/31
    0

    5277757          E23/G02             F          244,500.00         ZZ
                                         360        244,500.00          1
                                       7.625          1,730.56         75
                                       7.375          1,730.56
    NAPA             CA   94558          5            08/13/01         00
    0433146693                           03           10/01/01          0
    61001834                             O            09/01/31
    0

    5277853          E98/G02             F           72,500.00         ZZ
                                         360         72,446.20          1
                                       7.500            506.93         75
                                       7.250            506.93
    WILLMAR          MN   56201          1            07/27/01         00
    0433061033                           05           09/01/01          0
    8130001605827                        O            08/01/31
    0

    5278198          U28/G02             F          247,550.00         ZZ
                                         360        247,396.13          1
                                       8.375          1,881.56         95
                                       8.125          1,881.56
    ATLANTA          GA   30312          1            07/31/01         04
    0433079944                           05           09/01/01         30
1

    1                                    O            08/01/31
    0

    5278374          964/G02             F          160,000.00         ZZ
                                         360        159,878.25          1
                                       7.375          1,105.08         80
                                       7.125          1,105.08
    DENVER           CO   80222          1            07/30/01         00
    0433038528                           05           09/01/01          0
    133702                               O            08/01/31
    0

    5278597          964/G02             F          112,050.00         ZZ
                                         360        111,966.84          2
                                       7.500            783.47         90
                                       7.250            783.47
    ARIZONA CITY     AZ   85223          1            07/26/01         01
    0433045945                           05           09/01/01         25
    135994                               N            08/01/31
    0

    5278862          G52/G02             F          275,000.00         ZZ
                                         360        274,810.75          1
                                       7.875          1,993.94         84
                                       7.625          1,993.94
    ALEDO            TX   76008          4            07/19/01         10
    0433102829                           05           09/01/01         25
    5705000210                           O            08/01/31
    0

    5279103          964/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       7.250            886.83         40
                                       7.000            886.83
    PINE             CO   80470          1            08/20/01         00
    0433106614                           05           10/01/01          0
    135653                               O            09/01/31
    0

    5279152          N74/G02             F          114,000.00         ZZ
                                         240        114,000.00          1
                                       7.125            892.41         79
                                       6.875            892.41
    GOOSE CREEK      SC   29445          2            08/10/01         00
    0433102746                           05           10/01/01          0
    0029220010                           O            09/01/21
    0

1

    5281335          U68/G02             F          325,600.00         ZZ
                                         360        325,600.00          1
                                       7.250          2,221.17         80
                                       7.000          2,221.17
    FORT MYERS       FL   33919          5            08/10/01         00
    0433148285                           05           10/01/01          0
    01FLR1044                            O            09/01/31
    0

    5281454          624/G02             F          228,800.00         ZZ
                                         360        228,800.00          1
                                       7.500          1,599.80         80
                                       7.250          1,599.80
    OCEANSIDE        CA   92056          1            08/14/01         00
    0433107455                           03           10/01/01          0
    37000410043F                         O            09/01/31
    0

    5281753          A48/G02             F          630,000.00         ZZ
                                         360        630,000.00          1
                                       8.250          4,732.98         58
                                       8.000          4,732.98
    SARATOGA         CA   95070          5            08/13/01         00
    0433141454                           05           10/01/01          0
    8511015399                           O            09/01/31
    0

    5281970          N74/G02             F          112,700.00         ZZ
                                         360        112,700.00          1
                                       7.375            778.39         65
                                       7.125            778.39
    CABOT            AR   72023          5            08/13/01         00
    0433099389                           05           10/01/01          0
    0029221010                           O            09/01/31
    0

    5282637          B60/G02             F          113,400.00         T
                                         360        113,317.92          1
                                       7.625            802.64         75
                                       7.375            802.64
    BOSTON           MA   02115          1            07/16/01         00
    0433042769                           01           09/01/01          0
    339462                               O            08/01/31
    0

    5283721          M18/G02             F          293,550.00         ZZ
                                         360        293,550.00          1
                                       7.500          2,052.54         95
                                       7.250          2,052.54
1

    FULLERTON        CA   92833          1            08/10/01         04
    0433134822                           05           10/01/01         30
    980101275                            O            09/01/31
    0

    5283867          964/G02             F           93,600.00         ZZ
                                         360         93,600.00          1
                                       8.000            686.80         90
                                       7.750            686.80
    LAS VEGAS        NV   89147          1            08/13/01         10
    0433083573                           07           10/01/01         25
    137609                               O            09/01/31
    0

    5284258          950/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       7.875          1,885.18         86
                                       7.625          1,885.18
    SHORELINE        WA   98133          5            08/10/01         11
    0433136116                           05           10/01/01         25
    EW107226                             O            09/01/31
    0

    5284320          369/G02             F          394,250.00         ZZ
                                         360        394,250.00          1
                                       8.000          2,892.87         95
                                       7.750          2,892.87
    FORT COLLINS     CO   80525          1            08/13/01         14
    0433152428                           09           10/01/01         30
    0073303026                           O            09/01/31
    0

    5285463          U62/G02             F          189,000.00         ZZ
                                         360        188,869.93          1
                                       7.875          1,370.38         90
                                       7.625          1,370.38
    JACKSON          WY   83001          5            07/12/01         04
    0433052990                           01           09/01/01         25
    2001255211                           O            08/01/31
    0

    5285487          737/G02             F          104,000.00         ZZ
                                         360        103,933.68          1
                                       8.250            781.32         80
                                       8.000            781.32
    SKOKIE           IL   60077          1            07/27/01         00
    0433115169                           01           09/01/01          0
    2031631                              O            08/01/31
    0
1

    5285771          700/G02             F          280,000.00         ZZ
                                         360        279,830.37          4
                                       8.500          2,152.96         70
                                       8.250          2,152.96
    OXNARD           CA   93030          1            07/25/01         00
    0433131182                           05           09/01/01          0
    0000165029                           N            08/01/31
    0

    5287809          E22/G02             F           52,500.00         ZZ
                                         360         52,500.00          2
                                       8.625            408.34         75
                                       8.375            408.34
    FRESNO           CA   93702          5            07/31/01         00
    0412268294                           05           10/01/01          0
    0412268294                           N            09/01/31
    0

    5287810          E22/G02             F          112,700.00         ZZ
                                         360        112,700.00          1
                                       8.250            846.68         79
                                       8.000            846.68
    SAN BENITO       TX   78586          5            08/03/01         00
    0412274797                           05           10/01/01          0
    0412274797                           O            09/01/31
    0

    5287812          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       8.000          1,100.65         72
                                       7.750          1,100.65
    OAKLEY           ID   83346          5            07/30/01         00
    0412713687                           05           10/01/01          0
    0412713687                           O            09/01/31
    0

    5287817          E22/G02             F          206,000.00         ZZ
                                         360        206,000.00          1
                                       7.750          1,475.81         73
                                       7.500          1,475.81
    SANTA BARBARA    CA   93101          5            08/02/01         00
    0412764623                           29           10/01/01          0
    0412764623                           O            09/01/31
    0

    5287819          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
1

                                       7.625          1,981.82         80
                                       7.375          1,981.82
    PLEASANTON       CA   94588          1            08/01/01         00
    0412780132                           05           10/01/01          0
    0412780132                           O            09/01/31
    0

    5287835          E22/G02             F          161,300.00         ZZ
                                         360        161,300.00          2
                                       8.250          1,211.79         79
                                       8.000          1,211.79
    KENT             OH   44240          2            08/08/01         00
    0412816282                           05           10/01/01          0
    0412816282                           N            09/01/31
    0

    5287838          E22/G02             F          138,000.00         ZZ
                                         360        138,000.00          1
                                       8.625          1,073.35         80
                                       8.375          1,073.35
    SPRING           TX   77386          5            08/03/01         00
    0412821779                           03           10/01/01          0
    0412821779                           O            09/01/31
    0

    5287840          E22/G02             F           59,500.00         ZZ
                                         360         59,500.00          1
                                       7.875            431.42         85
                                       7.625            431.42
    GADSDEN          AL   35903          5            08/03/01         01
    0412828808                           05           10/01/01         12
    0412828808                           O            09/01/31
    0

    5287847          E22/G02             F          243,000.00         ZZ
                                         360        243,000.00          1
                                       7.250          1,657.69         55
                                       7.000          1,657.69
    SAN JOSE         CA   95122          2            07/31/01         00
    0412844490                           05           10/01/01          0
    0412844490                           O            09/01/31
    0

    5287850          E22/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       7.875          1,363.13         80
                                       7.625          1,363.13
    SAN ANTONIO      TX   78209          5            08/03/01         00
    0412846776                           05           10/01/01          0
1

    0412846776                           O            09/01/31
    0

    5287851          E22/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       7.500          1,845.93         80
                                       7.250          1,845.93
    VALLEJO          CA   94591          5            07/28/01         00
    0412846917                           05           10/01/01          0
    0412846917                           O            09/01/31
    0

    5287855          E22/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       8.250            563.45         75
                                       8.000            563.45
    LANDER           WY   82520          1            08/08/01         00
    0412857401                           27           10/01/01          0
    0412857401                           O            09/01/31
    0

    5287859          E22/G02             F          138,750.00         ZZ
                                         360        138,750.00          1
                                       8.875          1,103.96         75
                                       8.625          1,103.96
    HUNTINGTON WOOD  MI   48070          5            08/08/01         00
    0412864142                           05           10/01/01          0
    0412864142                           N            09/01/31
    0

    5287860          E22/G02             F           30,000.00         ZZ
                                         360         30,000.00          1
                                       8.375            228.02         42
                                       8.125            228.02
    BAYCITY          MI   48708          5            08/03/01         00
    0412864654                           05           10/01/01          0
    0412864654                           O            09/01/31
    0

    5287862          E22/G02             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       7.875          2,523.24         80
                                       7.625          2,523.24
    NEVADA CITY      CA   95959          5            08/02/01         00
    0412866295                           05           10/01/01          0
    0412866295                           O            09/01/31
    0

1

    5287874          E22/G02             F          346,500.00         ZZ
                                         360        346,500.00          2
                                       8.000          2,542.49         90
                                       7.750          2,542.49
    BROOKLYN         NY   11234          5            08/03/01         04
    0412876815                           05           10/01/01         25
    0412876815                           O            09/01/31
    0

    5287878          E22/G02             F           96,500.00         ZZ
                                         360         96,500.00          1
                                       7.125            650.14         77
                                       6.875            650.14
    BIRMINGHAM       AL   35222          2            08/03/01         00
    0412880841                           05           10/01/01          0
    0412880841                           O            09/01/31
    0

    5288129          601/G02             F          340,000.00         ZZ
                                         360        339,328.22          1
                                       8.125          2,524.50         80
                                       7.875          2,524.50
    LAKEWOOD         CO   80215          1            05/30/01         00
    0433047610                           05           07/01/01          0
    60610136                             O            06/01/31
    0

    5288249          601/G02             F          101,000.00         ZZ
                                         360        100,779.28          1
                                       7.625            714.88         77
                                       7.375            714.88
    ATHENS           GA   30606          5            05/10/01         00
    0433049756                           05           07/01/01          0
    60574209                             O            06/01/31
    0

    5288276          700/G02             F          121,600.00         ZZ
                                         360        121,514.17          4
                                       7.750            871.16         80
                                       7.500            871.16
    APPLE VALLEY     CA   92307          1            07/25/01         00
    0433102118                           05           09/01/01          0
    0000164572                           N            08/01/31
    0

    5288411          E82/G02             F          184,500.00         ZZ
                                         360        184,500.00          1
                                       7.750          1,321.78         80
                                       7.500          1,321.78
1

    CANBY            OR   97013          5            08/03/01         00
    0400453346                           05           10/01/01          0
    0400453346                           O            09/01/31
    0

    5288418          E82/G02             F          180,500.00         ZZ
                                         360        180,500.00          1
                                       7.875          1,308.75         69
                                       7.625          1,308.75
    CHINO            CA   91710          5            08/03/01         00
    0400462339                           05           10/01/01          0
    0400462339                           O            09/01/31
    0

    5288439          U28/G02             F          348,500.00         ZZ
                                         360        348,260.16          1
                                       7.875          2,526.87         85
                                       7.625          2,526.87
    MOUNT PLEASANT   SC   29466          5            07/31/01         04
    0433114709                           05           09/01/01         12
    1                                    O            08/01/31
    0

    5288778          J95/J95             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       8.250          4,883.24         65
                                       8.000          4,883.24
    NAGS HEAD        NC   27959          2            08/17/01         00
    18306472                             05           10/01/01          0
    18306472                             N            09/01/31
    0

    5289700          588/G02             F          134,400.00         ZZ
                                         360        134,228.01          1
                                       8.250          1,009.70         80
                                       8.000          1,009.70
    COLUMBIA         MD   21045          1            06/29/01         00
    0433096195                           09           08/01/01          0
    00010449444                          O            07/01/31
    0

    5289756          550/550             F          367,500.00         ZZ
                                         360        367,207.57          1
                                       7.150          2,482.12         75
                                       6.900          2,482.12
    SAN MARCOS       CA   92078          2            07/16/01         00
    120533018                            03           09/01/01          0
    120533018                            O            08/01/31
    0
1

    5290710          286/286             F          334,400.00         ZZ
                                         360        334,169.86          1
                                       7.875          2,424.64         80
                                       7.625          2,424.64
    CORAL GABLES     FL   33146          5            07/19/01         00
    316144                               05           09/01/01          0
    316144                               O            08/01/31
    0

    5290711          286/286             F           84,000.00         ZZ
                                         360         83,889.73          1
                                       8.125            623.70         80
                                       7.875            623.70
    HYANNIS          MA   02601          1            06/26/01         00
    447744                               05           08/01/01          0
    447744                               N            07/01/31
    0

    5290712          286/286             F          175,920.00         ZZ
                                         360        175,798.93          1
                                       7.875          1,275.55         80
                                       7.625          1,275.55
    PICKERINGTON     OH   43147          1            07/27/01         00
    372139                               05           09/01/01          0
    372139                               O            08/01/31
    0

    5292716          E77/G02             F          146,400.00         ZZ
                                         360        146,202.89          1
                                       8.000          1,074.23         80
                                       7.750          1,074.23
    HAGERSTOWN       MD   21742          1            06/28/01         00
    0433061371                           05           08/01/01          0
    1050000215                           O            07/01/31
    0

    5292782          K31/G02             F          300,000.00         ZZ
                                         360        299,788.26          1
                                       7.750          2,149.24         80
                                       7.500          2,149.24
    BUFORD           GA   30518          1            07/31/01         00
    0433101292                           05           09/01/01          0
    687117                               O            08/01/31
    0

    5292986          A35/G02             F          138,750.00         ZZ
                                         360        138,750.00          1
1

                                       8.375          1,054.60         75
                                       8.125          1,054.60
    ROCKAWAY PARK    NY   11694          1            08/21/01         00
    0433134509                           05           10/01/01          0
    1                                    O            09/01/31
    0

    5293127          N31/G02             F          322,500.00         ZZ
                                         360        322,500.00          1
                                       7.375          2,227.43         75
                                       7.125          2,227.43
    MISSION VIEJO    CA   92692          2            08/01/01         00
    0433089885                           05           10/01/01          0
    LLO0978                              O            09/01/31
    0

    5294771          E11/G02             F          122,300.00         ZZ
                                         360        122,300.00          1
                                       7.500            855.14         90
                                       7.250            855.14
    ANOKA            MN   55303          1            08/14/01         04
    0433142239                           09           10/01/01         25
    0008001034251                        O            09/01/31
    0

    5294796          964/G02             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       7.375          2,313.76         80
                                       7.125          2,313.76
    CAMPBELL         CA   95008          5            08/17/01         00
    0433124328                           01           10/01/01          0
    136333                               O            09/01/31
    0

    5295006          601/G02             F           63,600.00         ZZ
                                         360         63,492.22          1
                                       8.875            506.04         60
                                       8.625            506.04
    RIO RANCHO       NM   87124          5            05/31/01         00
    0433032489                           05           07/01/01          0
    60607496                             N            06/01/31
    0

    5295659          964/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
                                       7.625          1,012.15         76
                                       7.375          1,012.15
    CAMINO           CA   95709          5            08/16/01         00
    0433102977                           05           10/01/01          0
1

    139440                               O            09/01/31
    0

    5298327          E22/G02             F          232,500.00         ZZ
                                         360        232,500.00          1
                                       7.625          1,645.62         75
                                       7.375          1,645.62
    MOORPARK         CA   93021          5            07/31/01         00
    0412728271                           03           10/01/01          0
    0412728271                           O            09/01/31
    0

    5298339          E22/G02             F           93,500.00         ZZ
                                         360         93,500.00          3
                                       8.625            727.23         67
                                       8.375            727.23
    LAUDERHILL       FL   33313          2            08/09/01         00
    0412831893                           05           10/01/01          0
    0412831893                           N            09/01/31
    0

    5298344          E22/G02             F          399,999.00         ZZ
                                         360        399,999.00          1
                                       7.125          2,694.87         77
                                       6.875          2,694.87
    LOS ANGELES      CA   90036          1            08/06/01         00
    0412841686                           05           10/01/01          0
    0412841686                           O            09/01/31
    0

    5298349          E22/G02             F          229,500.00         ZZ
                                         360        229,500.00          1
                                       8.500          1,764.66         90
                                       8.250          1,764.66
    KIHEI            HI   96753          1            08/06/01         04
    0412846271                           05           10/01/01         25
    0412846271                           O            09/01/31
    0

    5298354          E22/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       7.625          3,114.29         71
                                       7.375          3,114.29
    NORTHVILLE       MI   48167          1            08/08/01         00
    0412851362                           05           10/01/01          0
    0412851362                           O            09/01/31
    0

1

    5298362          E22/G02             F          265,050.00         ZZ
                                         360        265,050.00          3
                                       8.250          1,991.23         95
                                       8.000          1,991.23
    CHICAGO          IL   60653          1            08/09/01         04
    0412863987                           05           10/01/01         30
    0412863987                           O            09/01/31
    0

    5298366          E22/G02             F          107,350.00         ZZ
                                         360        107,350.00          1
                                       8.625            834.96         95
                                       8.375            834.96
    PUEBLO           CO   81005          5            08/02/01         01
    0412879785                           05           10/01/01         30
    0412879785                           O            09/01/31
    0

    5298378          E22/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
                                       8.250            878.98         90
                                       8.000            878.98
    TURLOCK          CA   95380          1            08/07/01         01
    0412895641                           05           10/01/01         30
    0412895641                           O            09/01/31
    0

    5298379          E22/G02             F          371,000.00         ZZ
                                         360        371,000.00          1
                                       7.625          2,625.91         80
                                       7.375          2,625.91
    AURORA           CO   80015          5            08/03/01         00
    0412897274                           09           10/01/01          0
    0412897274                           O            09/01/31
    0

    5298509          601/G02             F          125,000.00         ZZ
                                         360        124,844.05          1
                                       8.375            950.10         49
                                       8.125            950.10
    SOUHBURY         CT   06488          5            06/07/01         00
    0433114121                           05           08/01/01          0
    60533932                             O            07/01/31
    0

    5298573          601/G02             F          136,000.00         ZZ
                                         360        135,781.83          1
                                       7.125            916.26         80
                                       6.875            916.26
1

    SOMERSET         MA   02726          1            06/15/01         00
    0433044393                           05           08/01/01          0
    60526969                             O            07/01/31
    0

    5299325          601/G02             F          164,000.00         ZZ
                                         360        163,059.51          4
                                       6.875          1,077.37         80
                                       6.625          1,077.37
    KENT             OH   44240          2            05/10/01         00
    0433043841                           05           07/01/01          0
    60512787                             N            06/01/31
    0

    5300597          G13/G02             F          204,000.00         ZZ
                                         360        203,848.60          1
                                       7.500          1,426.40         80
                                       7.250          1,426.40
    FORT WORTH       TX   76108          5            07/30/01         00
    0433119112                           05           09/01/01          0
    0080586                              O            08/01/31
    0

    5300824          601/G02             F          115,000.00         ZZ
                                         360        114,778.48          1
                                       8.250            863.96         80
                                       8.000            863.96
    SOMERSET         MA   02726          5            05/21/01         00
    0433113461                           05           07/01/01          0
    60562865                             O            06/01/31
    0

    5300896          950/G02             F          103,500.00         ZZ
                                         360        103,434.00          1
                                       8.250            777.56         75
                                       8.000            777.56
    TACOMA           WA   98409          5            07/30/01         00
    0433074440                           05           09/01/01          0
    E1107017                             N            08/01/31
    0

    5302223          601/G02             F          264,300.00         ZZ
                                         360        263,750.74          1
                                       7.875          1,916.36         90
                                       7.625          1,916.36
    SUWANEE          GA   30024          1            05/24/01         10
    0433055928                           03           07/01/01         25
    6056099-2                            O            06/01/31
    0
1

    5302663          601/G02             F          175,000.00         ZZ
                                         360        174,876.48          1
                                       7.750          1,253.73         70
                                       7.500          1,253.73
    WALPOLE          MA   02081          2            07/17/01         00
    0433046232                           05           09/01/01          0
    60646247                             O            08/01/31
    0

    5302719          964/G02             F          217,500.00         ZZ
                                         360        217,500.00          1
                                       7.375          1,502.22         75
                                       7.125          1,502.22
    PORTLAND         OR   97224          1            08/15/01         00
    0433101615                           05           10/01/01          0
    138109                               O            09/01/31
    0

    5303620          822/G02             F          220,500.00         ZZ
                                         360        220,352.04          3
                                       8.000          1,617.96         90
                                       7.750          1,617.96
    PHILADELPHIA     PA   19147          1            07/05/01         12
    0433070257                           05           09/01/01         25
    3626065626                           O            08/01/31
    0

    5304147          624/G02             F          311,000.00         ZZ
                                         360        311,000.00          1
                                       7.625          2,201.24         89
                                       7.375          2,201.24
    SALT LAKE CITY   UT   84121          5            08/08/01         11
    0433057650                           05           10/01/01         25
    66501510066F                         O            09/01/31
    0

    5304235          S25/G02             F          347,000.00         ZZ
                                         360        346,755.09          1
                                       7.750          2,485.95         67
                                       7.500          2,485.95
    KITTY HAWK       NC   27949          5            07/25/01         00
    0433130135                           05           09/01/01          0
    245849411                            O            08/01/31
    0

    5304280          T90/G02             F           82,300.00         ZZ
                                         360         82,300.00          1
1

                                       8.375            625.54         90
                                       8.125            625.54
    MCCONNELLS       SC   29726          1            08/16/01         11
    0433122140                           27           10/01/01         25
    50285                                O            09/01/31
    0

    5304389          N47/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.375          2,072.03         77
                                       7.125          2,072.03
    CARMEL VALLEY    CA   93924          5            08/15/01         00
    0433124039                           05           10/01/01          0
    20111457                             O            09/01/31
    0

    5304962          561/561             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       8.125          3,341.24         57
                                       7.875          3,341.24
    DUCK             NC   27949          2            08/02/01         00
    18362376                             03           10/01/01          0
    18362376                             N            09/01/31
    0

    5305567          E82/G02             F          109,000.00         ZZ
                                         360        109,000.00          1
                                       7.250            743.57         78
                                       7.000            743.57
    BOCA RATON       FL   33431          2            08/08/01         00
    0400470696                           05           10/01/01          0
    1991329                              O            09/01/31
    0

    5305570          E82/G02             F          102,600.00         ZZ
                                         360        102,600.00          3
                                       7.875            743.92         90
                                       7.625            743.92
    NEW ORLEANS      LA   70119          2            08/03/01         04
    0400461471                           05           10/01/01         25
    0400461471                           N            09/01/31
    0

    5305571          E82/G02             F          254,300.00         ZZ
                                         360        254,300.00          1
                                       7.625          1,799.92         85
                                       7.375          1,799.92
    HAMPTON          NJ   08827          2            08/07/01         04
    0400454674                           05           10/01/01         12
1

    0400454674                           O            09/01/31
    0

    5305572          E82/G02             F           95,500.00         ZZ
                                         360         95,429.13          1
                                       7.500            667.75         77
                                       7.250            667.75
    BRADLEY          CA   93426          2            07/31/01         00
    0400460085                           05           09/01/01          0
    3673743                              O            08/01/31
    0

    5305576          E82/G02             F          194,600.00         ZZ
                                         360        194,600.00          1
                                       7.750          1,394.14         78
                                       7.500          1,394.14
    DENVER           CO   80227          2            08/08/01         00
    0400465076                           05           10/01/01          0
    1963133                              O            09/01/31
    0

    5305689          696/G02             F          348,000.00         ZZ
                                         360        347,748.13          1
                                       7.625          2,463.12         80
                                       7.375          2,463.12
    WOODBRIDGE       VA   22191          1            07/27/01         00
    0433046638                           03           09/01/01          0
    21401093                             O            08/01/31
    0

    5305696          624/G02             F           77,000.00         ZZ
                                         360         77,000.00          1
                                       8.000            565.00         48
                                       7.750            565.00
    NORCROSS         GA   30092          5            08/14/01         00
    0433132586                           05           10/01/01          0
    66503510233F                         O            09/01/31
    0

    5305891          601/G02             F          474,000.00         ZZ
                                         360        473,345.45          1
                                       7.875          3,436.83         79
                                       7.625          3,436.83
    SOUTHLAKE        TX   76092          2            07/03/01         00
    0433055811                           03           08/01/01          0
    6067757-2                            O            07/01/31
    0

1

    5306039          601/G02             F          130,000.00         ZZ
                                         360        129,901.08          1
                                       7.375            897.88         52
                                       7.125            897.88
    QUINCY           MA   02169          5            07/18/01         00
    0433043205                           05           09/01/01          0
    6065442-3                            O            08/01/31
    0

    5306964          B39/G02             F           95,850.00         ZZ
                                         360         95,850.00          1
                                       8.500            737.00         90
                                       8.250            737.00
    ST PAUL          MN   55106          1            08/21/01         04
    0433135936                           05           10/01/01         25
    20011962F                            O            09/01/31
    0

    5308816          E22/G02             F          118,000.00         ZZ
                                         360        118,000.00          1
                                       7.750            845.37         59
                                       7.500            845.37
    MIDDLETOWN       NJ   07748          2            08/06/01         00
    0412602468                           05           10/01/01          0
    0412602468                           O            09/01/31
    0

    5308818          E22/G02             F          139,500.00         ZZ
                                         360        139,500.00          4
                                       7.875          1,011.47         90
                                       7.625          1,011.47
    ERIE             PA   16502          1            08/10/01         04
    0412733404                           05           10/01/01         30
    0412733404                           N            09/01/31
    0

    5308829          E22/G02             F           79,200.00         ZZ
                                         360         79,200.00          1
                                       8.000            581.14         80
                                       7.750            581.14
    ALBUQUERQUE      NM   87107          1            08/01/01         00
    0412795486                           05           10/01/01          0
    0412795486                           O            09/01/31
    0

    5308845          E22/G02             F          207,900.00         ZZ
                                         360        207,900.00          2
                                       7.875          1,507.42         80
                                       7.625          1,507.42
1

    ASHLAND          OR   97520          1            08/07/01         00
    0412825366                           05           10/01/01          0
    0412825366                           N            09/01/31
    0

    5308852          E22/G02             F          220,800.00         ZZ
                                         360        220,800.00          1
                                       8.000          1,620.15         80
                                       7.750          1,620.15
    AUSTIN           TX   78739          5            08/06/01         00
    0412842593                           03           10/01/01          0
    0412842593                           O            09/01/31
    0

    5308855          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       7.125            458.13         80
                                       6.875            458.13
    HAZELWOOD        MO   63042          2            08/10/01         00
    0412845596                           05           10/01/01          0
    0412845596                           N            09/01/31
    0

    5308864          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       7.250            791.32         80
                                       7.000            791.32
    INDIANAPOLIS     IN   46256          5            08/06/01         00
    0412853699                           03           10/01/01          0
    0412853699                           O            09/01/31
    0

    5308869          E22/G02             F          148,000.00         ZZ
                                         360        148,000.00          2
                                       7.750          1,060.29         80
                                       7.500          1,060.29
    CITRUS HEIGHTS   CA   95610          1            07/30/01         00
    0412856585                           05           10/01/01          0
    0412856585                           N            09/01/31
    0

    5308871          E22/G02             F          118,030.00         ZZ
                                         360        118,030.00          4
                                       8.125            876.37         90
                                       7.875            876.37
    PENSACOLA        FL   32526          1            08/10/01         01
    0412857393                           05           10/01/01         25
    0412857393                           N            09/01/31
    0
1

    5308872          E22/G02             F           72,800.00         ZZ
                                         360         72,800.00          1
                                       7.875            527.85         80
                                       7.625            527.85
    CASPER           WY   82609          1            08/09/01         00
    0412859001                           05           10/01/01          0
    0412859001                           N            09/01/31
    0

    5308873          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       7.500          1,454.37         80
                                       7.250          1,454.37
    BEND             OR   97701          5            08/03/01         00
    0412859944                           05           10/01/01          0
    0412859944                           O            09/01/31
    0

    5308876          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       7.750            974.32         80
                                       7.500            974.32
    MESQUITE         TX   75150          1            08/10/01         00
    0412863029                           05           10/01/01          0
    0412863029                           O            09/01/31
    0

    5308884          E22/G02             F           53,600.00         ZZ
                                         360         53,600.00          1
                                       7.875            388.64         80
                                       7.625            388.64
    EATON            OH   45320          1            08/10/01         00
    0412875940                           05           10/01/01          0
    0412875940                           O            09/01/31
    0

    5308894          E22/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
                                       8.625            525.01         90
                                       8.375            525.01
    KANSAS CITY      MO   64138          1            08/10/01         04
    0412884793                           05           10/01/01         25
    0412884793                           N            09/01/31
    0

    5308898          E22/G02             F           62,900.00         ZZ
                                         360         62,900.00          2
1

                                       8.750            494.83         85
                                       8.500            494.83
    NEW ORLEANS      LA   70117          1            08/10/01         01
    0412889958                           05           10/01/01         20
    0412889958                           N            09/01/31
    0

    5308899          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       7.500          1,006.87         80
                                       7.250          1,006.87
    MEDICAL LAKE     WA   99022          1            08/06/01         00
    0412891855                           05           10/01/01          0
    0412891855                           O            09/01/31
    0

    5308900          E22/G02             F           87,000.00         ZZ
                                         360         87,000.00          1
                                       7.500            608.32         83
                                       7.250            608.32
    OKLAHOMA CITY    OK   73132          2            08/06/01         01
    0412893166                           05           10/01/01         12
    0412893166                           O            09/01/31
    0

    5308906          E22/G02             F           86,300.00         ZZ
                                         360         86,300.00          1
                                       8.250            648.34         90
                                       8.000            648.34
    CROWN POINT      IN   46307          1            08/10/01         04
    0412895435                           03           10/01/01         25
    0412895435                           N            09/01/31
    0

    5308911          E22/G02             F          199,900.00         ZZ
                                         360        199,900.00          1
                                       7.750          1,432.11         67
                                       7.500          1,432.11
    BAKERSFIELD      CA   93312          1            08/09/01         00
    0412897647                           05           10/01/01          0
    0412897647                           O            09/01/31
    0

    5308916          E22/G02             F          101,600.00         ZZ
                                         360        101,600.00          1
                                       7.500            710.40         80
                                       7.250            710.40
    RENO             NV   89502          1            08/08/01         00
    0412904385                           09           10/01/01          0
1

    0412904385                           O            09/01/31
    0

    5309022          E82/G02             F          555,000.00         ZZ
                                         360        555,000.00          1
                                       8.000          4,072.39         78
                                       7.750          4,072.39
    COTO DE CAZA AR  CA   92679          2            08/08/01         00
    0400467577                           03           10/01/01          0
    0400467577                           O            09/01/31
    0

    5309023          E82/G02             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       8.250          3,004.69         80
                                       8.000          3,004.69
    LAS VEGAS        NV   89117          2            08/09/01         00
    0400440574                           03           10/01/01          0
    3651458                              O            09/01/31
    0

    5309028          E82/G02             F           47,250.00         ZZ
                                         360         47,250.00          1
                                       8.500            363.31         90
                                       8.250            363.31
    NEWBURGH         NY   12550          1            08/09/01         04
    0400450573                           01           10/01/01         25
    0400450573                           O            09/01/31
    0

    5309032          E82/G02             F          160,000.00         ZZ
                                         360        160,000.00          4
                                       7.750          1,146.26         62
                                       7.500          1,146.26
    HOLLYWOOD        FL   33020          2            08/09/01         00
    0400460838                           05           10/01/01          0
    1973948                              N            09/01/31
    0

    5309035          E82/G02             F          140,250.00         ZZ
                                         360        140,250.00          1
                                       7.625            992.68         84
                                       7.375            992.68
    MILFORD          PA   18337          5            08/06/01         04
    0400446993                           05           10/01/01         12
    0400446993                           O            09/01/31
    0

1

    5309044          E82/G02             F          234,500.00         ZZ
                                         360        234,500.00          1
                                       7.500          1,639.66         68
                                       7.250          1,639.66
    WINDSOR          CA   95492          5            08/07/01         00
    0400456042                           05           10/01/01          0
    0400456042                           O            09/01/31
    0

    5309099          168/168             F           49,500.00         ZZ
                                         360         49,472.96          2
                                       9.000            398.29         90
                                       8.750            398.29
    ROCHESTER        NY   14609          1            07/19/01         10
    0059438606                           05           09/01/01         25
    0059438606                           N            08/01/31
    0

    5309129          168/168             F          228,000.00         ZZ
                                         360        227,762.96          1
                                       7.750          1,633.42         80
                                       7.500          1,633.42
    ALPHARETTA       GA   30005          5            07/13/01         00
    0059631864                           03           09/01/01          0
    0059631864                           O            08/01/31
    0

    5310557          K39/G02             F          336,000.00         ZZ
                                         360        335,762.85          1
                                       7.750          2,407.15         80
                                       7.500          2,407.15
    COTATI           CA   94931          5            07/31/01         00
    0433098886                           05           09/06/01          0
    211523708                            O            08/06/31
    0

    5310570          964/G02             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       7.250          2,373.97         80
                                       7.000          2,373.97
    ROSEBURG         OR   97470          1            08/20/01         00
    0433126596                           05           10/01/01          0
    141117                               O            09/01/31
    0

    5311189          601/G02             F          314,500.00         ZZ
                                         360        314,500.00          1
                                       7.625          2,226.02         85
                                       7.375          2,226.02
1

    NEW HYDE PARK    NY   11040          1            08/06/01         14
    0433113677                           05           10/01/01         12
    60703089                             O            09/01/31
    0

    5311491          601/G02             F          108,800.00         ZZ
                                         360        108,712.99          1
                                       7.125            733.01         80
                                       6.875            733.01
    ESTELL MANOR     NJ   08319          5            07/20/01         00
    0433046554                           05           09/01/01          0
    60682234                             O            08/01/31
    0

    5311560          A35/G02             F          286,000.00         ZZ
                                         240        286,000.00          2
                                       7.875          2,370.73         74
                                       7.625          2,370.73
    CORONA           NY   11368          5            08/15/01         00
    0433132057                           05           10/01/01          0
    S12340                               O            09/01/21
    0

    5311574          168/168             F           72,300.00         ZZ
                                         360         72,300.00          3
                                       8.750            568.78         90
                                       8.500            568.78
    COHOES           NY   12047          1            08/02/01         10
    0059601337                           05           10/01/01         25
    0059601337                           N            09/01/31
    0

    5311973          G52/G02             F          217,750.00         ZZ
                                         360        217,750.00          1
                                       7.500          1,522.54         77
                                       7.250          1,522.54
    AUSTIN           TX   78746          1            08/16/01         00
    0433132024                           05           10/01/01          0
    5705000427                           O            09/01/31
    0

    5315397          A35/G02             F          262,500.00         ZZ
                                         360        262,500.00          3
                                       8.625          2,041.70         70
                                       8.375          2,041.70
    NEW YORK         NY   11002          1            08/21/01         00
    0433134020                           05           10/01/01          0
    1                                    N            09/01/31
    0
1

    5317570          964/G02             F          303,200.00         ZZ
                                         360        303,200.00          1
                                       7.125          2,042.71         80
                                       6.875          2,042.71
    TORRANCE         CA   90505          1            08/17/01         00
    0433116779                           01           10/01/01          0
    138633                               O            09/01/31
    0

    5317675          U62/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       7.000          2,288.64         80
                                       6.750          2,288.64
    SAN JOSE         CA   95123          5            08/17/01         00
    0433129285                           05           10/01/01          0
    2001281645                           O            09/01/31
    0

    5319186          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.250          1,875.98         49
                                       7.000          1,875.98
    LOS GATOS        CA   95032          5            08/07/01         00
    0412799140                           05           10/01/01          0
    0412799140                           O            09/01/31
    0

    5319187          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       8.250          1,562.63         80
                                       8.000          1,562.63
    DENVER           CO   80218          5            08/08/01         00
    0412799868                           09           10/01/01          0
    0412799868                           O            09/01/31
    0

    5319188          E22/G02             F          166,000.00         ZZ
                                         360        166,000.00          1
                                       7.750          1,189.24         66
                                       7.500          1,189.24
    MORAGA           CA   94556          5            08/06/01         00
    0412805863                           01           10/01/01          0
    0412805863                           O            09/01/31
    0

    5319204          E22/G02             F          129,600.00         ZZ
                                         360        129,600.00          2
1

                                       8.500            996.51         80
                                       8.250            996.51
    MYRTLE BEACH     SC   29576          5            08/08/01         00
    0412831877                           05           10/01/01          0
    0412831877                           O            09/01/31
    0

    5319217          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       7.750            967.16         78
                                       7.500            967.16
    FOUNTAIN         CO   80817          5            08/01/01         00
    0412847386                           05           10/01/01          0
    0412847386                           O            09/01/31
    0

    5319224          E22/G02             F          177,000.00         ZZ
                                         360        177,000.00          4
                                       8.125          1,314.22         63
                                       7.875          1,314.22
    BRICK TOWNSHIP   NJ   08723          2            08/08/01         00
    0412853848                           05           10/01/01          0
    0412853848                           O            09/01/31
    0

    5319225          E22/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       7.500          1,538.27         80
                                       7.250          1,538.27
    BOYTON BEACH     FL   33437          5            08/07/01         00
    0412854606                           03           10/01/01          0
    0412854606                           O            09/01/31
    0

    5319227          E22/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       7.875            913.59         90
                                       7.625            913.59
    ANDERSON         AL   35610          5            08/08/01         10
    0412856528                           05           10/01/01         25
    0412856528                           O            09/01/31
    0

    5319229          E22/G02             F          106,200.00         ZZ
                                         360        106,200.00          1
                                       7.750            760.83         85
                                       7.500            760.83
    KISSIMMEE        FL   34758          5            08/07/01         01
    0412859563                           03           10/01/01         12
1

    0412859563                           O            09/01/31
    0

    5319235          E22/G02             F           71,000.00         ZZ
                                         360         71,000.00          1
                                       7.500            496.44         87
                                       7.250            496.44
    COLUMBIA         SC   29203          2            08/08/01         01
    0412865388                           05           10/01/01         25
    0412865388                           O            09/01/31
    0

    5319240          E22/G02             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.375          3,108.04         90
                                       7.125          3,108.04
    SAINT HELENA IS  SC   29920          2            08/08/01         01
    0412871857                           03           10/01/01         25
    0412871857                           O            09/01/31
    0

    5319254          E22/G02             F           44,900.00         ZZ
                                         360         44,900.00          1
                                       8.500            345.24         90
                                       8.250            345.24
    SOUTH BEND       IN   46619          1            08/13/01         04
    0412880262                           05           10/01/01         25
    0412880262                           N            09/01/31
    0

    5319257          E22/G02             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       8.125          3,860.99         80
                                       7.875          3,860.99
    IRVING           TX   75062          5            08/07/01         00
    0412884868                           03           10/01/01          0
    0412884868                           O            09/01/31
    0

    5319261          E22/G02             F          205,500.00         ZZ
                                         360        205,500.00          1
                                       7.375          1,419.34         73
                                       7.125          1,419.34
    DEL VALLE        TX   78617          5            08/08/01         00
    0412888042                           05           10/01/01          0
    0412888042                           O            09/01/31
    0

1

    5319270          E22/G02             F          202,400.00         ZZ
                                         360        202,400.00          2
                                       8.125          1,502.81         80
                                       7.875          1,502.81
    CHICAGO          IL   60639          5            08/08/01         00
    0412895591                           05           10/01/01          0
    0412895591                           O            09/01/31
    0

    5319278          E22/G02             F          199,500.00         ZZ
                                         360        199,500.00          1
                                       8.250          1,498.78         95
                                       8.000          1,498.78
    OCEOLA TOWNSHIP  MI   48843          1            08/13/01         04
    0412900102                           05           10/01/01         30
    0412900102                           O            09/01/31
    0

    5319283          E22/G02             F          122,800.00         ZZ
                                         360        122,800.00          2
                                       8.125            911.79         80
                                       7.875            911.79
    WOODBURN         OR   97071          2            08/07/01         00
    0412905614                           05           10/01/01          0
    0412905614                           N            09/01/31
    0

    5319285          E22/G02             F          140,250.00         ZZ
                                         360        140,250.00          1
                                       8.125          1,041.35         83
                                       7.875          1,041.35
    COCONUT CREEK    FL   33073          5            08/07/01         01
    0412908626                           03           10/01/01         12
    0412908626                           O            09/01/31
    0

    5319356          E82/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.375          1,381.35         47
                                       7.125          1,381.35
    STAMFORD         CT   06907          2            08/10/01         00
    0400470456                           29           10/01/01          0
    0400470456                           O            09/01/31
    0

    5319358          E82/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.750            573.13         68
                                       7.500            573.13
1

    NORTHVILLE       MI   48167          2            08/10/01         00
    0400466801                           01           10/01/01          0
    0400466801                           O            09/01/31
    0

    5334105          975/G02             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.375          2,279.23         77
                                       7.125          2,279.23
    CYPRESS          CA   90630          1            08/08/01         00
    0433122447                           05           10/01/01          0
    2013594                              O            09/01/31
    0

    5336112          U59/G02             F          189,600.00         ZZ
                                         360        189,462.77          1
                                       7.625          1,341.98         80
                                       7.375          1,341.98
    HAVERSTRAW       NY   10927          1            08/09/01         00
    0433123759                           05           09/09/01          0
    800887272                            O            08/09/31
    0

    5338477          G75/G75             F          171,200.00         ZZ
                                         360        170,986.42          1
                                       8.375          1,301.25         80
                                       8.125          1,301.25
    EDGEWATER        MD   21037          1            06/22/01         00
    04378534                             05           08/01/01          0
    04378534                             O            07/01/31
    0

    5338478          G75/G75             F           20,700.00         ZZ
                                         360         20,688.39          1
                                       8.875            164.70         90
                                       8.625            164.70
    PHILADELPHIA     PA   19154          1            08/01/01         14
    04363886                             01           09/01/01         25
    04363886                             N            08/01/31
    0

    5338479          G75/G75             F          310,000.00         ZZ
                                         360        309,538.42          1
                                       7.500          2,167.57         94
                                       7.250          2,167.57
    MEBANE           NC   27302          1            06/29/01         14
    04387557                             03           08/01/01         30
    04387557                             O            07/01/31
    0
1

    5338480          G75/G75             F          154,400.00         ZZ
                                         360        154,285.41          1
                                       7.500          1,079.59         80
                                       7.250          1,079.59
    TOANO            VA   23168          1            07/27/01         00
    04423137                             05           09/01/01          0
    04423137                             O            08/01/31
    0

    5338481          G75/G75             F          120,000.00         ZZ
                                         360        119,816.80          1
                                       7.375            828.82         83
                                       7.125            828.82
    HARRISBURG       PA   17102          1            06/11/01         12
    04289080                             05           08/01/01         25
    04289080                             O            07/01/31
    0

    5338484          G75/G75             F           54,900.00         ZZ
                                         360         54,838.21          1
                                       8.875            436.81         90
                                       8.625            436.81
    MONTGOMERY VILL  MD   20886          1            06/20/01         14
    04383167                             01           08/01/01         25
    04383167                             N            07/01/31
    0

    5338486          G75/G75             F           56,700.00         ZZ
                                         360         56,665.64          1
                                       8.500            435.98         90
                                       8.250            435.98
    GERMANTOWN       MD   20874          1            07/19/01         12
    04403262                             01           09/01/01         25
    04403262                             N            08/01/31
    0

    5338487          G75/G75             F          170,900.00         ZZ
                                         360        170,785.32          1
                                       8.000          1,254.01         95
                                       7.750          1,254.01
    SILVER SPRING    MD   20906          1            07/20/01         12
    04394348                             03           09/01/01         30
    04394348                             O            08/01/31
    0

    5338488          G75/G75             F          161,100.00         T
                                         360        160,991.90          1
1

                                       8.000          1,182.10         90
                                       7.750          1,182.10
    NORTH WILDWOOD   NJ   08260          1            07/24/01         01
    04285943                             01           09/01/01         25
    04285943                             O            08/01/31
    0

    5338489          G75/G75             F           73,350.00         ZZ
                                         360         73,299.52          1
                                       7.875            531.84         80
                                       7.625            531.84
    COLUMBIA         SC   29203          1            07/27/01         00
    04412805                             05           09/01/01          0
    04412805                             O            08/01/31
    0

    5339017          W17/G02             F          129,500.00         ZZ
                                         360        129,500.00          4
                                       8.500            995.74         70
                                       8.250            995.74
    OAKLAND PARK     FL   33334          1            08/06/01         00
    0433112364                           05           10/01/01          0
    1079                                 O            09/01/31
    0

    5339906          783/G02             F          231,000.00         ZZ
                                         360        230,819.80          1
                                       7.250          1,575.83         57
                                       7.000          1,575.83
    ELLENSBURG       WA   98926          5            07/25/01         00
    0433140530                           05           09/01/01          0
    9420001339                           O            08/01/31
    0

    5339982          F19/G02             F          415,000.00         ZZ
                                         360        414,684.22          1
                                       7.375          2,866.30         69
                                       7.125          2,866.30
    WATSONVILLE      CA   95076          2            07/17/01         00
    0433104346                           05           09/01/01          0
    683927                               O            08/01/31
    0

    5341667          E22/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       8.000          2,729.60         80
                                       7.750          2,729.60
    SAN CARLOS       CA   94070          1            08/02/01         00
    0412694408                           01           10/01/01          0
1

    0412694408                           O            09/01/31
    0

    5341670          E22/G02             F          147,600.00         ZZ
                                         360        147,600.00          1
                                       7.875          1,070.20         80
                                       7.625          1,070.20
    SACRAMENTO       CA   95829          2            07/31/01         00
    0412737710                           05           10/01/01          0
    0412737710                           O            09/01/31
    0

    5341674          E22/G02             F          279,000.00         ZZ
                                         360        279,000.00          4
                                       7.625          1,974.74         90
                                       7.375          1,974.74
    CHULA VISTA      CA   91910          1            08/02/01         04
    0412814766                           05           10/01/01         25
    0412814766                           O            09/01/31
    0

    5341676          E22/G02             F          191,700.00         ZZ
                                         360        191,700.00          1
                                       8.750          1,508.10         90
                                       8.500          1,508.10
    DARRIEN          IL   60561          1            08/14/01         01
    0412816969                           05           10/01/01         25
    0412816969                           O            09/01/31
    0

    5341685          E22/G02             F           57,250.00         ZZ
                                         360         57,250.00          3
                                       8.625            445.28         87
                                       8.375            445.28
    CLAREMONT        NH   03743          1            08/14/01         01
    0412840498                           05           10/01/01         25
    0412840498                           N            09/01/31
    0

    5341686          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          4
                                       8.375            820.88         90
                                       8.125            820.88
    INDIANAPOLIS     IN   46202          1            08/14/01         04
    0412843831                           05           10/01/01         25
    0412843831                           O            09/01/31
    0

1

    5341687          E22/G02             F          138,000.00         ZZ
                                         360        138,000.00          1
                                       7.875          1,000.60         75
                                       7.625          1,000.60
    HOUSTON          TX   77071          5            08/07/01         00
    0412846404                           03           10/01/01          0
    0412846404                           O            09/01/31
    0

    5341695          E22/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
                                       7.750          1,024.47         76
                                       7.500          1,024.47
    NOVI             MI   48375          2            08/09/01         00
    0412862682                           05           10/01/01          0
    0412862682                           O            09/01/31
    0

    5341706          E22/G02             F           86,850.00         ZZ
                                         360         86,850.00          3
                                       8.500            667.80         90
                                       8.250            667.80
    THIBODAUX        LA   70301          1            08/14/01         04
    0412882177                           05           10/01/01         30
    0412882177                           N            09/01/31
    0

    5341711          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       7.875            696.07         80
                                       7.625            696.07
    DALLAS           TX   75234          5            08/07/01         00
    0412886947                           05           10/01/01          0
    0412886947                           O            09/01/31
    0

    5341713          E22/G02             F          134,425.00         ZZ
                                         360        134,425.00          1
                                       7.625            951.45         95
                                       7.375            951.45
    DELRAY BEACH     FL   33445          1            08/14/01         04
    0412890717                           05           10/01/01         30
    0412890717                           O            09/01/31
    0

    5341718          E22/G02             F          265,600.00         ZZ
                                         360        265,600.00          1
                                       8.000          1,948.88         80
                                       7.750          1,948.88
1

    CANTON           MI   48187          1            08/14/01         00
    0412893208                           05           10/01/01          0
    0412893208                           O            09/01/31
    0

    5341719          E22/G02             F          142,500.00         ZZ
                                         360        142,500.00          1
                                       8.125          1,058.06         75
                                       7.875          1,058.06
    MEADOW VISTA     CA   95722          1            08/09/01         00
    0412893422                           05           10/01/01          0
    0412893422                           N            09/01/31
    0

    5341722          E22/G02             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.375          2,590.03         77
                                       7.125          2,590.03
    FORT COLLINS     CO   80526          5            08/09/01         00
    0412896631                           03           10/01/01          0
    0412896631                           O            09/01/31
    0

    5341724          E22/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
                                       8.625            404.45         80
                                       8.375            404.45
    ORLANDO          FL   32801          1            08/14/01         00
    0412897209                           01           10/01/01          0
    0412897209                           N            09/01/31
    0

    5341738          E22/G02             F          141,100.00         ZZ
                                         360        141,100.00          1
                                       8.125          1,047.66         85
                                       7.875          1,047.66
    YAKIMA           WA   98901          2            08/08/01         11
    0412915464                           05           10/01/01         12
    0412915464                           O            09/01/31
    0

    5341753          944/G02             F          145,000.00         ZZ
                                         360        144,767.40          1
                                       7.125            976.90         51
                                       6.875            976.90
    RIVERSIDE        CA   92503          5            06/18/01         00
    0433101573                           05           08/01/01          0
    W88019829                            O            07/01/31
    0
1

    5341859          944/G02             F          235,000.00         ZZ
                                         360        234,613.61          1
                                       7.000          1,563.47         76
                                       6.750          1,563.47
    PLACERVILLE      CA   95667          1            06/12/01         00
    0433101532                           05           08/01/01          0
    W1031893                             O            07/01/31
    0

    5342278          944/G02             F          255,000.00         ZZ
                                         360        254,805.96          1
                                       7.375          1,761.23         63
                                       7.125          1,761.23
    DANA POINT       CA   92629          5            07/03/01         00
    0433101565                           05           09/01/01          0
    W88020113                            O            08/01/31
    0

    5343487          L60/F27             F          285,000.00         ZZ
                                         360        284,554.01          1
                                       7.250          1,944.20         75
                                       7.000          1,944.20
    SOUTHPORT        NC   28461          5            06/01/01         00
    6610665312                           03           08/01/01          0
    6610665312                           O            07/01/31
    0

    5343488          L60/F27             F          350,000.00         ZZ
                                         360        349,516.69          1
                                       7.875          2,537.74         64
                                       7.625          2,537.74
    FAYETTEVILLE     NC   28303          1            06/11/01         00
    6610717894                           05           08/01/01          0
    6610717894                           O            07/01/31
    0

    5343489          L60/F27             F          395,000.00         ZZ
                                         360        394,397.02          1
                                       7.375          2,728.17         64
                                       7.125          2,728.17
    BALTIMORE        MD   21210          2            06/21/01         00
    6920097128                           05           08/01/01          0
    6920097128                           O            07/01/31
    0

    5343490          L60/F27             F          109,100.00         ZZ
                                         360        108,937.57          1
1

                                       7.500            762.84         54
                                       7.250            762.84
    OAK ISLAND       NC   28465          2            06/11/01         00
    6610692816                           05           08/01/01          0
    6610692816                           O            07/01/31
    0

    5343492          L60/F27             F          650,000.00         ZZ
                                         360        649,032.21          1
                                       7.500          4,544.89         55
                                       7.250          4,544.89
    WILMINGTON       NC   28403          5            06/13/01         00
    6960156992                           03           08/01/01          0
    6960156992                           O            07/01/31
    0

    5343497          L60/F27             F          148,000.00         ZZ
                                         360        147,700.10          1
                                       8.000          1,085.97         80
                                       7.750          1,085.97
    ATLANTA          GA   30309          5            05/24/01         00
    6610726540                           08           07/01/01          0
    6610726540                           O            06/01/31
    0

    5343505          L60/F27             F          432,000.00         ZZ
                                         360        431,372.67          1
                                       7.625          3,057.67         80
                                       7.375          3,057.67
    PHOENIX          AZ   85028          1            06/12/01         00
    6960168540                           05           08/01/01          0
    6960168540                           O            07/01/31
    0

    5343511          L60/F27             F          103,500.00         ZZ
                                         360        103,198.44          1
                                       7.750            741.49         75
                                       7.500            741.49
    FREDERICK        MD   21701          5            04/30/01         00
    6990358492                           05           06/01/01          0
    6990358492                           O            05/01/31
    0

    5343513          L60/F27             F          285,000.00         ZZ
                                         360        283,275.91          1
                                       7.750          2,041.77         68
                                       7.500          2,041.77
    ARLINGTON        VA   22201          5            04/10/01         00
    6990307634                           05           06/01/01          0
1

    6990307634                           O            05/01/31
    0

    5343517          L60/F27             F          142,400.00         ZZ
                                         360        142,072.94          1
                                       7.375            983.52         80
                                       7.125            983.52
    BROADWAY         NC   27505          1            05/23/01         00
    6610671487                           05           07/01/01          0
    6610671487                           O            06/01/31
    0

    5343521          L60/F27             F          418,000.00         ZZ
                                         360        416,966.10          1
                                       7.000          2,780.96         72
                                       6.750          2,780.96
    HAMPSTEAD        NC   28443          2            05/04/01         00
    6610638579                           05           07/01/01          0
    6610638579                           O            06/01/31
    0

    5343526          L60/F27             F          268,000.00         ZZ
                                         360        266,251.73          1
                                       7.875          1,943.19         79
                                       7.625          1,943.19
    ELLICOTT CITY    MD   21043          2            05/15/01         00
    6990343185                           03           07/01/01          0
    6990343185                           O            06/01/31
    0

    5343527          L60/F27             F           82,500.00         ZZ
                                         360         82,383.17          1
                                       7.750            591.04         66
                                       7.500            591.04
    CHARLOTTE        NC   28205          2            06/16/01         00
    6610751677                           05           08/01/01          0
    6610751677                           O            07/01/31
    0

    5343535          L60/F27             F           68,800.00         ZZ
                                         360         68,638.01          1
                                       7.250            469.34         80
                                       7.000            469.34
    RIVERDALE        GA   30274          5            05/23/01         00
    6610727903                           05           07/01/01          0
    6610727903                           O            06/01/31
    0

1

    5343546          L60/F27             F          560,000.00         T
                                         360        559,206.96          1
                                       7.750          4,011.91         63
                                       7.500          4,011.91
    DUCK             NC   27949          5            06/15/01         00
    6990323486                           03           08/01/01          0
    6990323486                           O            07/01/31
    0

    5343554          L60/F27             F          500,000.00         T
                                         360        498,464.07          1
                                       7.375          3,453.38         79
                                       7.125          3,453.38
    OCEAN CITY       MD   21842          1            04/28/01         00
    6990333546                           05           06/01/01          0
    6990333546                           O            05/01/31
    0

    5343585          L60/F27             F          215,500.00         ZZ
                                         360        215,013.34          1
                                       7.500          1,506.81         80
                                       7.250          1,506.81
    MARSHALL         VA   20115          2            05/18/01         00
    6920067954                           05           07/01/01          0
    6920067954                           O            06/01/31
    0

    5343588          L60/F27             F          400,000.00         ZZ
                                         360        399,101.83          1
                                       7.500          2,796.86         79
                                       7.250          2,796.86
    ATLANTA          GA   30342          2            05/14/01         00
    6960161295                           05           07/01/01          0
    6960161295                           O            06/01/31
    0

    5343591          L60/F27             F          336,400.00         ZZ
                                         360        335,366.64          1
                                       7.375          2,323.43         80
                                       7.125          2,323.43
    MARIETTA         GA   30068          5            04/25/01         00
    6990352222                           05           06/01/01          0
    6990352222                           O            05/01/31
    0

    5343597          L60/F27             F          312,200.00         ZZ
                                         360        311,386.04          1
                                       7.750          2,236.64         80
                                       7.500          2,236.64
1

    CARMEL           IN   46033          5            05/25/01         00
    6990373114                           03           07/01/01          0
    6990373114                           O            06/01/31
    0

    5343599          L60/F27             F          400,000.00         ZZ
                                         360        399,034.68          1
                                       7.125          2,694.87         80
                                       6.875          2,694.87
    SPARTANBURG      SC   29302          2            05/15/01         00
    6610662119                           05           07/01/01          0
    6610662119                           O            06/01/31
    0

    5343611          L60/F27             F          496,000.00         T
                                         360        494,888.78          1
                                       7.500          3,468.10         80
                                       7.250          3,468.10
    DUCK             NC   27949          1            05/30/01         00
    6990353571                           05           07/01/01          0
    6990353571                           O            06/01/31
    0

    5343613          L60/F27             F          190,000.00         ZZ
                                         300        189,319.66          1
                                       7.250          1,373.33         79
                                       7.000          1,373.33
    DURHAM           NC   27712          5            05/17/01         00
    6610691291                           03           07/01/01          0
    6610691291                           O            06/01/26
    0

    5343614          L60/F27             F          360,000.00         ZZ
                                         360        359,232.83          1
                                       7.750          2,579.08         77
                                       7.500          2,579.08
    SPARTANBURG      SC   29306          5            05/21/01         00
    6960141871                           05           07/01/01          0
    6960141871                           O            06/01/31
    0

    5343625          L60/F27             F          341,500.00         ZZ
                                         360        340,501.86          1
                                       7.625          2,417.12         63
                                       7.375          2,417.12
    SEVERNA PARK     MD   21146          2            04/11/01         00
    6990324210                           05           06/01/01          0
    6990324210                           O            05/01/31
    0
1

    5343628          L60/F27             F           77,000.00         ZZ
                                         360         76,405.40          1
                                       7.875            558.30         55
                                       7.625            558.30
    CONWAY           SC   29526          2            05/01/01         00
    6610635391                           05           06/01/01          0
    6610635391                           O            05/01/31
    0

    5343633          L60/F27             F          100,000.00         ZZ
                                         360         99,714.95          1
                                       7.750            716.41         75
                                       7.500            716.41
    WILMINGTON       NC   28405          2            04/16/01         00
    6960130837                           05           06/01/01          0
    6960130837                           O            05/01/31
    0

    5343634          L60/F27             F          114,500.00         ZZ
                                         360        114,139.47          1
                                       7.250            781.09         48
                                       7.000            781.09
    GREENWOOD        SC   29649          2            04/19/01         00
    6990335743                           05           06/01/01          0
    6990335743                           O            05/01/31
    0

    5343638          L60/F27             F          137,000.00         ZZ
                                         360        136,005.74          1
                                       7.750            981.48         60
                                       7.500            981.48
    ARLINGTON        VA   22205          2            04/01/01         00
    6990320819                           05           05/01/01          0
    6990320819                           O            04/01/31
    0

    5343640          L60/F27             F          140,000.00         ZZ
                                         360        139,499.52          1
                                       7.750          1,002.98         80
                                       7.500          1,002.98
    BALTIMORE        MD   21209          1            03/16/01         00
    6920027480                           05           05/01/01          0
    6920027480                           O            04/01/31
    0

    5343641          L60/F27             F          144,750.00         ZZ
                                         360        144,271.21          1
1

                                       7.000            963.03         75
                                       6.750            963.03
    GREENSBORO       NC   27407          1            04/27/01         00
    6610614629                           03           06/01/01          0
    6610614629                           O            05/01/31
    0

    5343642          L60/F27             F          145,000.00         ZZ
                                         360        144,554.59          1
                                       7.375          1,001.48         78
                                       7.125          1,001.48
    ABERDEEN         NC   28315          5            04/30/01         00
    6610654213                           05           06/01/01          0
    6610654213                           O            05/01/31
    0

    5343648          L60/F27             F          180,000.00         ZZ
                                         360        179,473.89          1
                                       7.625          1,274.03         80
                                       7.375          1,274.03
    FAIRVIEW         NC   28730          1            04/17/01         00
    6990349205                           05           06/01/01          0
    6990349205                           O            05/01/31
    0

    5343650          L60/F27             F          186,000.00         ZZ
                                         360        185,158.72          1
                                       7.500          1,300.54         73
                                       7.250          1,300.54
    LANDRUM          SC   29356          2            02/08/01         00
    6610578916                           05           04/01/01          0
    6610578916                           O            03/01/31
    0

    5343652          L60/F27             F          189,000.00         ZZ
                                         360        188,433.63          1
                                       7.500          1,321.52         72
                                       7.250          1,321.52
    RALEIGH          NC   27614          2            04/27/01         00
    6610673609                           03           06/01/01          0
    6610673609                           O            05/01/31
    0

    5343653          L60/F27             F          190,750.00         ZZ
                                         240        189,032.19          1
                                       7.625          1,551.28         80
                                       7.375          1,551.28
    LAWRENCEVILLE    GA   30043          1            03/26/01         00
    6990305844                           03           05/01/01          0
1

    6990305844                           O            04/01/21
    0

    5343655          L60/F27             F          200,000.00         ZZ
                                         360        199,429.90          1
                                       7.750          1,432.82         63
                                       7.500          1,432.82
    FAYETTEVILLE     NC   28305          5            04/25/01         00
    6610654647                           05           06/01/01          0
    6610654647                           O            05/01/31
    0

    5343659          L60/F27             F          270,000.00         ZZ
                                         360        269,058.66          1
                                       7.875          1,957.69         75
                                       7.625          1,957.69
    CHARLOTTE        NC   28270          5            03/23/01         00
    6990326868                           05           05/01/01          0
    6990326868                           O            04/01/31
    0

    5343666          L60/F27             F          297,500.00         ZZ
                                         360        296,354.13          1
                                       7.375          2,054.76         85
                                       7.125          2,054.76
    WINSTON SALEM    NC   27104          5            03/09/01         12
    6990304724                           03           05/01/01         12
    6990304724                           O            04/01/31
    0

    5343668          L60/F27             F          300,000.00         ZZ
                                         360        299,310.95          1
                                       7.375          2,072.03         45
                                       7.125          2,072.03
    FOLLY BEACH      SC   29439          5            05/16/01         00
    6610658693                           05           07/01/01          0
    6610658693                           O            06/01/31
    0

    5343676          L60/F27             F          317,500.00         T
                                         360        316,524.70          1
                                       7.375          2,192.89         43
                                       7.125          2,192.89
    HILTON HEAD      SC   29926          5            04/18/01         00
    6990332779                           05           06/01/01          0
    6990332779                           O            05/01/31
    0

1

    5343681          L60/F27             F          325,000.00         ZZ
                                         360        323,951.09          1
                                       7.125          2,189.59         63
                                       6.875          2,189.59
    NEWNAN           GA   30263          2            04/23/01         00
    6610681458                           05           06/01/01          0
    6610681458                           O            05/01/31
    0

    5343706          L60/F27             F          372,600.00         ZZ
                                         360        371,805.97          1
                                       7.750          2,669.35         75
                                       7.500          2,669.35
    ROCKVILLE        MD   20853          1            05/11/01         00
    6920025321                           05           07/01/01          0
    6920025321                           O            06/01/31
    0

    5343717          L60/F27             F          400,000.00         ZZ
                                         360        398,801.38          1
                                       7.500          2,796.86         80
                                       7.250          2,796.86
    SOUTHPORT        NC   28461          2            05/01/01         00
    6610660957                           05           06/01/01          0
    6610660957                           O            05/01/31
    0

    5343728          L60/F27             F          420,000.00         ZZ
                                         360        418,244.92          1
                                       7.500          2,936.70         74
                                       7.250          2,936.70
    PRINCE FREDERIC  MD   20678          2            03/13/01         00
    6990319853                           05           05/01/01          0
    6990319853                           O            04/01/31
    0

    5343730          L60/F27             F          425,000.00         ZZ
                                         360        423,757.83          1
                                       7.625          3,008.12         50
                                       7.375          3,008.12
    BEAUFORT         SC   29902          1            04/17/01         00
    6990349981                           05           06/01/01          0
    6990349981                           O            05/01/31
    0

    5343732          L60/F27             F          440,000.00         ZZ
                                         360        438,681.51          1
                                       7.500          3,076.55         80
                                       7.250          3,076.55
1

    RICHMOND         VA   23233          2            04/09/01         00
    6990333090                           05           06/01/01          0
    6990333090                           O            05/01/31
    0

    5343733          L60/F27             F          443,000.00         T
                                         360        441,982.51          1
                                       7.375          3,059.69         62
                                       7.125          3,059.69
    COROLLA          NC   27927          2            05/07/01         00
    6610682039                           05           07/01/01          0
    6610682039                           O            06/01/31
    0

    5343737          L60/F27             F          452,000.00         T
                                         360        450,611.54          1
                                       7.375          3,121.85         80
                                       7.125          3,121.85
    DUCK             NC   27949          2            04/26/01         00
    6990335484                           03           06/01/01          0
    6990335484                           O            05/01/31
    0

    5343739          L60/F27             F          456,500.00         ZZ
                                         360        454,952.71          1
                                       6.875          2,998.88         32
                                       6.625          2,998.88
    ATLANTA          GA   30319          2            04/20/01         00
    6610686492                           05           06/01/01          0
    6610686492                           O            05/01/31
    0

    5343742          L60/F27             F          465,000.00         T
                                         360        463,606.60          1
                                       7.500          3,251.35         80
                                       7.250          3,251.35
    NAGS HEAD        NC   27959          2            04/04/01         00
    6990324989                           05           06/01/01          0
    6990324989                           O            05/01/31
    0

    5343747          L60/F27             F          340,000.00         ZZ
                                         360        339,251.33          1
                                       7.375          2,348.30         62
                                       7.125          2,348.30
    CARY             NC   27511          2            10/06/00         00
    6610497517                           03           08/01/01          0
    6610497517                           O            07/01/31
    0
1

    5343754          L60/F27             F          510,000.00         T
                                         360        507,805.14          1
                                       7.750          3,653.70         72
                                       7.500          3,653.70
    CASHIERS         NC   28717          5            02/09/01         00
    6610582999                           05           04/01/01          0
    6610582999                           O            03/01/31
    0

    5343758          L60/F27             F          518,500.00         ZZ
                                         360        516,453.03          1
                                       7.250          3,537.08         65
                                       7.000          3,537.08
    CHARLOTTE        NC   28207          5            03/14/01         00
    6610604380                           05           05/01/01          0
    6610604380                           O            04/01/31
    0

    5343776          L60/F27             F          650,000.00         ZZ
                                         360        648,003.29          1
                                       7.375          4,489.39         80
                                       7.125          4,489.39
    MOORESVILLE      NC   28117          5            04/24/01         00
    6610676039                           03           06/01/01          0
    6610676039                           O            05/01/31
    0

    5344459          R21/G02             F          153,000.00         ZZ
                                         360        152,894.70          3
                                       7.875          1,109.36         79
                                       7.625          1,109.36
    CHICAGO          IL   60620          5            07/26/01         00
    0433119666                           05           09/01/01          0
    20010680                             O            08/01/31
    0

    5344542          168/168             F           73,000.00         ZZ
                                         360         72,949.76          1
                                       7.875            529.30         77
                                       7.625            529.30
    BONITA           FL   34135          2            07/09/01         00
    0059521619                           05           09/01/01          0
    0059521619                           O            08/01/31
    0

    5344664          W56/M32             F           87,900.00         ZZ
                                         360         87,837.96          1
1

                                       7.750            629.73         80
                                       7.500            629.73
    SAN DIEGO        CA   92119          1            07/31/01         00
    0400445185                           01           09/01/01          0
    0400445185                           O            08/01/31
    0

    5344926          964/G02             F          374,250.00         ZZ
                                         360        374,250.00          1
                                       7.375          2,584.85         75
                                       7.125          2,584.85
    ORANGE           CA   92869          5            08/17/01         00
    0433107463                           09           10/01/01          0
    140148                               O            09/01/31
    0

    5346038          168/168             F           40,500.00         ZZ
                                         360         40,477.88          2
                                       9.000            325.87         90
                                       8.750            325.87
    ROCHESTER        NY   14609          1            07/19/01         10
    0059482923                           05           09/01/01         25
    0059482923                           O            08/01/31
    0

    5346823          U62/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       7.875            812.08         80
                                       7.625            812.08
    MIDLAND          TX   79707          2            08/07/01         00
    0433102647                           03           10/01/01          0
    2001267076                           O            09/01/31
    0

    5347618          168/168             F          330,000.00         ZZ
                                         360        329,508.65          1
                                       7.500          2,307.41         75
                                       7.250          2,307.41
    SHOREHAM         NY   11786          1            06/29/01         00
    0249635704                           05           08/01/01          0
    0249635704                           O            07/01/31
    0

    5348347          964/G02             F          153,000.00         ZZ
                                         360        153,000.00          4
                                       7.500          1,069.80         90
                                       7.250          1,069.80
    FAIRFIELD        CA   94533          1            08/20/01         04
    0433150208                           05           10/01/01         25
1

    132334                               N            09/01/31
    0

    5349470          964/G02             F           61,500.00         ZZ
                                         360         61,500.00          1
                                       7.375            424.77         33
                                       7.125            424.77
    HENDERSON        NV   89012          2            08/17/01         00
    0433125150                           03           10/01/01          0
    138973                               O            09/01/31
    0

    5353406          E22/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
                                       8.375            501.65         83
                                       8.125            501.65
    SPARTANBURG      SC   29379          2            08/15/01         01
    0412789273                           05           10/01/01         17
    0412789273                           N            09/01/31
    0

    5353407          E22/G02             F          253,000.00         ZZ
                                         360        253,000.00          1
                                       7.750          1,812.52         80
                                       7.500          1,812.52
    GRASS VALLEY     CA   95949          5            08/09/01         00
    0412797169                           05           10/01/01          0
    0412797169                           O            09/01/31
    0

    5353408          E22/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       8.000            550.32         69
                                       7.750            550.32
    CANYON           TX   79015          2            08/09/01         00
    0412798787                           27           10/01/01          0
    0412798787                           O            09/01/31
    0

    5353409          E22/G02             F          109,710.00         ZZ
                                         360        109,710.00          1
                                       7.875            795.47         90
                                       7.625            795.47
    CLEARWATER       FL   33755          1            08/15/01         04
    0412800138                           05           10/01/01         25
    0412800138                           O            09/01/31
    0

1

    5353411          E22/G02             F           42,250.00         ZZ
                                         360         42,250.00          1
                                       8.500            324.87         65
                                       8.250            324.87
    BALTIMORE        MD   21230          5            08/10/01         00
    0412802753                           05           10/01/01          0
    0412802753                           O            09/01/31
    0

    5353433          E22/G02             F          206,000.00         ZZ
                                         360        206,000.00          1
                                       7.750          1,475.81         75
                                       7.500          1,475.81
    THORNTON         CO   80241          5            08/10/01         00
    0412857930                           03           10/01/01          0
    0412857930                           O            09/01/31
    0

    5353438          E22/G02             F          188,400.00         ZZ
                                         360        188,400.00          1
                                       7.500          1,317.32         89
                                       7.250          1,317.32
    RICHARDSON       TX   75082          2            08/10/01         04
    0412862062                           03           10/01/01         25
    0412862062                           O            09/01/31
    0

    5353440          E22/G02             F           36,800.00         ZZ
                                         360         36,800.00          1
                                       8.750            289.51         80
                                       8.500            289.51
    INDIANAPOLIS     IN   46219          1            08/15/01         00
    0412863060                           05           10/01/01          0
    0412863060                           O            09/01/31
    0

    5353447          E22/G02             F          263,500.00         ZZ
                                         360        263,500.00          1
                                       7.500          1,842.43         85
                                       7.250          1,842.43
    GEORGETOWN       CO   80444          5            08/10/01         01
    0412870073                           01           10/01/01         12
    0412870073                           O            09/01/31
    0

    5353450          E22/G02             F           66,300.00         ZZ
                                         360         66,300.00          1
                                       7.625            469.27         85
                                       7.375            469.27
1

    SACRAMENTO       CA   95826          1            08/08/01         01
    0412870990                           01           10/01/01         12
    0412870990                           O            09/01/31
    0

    5353454          E22/G02             F          256,800.00         ZZ
                                         360        256,800.00          4
                                       7.500          1,795.58         80
                                       7.250          1,795.58
    BOISE            ID   83712          2            08/07/01         00
    0412876534                           05           10/01/01          0
    0412876534                           O            09/01/31
    0

    5353458          E22/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.875          3,045.29         69
                                       7.625          3,045.29
    OAKLAND          CA   94604          5            08/08/01         00
    0412878902                           05           10/01/01          0
    0412878902                           O            09/01/31
    0

    5353460          E22/G02             F           99,990.00         ZZ
                                         360         99,990.00          2
                                       7.250            682.11         80
                                       7.000            682.11
    SACRAMENTO       CA   95822          1            08/09/01         00
    0412880270                           05           10/01/01          0
    0412880270                           N            09/01/31
    0

    5353465          E22/G02             F          333,500.00         ZZ
                                         360        333,500.00          1
                                       7.500          2,331.88         79
                                       7.250          2,331.88
    SHELTON          WA   98584          2            08/03/01         00
    0412884348                           03           10/01/01          0
    0412884348                           O            09/01/31
    0

    5353471          E22/G02             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.875          2,719.01         75
                                       7.625          2,719.01
    GREEN OAKS       IL   60048          5            08/10/01         00
    0412889594                           05           10/01/01          0
    0412889594                           O            09/01/31
    0
1

    5353484          E22/G02             F          183,600.00         ZZ
                                         360        183,600.00          3
                                       8.750          1,444.38         90
                                       8.500          1,444.38
    WORCESTER        MA   01604          1            08/15/01         04
    0412901886                           05           10/01/01         25
    0412901886                           N            09/01/31
    0

    5353485          E22/G02             F          192,600.00         ZZ
                                         360        192,600.00          3
                                       8.750          1,515.18         90
                                       8.500          1,515.18
    WORCESTER        MA   02119          1            08/15/01         04
    0412902132                           05           10/01/01         25
    0412902132                           N            09/01/31
    0

    5353490          E22/G02             F          361,600.00         ZZ
                                         360        361,600.00          1
                                       7.375          2,497.48         80
                                       7.125          2,497.48
    MARIETTA         GA   30064          5            08/10/01         00
    0412904013                           05           10/01/01          0
    0412904013                           O            09/01/31
    0

    5353492          E22/G02             F          237,500.00         ZZ
                                         360        237,500.00          1
                                       7.750          1,701.48         95
                                       7.500          1,701.48
    HIGHLANDS RANCH  CO   80129          2            08/10/01         04
    0412904195                           03           10/01/01         30
    0412904195                           O            09/01/31
    0

    5353495          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       7.125          1,515.87         78
                                       6.875          1,515.87
    FLOWER MOUND     TX   75023          5            08/10/01         00
    0412904773                           05           10/01/01          0
    0412904773                           O            09/01/31
    0

    5353504          E22/G02             F          247,500.00         ZZ
                                         360        247,500.00          1
1

                                       7.750          1,773.12         90
                                       7.500          1,773.12
    SEATTLE          WA   98199          1            08/10/01         01
    0412910093                           05           10/01/01         35
    0412910093                           O            09/01/31
    0

    5353507          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          2
                                       7.625          1,415.59         77
                                       7.375          1,415.59
    LAKEWOOD         CO   80226          5            08/10/01         00
    0412911307                           05           10/01/01          0
    0412911307                           O            09/01/31
    0

    5353513          E22/G02             F          349,200.00         ZZ
                                         360        349,200.00          1
                                       7.500          2,441.66         80
                                       7.250          2,441.66
    GRAND JUNCTION   CO   81505          1            08/15/01         00
    0412922445                           05           10/01/01          0
    0412922445                           O            09/01/31
    0

    5353514          E22/G02             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       7.625          1,783.64         79
                                       7.375          1,783.64
    KELLER           TX   76248          5            08/10/01         00
    0412923054                           05           10/01/01          0
    0412923054                           O            09/01/31
    0

    5353516          E22/G02             F           64,000.00         ZZ
                                         360         64,000.00          2
                                       8.125            475.20         80
                                       7.875            475.20
    INDEPENDENCE     MO   64055          1            08/14/01         00
    0412924029                           05           10/01/01          0
    0412924029                           N            09/01/31
    0

    5353518          E22/G02             F          100,000.00         T
                                         360        100,000.00          1
                                       7.375            690.68         80
                                       7.125            690.68
    SAN ISABEL       CO   81069          1            08/15/01         00
    0412936460                           05           10/01/01          0
1

    0412936460                           O            09/01/31
    0

    5354321          944/G02             F          290,000.00         ZZ
                                         360        289,546.17          1
                                       7.250          1,978.32         70
                                       7.000          1,978.32
    SHINGLE SPRINGS  CA   95682          5            06/27/01         00
    0433101540                           05           08/01/01          0
    W01032416                            O            07/01/31
    0

    5354742          J83/G02             F          435,000.00         ZZ
                                         360        434,700.63          1
                                       7.875          3,154.06         77
                                       7.625          3,154.06
    IVINS            UT   84738          1            08/01/01         00
    0433102639                           05           09/01/01          0
    308455                               O            08/01/31
    0

    5355704          944/G02             F          375,000.00         ZZ
                                         360        374,707.46          1
                                       7.250          2,558.17         73
                                       7.000          2,558.17
    IRVINE           CA   92606          2            07/02/01         00
    0433101490                           03           09/01/01          0
    W88018958                            O            08/01/31
    0

    5361839          G52/G02             F          136,350.00         ZZ
                                         360        136,271.55          4
                                       8.750          1,072.67         90
                                       8.500          1,072.67
    COLLEGE STATION  TX   77840          1            07/27/01         10
    0433103389                           05           09/01/01         25
    7405002019                           N            08/01/31
    0

    5363187          E22/G02             F           78,300.00         ZZ
                                         360         78,300.00          1
                                       7.500            547.48         90
                                       7.250            547.48
    DALLAS           TX   75287          1            08/16/01         04
    0412612673                           01           10/01/01         25
    0412612673                           N            09/01/31
    0

1

    5363189          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          4
                                       8.625            875.01         90
                                       8.375            875.01
    LAKE WORTH       FL   33640          1            08/16/01         01
    0412702250                           05           10/01/01         25
    0412702250                           N            09/01/31
    0

    5363198          E22/G02             F           58,500.00         ZZ
                                         360         58,500.00          2
                                       8.625            455.01         90
                                       8.375            455.01
    NEW ORLEANS      LA   70117          1            08/16/01         04
    0412835217                           05           10/01/01         25
    0412835217                           N            09/01/31
    0

    5363202          E22/G02             F          225,600.00         ZZ
                                         360        225,600.00          1
                                       7.875          1,635.76         80
                                       7.625          1,635.76
    LAGUNA NIGUEL    CA   92677          5            08/08/01         00
    0412847584                           03           10/01/01          0
    0412847584                           O            09/01/31
    0

    5363216          E22/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
                                       8.500            449.81         90
                                       8.250            449.81
    OAK PARK         MI   48237          1            08/16/01         04
    0412887077                           05           10/01/01         25
    0412887077                           N            09/01/31
    0

    5363220          E22/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       7.750          1,834.02         80
                                       7.500          1,834.02
    DUVALL           WA   98019          1            08/14/01         00
    0412895773                           05           10/01/01          0
    0412895773                           O            09/01/31
    0

    5363227          E22/G02             F          329,375.00         ZZ
                                         360        329,375.00          1
                                       7.500          2,303.04         85
                                       7.250          2,303.04
1

    WATSONVILLE      CA   95076          1            08/10/01         01
    0412904823                           05           10/01/01         12
    0412904823                           O            09/01/31
    0

    5363231          E22/G02             F           53,000.00         ZZ
                                         360         53,000.00          1
                                       7.500            370.58         39
                                       7.250            370.58
    TUOLUMNE         CA   95379          1            08/13/01         00
    0412909285                           03           10/01/01          0
    0412909285                           O            09/01/31
    0

    5363233          E22/G02             F          209,000.00         ZZ
                                         360        209,000.00          1
                                       8.000          1,533.57         95
                                       7.750          1,533.57
    WOBURN           MA   01801          1            08/16/01         04
    0412914475                           01           10/01/01         30
    0412914475                           O            09/01/31
    0

    5363234          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       8.500            761.22         90
                                       8.250            761.22
    TACOMA           WA   98408          1            08/08/01         11
    0412915308                           05           10/01/01         30
    0412915308                           O            09/01/31
    0

    5363239          E22/G02             F          131,400.00         ZZ
                                         360        131,400.00          4
                                       8.625          1,022.02         90
                                       8.375          1,022.02
    PONTIAC          MI   48341          1            08/16/01         04
    0412918211                           05           10/01/01         25
    0412918211                           N            09/01/31
    0

    5367985          U62/G02             F          247,000.00         ZZ
                                         360        247,000.00          1
                                       7.500          1,727.06         92
                                       7.250          1,727.06
    FLOSSMOOR        IL   60422          5            08/23/01         04
    0433129913                           05           10/01/01         30
    2001282466                           O            09/01/31
    0
1

    5369239          E82/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       7.625          1,203.25         74
                                       7.375          1,203.25
    BROOKLYN         NY   11220          2            08/13/01         00
    0400452587                           05           10/01/01          0
    0400452587                           O            09/01/31
    0

    5369240          E82/G02             F          104,850.00         ZZ
                                         360        104,850.00          1
                                       7.625            742.12         90
                                       7.375            742.12
    NASHUA           NH   03063          1            08/16/01         04
    0400463337                           05           10/01/01         25
    0400463337                           O            09/01/31
    0

    5369242          E82/G02             F           95,300.00         ZZ
                                         360         95,300.00          1
                                       7.875            690.99         76
                                       7.625            690.99
    WESTLAND         MI   48185          2            08/10/01         00
    0400449625                           05           10/01/01          0
    3740528                              N            09/01/31
    0

    5369256          E82/G02             F          160,700.00         ZZ
                                         360        160,700.00          1
                                       7.625          1,137.42         76
                                       7.375          1,137.42
    ENGLEWOOD        CO   80112          2            08/15/01         00
    0400466728                           03           10/01/01          0
    3284501                              O            09/01/31
    0

    5370434          964/G02             F          375,200.00         ZZ
                                         360        375,200.00          1
                                       7.875          2,720.46         80
                                       7.625          2,720.46
    LAGUNA NIGUEL    CA   92677          1            07/30/01         00
    0433116902                           01           10/01/01          0
    132029                               O            09/01/31
    0

    5371269          664/G02             F          148,000.00         ZZ
                                         360        147,778.23          1
1

                                       8.125          1,098.90         80
                                       7.875          1,098.90
    LAKE ELSINORE    CA   92532          1            06/11/01         00
    0433102670                           05           08/01/01          0
    0008158925                           O            07/01/31
    0

    5371460          168/168             F           43,200.00         ZZ
                                         360         42,743.72          1
                                       7.625            305.77         80
                                       7.375            305.77
    CATSKILL         NY   12414          1            08/08/01         00
    0059593806                           05           10/01/01          0
    0059593806                           O            09/01/31
    0

    5371692          964/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       7.750            687.76         80
                                       7.500            687.76
    SACRAMENTO       CA   95817          1            08/02/01         00
    0433061454                           05           10/01/01          0
    135619                               N            09/01/31
    0

    5371926          W02/G02             F          166,400.00         ZZ
                                         240        165,387.49          1
                                       6.590          1,249.47         80
                                       6.340          1,249.47
    SAINT CLOUD      FL   34771          5            05/25/01         00
    0433071735                           05           07/01/01          0
    1000233112                           O            06/01/21
    0

    5372441          624/G02             F          180,800.00         ZZ
                                         360        180,800.00          1
                                       7.625          1,279.69         80
                                       7.375          1,279.69
    JOHNSTOWN        CO   80534          2            08/10/01         00
    0433101789                           05           10/01/01          0
    3014410553F                          O            09/01/31
    0

    5372579          168/168             F          100,000.00         ZZ
                                         360         99,931.18          1
                                       7.875            725.07         80
                                       7.625            725.07
    ASHEVILLE        NC   28806          5            07/23/01         00
    0059623047                           05           09/01/01          0
1

    0059623047                           O            08/01/31
    0

    5373792          E22/G02             F           95,000.00         ZZ
                                         360         95,000.00          1
                                       7.250            648.07         74
                                       7.000            648.07
    SWEETWATER       FL   33174          1            08/17/01         00
    0412804718                           07           10/01/01          0
    0412804718                           O            09/01/31
    0

    5373806          E22/G02             F          123,350.00         ZZ
                                         360        123,350.00          1
                                       7.875            894.37         95
                                       7.625            894.37
    LAS VEGAS        NV   89101          2            08/10/01         01
    0412851776                           05           10/01/01         30
    0412851776                           O            09/01/31
    0

    5373807          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.875          1,993.94         70
                                       7.625          1,993.94
    FLORISSANT       CO   80816          5            08/13/01         00
    0412851842                           05           10/01/01          0
    0412851842                           O            09/01/31
    0

    5373814          E22/G02             F          197,450.00         ZZ
                                         360        197,450.00          1
                                       7.875          1,431.65         72
                                       7.625          1,431.65
    DALLAS           TX   75214          2            08/13/01         00
    0412865891                           05           10/01/01          0
    0412865891                           O            09/01/31
    0

    5373818          E22/G02             F          138,000.00         ZZ
                                         360        138,000.00          1
                                       7.375            953.13         76
                                       7.125            953.13
    ELK GROVE        CA   95758          1            08/10/01         00
    0412872202                           05           10/01/01          0
    0412872202                           O            09/01/31
    0

1

    5373823          E22/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
                                       7.750            601.79         90
                                       7.500            601.79
    ROTONDA WEST     FL   33947          1            08/17/01         01
    0412879686                           05           10/01/01         25
    0412879686                           O            09/01/31
    0

    5373824          E22/G02             F          115,500.00         ZZ
                                         360        115,500.00          1
                                       8.750            908.64         70
                                       8.500            908.64
    DENVER           CO   80218          2            08/17/01         00
    0412880387                           08           10/01/01          0
    0412880387                           N            09/01/31
    0

    5373826          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.875          2,900.28         67
                                       7.625          2,900.28
    SAN JOSE         CA   95118          5            08/10/01         00
    0412882086                           05           10/01/01          0
    0412882086                           O            09/01/31
    0

    5373833          E22/G02             F          187,500.00         ZZ
                                         360        187,500.00          1
                                       8.000          1,375.81         69
                                       7.750          1,375.81
    SILT             CO   81652          5            08/13/01         00
    0412889214                           05           10/01/01          0
    0412889214                           O            09/01/31
    0

    5373838          E22/G02             F          265,000.00         ZZ
                                         360        265,000.00          1
                                       7.250          1,807.77         90
                                       7.000          1,807.77
    TOMS RIVER       NJ   08753          1            08/17/01         04
    0412893547                           05           10/01/01         25
    0412893547                           O            09/01/31
    0

    5373850          E22/G02             F          122,500.00         ZZ
                                         360        122,500.00          3
                                       8.625            952.79         88
                                       8.375            952.79
1

    LOUISVILLE       KY   40208          2            08/17/01         10
    0412904112                           05           10/01/01         25
    0412904112                           N            09/01/31
    0

    5373851          E22/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       7.875          3,190.31         80
                                       7.625          3,190.31
    FORT WORTH       TX   76109          5            08/13/01         00
    0412904393                           05           10/01/01          0
    0412904393                           O            09/01/31
    0

    5373857          E22/G02             F          589,429.00         ZZ
                                         360        589,429.00          1
                                       7.750          4,222.74         79
                                       7.500          4,222.74
    DALLAS           TX   75209          5            08/10/01         00
    0412907982                           05           10/01/01          0
    0412907982                           O            09/01/31
    0

    5373860          E22/G02             F          103,600.00         ZZ
                                         360        103,600.00          1
                                       7.750            742.20         80
                                       7.500            742.20
    CHEYENNE         WY   82009          2            08/17/01         00
    0412911422                           05           10/01/01          0
    0412911422                           N            09/01/31
    0

    5373865          E22/G02             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       8.500          3,690.78         80
                                       8.250          3,690.78
    DALLAS           TX   75205          5            08/13/01         00
    0412914731                           07           10/01/01          0
    0412914731                           O            09/01/31
    0

    5373888          E22/G02             F          199,200.00         ZZ
                                         360        199,200.00          1
                                       7.750          1,427.09         80
                                       7.500          1,427.09
    HURON TOWNSHIP   MI   48164          1            08/17/01         00
    0412926792                           05           10/01/01          0
    0412926792                           O            09/01/31
    0
1

    5373892          E22/G02             F           69,000.00         ZZ
                                         360         69,000.00          1
                                       8.000            506.30         75
                                       7.750            506.30
    MARIETTA         GA   30008          5            08/17/01         00
    0412928616                           05           10/01/01          0
    0412928616                           N            09/01/31
    0

    5373896          E22/G02             F          222,000.00         ZZ
                                         360        222,000.00          1
                                       7.250          1,514.43         80
                                       7.000          1,514.43
    MIDLAND          MI   48640          1            08/17/01         00
    0412932022                           01           10/01/01          0
    0412932022                           O            09/01/31
    0

    5373972          994/994             F          285,000.00         ZZ
                                         360        284,813.57          1
                                       8.125          2,116.12         78
                                       7.875          2,116.12
    SCOTTSDALE       AZ   85259          2            07/09/01         00
    1818472805                           03           09/01/01          0
    1818472805                           O            08/01/31
    0

    5373989          994/994             F          500,000.00         ZZ
                                         360        499,343.64          1
                                       8.125          3,712.49         66
                                       7.875          3,712.49
    OAKLAND TWP      MI   48363          2            06/19/01         00
    2918464588                           05           08/01/01          0
    2918464588                           O            07/01/31
    0

    5374254          623/G02             F          429,600.00         ZZ
                                         360        429,332.98          1
                                       8.375          3,265.27         80
                                       8.125          3,265.27
    HUNTSVILLE       UT   84317          2            07/27/01         00
    0433112406                           05           09/01/01          0
    1529851                              O            08/01/31
    0

    5374255          623/G02             F          420,000.00         ZZ
                                         360        419,148.92          1
1

                                       8.000          3,081.81         80
                                       7.750          3,081.81
    SAN JOSE         CA   95123          5            05/17/01         00
    0433112075                           05           07/01/01          0
    1974852                              O            06/01/31
    0

    5374256          623/G02             F          350,000.00         ZZ
                                         360        349,746.68          1
                                       7.625          2,477.28         80
                                       7.375          2,477.28
    SCOTTSDALE       AZ   85262          5            07/25/01         00
    0433112539                           05           09/01/01          0
    1985323                              O            08/01/31
    0

    5374257          623/G02             F          461,766.00         ZZ
                                         360        461,387.49          1
                                       7.000          3,072.14         95
                                       6.750          3,072.14
    HIGHLANDS RANCH  CO   80129          1            07/27/01         10
    0433112521                           03           09/01/01         30
    1986597                              O            08/01/31
    0

    5374260          623/G02             F          225,000.00         ZZ
                                         360        224,849.03          1
                                       8.000          1,650.97         75
                                       7.750          1,650.97
    ESCONDIDO        CA   92027          2            07/12/01         00
    0433111846                           05           09/01/01          0
    1947220                              O            08/01/31
    0

    5374264          623/G02             F           41,600.00         ZZ
                                         360         41,574.80          1
                                       8.500            319.87         80
                                       8.250            319.87
    EL CENTRO        CA   92243          1            07/19/01         00
    0433108966                           01           09/01/01          0
    1982492                              O            08/01/31
    0

    5374266          623/G02             F          220,000.00         ZZ
                                         360        219,844.72          1
                                       7.750          1,576.11         80
                                       7.500          1,576.11
    FRESNO           CA   93711          2            07/20/01         00
    0433108958                           05           09/01/01          0
1

    1982911                              O            08/01/31
    0

    5374267          623/G02             F          136,000.00         ZZ
                                         360        135,901.57          1
                                       7.625            962.60         75
                                       7.375            962.60
    WESTMINSTER      CO   80030          5            07/24/01         00
    0433111838                           05           09/01/01          0
    1983567                              O            08/01/31
    0

    5374269          623/G02             F          131,200.00         ZZ
                                         360        131,120.51          1
                                       8.500          1,008.82         80
                                       8.250          1,008.82
    DENVER           CO   80220          5            07/25/01         00
    0433108883                           05           09/01/01          0
    1983887                              O            08/01/31
    0

    5374270          623/G02             F          470,600.00         T
                                         360        469,631.27          1
                                       8.250          3,535.46         63
                                       8.000          3,535.46
    CARMEL           CA   93923          5            07/24/01         00
    0433112000                           05           09/01/01          0
    1984470                              O            08/01/31
    0

    5374271          623/G02             F          185,000.00         ZZ
                                         360        184,882.03          2
                                       8.250          1,389.85         62
                                       8.000          1,389.85
    SALINAS          CA   93901          5            07/18/01         00
    0433111754                           05           09/01/01          0
    1984859                              O            08/01/31
    0

    5374272          623/G02             F          106,500.00         ZZ
                                         360        106,426.71          1
                                       7.875            772.20         75
                                       7.625            772.20
    VANCOUVER        WA   98660          1            07/26/01         00
    0433111820                           05           09/01/01          0
    1985264                              O            08/01/31
    0

1

    5374273          623/G02             F          320,000.00         ZZ
                                         360        319,811.07          2
                                       8.625          2,488.93         71
                                       8.375          2,488.93
    SAN JOSE         CA   95111          5            07/23/01         00
    0433111952                           05           09/01/01          0
    1986600                              N            08/01/31
    0

    5374274          623/G02             F          453,600.00         ZZ
                                         360        451,895.63          1
                                       7.500          3,171.64         80
                                       7.250          3,171.64
    VISTA            CA   92084          4            03/23/01         00
    0433112547                           05           05/01/01          0
    5234584                              O            04/01/31
    0

    5374275          623/G02             F          240,000.00         ZZ
                                         360        239,676.87          1
                                       8.000          1,761.03         83
                                       7.750          1,761.03
    LANSING          IL   60438          1            06/26/01         10
    0433111945                           05           08/01/01         12
    5340331                              O            07/01/31
    0

    5374276          623/G02             F          219,724.00         ZZ
                                         360        217,238.47          1
                                       8.000          1,612.26         67
                                       7.750          1,612.26
    FAYETTEVILLE     GA   30215          2            05/25/01         00
    0433111937                           05           07/01/01          0
    5354905                              O            06/01/31
    0

    5374277          623/G02             F          455,000.00         ZZ
                                         360        454,717.19          1
                                       8.375          3,458.33         65
                                       8.125          3,458.33
    VESTAVIA         AL   35216          5            07/24/01         00
    0433111929                           05           09/01/01          0
    5358812                              O            08/01/31
    0

    5374278          623/G02             F          142,000.00         ZZ
                                         360        141,871.39          1
                                       7.875          1,029.60         64
                                       7.625          1,029.60
1

    NORTH BABYLON    NY   11702          5            07/17/01         00
    0433111788                           05           09/01/01          0
    5362673                              O            08/01/31
    0

    5374279          623/G02             F           81,750.00         ZZ
                                         360         81,699.19          1
                                       8.375            621.36         75
                                       8.125            621.36
    GRAND RAPIDS     MI   49504          2            07/19/01         00
    0433108867                           05           09/01/01          0
    5363953                              O            08/01/31
    0

    5374280          623/G02             F          344,400.00         ZZ
                                         360        344,156.93          1
                                       7.750          2,467.32         66
                                       7.500          2,467.32
    HIGHLAND PARK    IL   60035          5            07/20/01         00
    0433111911                           05           09/01/01          0
    5365889                              O            08/01/31
    0

    5374281          623/G02             F          115,000.00         ZZ
                                         360        114,916.77          1
                                       7.625            813.96         75
                                       7.375            813.96
    WINDSOR LOCKS    CT   06096          2            07/20/01         00
    0433109139                           05           09/01/01          0
    5366218                              O            08/01/31
    0

    5374282          623/G02             F          382,400.00         ZZ
                                         360        382,162.31          1
                                       8.375          2,906.52         80
                                       8.125          2,906.52
    CARMEL           IN   46032          1            07/23/01         00
    0433109113                           05           09/01/01          0
    5366743                              O            08/01/31
    0

    5374283          623/G02             F          264,000.00         ZZ
                                         360        263,799.12          2
                                       7.375          1,823.38         76
                                       7.125          1,823.38
    EAST FALMOUTH    MA   02536          2            07/26/01         00
    0433111796                           05           09/01/01          0
    5367444                              O            08/01/31
    0
1

    5374285          623/G02             F          267,300.00         ZZ
                                         360        267,106.54          1
                                       7.625          1,891.93         90
                                       7.375          1,891.93
    HOOVER           AL   35244          1            07/27/01         14
    0433109030                           05           09/01/01         25
    5369478                              O            08/01/31
    0

    5374286          623/G02             F          160,000.00         ZZ
                                         360        159,887.07          1
                                       7.750          1,146.26         70
                                       7.500          1,146.26
    CHULUOTA         FL   32766          5            07/23/01         00
    0433108990                           03           09/01/01          0
    5369601                              O            08/01/31
    0

    5374287          623/G02             F          277,600.00         ZZ
                                         360        277,383.45          1
                                       7.250          1,893.72         80
                                       7.000          1,893.72
    SAVANNAH         GA   31404          1            07/27/01         00
    0433111762                           03           09/01/01          0
    5369877                              O            08/01/31
    0

    5374288          623/G02             F          142,900.00         ZZ
                                         360        142,804.12          3
                                       8.000          1,048.55         65
                                       7.750          1,048.55
    BROCKTON         MA   02302          5            07/27/01         00
    0433111770                           07           09/01/01          0
    5370224                              N            08/01/31
    0

    5374524          E82/G02             F          567,000.00         ZZ
                                         360        567,000.00          1
                                       7.500          3,964.55         76
                                       7.250          3,964.55
    SACRAMENTO       CA   95864          5            08/06/01         00
    0400458717                           05           10/01/01          0
    0400458717                           O            09/01/31
    0

    5374527          E82/G02             F           79,200.00         ZZ
                                         360         79,200.00          1
1

                                       7.750            567.40         80
                                       7.500            567.40
    INDIANAPOLIS     IN   46219          2            08/10/01         00
    0400468757                           05           10/01/01          0
    1939610                              O            09/01/31
    0

    5374529          E82/G02             F          201,200.00         ZZ
                                         360        201,200.00          1
                                       7.625          1,424.08         78
                                       7.375          1,424.08
    FORT LAUDERDALE  FL   33331          2            08/13/01         00
    0400464046                           03           10/01/01          0
    0400464046                           O            09/01/31
    0

    5374530          E82/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       7.125          1,616.92         78
                                       6.875          1,616.92
    VIRGINIA CITY    NV   89440          5            08/13/01         00
    0400457958                           03           10/01/01          0
    0400457958                           O            09/01/31
    0

    5375984          N74/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.500            559.37         80
                                       7.250            559.37
    BEEBE            AR   72012          1            08/24/01         00
    0433146420                           05           10/01/01          0
    0029244010                           O            09/01/31
    0

    5377641          286/286             F          215,100.00         ZZ
                                         360        214,969.68          1
                                       8.500          1,653.94         90
                                       8.250          1,653.94
    ESCONDIDIO       CA   92026          5            07/06/01         12
    342295                               05           09/01/01         35
    342295                               O            08/01/31
    0

    5377642          286/286             F          152,100.00         ZZ
                                         360        151,928.83          1
                                       8.875          1,210.18         90
                                       8.625          1,210.18
    MIAMI BEACH      FL   33139          1            06/15/01         21
    316023                               01           08/01/01         25
1

    316023                               O            07/01/31
    0

    5377643          286/286             F          108,000.00         ZZ
                                         360        107,875.27          3
                                       8.750            849.64         90
                                       8.500            849.64
    PHOENIX          AZ   85020          1            06/27/01         12
    313484                               05           08/01/01         25
    313484                               N            07/01/31
    0

    5377644          286/286             F           95,310.00         ZZ
                                         360         95,182.82          2
                                       8.750            749.80         90
                                       8.500            749.80
    PHOENIX          AZ   85020          1            06/27/01         12
    313611                               05           08/01/01         25
    313611                               N            07/01/31
    0

    5377647          286/286             F          148,500.00         ZZ
                                         360        148,294.93          4
                                       7.875          1,076.73         90
                                       7.625          1,076.73
    RIVER FALLS      WI   54022          1            06/29/01         12
    406569                               05           08/01/01         25
    406569                               N            07/01/31
    0

    5377648          286/286             F          801,000.00         ZZ
                                         360        800,550.94          4
                                       8.875          6,373.12         67
                                       8.625          6,373.12
    BOSTON           MA   02116          2            07/20/01         00
    319841                               05           09/01/01          0
    319841                               O            08/01/31
    0

    5377649          286/286             F          179,250.00         ZZ
                                         360        179,072.94          4
                                       9.500          1,507.24         75
                                       9.250          1,507.24
    SAN BERNARDINO   CA   92401          1            06/19/01         00
    342247                               05           08/01/01          0
    342247                               O            07/01/31
    0

1

    5377650          286/286             F           76,000.00         ZZ
                                         360         75,886.83          1
                                       7.500            531.41         80
                                       7.250            531.41
    CLEVELAND        OH   44109          1            06/15/01         00
    385721                               05           08/01/01          0
    385721                               O            07/01/31
    0

    5377651          286/286             F          157,450.00         ZZ
                                         360        157,243.30          1
                                       8.125          1,169.07         90
                                       7.875          1,169.07
    FONTANA          CA   92336          1            06/13/01         11
    254758                               05           08/01/01         25
    254758                               O            07/01/31
    0

    5377652          286/286             F          150,000.00         ZZ
                                         360        149,787.58          1
                                       7.750          1,074.62         45
                                       7.500          1,074.62
    LIVINGSTON       NJ   07039          1            06/15/01         00
    289257                               01           08/01/01          0
    289257                               O            07/01/31
    0

    5377653          286/286             F           55,800.00         ZZ
                                         360         55,725.39          1
                                       8.625            434.01         90
                                       8.375            434.01
    INDIANAPOLIS     IN   46235          1            06/22/01         12
    421932                               05           08/01/01         25
    421932                               N            07/01/31
    0

    5377654          286/286             F          650,000.00         ZZ
                                         360        649,124.82          1
                                       8.000          4,769.47         60
                                       7.750          4,769.47
    MINNEAPOLIS      MN   55403          2            06/22/01         00
    377115                               05           08/01/01          0
    377115                               O            07/01/31
    0

    5377655          286/286             F          197,500.00         ZZ
                                         360        197,367.48          1
                                       8.000          1,449.19         90
                                       7.750          1,449.19
1

    GRANBY           MO   64844          2            07/10/01         11
    434566                               05           09/01/01         25
    434566                               O            08/01/31
    0

    5377656          286/286             F           71,100.00         ZZ
                                         360         71,019.97          2
                                       8.875            565.71         90
                                       8.625            565.71
    RED LION         PA   17356          1            06/29/01         12
    101747                               05           08/01/01         25
    101747                               N            07/01/31
    0

    5377657          286/286             F          399,500.00         ZZ
                                         360        399,245.24          1
                                       8.250          3,001.32         85
                                       8.000          3,001.32
    TULSA            OK   74127          1            07/27/01         14
    419794                               05           09/01/01         17
    419794                               O            08/01/31
    0

    5377658          286/286             F           85,500.00         ZZ
                                         360         85,403.77          1
                                       8.875            680.28         90
                                       8.625            680.28
    SPRINGFIELD      MA   01109          1            06/28/01         11
    431249                               05           08/01/01         25
    431249                               N            07/01/31
    0

    5377660          286/286             F          104,000.00         ZZ
                                         360        103,815.23          1
                                       7.750            745.07         80
                                       7.500            745.07
    BOCA RATON       FL   33433          1            06/26/01         00
    315936                               01           08/01/01          0
    315936                               O            07/01/31
    0

    5377661          286/286             F          177,300.00         ZZ
                                         360        177,061.29          1
                                       8.000          1,300.96         90
                                       7.750          1,300.96
    GILBERT          AZ   85296          1            06/11/01         12
    313349                               05           08/01/01         25
    313349                               O            07/01/31
    0
1

    5377662          286/286             F          108,000.00         ZZ
                                         360        107,875.27          2
                                       8.750            849.64         90
                                       8.500            849.64
    FERNDALE         MI   48220          1            06/18/01         12
    322033                               05           08/01/01         30
    322033                               N            07/01/31
    0

    5377663          286/286             F          125,600.00         ZZ
                                         360        125,422.12          1
                                       7.750            899.82         80
                                       7.500            899.82
    TEMPE            AZ   85281          2            06/20/01         00
    313451                               05           08/01/01          0
    313451                               N            07/01/31
    0

    5377664          286/286             F           74,100.00         ZZ
                                         360         74,057.36          2
                                       8.750            582.95         70
                                       8.500            582.95
    PERTH AMBOY      NJ   08861          1            07/06/01         00
    453419                               05           09/01/01          0
    453419                               N            08/01/31
    0

    5377666          286/286             F          109,000.00         ZZ
                                         360        108,849.47          2
                                       7.875            790.33         89
                                       7.625            790.33
    PROVIDENCE       RI   02908          2            06/19/01         11
    393305                               05           08/01/01         25
    393305                               N            07/01/31
    0

    5377667          286/286             F          121,000.00         ZZ
                                         360        120,832.90          3
                                       7.875            877.34         88
                                       7.625            877.34
    PROVIDENCE       RI   02908          2            06/19/01         11
    393309                               05           08/01/01         25
    393309                               N            07/01/31
    0

    5377668          286/286             F          121,800.00         ZZ
                                         360        121,631.79          3
1

                                       7.875            883.14         89
                                       7.625            883.14
    PROVIDENCE       RI   02908          2            06/19/01         11
    393313                               05           08/01/01         25
    393313                               N            07/01/31
    0

    5377669          286/286             F          121,800.00         ZZ
                                         360        121,631.79          2
                                       7.875            883.14         88
                                       7.625            883.14
    PROVIDENCE       RI   02908          2            06/19/01         11
    393320                               05           08/01/01         25
    393320                               N            07/01/31
    0

    5377670          286/286             F          190,000.00         ZZ
                                         360        189,730.92          1
                                       7.750          1,361.19         73
                                       7.500          1,361.19
    GARWOOD          NJ   07027          1            06/26/01         00
    246714                               05           08/01/01          0
    246714                               O            07/01/31
    0

    5377672          286/286             F          130,500.00         ZZ
                                         360        130,310.48          1
                                       7.625            923.68         90
                                       7.375            923.68
    TEMPE            AZ   85282          1            06/29/01         12
    313531                               05           08/01/01         25
    313531                               N            07/01/31
    0

    5377673          286/286             F          185,400.00         ZZ
                                         360        185,130.77          1
                                       7.625          1,312.25         90
                                       7.375          1,312.25
    CHARLOTTE        NC   28277          1            06/25/01         12
    447682                               03           08/01/01         25
    447682                               O            07/01/31
    0

    5377674          286/286             F          175,400.00         ZZ
                                         360        175,157.77          1
                                       7.875          1,271.78         90
                                       7.625          1,271.78
    WESTON           FL   33327          1            06/29/01         12
    425360                               05           08/01/01         25
1

    425360                               O            07/01/31
    0

    5377675          286/286             F           99,000.00         ZZ
                                         360         98,882.66          3
                                       8.625            770.02         90
                                       8.375            770.02
    MESA             AZ   85203          1            06/15/01         12
    313336                               05           08/01/01         25
    313336                               N            07/01/31
    0

    5377677          286/286             F          102,400.00         ZZ
                                         360        102,184.02          1
                                       8.875            814.75         80
                                       8.625            814.75
    COLUMBUS         OH   43204          2            06/25/01         00
    439968                               05           08/01/01          0
    439968                               O            07/01/31
    0

    5377678          286/286             F          167,400.00         ZZ
                                         360        165,743.04          1
                                       7.625          1,184.85         90
                                       7.375          1,184.85
    PAULDEN          AZ   86334          1            06/28/01         12
    312716                               05           08/01/01         25
    312716                               O            07/01/31
    0

    5377679          286/286             F          423,744.00         ZZ
                                         360        423,487.29          4
                                       8.500          3,258.23         75
                                       8.250          3,258.23
    HUNTINGTON BEAC  CA   90703          5            07/05/01         00
    342624                               05           09/01/01          0
    342624                               O            08/01/31
    0

    5377680          286/286             F          272,800.00         ZZ
                                         360        272,626.04          1
                                       8.250          2,049.46         80
                                       8.000          2,049.46
    MISSION VIEJO    CA   92691          1            07/06/01         00
    342630                               05           09/01/01          0
    342630                               N            08/01/31
    0

1

    5377681          286/286             F          304,500.00         ZZ
                                         360        304,046.62          1
                                       7.500          2,129.11         75
                                       7.250          2,129.11
    COROLLA          NC   27927          2            06/27/01         00
    415885                               03           08/01/01          0
    415885                               N            07/01/31
    0

    5377682          286/286             F           95,400.00         ZZ
                                         360         95,283.99          1
                                       8.500            733.55         90
                                       8.250            733.55
    INDIANAPOLIS     IN   46219          1            06/29/01         12
    442643                               05           08/01/01         25
    442643                               O            07/01/31
    0

    5377683          286/286             F          140,250.00         ZZ
                                         360        140,056.33          1
                                       7.875          1,016.91         75
                                       7.625          1,016.91
    RANCHO CUCAMONG  CA   91737          5            06/12/01         00
    395949                               05           08/01/01          0
    395949                               N            07/01/31
    0

    5377684          286/286             F          268,200.00         ZZ
                                         360        267,811.59          3
                                       8.500          2,062.23         90
                                       8.250          2,062.23
    EAST BOSTON      MA   02128          1            06/29/01         12
    319839                               05           08/01/01         25
    319839                               N            07/01/31
    0

    5377686          286/286             F          228,600.00         ZZ
                                         360        228,336.00          4
                                       8.750          1,798.40         90
                                       8.500          1,798.40
    ESCONDIDO        CA   92025          1            06/26/01         12
    342005                               05           08/01/01         25
    342005                               N            07/01/31
    0

    5377687          286/286             F          588,750.00         ZZ
                                         360        588,374.57          1
                                       8.250          4,423.09         75
                                       8.000          4,423.09
1

    CAVE CREEK       AZ   85331          1            07/05/01         00
    312738                               05           09/01/01          0
    312738                               O            08/01/31
    0

    5377688          286/286             F           60,975.00         ZZ
                                         360         60,900.85          2
                                       8.500            468.85         75
                                       8.250            468.85
    CLEVELAND        OH   44112          2            06/25/01         00
    403758                               05           08/01/01          0
    403758                               N            07/01/31
    0

    5377689          286/286             F           85,360.00         ZZ
                                         360         85,256.20          4
                                       8.500            656.35         88
                                       8.250            656.35
    CLEVELAND        OH   44112          2            06/25/01         10
    403759                               05           08/01/01         18
    403759                               N            07/01/31
    0

    5377691          286/286             F          124,200.00         ZZ
                                         360        124,052.81          3
                                       8.625            966.02         90
                                       8.375            966.02
    TALLAHASSEE      FL   32303          1            06/28/01         10
    411005                               05           08/01/01         25
    411005                               N            07/01/31
    0

    5377692          286/286             F           44,800.00         ZZ
                                         360         44,749.58          2
                                       8.875            356.45         70
                                       8.625            356.45
    INDIANAPOLIS     IN   46201          2            06/29/01         00
    422257                               05           08/01/01          0
    422257                               N            07/01/31
    0

    5377693          286/286             F          626,500.00         ZZ
                                         360        625,738.23          1
                                       8.500          4,817.25         70
                                       8.250          4,817.25
    WASHINGTON       DC   20008          1            07/03/01         00
    429539                               05           08/01/01          0
    429539                               N            07/01/31
    0
1

    5377694          286/286             F          216,750.00         ZZ
                                         360        216,604.56          4
                                       8.000          1,590.44         85
                                       7.750          1,590.44
    SHERWOOD         OR   97140          1            07/06/01         21
    419476                               05           09/01/01         12
    419476                               N            08/01/31
    0

    5377695          286/286             F          216,750.00         ZZ
                                         360        216,604.56          4
                                       8.000          1,590.44         85
                                       7.750          1,590.44
    SHERWOOD         OR   97140          1            07/06/01         21
    419494                               05           09/01/01         12
    419494                               N            08/01/31
    0

    5377696          286/286             F          223,000.00         ZZ
                                         360        222,735.72          3
                                       8.625          1,734.48         90
                                       8.375          1,734.48
    PAWTUCKET        RI   02860          1            06/27/01         11
    419130                               05           08/01/01         25
    419130                               N            07/01/31
    0

    5377697          286/286             F          120,800.00         ZZ
                                         360        120,645.39          1
                                       8.250            907.54         80
                                       8.000            907.54
    PHOENIX          AZ   85050          1            06/25/01         00
    313589                               03           08/01/01          0
    313589                               N            07/01/31
    0

    5377698          286/286             F          330,225.00         ZZ
                                         360        329,780.36          1
                                       8.000          2,423.08         85
                                       7.750          2,423.08
    SCOTTSDALE       AZ   85255          1            06/15/01         12
    313556                               05           08/01/01         12
    313556                               N            07/01/31
    0

    5377699          286/286             F          303,600.00         ZZ
                                         360        303,170.06          1
1

                                       7.750          2,175.03         80
                                       7.500          2,175.03
    HARBOR CREEK     PA   16421          1            06/29/01         00
    299932                               05           08/01/01          0
    299932                               O            07/01/31
    0

    5377700          286/286             F          348,450.00         ZZ
                                         360        347,968.81          1
                                       7.875          2,526.51         85
                                       7.625          2,526.51
    SAN DIEGO        CA   92129          5            06/15/01         12
    342293                               05           08/01/01         12
    342293                               O            07/01/31
    0

    5377701          286/286             F          122,400.00         ZZ
                                         360        122,222.26          1
                                       7.625            866.34         80
                                       7.375            866.34
    MIDLOTHIAN       VA   23112          1            06/29/01         00
    368108                               05           08/01/01          0
    368108                               O            07/01/31
    0

    5377702          286/286             F          200,000.00         T
                                         360        199,593.78          1
                                       7.875          1,450.14         80
                                       7.625          1,450.14
    FOUNTAIN HILLS   AZ   85268          1            06/25/01         00
    313706                               03           08/01/01          0
    313706                               O            07/01/31
    0

    5377703          286/286             F          148,000.00         ZZ
                                         360        147,892.88          1
                                       7.625          1,047.54         80
                                       7.375          1,047.54
    ROWLETT          TX   75089          1            07/10/01         00
    475133                               03           09/01/01          0
    475133                               O            08/01/31
    0

    5377704          286/286             F          208,800.00         ZZ
                                         360        208,518.85          1
                                       8.000          1,532.11         80
                                       7.750          1,532.11
    MIDLOTHIAN       VA   23112          1            06/29/01         00
    305533                               03           08/01/01          0
1

    305533                               O            07/01/31
    0

    5377705          286/286             F           33,600.00         ZZ
                                         360         33,552.41          1
                                       7.750            240.72         70
                                       7.500            240.72
    AVENTURA         FL   33180          1            06/25/01         00
    315918                               01           08/01/01          0
    315918                               N            07/01/31
    0

    5377706          286/286             F          132,000.00         ZZ
                                         360        131,831.06          1
                                       8.250            991.68         80
                                       8.000            991.68
    AURORA           CO   80011          1            06/15/01         00
    322083                               05           08/01/01          0
    322083                               N            07/01/31
    0

    5377707          286/286             F          360,000.00         ZZ
                                         360        359,261.82          1
                                       8.375          2,736.27         80
                                       8.125          2,736.27
    MIAMI            FL   33173          1            06/27/01         00
    316003                               05           08/01/01          0
    316003                               O            07/01/31
    0

    5377708          286/286             F          140,000.00         ZZ
                                         360        139,915.19          2
                                       8.500          1,076.48         80
                                       8.250          1,076.48
    RED BANK         NJ   07701          5            07/09/01         00
    370514                               05           09/01/01          0
    370514                               N            08/01/31
    0

    5377709          286/286             F          248,000.00         ZZ
                                         360        247,674.44          1
                                       8.125          1,841.40         80
                                       7.875          1,841.40
    SAN DIEGO        CA   92103          1            06/18/01         00
    342125                               05           08/01/01          0
    342125                               N            07/01/31
    0

1

    5377710          286/286             F          300,000.00         ZZ
                                         360        299,616.06          2
                                       8.250          2,253.81         61
                                       8.000          2,253.81
    LOS ANGELES      CA   90025          5            06/14/01         00
    342441                               05           08/01/01          0
    342441                               N            07/01/31
    0

    5377711          286/286             F          165,750.00         ZZ
                                         360        165,623.87          1
                                       7.375          1,144.80         85
                                       7.125          1,144.80
    PORTLAND         OR   97219          1            07/10/01         12
    419815                               05           09/01/01         12
    419815                               O            08/01/31
    0

    5377712          286/286             F          260,000.00         ZZ
                                         360        259,445.91          1
                                       7.750          1,862.68         68
                                       7.500          1,862.68
    SHALIMAR         FL   32579          5            06/15/01         00
    410829                               05           08/01/01          0
    410829                               O            07/01/31
    0

    5377713          286/286             F           49,600.00         ZZ
                                         360         49,533.21          1
                                       8.000            363.95         80
                                       7.750            363.95
    CANTON           OH   44706          2            06/22/01         00
    415580                               05           08/01/01          0
    415580                               N            07/01/31
    0

    5377714          286/286             F           81,600.00         T
                                         360         81,553.05          1
                                       8.750            641.95         80
                                       8.500            641.95
    WELLFLEET        MA   02667          5            07/10/01         00
    380779                               01           09/01/01          0
    380779                               O            08/01/31
    0

    5377715          286/286             F           54,000.00         ZZ
                                         360         53,728.43          1
                                       8.125            400.95         57
                                       7.875            400.95
1

    CHICOPEE         MA   01020          2            06/20/01         00
    398855                               05           08/01/01          0
    398855                               O            07/01/31
    0

    5377716          286/286             F           52,000.00         ZZ
                                         360         51,939.94          2
                                       8.750            409.09         65
                                       8.500            409.09
    ORLANDO          FL   32805          5            07/03/01         00
    411398                               05           08/01/01          0
    411398                               N            07/01/31
    0

    5377718          286/286             F           50,500.00         ZZ
                                         360         50,398.32          1
                                       8.375            383.84         66
                                       8.125            383.84
    BEN WHEELER      TX   75103          1            07/03/01         00
    340128                               05           08/01/01          0
    340128                               O            07/01/31
    0

    5377719          286/286             F          230,000.00         ZZ
                                         360        229,841.72          1
                                       7.875          1,667.66         76
                                       7.625          1,667.66
    SKOKIE           IL   60076          5            07/06/01         00
    407983                               05           09/01/01          0
    407983                               O            08/01/31
    0

    5377720          286/286             F          300,000.00         ZZ
                                         360        299,184.19          1
                                       7.875          2,175.21         90
                                       7.625          2,175.21
    SAN JOSE         CA   95116          1            06/11/01         12
    342383                               05           08/01/01         25
    342383                               O            07/01/31
    0

    5377723          286/286             F           97,000.00         ZZ
                                         360         96,869.38          1
                                       8.000            711.76         80
                                       7.750            711.76
    GLENDALE         AZ   85308          5            06/22/01         00
    313056                               05           08/01/01          0
    313056                               O            07/01/31
    0
1

    5377724          286/286             F          142,000.00         ZZ
                                         360        141,808.80          2
                                       8.000          1,041.95         46
                                       7.750          1,041.95
    STAMFORD         CT   06902          5            06/28/01         00
    430937                               05           08/01/01          0
    430937                               N            07/01/31
    0

    5377725          286/286             F          135,000.00         ZZ
                                         360        134,844.09          2
                                       8.750          1,062.05         90
                                       8.500          1,062.05
    UNION CITY       NJ   07087          5            06/21/01         12
    289148                               05           08/01/01         25
    289148                               N            07/01/31
    0

    5377726          286/286             F          128,700.00         ZZ
                                         360        128,551.36          2
                                       8.750          1,012.49         90
                                       8.500          1,012.49
    JERSEY CITY      NJ   07307          2            06/21/01         12
    289149                               05           08/01/01         25
    289149                               N            07/01/31
    0

    5377727          286/286             F          133,000.00         ZZ
                                         360        132,846.38          2
                                       8.750          1,046.32         90
                                       8.500          1,046.32
    UNION CITY       NJ   07087          2            06/21/01         12
    289150                               05           08/01/01         25
    289150                               N            07/01/31
    0

    5377728          286/286             F          294,720.00         ZZ
                                         360        294,559.01          1
                                       9.000          2,371.39         75
                                       8.750          2,371.39
    ATLANTA          GA   30305          2            07/05/01         00
    427134                               06           09/01/01          0
    427134                               N            08/01/31
    0

    5377729          286/286             F          302,400.00         ZZ
                                         360        302,234.82          1
1

                                       9.000          2,433.18         75
                                       8.750          2,433.18
    ATLANTA          GA   30305          2            07/05/01         00
    427138                               01           09/01/01          0
    427138                               N            08/01/31
    0

    5377730          286/286             F          294,720.00         ZZ
                                         360        294,559.01          1
                                       9.000          2,371.39         75
                                       8.750          2,371.39
    ATLANTA          GA   30305          2            07/05/01         00
    427137                               01           09/01/01          0
    427137                               N            08/01/31
    0

    5377731          286/286             F          147,600.00         ZZ
                                         360        147,314.47          1
                                       7.875          1,070.20         90
                                       7.625          1,070.20
    MONTGOMERY       TX   77356          1            06/18/01         11
    382131                               05           08/01/01         25
    382131                               O            07/01/31
    0

    5377733          286/286             F           92,700.00         ZZ
                                         360         92,598.34          3
                                       9.000            745.89         90
                                       8.750            745.89
    PHOENIX          AZ   85029          1            06/29/01         12
    313321                               05           08/01/01         25
    313321                               N            07/01/31
    0

    5377735          286/286             F          414,000.00         ZZ
                                         360        413,288.47          1
                                       8.625          3,220.05         90
                                       8.375          3,220.05
    PROSPECT         KY   40059          2            06/26/01         11
    422065                               05           08/01/01         25
    422065                               O            07/01/31
    0

    5377736          286/286             F          189,000.00         ZZ
                                         360        188,718.58          1
                                       7.500          1,321.52         90
                                       7.250          1,321.52
    CHARLOTTESVILLE  VA   22901          1            06/22/01         11
    305632                               05           08/01/01         25
1

    305632                               O            07/01/31
    0

    5377737          286/286             F           84,000.00         ZZ
                                         360         83,942.19          1
                                       7.875            609.06         80
                                       7.625            609.06
    RICHMOND         OH   43944          1            07/11/01         00
    258211                               05           09/01/01          0
    258211                               O            08/01/31
    0

    5377740          286/286             F          128,000.00         ZZ
                                         360        127,823.24          1
                                       7.875            928.09         80
                                       7.625            928.09
    PHOENIX          AZ   85015          5            06/25/01         00
    313650                               05           08/01/01          0
    313650                               O            07/01/31
    0

    5377741          286/286             F           84,000.00         ZZ
                                         360         83,886.88          1
                                       8.000            616.37         60
                                       7.750            616.37
    YELLOW SPRINGS   OH   45387          5            06/28/01         00
    240027                               05           08/01/01          0
    240027                               N            07/01/31
    0

    5377742          286/286             F           80,000.00         ZZ
                                         360         79,889.52          1
                                       7.875            580.06         76
                                       7.625            580.06
    GLENDALE         AZ   85303          5            06/22/01         00
    448163                               05           08/01/01          0
    448163                               O            07/01/31
    0

    5377743          286/286             F          103,500.00         ZZ
                                         360        103,383.51          1
                                       8.875            823.50         90
                                       8.625            823.50
    ST LOUIS         MO   63116          1            06/11/01         11
    434530                               05           08/01/01         25
    434530                               N            07/01/31
    0

1

    5377744          286/286             F          220,000.00         ZZ
                                         360        219,836.72          1
                                       7.500          1,538.28         80
                                       7.250          1,538.28
    PRESCOTT         AZ   86303          5            07/11/01         00
    313915                               05           09/01/01          0
    313915                               O            08/01/31
    0

    5377746          286/286             F          179,550.00         ZZ
                                         360        179,297.92          3
                                       8.875          1,428.59         90
                                       8.625          1,428.59
    MANCHESTER       NH   03102          1            07/02/01         11
    9057046                              05           08/01/01         25
    9057046                              N            07/01/31
    0

    5377747          286/286             F          159,800.00         ZZ
                                         360        159,698.10          3
                                       8.250          1,200.53         85
                                       8.000          1,200.53
    HAMILTON         NJ   08610          1            07/05/01         11
    179373                               05           09/01/01         25
    179373                               N            08/01/31
    0

    5377748          286/286             F          316,000.00         ZZ
                                         360        315,818.19          1
                                       8.750          2,485.98         80
                                       8.500          2,485.98
    SPRINGFIELD      VA   22150          1            07/05/01         00
    403120                               05           09/01/01          0
    403120                               O            08/01/31
    0

    5377749          286/286             F           72,000.00         ZZ
                                         360         71,912.45          1
                                       8.500            553.62         90
                                       8.250            553.62
    PHILADELPHIA     PA   19128          1            06/25/01         11
    171971                               05           08/01/01         25
    171971                               N            07/01/31
    0

    5377750          286/286             F           40,000.00         ZZ
                                         360         39,946.14          1
                                       8.000            293.51         73
                                       7.750            293.51
1

    NORTH PLAINFIEL  NJ   07060          1            06/18/01         00
    406184                               01           08/01/01          0
    406184                               N            07/01/31
    0

    5377752          286/286             F          138,550.00         ZZ
                                         360        138,372.67          1
                                       8.250          1,040.89         80
                                       8.000          1,040.89
    LEXINGTON PARK   MD   20653          1            06/22/01         00
    295068                               05           08/01/01          0
    295068                               O            07/01/31
    0

    5377753          286/286             F          185,400.00         ZZ
                                         360        185,296.06          1
                                       8.875          1,475.13         90
                                       8.625          1,475.13
    BARTLETT         IL   60103          1            07/11/01         10
    408010                               05           09/01/01         25
    408010                               O            08/01/31
    0

    5377754          286/286             F           75,000.00         ZZ
                                         360         74,941.71          1
                                       8.250            563.46         71
                                       8.000            563.46
    COCOA            FL   32927          5            07/02/01         00
    410068                               05           09/01/01          0
    410068                               O            08/01/31
    0

    5377755          286/286             F           59,400.00         ZZ
                                         360         59,325.88          2
                                       8.375            451.49         90
                                       8.125            451.49
    ROCKFORD         IL   61104          1            06/29/01         11
    260965                               05           08/01/01         25
    260965                               N            07/01/31
    0

    5377756          286/286             F          231,750.00         ZZ
                                         360        231,232.35          1
                                       8.750          1,823.18         90
                                       8.500          1,823.18
    PEMBROKE PINES   FL   33029          1            06/19/01         21
    316033                               03           08/01/01         25
    316033                               O            07/01/31
    0
1

    5377757          286/286             F           63,000.00         ZZ
                                         360         62,921.40          1
                                       8.375            478.85         90
                                       8.125            478.85
    GRAND RAPIDS     MI   49503          1            06/21/01         12
    269752                               05           08/01/01         25
    269752                               N            07/01/31
    0

    5377758          286/286             F          112,950.00         ZZ
                                         360        112,766.73          3
                                       8.375            858.51         90
                                       8.125            858.51
    NORTH PROVIDENC  RI   02911          1            06/28/01         11
    207673                               05           08/01/01         25
    207673                               N            07/01/31
    0

    5377759          286/286             F          112,500.00         ZZ
                                         360        112,352.32          4
                                       8.125            835.31         90
                                       7.875            835.31
    DAYTON           OH   45420          1            06/27/01         10
    432575                               05           08/01/01         25
    432575                               N            07/01/31
    0

    5377763          286/286             F          220,000.00         ZZ
                                         360        219,688.44          1
                                       7.750          1,576.11         80
                                       7.500          1,576.11
    STAFFORD         VA   22554          1            07/02/01         00
    453456                               03           08/01/01          0
    453456                               O            07/01/31
    0

    5377764          286/286             F           97,600.00         ZZ
                                         360         97,465.22          1
                                       7.875            707.67         80
                                       7.625            707.67
    GILBERT          AZ   85233          5            06/19/01         00
    359644                               03           08/01/01          0
    359644                               O            07/01/31
    0

    5377765          286/286             F          107,600.00         ZZ
                                         360        107,447.63          1
1

                                       7.750            770.86         80
                                       7.500            770.86
    RHOADESVILLE     VA   22542          1            06/25/01         00
    414442                               05           08/01/01          0
    414442                               O            07/01/31
    0

    5377767          286/286             F          308,000.00         ZZ
                                         360        307,574.67          1
                                       7.875          2,233.22         73
                                       7.625          2,233.22
    ASHLAND          OR   97520          5            06/28/01         00
    268279                               05           08/01/01          0
    268279                               O            07/01/31
    0

    5377768          286/286             F           46,400.00         ZZ
                                         360         46,335.91          1
                                       7.875            336.44         74
                                       7.625            336.44
    CANTON           OH   44703          2            06/28/01         00
    403354                               05           08/01/01          0
    403354                               N            07/01/31
    0

    5377769          286/286             F          137,250.00         ZZ
                                         360        137,083.11          1
                                       8.500          1,055.34         90
                                       8.250          1,055.34
    LONG BRANCH      NJ   07740          1            06/21/01         11
    254058                               01           08/01/01         25
    254058                               O            07/01/31
    0

    5377770          286/286             F          132,000.00         ZZ
                                         360        131,831.06          1
                                       8.250            991.68         80
                                       8.000            991.68
    OCEAN            NJ   07712          2            06/19/01         00
    431161                               05           08/01/01          0
    431161                               O            07/01/31
    0

    5377771          286/286             F           84,500.00         ZZ
                                         360         84,443.29          1
                                       8.000            620.04         85
                                       7.750            620.04
    WEST PALM BEACH  FL   33417          1            07/11/01         21
    315983                               05           09/01/01         25
1

    315983                               O            08/01/31
    0

    5377772          286/286             F          175,000.00         T
                                         360        174,758.33          1
                                       7.875          1,268.88         44
                                       7.625          1,268.88
    SAUGATUCK        MI   49408          1            06/15/01         00
    261039                               05           08/01/01          0
    261039                               O            07/01/31
    0

    5377773          286/286             F          130,500.00         ZZ
                                         360        130,353.14          2
                                       8.875          1,038.32         90
                                       8.625          1,038.32
    ORANGE           NJ   07050          1            07/03/01         12
    406189                               05           08/01/01         25
    406189                               O            07/01/31
    0

    5377774          286/286             F           59,300.00         ZZ
                                         360         59,224.10          1
                                       8.250            445.51         90
                                       8.000            445.51
    LAUDERHILL       FL   33351          1            06/28/01         21
    316051                               01           08/01/01         25
    316051                               O            07/01/31
    0

    5377775          286/286             F          108,500.00         ZZ
                                         360        108,301.42          3
                                       8.500            834.27         87
                                       8.250            834.27
    PHOENIX          AZ   85006          2            06/01/01         12
    313255                               05           07/01/01         25
    313255                               N            06/01/31
    0

    5377776          286/286             F          130,000.00         ZZ
                                         360        129,801.55          1
                                       7.375            897.88         79
                                       7.125            897.88
    PHOENIX          AZ   85028          1            06/26/01         00
    313563                               05           08/01/01          0
    313563                               O            07/01/31
    0

1

    5377778          286/286             F           80,100.00         ZZ
                                         360         79,969.45          4
                                       7.500            560.08         90
                                       7.250            560.08
    PLATTSBURGH      NY   12901          1            06/28/01         12
    288418                               05           08/01/01         25
    288418                               O            07/01/31
    0

    5377781          286/286             F          172,000.00         ZZ
                                         360        171,890.32          1
                                       8.250          1,292.18         80
                                       8.000          1,292.18
    LAKE CHARLES     LA   70605          1            07/11/01         00
    435158                               05           09/01/01          0
    435158                               O            08/01/31
    0

    5377782          286/286             F          260,000.00         ZZ
                                         360        259,834.20          3
                                       8.250          1,953.30         80
                                       8.000          1,953.30
    HIGHLAND PARK    IL   60035          1            07/02/01         00
    408471                               05           09/01/01          0
    408471                               N            08/01/31
    0

    5377785          286/286             F          130,000.00         ZZ
                                         360        129,837.82          3
                                       8.375            988.10         90
                                       8.125            988.10
    BRISTOL          RI   02809          1            06/27/01         11
    431728                               05           08/01/01         25
    431728                               N            07/01/31
    0

    5377786          286/286             F          162,000.00         ZZ
                                         360        161,770.58          3
                                       7.750          1,160.59         90
                                       7.500          1,160.59
    EAST GREENWICH   RI   02818          1            06/25/01         11
    449275                               05           08/01/01         25
    449275                               N            07/01/31
    0

    5377787          286/286             F           81,900.00         ZZ
                                         360         81,805.19          3
                                       8.750            644.31         90
                                       8.500            644.31
1

    DAYTONA BEACH    FL   32118          1            07/02/01         01
    411124                               05           08/01/01         25
    411124                               N            07/01/31
    0

    5377788          286/286             F           81,900.00         ZZ
                                         360         81,805.19          3
                                       8.750            644.31         90
                                       8.500            644.31
    DAYTONA BEACH    FL   32118          1            07/02/01         12
    411125                               05           08/01/01         25
    411125                               N            07/01/31
    0

    5377789          286/286             F          103,900.00         ZZ
                                         360        103,756.51          1
                                       7.875            753.35         80
                                       7.625            753.35
    TIPP CITY        OH   45371          1            06/28/01         00
    446867                               05           08/01/01          0
    446867                               O            07/01/31
    0

    5377790          286/286             F          344,000.00         ZZ
                                         360        343,751.01          1
                                       7.625          2,434.82         80
                                       7.375          2,434.82
    ARLINGTON        VA   22207          1            07/10/01         00
    308492                               05           09/01/01          0
    308492                               N            08/01/31
    0

    5377791          286/286             F          113,600.00         ZZ
                                         360        113,468.15          2
                                       8.750            893.70         80
                                       8.500            893.70
    IRVINGTON        NJ   07111          1            06/25/01         00
    234448                               05           08/01/01          0
    234448                               O            07/01/31
    0

    5377793          286/286             F          220,000.00         ZZ
                                         360        219,696.19          1
                                       7.875          1,595.16         80
                                       7.625          1,595.16
    BLOOMINGTON      IL   61704          1            06/29/01         00
    460057                               05           08/01/01          0
    460057                               O            07/01/31
    0
1

    5377794          286/286             F          165,000.00         ZZ
                                         360        164,907.49          1
                                       8.875          1,312.82         75
                                       8.625          1,312.82
    SEDONA           AZ   86336          5            07/10/01         00
    312939                               05           09/01/01          0
    312939                               O            08/01/31
    0

    5377795          286/286             F          114,750.00         ZZ
                                         360        114,574.83          1
                                       7.375            792.55         85
                                       7.125            792.55
    YORKVILLE        IL   60560          2            06/28/01         11
    408277                               05           08/01/01         20
    408277                               N            07/01/31
    0

    5377796          286/286             F          315,000.00         ZZ
                                         360        314,818.77          4
                                       8.750          2,478.11         83
                                       8.500          2,478.11
    AURORA           CO   80011          1            07/06/01         01
    322347                               05           09/01/01         20
    322347                               N            08/01/31
    0

    5377797          286/286             F           73,050.00         ZZ
                                         360         72,671.56          1
                                       8.750            574.68         72
                                       8.500            574.68
    NEWARK           DE   19702          2            06/28/01         00
    437332                               03           08/01/01          0
    437332                               N            07/01/31
    0

    5377798          286/286             F           43,200.00         ZZ
                                         360         43,151.38          4
                                       8.875            343.72         90
                                       8.625            343.72
    PHILADELPHIA     PA   19144          1            06/15/01         11
    399580                               05           08/01/01         25
    399580                               N            07/01/31
    0

    5377799          286/286             F          419,000.00         ZZ
                                         360        418,673.14          1
1

                                       7.250          2,858.32         73
                                       7.000          2,858.32
    KEY WEST         FL   33040          2            07/06/01         00
    411130                               05           09/01/01          0
    411130                               O            08/01/31
    0

    5377801          286/286             F           62,100.00         ZZ
                                         360         62,016.38          2
                                       8.000            455.67         90
                                       7.750            455.67
    PENNSAUKEN       NJ   08110          1            06/29/01         12
    406617                               05           08/01/01         25
    406617                               N            07/01/31
    0

    5377802          286/286             F           79,000.00         ZZ
                                         360         78,941.37          1
                                       7.500            552.38         74
                                       7.250            552.38
    NORTH ATTLEBORO  MA   02760          2            07/06/01         00
    319674                               01           09/01/01          0
    319674                               O            08/01/31
    0

    5377803          286/286             F           72,000.00         ZZ
                                         360         71,895.43          1
                                       7.625            509.62         90
                                       7.375            509.62
    MONTICELLO       IA   52310          5            06/29/01         11
    318877                               05           08/01/01         25
    318877                               O            07/01/31
    0

    5377804          286/286             F          105,900.00         ZZ
                                         360        105,780.82          1
                                       8.875            842.59         63
                                       8.625            842.59
    PLYMOUTH         WI   53073          2            06/15/01         00
    408214                               05           08/01/01          0
    408214                               N            07/01/31
    0

    5377805          286/286             F           43,560.00         ZZ
                                         240         43,487.19          1
                                       8.125            367.75         73
                                       7.875            367.75
    SIDNEY           OH   45365          2            07/05/01         00
    455167                               05           09/01/01          0
1

    455167                               N            08/01/21
    0

    5377806          286/286             F          275,000.00         ZZ
                                         360        274,629.71          2
                                       8.000          2,017.86         73
                                       7.750          2,017.86
    YONKERS          NY   10704          5            06/27/01         00
    406471                               05           08/01/01          0
    406471                               O            07/01/31
    0

    5377807          286/286             F           48,000.00         ZZ
                                         360         47,971.66          1
                                       8.625            373.34         80
                                       8.375            373.34
    INDIANAPOLIS     IN   46201          1            07/09/01         00
    423091                               05           09/01/01          0
    423091                               N            08/01/31
    0

    5377808          286/286             F          126,450.00         ZZ
                                         360        126,307.68          4
                                       8.875          1,006.10         90
                                       8.625          1,006.10
    KETTERING        OH   45419          1            06/29/01         10
    428605                               05           08/01/01         25
    428605                               N            07/01/31
    0

    5377809          286/286             F          104,000.00         ZZ
                                         360        103,933.68          1
                                       8.250            781.32         80
                                       8.000            781.32
    FORT WAYNE       IN   46807          5            07/05/01         00
    378876                               05           09/01/01          0
    378876                               O            08/01/31
    0

    5377810          286/286             F          132,000.00         ZZ
                                         360        131,835.33          3
                                       8.375          1,003.30         80
                                       8.125          1,003.30
    LEWISVILLE       TX   75057          1            07/02/01         00
    340144                               05           08/01/01          0
    340144                               N            07/01/31
    0

1

    5377811          286/286             F           82,000.00         ZZ
                                         360         81,897.71          1
                                       8.375            623.26         80
                                       8.125            623.26
    PLANO            TX   75023          1            07/02/01         00
    340145                               05           08/01/01          0
    340145                               N            07/01/31
    0

    5377813          286/286             F          200,000.00         ZZ
                                         360        199,865.80          1
                                       8.000          1,467.53         58
                                       7.750          1,467.53
    STREET           MD   21154          1            07/02/01         00
    416077                               05           09/01/01          0
    416077                               O            08/01/31
    0

    5377814          286/286             F           84,500.00         ZZ
                                         360         84,391.85          2
                                       8.250            634.83         52
                                       8.000            634.83
    CHARLOTTE        NC   28216          5            06/26/01         00
    146341                               05           08/01/01          0
    146341                               N            07/01/31
    0

    5377815          286/286             F          125,400.00         ZZ
                                         360        125,247.52          4
                                       8.500            964.22         90
                                       8.250            964.22
    APACHE JUNCTION  AZ   85219          1            06/18/01         12
    313541                               05           08/01/01         25
    313541                               N            07/01/31
    0

    5377817          286/286             F          207,000.00         ZZ
                                         360        206,656.80          2
                                       8.250          1,555.13         90
                                       8.000          1,555.13
    CLEVELAND HTS    OH   44106          1            07/03/01         12
    422359                               05           08/01/01         25
    422359                               N            07/01/31
    0

    5377818          286/286             F           97,500.00         ZZ
                                         360         97,381.43          1
                                       8.500            749.70         75
                                       8.250            749.70
1

    RIVERDALE        GA   30296          5            06/15/01         00
    410427                               05           08/01/01          0
    410427                               N            07/01/31
    0

    5377819          286/286             F           42,750.00         ZZ
                                         360         42,726.03          1
                                       8.875            340.14         75
                                       8.625            340.14
    KANSAS CITY      MO   64132          5            07/05/01         00
    433916                               05           09/01/01          0
    433916                               N            08/01/31
    0

    5377820          286/286             F           41,250.00         ZZ
                                         360         41,203.57          1
                                       8.875            328.21         75
                                       8.625            328.21
    KANSAS CITY      MO   64057          5            06/21/01         00
    433917                               05           08/01/01          0
    433917                               N            07/01/31
    0

    5377821          286/286             F          112,500.00         ZZ
                                         360        112,387.32          1
                                       8.375            855.09         90
                                       8.125            855.09
    PHOENIX          AZ   85051          1            07/06/01         12
    313532                               05           09/01/01         25
    313532                               N            08/01/31
    0

    5377822          286/286             F          228,000.00         ZZ
                                         360        227,834.98          4
                                       7.625          1,613.77         80
                                       7.375          1,613.77
    PHOENIX          AZ   85201          1            07/09/01         00
    313407                               05           09/01/01          0
    313407                               N            08/01/31
    0

    5377825          286/286             F          192,000.00         ZZ
                                         360        191,754.28          1
                                       8.250          1,442.44         80
                                       8.000          1,442.44
    SEWELL           NJ   08080          5            06/25/01         00
    406137                               05           08/01/01          0
    406137                               O            07/01/31
    0
1

    5377826          286/286             F          102,150.00         ZZ
                                         360        102,086.50          1
                                       8.375            776.42         90
                                       8.125            776.42
    WESTCHESTER      IL   60154          1            07/10/01         12
    408591                               01           09/01/01         25
    408591                               O            08/01/31
    0

    5377827          286/286             F           62,250.00         ZZ
                                         360         62,174.31          1
                                       8.500            478.65         75
                                       8.250            478.65
    ORLANDO          FL   32808          2            06/15/01         00
    409990                               05           08/01/01          0
    409990                               N            07/01/31
    0

    5377828          286/286             F          308,000.00         ZZ
                                         360        307,813.41          1
                                       8.500          2,368.26         86
                                       8.250          2,368.26
    KANSAS CITY      MO   64151          2            07/09/01         11
    434318                               05           09/01/01         12
    434318                               O            08/01/31
    0

    5377829          286/286             F          650,000.00         ZZ
                                         360        649,249.32          1
                                       8.750          5,113.56         70
                                       8.500          5,113.56
    ORLANDO          FL   32836          1            06/25/01         00
    419352                               03           08/01/01          0
    419352                               N            07/01/31
    0

    5377830          286/286             F          217,200.00         ZZ
                                         360        216,747.53          1
                                       7.750          1,556.05         80
                                       7.500          1,556.05
    HIGLEY           AZ   85236          1            06/06/01         00
    312639                               05           08/01/01          0
    312639                               N            07/01/31
    0

    5377831          286/286             F           68,850.00         ZZ
                                         360         68,761.88          1
1

                                       8.250            517.25         90
                                       8.000            517.25
    LANSING          IL   60438          1            06/29/01         12
    437227                               05           08/01/01         25
    437227                               O            07/01/31
    0

    5377835          286/286             F          207,900.00         ZZ
                                         360        207,783.44          1
                                       8.875          1,654.15         90
                                       8.625          1,654.15
    LEXINGTON        KY   40509          1            07/11/01         11
    456514                               05           09/01/01         25
    456514                               O            08/01/31
    0

    5377836          286/286             F           47,970.00         ZZ
                                         360         47,908.61          1
                                       8.250            360.38         90
                                       8.000            360.38
    CHESTERFIELD     IN   46017          1            06/15/01         12
    381912                               05           08/01/01         25
    381912                               N            07/01/31
    0

    5377838          286/286             F           32,550.00         ZZ
                                         360         32,508.34          4
                                       8.250            244.54         90
                                       8.000            244.54
    ANDERSON         IN   46016          1            07/06/01         12
    441990                               05           08/01/01         25
    441990                               N            07/01/31
    0

    5377839          286/286             F          117,000.00         ZZ
                                         360        116,864.88          2
                                       8.750            920.44         90
                                       8.500            920.44
    EAST ORANGE      NJ   07017          1            06/29/01         12
    234437                               05           08/01/01         25
    234437                               N            07/01/31
    0

    5377840          286/286             F           40,000.00         ZZ
                                         360         39,973.83          1
                                       8.125            297.00         79
                                       7.875            297.00
    ST JOSEPH        MO   64507          5            07/05/01         00
    434457                               05           09/01/01          0
1

    434457                               N            08/01/31
    0

    5377841          286/286             F          104,000.00         ZZ
                                         360        103,823.80          1
                                       8.875            827.47         80
                                       8.625            827.47
    WITTMANN         AZ   85361          2            05/22/01         00
    313041                               05           07/01/01          0
    313041                               N            06/01/31
    0

    5377843          286/286             F          194,750.00         ZZ
                                         360        194,525.09          2
                                       8.750          1,532.10         95
                                       8.500          1,532.10
    ELMWOOD PARK     IL   60707          1            06/29/01         11
    9862589                              05           08/01/01         30
    9862589                              O            07/01/31
    0

    5377844          286/286             F          225,000.00         ZZ
                                         360        224,712.07          3
                                       8.250          1,690.35         38
                                       8.000          1,690.35
    SAN BRUNO        CA   94066          2            06/14/01         00
    9835017                              05           08/01/01          0
    9835017                              N            07/01/31
    0

    5377845          286/286             F          174,300.00         ZZ
                                         360        174,093.44          4
                                       8.625          1,355.69         90
                                       8.375          1,355.69
    WEST VALLEY CIT  UT   84120          1            06/22/01         14
    9862259                              05           08/01/01         25
    9862259                              N            07/01/31
    0

    5377846          286/286             F           58,500.00         ZZ
                                         360         58,412.53          1
                                       7.500            409.04         90
                                       7.250            409.04
    SACRAMENTO       CA   95842          1            06/11/01         25
    9853356                              05           08/01/01         25
    9853356                              N            07/01/31
    0

1

    5377847          286/286             F          200,000.00         ZZ
                                         360        199,730.71          3
                                       8.000          1,467.53         80
                                       7.750          1,467.53
    PORTLAND         OR   97206          2            06/11/01         00
    9858754                              05           08/01/01          0
    9858754                              N            07/01/31
    0

    5377848          286/286             F          309,350.00         ZZ
                                         360        308,911.93          1
                                       7.750          2,216.22         75
                                       7.500          2,216.22
    SAN JOSE         CA   95123          1            06/06/01         00
    9853810                              05           08/01/01          0
    9853810                              N            07/01/31
    0

    5377849          286/286             F          315,000.00         ZZ
                                         360        314,575.87          1
                                       8.000          2,311.36         75
                                       7.750          2,311.36
    SAN JOSE         CA   95123          5            06/07/01         00
    9853876                              05           08/01/01          0
    9853876                              N            07/01/31
    0

    5377850          286/286             F          143,000.00         ZZ
                                         360        142,829.97          1
                                       7.625          1,012.15         78
                                       7.375          1,012.15
    HICKMAN          CA   95323          5            07/02/01         00
    9858743                              05           09/01/01          0
    9858743                              O            08/01/31
    0

    5377851          286/286             F          125,950.00         ZZ
                                         360        125,808.27          3
                                       8.875          1,002.11         90
                                       8.625          1,002.11
    WOONSOCKET       RI   02895          1            06/29/01         14
    9868381                              05           08/01/01         25
    9868381                              N            07/01/31
    0

    5377852          286/286             F          194,400.00         ZZ
                                         360        194,131.56          1
                                       7.875          1,409.53         80
                                       7.625          1,409.53
1

    VALENCIA AREA    CA   91355          1            06/20/01         00
    9860767                              05           08/01/01          0
    9860767                              O            07/01/31
    0

    5377853          286/286             F           55,000.00         ZZ
                                         360         54,935.70          1
                                       8.875            437.60         58
                                       8.625            437.60
    CHICAGO          IL   60619          5            06/18/01         00
    9863395                              05           08/01/01          0
    9863395                              O            07/01/31
    0

    5377854          286/286             F           81,900.00         ZZ
                                         360         81,807.84          1
                                       8.875            651.63         90
                                       8.625            651.63
    NAPLES           FL   34110          1            07/03/01         10
    9869364                              01           08/01/01         25
    9869364                              N            07/01/31
    0

    5377856          286/286             F          205,000.00         ZZ
                                         360        204,737.66          1
                                       8.250          1,540.10         73
                                       8.000          1,540.10
    LAKE FOREST PAR  WA   98155          1            06/20/01         00
    9867119                              03           08/01/01          0
    9867119                              N            07/01/31
    0

    5377858          286/286             F          138,150.00         ZZ
                                         360        137,986.28          1
                                       8.625          1,074.52         90
                                       8.375          1,074.52
    FRISCO           TX   75035          1            06/29/01         01
    9856058                              05           08/01/01         30
    9856058                              O            07/01/31
    0

    5377859          286/286             F          195,000.00         ZZ
                                         360        194,737.45          1
                                       8.000          1,430.84         67
                                       7.750          1,430.84
    PINOLE           CA   94564          1            06/01/01         00
    9850474                              05           08/01/01          0
    9850474                              N            07/01/31
    0
1

    5377860          286/286             F          166,500.00         T
                                         360        166,399.13          1
                                       8.500          1,280.24         75
                                       8.250          1,280.24
    BETHANY BEACH    DE   19930          5            07/05/01         00
    9863170                              05           09/01/01          0
    9863170                              O            08/01/31
    0

    5377861          286/286             F          240,000.00         ZZ
                                         360        239,668.58          1
                                       7.875          1,740.17         80
                                       7.625          1,740.17
    HUNTNGTON BEACH  CA   92646          5            06/07/01         00
    9848213                              05           08/01/01          0
    9848213                              O            07/01/31
    0

    5377862          286/286             F          204,000.00         ZZ
                                         360        203,725.33          3
                                       8.000          1,496.88         79
                                       7.750          1,496.88
    GLENDALE         CA   91201          5            06/19/01         00
    9850856                              05           08/01/01          0
    9850856                              O            07/01/31
    0

    5377863          286/286             F           58,500.00         ZZ
                                         360         58,428.87          3
                                       8.500            449.81         90
                                       8.250            449.81
    TARPON SPRINGS   FL   34689          1            06/19/01         01
    9858266                              05           08/01/01         30
    9858266                              N            07/01/31
    0

    5377864          286/286             F          275,000.00         ZZ
                                         360        274,600.67          1
                                       7.625          1,946.43         74
                                       7.375          1,946.43
    SAN JOSE         CA   95139          5            06/11/01         00
    9829089                              03           08/01/01          0
    9829089                              N            07/01/31
    0

    5377865          286/286             F          130,500.00         ZZ
                                         360        130,333.01          3
1

                                       8.250            980.40         90
                                       8.000            980.40
    BEAUMONT         CA   92223          2            06/18/01         11
    9861188                              05           08/01/01         25
    9861188                              N            07/01/31
    0

    5377866          286/286             F          292,000.00         ZZ
                                         360        291,453.64          1
                                       7.375          2,016.77         65
                                       7.125          2,016.77
    ALAMEDA          CA   94501          5            06/12/01         00
    9846780                              05           08/01/01          0
    9846780                              N            07/01/31
    0

    5377867          286/286             F          225,000.00         ZZ
                                         360        224,689.29          1
                                       7.875          1,631.41         90
                                       7.625          1,631.41
    PITTSBURGH       PA   15217          1            07/05/01         12
    9861971                              05           08/01/01         25
    9861971                              O            07/01/31
    0

    5377868          286/286             F          169,000.00         ZZ
                                         360        168,794.52          1
                                       8.500          1,299.46         90
                                       8.250          1,299.46
    MIDVALE          UT   84070          1            06/21/01         12
    9853421                              03           08/01/01         25
    9853421                              O            07/01/31
    0

    5377870          286/286             F          266,000.00         ZZ
                                         360        265,632.69          1
                                       7.875          1,928.68         75
                                       7.625          1,928.68
    SANTA ROSA       CA   95403          5            06/29/01         00
    9853540                              05           08/01/01          0
    9853540                              O            07/01/31
    0

    5377871          286/286             F           69,350.00         ZZ
                                         360         69,261.26          1
                                       8.250            521.00         95
                                       8.000            521.00
    DALLAS           TX   75206          1            06/18/01         12
    9941849                              01           08/01/01         30
1

    9941849                              O            07/01/31
    0

    5377872          286/286             F          139,050.00         ZZ
                                         360        138,959.04          1
                                       8.125          1,032.44         90
                                       7.875          1,032.44
    RESTON           VA   20190          1            07/02/01         01
    9869376                              03           09/01/01         30
    9869376                              N            08/01/31
    0

    5377873          286/286             F          340,000.00         ZZ
                                         360        339,506.27          1
                                       7.625          2,406.50         85
                                       7.375          2,406.50
    SAN DIEGO        CA   92111          2            06/25/01         10
    9940791                              05           08/01/01         12
    9940791                              O            07/01/31
    0

    5377874          286/286             F          400,000.00         ZZ
                                         360        399,419.16          2
                                       7.625          2,831.17         80
                                       7.375          2,831.17
    AUSTIN           TX   78703          1            06/20/01         00
    9968865                              05           08/01/01          0
    9968865                              O            07/01/31
    0

    5377875          286/286             F          243,200.00         ZZ
                                         360        242,904.29          1
                                       8.500          1,870.00         80
                                       8.250          1,870.00
    MAGALIA          CA   95954          5            06/15/01         00
    9861711                              03           08/01/01          0
    9861711                              O            07/01/31
    0

    5377876          286/286             F          112,200.00         ZZ
                                         360        112,060.04          1
                                       8.375            852.80         85
                                       8.125            852.80
    MADISON          IN   47250          5            06/22/01         11
    9852802                              05           08/01/01         12
    9852802                              O            07/01/31
    0

1

    5377877          286/286             F          132,000.00         ZZ
                                         360        131,915.83          1
                                       8.250            991.67         80
                                       8.000            991.67
    MONKTON          MD   21111          1            07/12/01         00
    9943674                              05           09/01/01          0
    9943674                              O            08/01/31
    0

    5377878          286/286             F          139,192.00         ZZ
                                         360        139,004.59          1
                                       8.000          1,021.34         80
                                       7.750          1,021.34
    BEAUMONT         CA   92223          1            06/08/01         00
    9945087                              05           08/01/01          0
    9945087                              O            07/01/31
    0

    5377879          286/286             F          239,000.00         ZZ
                                         360        238,716.77          1
                                       8.625          1,858.92         80
                                       8.375          1,858.92
    SHERMAN OAKS     CA   91403          1            06/08/01         00
    9858349                              05           08/01/01          0
    9858349                              N            07/01/31
    0

    5377881          286/286             F          107,000.00         ZZ
                                         360        106,834.03          4
                                       8.750            841.77         83
                                       8.500            841.77
    SHASTA LAKE      CA   96019          1            06/12/01         11
    9858571                              05           08/01/01         25
    9858571                              N            07/01/31
    0

    5377882          286/286             F          460,000.00         ZZ
                                         360        459,440.69          2
                                       8.500          3,537.00         80
                                       8.250          3,537.00
    REDWOOD CITY     CA   94063          1            06/27/01         00
    9869046                              05           08/01/01          0
    9869046                              O            07/01/31
    0

    5377884          286/286             F           95,400.00         ZZ
                                         360         95,277.92          4
                                       8.250            716.71         90
                                       8.000            716.71
1

    BATON ROUGE      LA   70816          1            06/28/01         01
    9865668                              05           08/01/01         25
    9865668                              N            07/01/31
    0

    5377885          286/286             F          181,300.00         ZZ
                                         360        181,049.64          1
                                       7.875          1,314.55         90
                                       7.625          1,314.55
    BYRON            CA   94514          1            06/14/01         10
    9859632                              05           08/01/01         25
    9859632                              N            07/01/31
    0

    5377886          286/286             F          100,000.00         T
                                         360         99,835.05          1
                                       8.375            760.07         80
                                       8.125            760.07
    GROVELAND        CA   95321          1            06/21/01         00
    9864050                              03           08/01/01          0
    9864050                              O            07/01/31
    0

    5377887          286/286             F          168,000.00         ZZ
                                         360        167,779.46          1
                                       8.125          1,247.40         80
                                       7.875          1,247.40
    TEWKSBURY        MA   01876          5            06/29/01         00
    9945050                              05           08/01/01          0
    9945050                              N            07/01/31
    0

    5377888          286/286             F          144,000.00         ZZ
                                         360        143,824.90          3
                                       8.500          1,107.24         90
                                       8.250          1,107.24
    CHICAGO          IL   60624          5            06/18/01         19
    9863393                              05           08/01/01         25
    9863393                              O            07/01/31
    0

    5377891          286/286             F          295,000.00         ZZ
                                         360        294,622.48          3
                                       8.250          2,216.24         47
                                       8.000          2,216.24
    SOMERVILLE       MA   02143          5            06/29/01         00
    9941968                              05           08/01/01          0
    9941968                              N            07/01/31
    0
1

    5377892          286/286             F          275,000.00         ZZ
                                         360        274,656.95          3
                                       8.375          2,090.20         70
                                       8.125          2,090.20
    EAST BOSTON      MA   02128          5            06/29/01         00
    9942185                              05           08/01/01          0
    9942185                              N            07/01/31
    0

    5377894          286/286             F          312,000.00         ZZ
                                         360        311,569.15          2
                                       7.875          2,262.22         80
                                       7.625          2,262.22
    SANTA ROSA       CA   95407          2            06/12/01         00
    9834172                              05           08/01/01          0
    9834172                              O            07/01/31
    0

    5377895          286/286             F          160,000.00         ZZ
                                         360        159,761.78          1
                                       7.500          1,118.74         80
                                       7.250          1,118.74
    LAKE HUGHES ARE  CA   93532          5            06/22/01         00
    9946954                              05           08/01/01          0
    9946954                              O            07/01/31
    0

    5377896          286/286             F          157,250.00         ZZ
                                         360        157,027.31          1
                                       7.750          1,126.56         85
                                       7.500          1,126.56
    SEATTLE          WA   98146          5            06/12/01         11
    9845212                              05           08/01/01         12
    9845212                              O            07/01/31
    0

    5377897          286/286             F           86,800.00         ZZ
                                         360         86,664.16          1
                                       7.625            614.36         86
                                       7.375            614.36
    SMYRNA           GA   30080          2            06/22/01         11
    9862234                              01           08/01/01         25
    9862234                              O            07/01/31
    0

    5377898          286/286             F          242,250.00         ZZ
                                         360        240,912.20          1
1

                                       7.875          1,756.48         85
                                       7.625          1,756.48
    ARLINGTON        VA   22205          1            06/26/01         01
    9864279                              05           08/01/01         12
    9864279                              O            07/01/31
    0

    5377899          286/286             F          157,550.00         ZZ
                                         360        157,315.43          3
                                       7.500          1,101.61         90
                                       7.250          1,101.61
    PITTSBURGH       PA   15221          1            06/21/01         12
    9864690                              05           08/01/01         25
    9864690                              N            07/01/31
    0

    5377900          286/286             F          268,000.00         ZZ
                                         360        267,501.55          1
                                       8.375          2,036.99         80
                                       8.125          2,036.99
    PACIFICA         CA   94044          1            06/04/01         00
    9851609                              05           08/01/01          0
    9851609                              O            07/01/31
    0

    5377901          286/286             F           91,000.00         ZZ
                                         360         90,886.47          2
                                       8.375            691.67         70
                                       8.125            691.67
    FLORENCE         OR   97439          1            06/19/01         00
    9856361                              05           08/01/01          0
    9856361                              N            07/01/31
    0

    5377902          286/286             F          135,000.00         ZZ
                                         360        134,848.08          4
                                       8.875          1,074.12         90
                                       8.625          1,074.12
    WEST WARWICK     RI   02893          1            06/28/01         14
    9862227                              05           08/01/01         25
    9862227                              N            07/01/31
    0

    5377903          286/286             F          238,500.00         ZZ
                                         360        238,339.97          1
                                       8.000          1,750.03         90
                                       7.750          1,750.03
    PASADENA         CA   91105          1            07/02/01         11
    9860535                              01           09/01/01         25
1

    9860535                              O            08/01/31
    0

    5377905          286/286             F           66,000.00         ZZ
                                         360         65,769.47          1
                                       8.375            501.65         60
                                       8.125            501.65
    ANTIOCH          CA   94509          5            06/15/01         00
    9856068                              05           08/01/01          0
    9856068                              N            07/01/31
    0

    5377907          286/286             F          294,000.00         ZZ
                                         360        293,614.06          1
                                       8.125          2,182.94         90
                                       7.875          2,182.94
    TORRANCE         CA   90503          2            06/18/01         11
    9855376                              05           08/01/01         25
    9855376                              O            07/01/31
    0

    5378312          950/G02             F          140,000.00         ZZ
                                         360        139,912.98          1
                                       8.375          1,064.10         87
                                       8.125          1,064.10
    PORTLAND         OR   97206          1            07/19/01         11
    0433096302                           05           09/01/01         25
    Y7103029                             O            08/01/31
    0

    5378517          994/994             F          578,600.00         ZZ
                                         360        578,231.05          1
                                       8.250          4,346.83         78
                                       8.000          4,346.83
    LOS ANGELES      CA   90024          2            06/25/01         00
    218523995                            05           09/01/01          0
    218523995                            O            08/01/31
    0

    5378693          076/076             F          228,000.00         ZZ
                                         360        227,549.54          1
                                       8.125          1,692.89         80
                                       7.875          1,692.89
    WESTON           FL   33326          2            05/18/01         00
    4850043                              05           07/01/01          0
    4850043                              O            06/01/31
    0

1

    5378694          076/076             F           67,500.00         ZZ
                                         360         67,373.25          3
                                       8.375            513.05         90
                                       8.125            513.05
    BALTIMORE        MD   21217          1            05/24/01         10
    4855203                              05           07/01/01         25
    4855203                              N            06/01/31
    0

    5378695          076/076             F          100,000.00         ZZ
                                         360         99,858.37          1
                                       7.750            716.42         80
                                       7.500            716.42
    CHANNELVIEW      TX   77530          2            06/18/01         00
    5011645                              05           08/01/01          0
    5011645                              O            07/01/31
    0

    5378696          076/076             F           87,920.00         ZZ
                                         360         87,801.61          1
                                       8.000            645.13         80
                                       7.750            645.13
    AURORA           MO   65605          1            06/19/01         00
    5248234                              05           08/01/01          0
    5248234                              O            07/01/31
    0

    5378697          076/076             F          148,000.00         ZZ
                                         360        147,654.40          1
                                       8.375          1,124.91         80
                                       8.125          1,124.91
    PLYMOUTH MEETIN  PA   19462          5            06/25/01         00
    5278234                              05           08/01/01          0
    5278234                              O            07/01/31
    0

    5378699          076/076             F          136,000.00         ZZ
                                         360        135,717.39          1
                                       7.875            986.09         76
                                       7.625            986.09
    EVANSVILLE       WI   53536          2            05/25/01         00
    5328085                              05           07/01/01          0
    5328085                              O            06/01/31
    0

    5378700          076/076             F          121,900.00         ZZ
                                         360        121,818.21          1
                                       8.000            894.46         80
                                       7.750            894.46
1

    BROWNSTOWN       MI   48183          2            07/06/01         00
    5363425                              05           09/01/01          0
    5363425                              O            08/01/31
    0

    5378701          076/076             F           95,120.00         ZZ
                                         360         95,051.16          1
                                       7.625            673.25         80
                                       7.375            673.25
    STUART           FL   34997          1            07/02/01         00
    5519873                              05           09/01/01          0
    5519873                              O            08/01/31
    0

    5378703          076/076             F          209,000.00         ZZ
                                         360        208,870.10          4
                                       8.375          1,588.55         95
                                       8.125          1,588.55
    LONG BEACH       MS   39560          1            07/12/01         12
    5549813                              05           09/01/01         30
    5549813                              O            08/01/31
    0

    5378714          076/076             F          304,110.00         T
                                         360        302,833.48          1
                                       7.875          2,205.01         63
                                       7.625          2,205.01
    CORNADO          CA   92118          5            02/23/01         00
    3317975                              01           04/01/01          0
    3317975                              O            03/01/31
    0

    5378715          076/076             F          500,000.00         ZZ
                                         360        499,061.14          1
                                       8.375          3,800.36         80
                                       8.125          3,800.36
    BATON ROUGE      LA   70814          1            05/29/01         00
    4771294                              05           07/01/01          0
    4771294                              O            06/01/31
    0

    5378716          076/076             F          535,000.00         ZZ
                                         360        534,397.92          1
                                       8.875          4,256.70         56
                                       8.625          4,256.70
    CHICAGO          IL   60614          5            06/08/01         00
    4847334                              05           08/01/01          0
    4847334                              O            07/01/31
    0
1

    5378719          076/076             F          285,000.00         ZZ
                                         360        284,441.27          1
                                       8.000          2,091.23         78
                                       7.750          2,091.23
    BALDWIN          NY   11510          2            06/11/01         00
    5193584                              05           08/01/01          0
    5193584                              O            07/01/31
    0

    5378720          076/076             F          280,000.00         ZZ
                                         360        279,659.54          1
                                       8.500          2,152.96         80
                                       8.250          2,152.96
    BLOOMFIELD HILL  MI   48302          5            05/31/01         00
    5197874                              01           08/01/01          0
    5197874                              O            07/01/31
    0

    5378721          076/076             F          474,000.00         ZZ
                                         360        463,202.64          1
                                       8.875          3,771.36         58
                                       8.625          3,771.36
    LAKE FOREST      IL   60045          2            06/15/01         00
    5220673                              05           08/01/01          0
    5220673                              O            07/01/31
    0

    5378722          076/076             F          333,000.00         ZZ
                                         360        332,615.44          1
                                       8.750          2,619.71         74
                                       8.500          2,619.71
    OAK PARK         IL   60304          2            06/18/01         00
    5302004                              05           08/01/01          0
    5302004                              O            07/01/31
    0

    5378724          076/076             F          371,250.00         ZZ
                                         360        370,710.90          1
                                       7.625          2,627.68         75
                                       7.375          2,627.68
    CENTER PORT      NY   11721          5            06/14/01         00
    5382404                              05           08/01/01          0
    5382404                              O            07/01/31
    0

    5378725          076/076             F          362,500.00         ZZ
                                         360        361,927.33          1
1

                                       7.875          2,628.38         74
                                       7.625          2,628.38
    ARCADIA          CA   91007          1            06/15/01         00
    5392695                              05           08/01/01          0
    5392695                              O            07/01/31
    0

    5378726          076/076             F          352,000.00         ZZ
                                         360        351,751.56          1
                                       7.750          2,521.77         80
                                       7.500          2,521.77
    SAN JOSE         CA   95148          5            07/12/01         00
    5400065                              05           09/01/01          0
    5400065                              O            08/01/31
    0

    5378970          994/994             F          302,800.00         ZZ
                                         360        302,402.52          1
                                       8.125          2,248.28         90
                                       7.875          2,248.28
    IRVING           TX   75063          1            06/25/01         10
    80749130                             03           08/01/01         25
    80749130                             O            07/01/31
    0

    5379124          K15/G02             F           47,500.00         ZZ
                                         360         47,500.00          1
                                       8.625            369.45         95
                                       8.375            369.45
    GUTHRIE          KY   42234          5            08/22/01         11
    0433134350                           05           10/01/01         30
    002905302259                         O            09/01/31
    0

    5379251          994/994             F          480,000.00         ZZ
                                         360        479,248.84          1
                                       7.250          3,274.45         75
                                       7.000          3,274.45
    LOS ANGELES      CA   90025          5            06/14/01         00
    218162802                            05           08/01/01          0
    218162802                            O            07/01/31
    0

    5379605          994/994             F          580,000.00         ZZ
                                         360        579,630.15          1
                                       8.250          4,357.35         80
                                       8.000          4,357.35
    WESTLAKE         CA   91361          2            07/10/01         00
    218533317                            03           09/01/01          0
1

    218533317                            O            08/01/31
    0

    5380236          964/G02             F          394,250.00         ZZ
                                         360        394,250.00          1
                                       7.625          2,790.48         95
                                       7.375          2,790.48
    LAS VEGAS        NV   89109          1            08/22/01         10
    0433134483                           09           10/01/01         30
    135298                               O            09/01/31
    0

    5380703          994/994             F          299,000.00         ZZ
                                         360        298,636.45          1
                                       8.500          2,299.05         80
                                       8.250          2,299.05
    RIVERVIEW        MI   48192          1            06/28/01         00
    218440422                            05           08/01/01          0
    218440422                            O            07/01/31
    0

    5381185          N47/G02             F          206,000.00         ZZ
                                         360        206,000.00          1
                                       7.250          1,405.28         69
                                       7.000          1,405.28
    SANTA ANA        CA   92705          5            08/14/01         00
    0433152386                           05           10/01/01          0
    30310814                             O            09/01/31
    0

    5384914          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       8.625          1,088.91         88
                                       8.375          1,088.91
    HACKENSACK       NJ   07601          5            08/15/01         04
    0412767923                           01           10/01/01         25
    0412767923                           O            09/01/31
    0

    5384928          E22/G02             F           63,200.00         ZZ
                                         360         63,200.00          1
                                       7.875            458.24         80
                                       7.625            458.24
    SACRAMENTO       CA   95815          1            08/05/01         00
    0412812612                           05           10/01/01          0
    0412812612                           N            09/01/31
    0

1

    5384929          E22/G02             F           73,700.00         ZZ
                                         360         73,700.00          1
                                       8.500            566.69        100
                                       8.250            566.69
    FLORENCE         KY   41042          1            08/20/01         04
    0412820797                           01           10/01/01         35
    0412820797                           O            09/01/31
    0

    5384936          E22/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
                                       8.250            642.33         90
                                       8.000            642.33
    NORTH CHARLESTO  SC   29418          5            08/14/01         01
    0412837957                           05           10/01/01         25
    0412837957                           O            09/01/31
    0

    5384940          E22/G02             F          186,000.00         ZZ
                                         360        186,000.00          1
                                       7.750          1,332.53         80
                                       7.500          1,332.53
    ANTIOCH          CA   94509          2            08/08/01         00
    0412849754                           09           10/01/01          0
    0412849754                           O            09/01/31
    0

    5384944          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       7.750            805.96         95
                                       7.500            805.96
    MEMPHIS          TN   38115          5            08/15/01         10
    0412851818                           05           10/01/01         30
    0412851818                           O            09/01/31
    0

    5384956          E22/G02             F          247,000.00         ZZ
                                         360        247,000.00          1
                                       8.000          1,812.40         88
                                       7.750          1,812.40
    STERLING         CO   80751          2            08/14/01         01
    0412866022                           05           10/01/01         25
    0412866022                           O            09/01/31
    0

    5384958          E22/G02             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       7.625          1,380.20         75
                                       7.375          1,380.20
1

    OLIVE BRANCH     MS   38654          2            08/15/01         00
    0412867442                           05           10/01/01          0
    0412867442                           O            09/01/31
    0

    5384980          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       8.000            770.45         26
                                       7.750            770.45
    DUVALL           WA   98019          5            08/14/01         00
    0412891657                           05           10/01/01          0
    0412891657                           O            09/01/31
    0

    5384984          E22/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
                                       8.125          1,061.77         65
                                       7.875          1,061.77
    SPARKS           NV   89431          5            08/10/01         00
    0412892929                           05           10/01/01          0
    0412892929                           O            09/01/31
    0

    5384989          E22/G02             F          720,000.00         ZZ
                                         360        720,000.00          1
                                       7.375          4,972.86         60
                                       7.125          4,972.86
    LOCKPORT         IL   60441          2            08/15/01         00
    0412895187                           05           10/01/01          0
    0412895187                           O            09/01/31
    0

    5384993          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.625          1,981.82         80
                                       7.375          1,981.82
    SOUTH LAKE TAHO  CA   96150          5            08/09/01         00
    0412897456                           05           10/01/01          0
    0412897456                           O            09/01/31
    0

    5385010          E22/G02             F          121,000.00         ZZ
                                         360        121,000.00          1
                                       7.750            866.86         52
                                       7.500            866.86
    BAY CITY         MI   48706          5            08/15/01         00
    0412908170                           05           10/01/01          0
    0412908170                           O            09/01/31
    0
1

    5385017          E22/G02             F          184,500.00         ZZ
                                         360        184,500.00          3
                                       7.750          1,321.78         90
                                       7.500          1,321.78
    DALLAS           TX   75214          1            08/20/01         04
    0412912172                           05           10/01/01         25
    0412912172                           N            09/01/31
    0

    5385022          E22/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       7.250          1,705.44         72
                                       7.000          1,705.44
    SPRING           TX   77381          5            08/15/01         00
    0412915415                           03           10/01/01          0
    0412915415                           O            09/01/31
    0

    5385026          E22/G02             F          129,000.00         ZZ
                                         360        129,000.00          1
                                       7.000            858.24         57
                                       6.750            858.24
    GUNNISON         CO   81230          2            08/15/01         00
    0412918021                           05           10/01/01          0
    0412918021                           O            09/01/31
    0

    5385027          E22/G02             F          130,500.00         ZZ
                                         360        130,500.00          1
                                       8.875          1,038.32         90
                                       8.625          1,038.32
    MIAMI            FL   33015          5            08/14/01         01
    0412918153                           03           10/01/01         25
    0412918153                           O            09/01/31
    0

    5385030          E22/G02             F           62,400.00         ZZ
                                         360         62,400.00          1
                                       7.500            436.31         77
                                       7.250            436.31
    SUN CITY         CA   92586          1            08/10/01         00
    0412920159                           03           10/01/01          0
    0412920159                           O            09/01/31
    0

    5385039          E22/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
1

                                       8.250          1,111.87         39
                                       8.000          1,111.87
    DENVER           CO   80209          5            08/14/01         00
    0412926867                           05           10/01/01          0
    0412926867                           O            09/01/31
    0

    5385041          E22/G02             F          137,275.00         ZZ
                                         360        137,275.00          2
                                       7.375            948.12         95
                                       7.125            948.12
    TUMWATER         WA   98501          1            08/16/01         04
    0412927733                           05           10/01/01         30
    0412927733                           O            09/01/31
    0

    5385043          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.750            859.69         80
                                       7.500            859.69
    GRAND PRAIRIE    TX   75052          5            08/14/01         00
    0412928111                           05           10/01/01          0
    0412928111                           O            09/01/31
    0

    5385049          E22/G02             F          217,600.00         ZZ
                                         360        217,600.00          1
                                       7.375          1,502.91         80
                                       7.125          1,502.91
    CLEBURNE         TX   76031          1            08/16/01         00
    0412934663                           05           10/01/01          0
    0412934663                           O            09/01/31
    0

    5385050          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          2
                                       7.875          1,885.18         80
                                       7.625          1,885.18
    WEYMOUTH         MA   02188          5            08/15/01         00
    0412934861                           05           10/01/01          0
    0412934861                           O            09/01/31
    0

    5385055          E22/G02             F          284,000.00         ZZ
                                         360        284,000.00          1
                                       7.500          1,985.77         80
                                       7.250          1,985.77
    TROY             MI   48098          1            08/20/01         00
    0412939142                           05           10/01/01          0
1

    0412939142                           O            09/01/31
    0

    5385056          E22/G02             F          175,500.00         ZZ
                                         360        175,500.00          2
                                       8.625          1,365.02         90
                                       8.375          1,365.02
    SAN MARCOS       TX   78666          1            08/17/01         04
    0412941569                           05           10/01/01         25
    0412941569                           N            09/01/31
    0

    5385059          E22/G02             F          145,600.00         ZZ
                                         360        145,600.00          1
                                       7.500          1,018.06         80
                                       7.250          1,018.06
    CARMEL           IN   46032          1            08/20/01         00
    0412947442                           05           10/01/01          0
    0412947442                           O            09/01/31
    0

    5385077          E82/G02             F          120,800.00         ZZ
                                         360        120,800.00          1
                                       7.250            824.07         80
                                       7.000            824.07
    GREENFIELD       WI   53220          1            08/22/01         00
    0400464095                           05           10/01/01          0
    0400464095                           O            09/01/31
    0

    5385084          E82/G02             F          316,500.00         ZZ
                                         360        316,500.00          2
                                       7.375          2,185.99         79
                                       7.125          2,185.99
    VAIL             CO   81657          2            08/17/01         00
    0400466918                           03           10/01/01          0
    1891764                              O            09/01/31
    0

    5385308          696/G02             F          178,400.00         ZZ
                                         360        178,400.00          1
                                       7.500          1,247.40         80
                                       7.250          1,247.40
    STERLING         VA   20165          1            08/15/01         00
    0433102423                           03           10/01/01          0
    24401106                             O            09/01/31
    0

1

    5385618          H47/G02             F          220,722.00         ZZ
                                         360        220,722.00          1
                                       7.125          1,487.05         80
                                       6.875          1,487.05
    FORT COLLINS     CO   80528          1            08/24/01         00
    0433149853                           03           10/01/01          0
    126188                               O            09/01/31
    0

    5392536          B60/G02             F          170,000.00         ZZ
                                         360        169,873.84          1
                                       7.500          1,188.66         61
                                       7.250          1,188.66
    INDIANHEAD PARK  IL   60525          5            07/24/01         00
    0433104296                           05           09/01/01          0
    343673                               O            08/01/31
    0

    5392848          964/G02             F          251,800.00         ZZ
                                         360        251,800.00          1
                                       7.375          1,739.12         80
                                       7.125          1,739.12
    RANCHO SANTA MA  CA   92688          1            08/09/01         00
    0433106283                           09           10/01/01          0
    136694                               O            09/01/31
    0

    5393198          N47/G02             F          119,000.00         ZZ
                                         360        119,000.00          2
                                       7.250            811.79         74
                                       7.000            811.79
    MURRELS INLET    SC   29576          1            08/15/01         00
    0433110202                           05           10/01/01          0
    40111748                             N            09/01/31
    0

    5395577          E22/G02             F          319,550.00         ZZ
                                         360        319,550.00          1
                                       8.125          2,372.65         80
                                       7.875          2,372.65
    MADISON          AL   35758          1            08/21/01         00
    0412674095                           05           10/01/01          0
    0412674095                           O            09/01/31
    0

    5395582          E22/G02             F          304,700.00         ZZ
                                         360        304,700.00          1
                                       8.000          2,235.78         95
                                       7.750          2,235.78
1

    METUCHEN         NJ   08840          1            08/17/01         01
    0412776718                           01           10/01/01         30
    0412776718                           O            09/01/31
    0

    5395585          E22/G02             F          109,250.00         ZZ
                                         360        109,250.00          1
                                       7.500            763.89         95
                                       7.250            763.89
    LOUISVILLE       KY   40291          5            08/16/01         10
    0412795395                           05           10/01/01         30
    0412795395                           O            09/01/31
    0

    5395598          E22/G02             F           99,000.00         ZZ
                                         360         98,940.03          4
                                       8.500            761.22         80
                                       8.250            761.22
    FRESNO           CA   93706          2            07/20/01         00
    0412856957                           05           09/01/01          0
    0412856957                           N            08/01/31
    0

    5395612          E22/G02             F          205,200.00         ZZ
                                         360        205,200.00          2
                                       8.125          1,523.60         90
                                       7.875          1,523.60
    HAPEVILLE        GA   30354          1            08/21/01         10
    0412875163                           05           10/01/01         25
    0412875163                           N            09/01/31
    0

    5395625          E22/G02             F           62,200.00         ZZ
                                         360         62,200.00          1
                                       8.375            472.76         68
                                       8.125            472.76
    DES MOINES       IA   50310          5            08/16/01         00
    0412892796                           05           10/01/01          0
    0412892796                           O            09/01/31
    0

    5395632          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          2
                                       7.375          1,381.35         48
                                       7.125          1,381.35
    CHICAGO          IL   60630          5            08/16/01         00
    0412897084                           05           10/01/01          0
    0412897084                           O            09/01/31
    0
1

    5395639          E22/G02             F          261,000.00         ZZ
                                         360        261,000.00          1
                                       7.375          1,802.66         76
                                       7.125          1,802.66
    TORRANCE         CA   90501          2            08/14/01         00
    0412910051                           05           10/01/01          0
    0412910051                           O            09/01/31
    0

    5395647          E22/G02             F           73,900.00         ZZ
                                         360         73,900.00          1
                                       7.875            535.83         78
                                       7.625            535.83
    GRAND PRAIRIE    TX   75052          5            08/16/01         00
    0412918989                           05           10/01/01          0
    0412918989                           O            09/01/31
    0

    5395650          E22/G02             F          109,800.00         ZZ
                                         360        109,800.00          1
                                       7.875            796.13         90
                                       7.625            796.13
    MOBILE           AL   36695          2            08/16/01         01
    0412921454                           05           10/01/01         25
    0412921454                           O            09/01/31
    0

    5395659          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       8.125          1,781.99         80
                                       7.875          1,781.99
    SUGAR LAND       TX   77478          5            08/16/01         00
    0412929929                           05           10/01/01          0
    0412929929                           O            09/01/31
    0

    5395665          E22/G02             F          118,400.00         ZZ
                                         360        118,400.00          1
                                       8.000            868.78         80
                                       7.750            868.78
    NAMPA            ID   83686          2            08/15/01         00
    0412942427                           05           10/01/01          0
    0412942427                           O            09/01/31
    0

    5396228          588/G02             F          140,000.00         ZZ
                                         360        139,730.35          2
1

                                       8.250          1,051.77         70
                                       8.000          1,051.77
    RIDGEWOOD VILLA  NJ   07450          1            06/29/01         00
    0433103058                           05           08/01/01          0
    1040766                              N            07/01/31
    0

    5396596          E84/G02             F          518,800.00         ZZ
                                         360        518,405.24          2
                                       7.375          3,583.22         80
                                       7.125          3,583.22
    SAN FRANCISCO    CA   94122          1            07/18/01         00
    0433141264                           05           09/01/01          0
    50710146                             O            08/01/31
    0

    5397100          U62/G02             F           68,500.00         ZZ
                                         360         68,500.00          1
                                       7.250            467.29         84
                                       7.000            467.29
    PARLIER          CA   93648          2            08/08/01         04
    0433103975                           05           10/01/01         12
    2001258437                           O            09/01/31
    0

    5397110          B60/G02             F          303,450.00         ZZ
                                         360        303,224.79          1
                                       7.500          2,121.77         85
                                       7.250          2,121.77
    OLNEY            MD   20832          1            07/31/01         01
    0433103033                           05           09/01/01         12
    340427                               O            08/01/31
    0

    5398757          E82/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       7.750            788.05         71
                                       7.500            788.05
    DENVER           CO   80229          2            08/17/01         00
    0400466926                           05           10/01/01          0
    3701890                              O            09/01/31
    0

    5398768          E82/G02             F          185,000.00         ZZ
                                         360        185,000.00          4
                                       7.875          1,341.38         75
                                       7.625          1,341.38
    INGLEWOOD        CA   90303          2            08/16/01         00
    0400460036                           05           10/01/01          0
1

    1953281                              N            09/01/31
    0

    5398769          E82/G02             F          111,150.00         ZZ
                                         360        111,150.00          1
                                       7.875            805.91         95
                                       7.625            805.91
    LINCOLNTON       NC   28092          2            08/17/01         04
    0400457859                           05           10/01/01         30
    3570123                              O            09/01/31
    0

    5400113          U05/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       7.750          1,182.08         59
                                       7.500          1,182.08
    WILLIS           TX   77376          5            08/10/01         00
    0433149762                           05           10/01/01          0
    3147305                              O            09/01/31
    0

    5400851          E84/G02             F          468,800.00         ZZ
                                         360        468,469.13          1
                                       7.750          3,358.54         80
                                       7.500          3,358.54
    NORTHBROOK       IL   60062          1            07/11/01         00
    0433139896                           05           09/01/01          0
    11304210                             O            08/01/31
    0

    5401928          E84/G02             F          570,000.00         ZZ
                                         360        569,576.98          1
                                       7.500          3,985.52         75
                                       7.250          3,985.52
    DANVILLE         CA   94526          5            07/24/01         00
    0433076189                           03           09/01/01          0
    73011637                             O            08/01/31
    0

    5402173          E84/G02             F          388,000.00         ZZ
                                         360        387,704.76          1
                                       7.375          2,679.82         80
                                       7.125          2,679.82
    NOVATO           CA   94949          5            06/26/01         00
    0433141884                           09           09/01/01          0
    37011289                             O            08/01/31
    0

1

    5403759          E84/G02             F          473,000.00         ZZ
                                         360        472,640.09          1
                                       7.375          3,266.89         76
                                       7.125          3,266.89
    AURORA           CO   80016          5            07/26/01         00
    0433141678                           03           09/01/01          0
    32800683                             O            08/01/31
    0

    5405300          E84/G02             F          540,000.00         ZZ
                                         360        539,589.10          1
                                       7.375          3,729.65         80
                                       7.125          3,729.65
    GLENVIEW         IL   60025          2            07/09/01         00
    0433115268                           05           09/01/01          0
    11207680                             O            08/01/31
    0

    5405303          696/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.875          1,450.14         72
                                       7.625          1,450.14
    ALEXANDRIA       VA   22309          1            08/17/01         00
    0433102399                           03           10/01/01          0
    30101170                             O            09/01/31
    0

    5405321          E84/G02             F          562,500.00         ZZ
                                         360        562,071.98          1
                                       7.375          3,885.05         75
                                       7.125          3,885.05
    PACIFICA         CA   94044          5            07/03/01         00
    0433103405                           05           09/01/01          0
    37011344                             O            08/01/31
    0

    5405334          E84/G02             F          427,200.00         ZZ
                                         360        426,870.00          1
                                       7.500          2,987.04         80
                                       7.250          2,987.04
    ALBANY           CA   94706          1            07/11/01         00
    0433103595                           05           09/01/01          0
    73310055                             O            08/01/31
    0

    5405345          E84/G02             F          439,200.00         ZZ
                                         360        438,865.80          1
                                       7.375          3,033.45         80
                                       7.125          3,033.45
1

    HARVARD          MA   01451          1            07/24/01         00
    0433115888                           05           09/01/01          0
    15302761                             O            08/01/31
    0

    5405443          E86/G02             F          380,000.00         ZZ
                                         360        379,738.49          1
                                       7.875          2,755.26         80
                                       7.625          2,755.26
    LONG BEACH       CA   90814          2            07/31/01         00
    0433144748                           05           09/01/01          0
    0000127005                           O            08/01/31
    0

    5407440          E22/G02             F          638,000.00         ZZ
                                         360        638,000.00          1
                                       7.750          4,570.71         80
                                       7.500          4,570.71
    SOUTH LAKE TAHO  CA   96150          2            08/16/01         00
    0412903999                           03           10/01/01          0
    0412903999                           O            09/01/31
    0

    5407599          E82/G02             F          232,500.00         ZZ
                                         360        232,500.00          3
                                       7.375          1,605.82         75
                                       7.125          1,605.82
    BURBANK          CA   91505          2            08/20/01         00
    0400476230                           05           10/01/01          0
    1965318                              O            09/01/31
    0

    5408306          T29/G02             F           85,500.00         ZZ
                                         360         85,500.00          4
                                       8.500            657.42         90
                                       8.250            657.42
    PHOENIX          AZ   85006          1            08/03/01         04
    0433149689                           05           10/01/01         25
    1200460                              N            09/01/31
    0

    5411203          964/G02             F          117,600.00         ZZ
                                         360        117,600.00          1
                                       7.875            852.68         80
                                       7.625            852.68
    GILBERT          AZ   85296          1            08/29/01         00
    0433144318                           03           10/01/01          0
    142762                               O            09/01/31
    0
1

    5411764          025/025             F          422,000.00         ZZ
                                         360        420,206.91          1
                                       6.875          2,772.24         77
                                       6.625          2,772.24
    FAIRFAX          VA   22033          5            03/22/01         00
    0138886379                           03           05/01/01          0
    0138886379                           O            04/01/31
    0

    5412322          196/G02             F          201,600.00         ZZ
                                         360        201,442.73          1
                                       7.250          1,375.27         80
                                       7.000          1,375.27
    COLORADO SPRING  CO   80909          1            07/31/01         00
    0433107653                           05           09/01/01          0
    1304671                              O            08/01/31
    0

    5412323          196/G02             F          304,000.00         ZZ
                                         360        303,774.38          1
                                       7.500          2,125.62         80
                                       7.250          2,125.62
    ATWATER          CA   95301          5            07/06/01         00
    0433107638                           05           09/01/01          0
    1419246                              O            08/01/31
    0

    5412324          196/G02             F          332,500.00         ZZ
                                         360        332,259.34          1
                                       7.625          2,353.42         95
                                       7.375          2,353.42
    ZIONSVILLE       IN   46077          1            08/02/01         14
    0433107646                           05           09/01/01         30
    1432297                              O            08/01/31
    0

    5412325          196/G02             F          237,500.00         ZZ
                                         360        237,328.09          1
                                       7.625          1,681.02         80
                                       7.375          1,681.02
    HUNTINGTON BEAC  CA   92648          1            07/19/01         00
    0433113057                           05           09/01/01          0
    1435027                              O            08/01/31
    0

    5412505          196/G02             F          236,000.00         ZZ
                                         360        235,695.97          1
1

                                       8.250          1,772.99         80
                                       8.000          1,772.99
    SAN CLEMENTE     CA   92672          1            06/28/01         00
    0433115797                           05           08/01/01          0
    1304714                              N            07/01/31
    0

    5412506          196/G02             F          167,500.00         ZZ
                                         360        167,372.54          1
                                       7.375          1,156.89         90
                                       7.125          1,156.89
    MERCED           CA   95348          1            07/02/01         14
    0433109717                           05           09/01/01         25
    1415629                              O            08/01/31
    0

    5412507          196/G02             F          600,000.00         ZZ
                                         360        599,543.44          1
                                       7.375          4,144.06         55
                                       7.125          4,144.06
    THORNTON         CO   80241          1            07/05/01         00
    0433109501                           03           09/01/01          0
    1415930                              O            08/01/31
    0

    5412508          196/G02             F          330,000.00         ZZ
                                         360        329,508.65          4
                                       7.500          2,307.41         75
                                       7.250          2,307.41
    CHICAGO          IL   60659          2            06/18/01         00
    0433109246                           05           08/01/01          0
    1418325                              O            07/01/31
    0

    5412509          196/G02             F          130,000.00         T
                                         360        129,903.52          1
                                       7.500            908.98         76
                                       7.250            908.98
    SOUTH PADRE ISL  TX   78597          1            07/26/01         00
    0433109683                           08           09/01/01          0
    1419765                              O            08/01/31
    0

    5412510          196/G02             F          423,900.00         ZZ
                                         360        423,585.40          1
                                       7.500          2,963.98         80
                                       7.250          2,963.98
    SAN DIEGO        CA   92131          1            07/26/01         00
    0433109196                           03           09/01/01          0
1

    1421080                              O            08/01/31
    0

    5412512          196/G02             F          213,300.00         ZZ
                                         360        213,156.88          1
                                       8.000          1,565.12         90
                                       7.750          1,565.12
    CHICAGO          IL   60626          1            07/06/01         10
    0433108420                           05           09/01/01         25
    1422476                              O            08/01/31
    0

    5412513          196/G02             F          175,750.00         ZZ
                                         360        175,557.28          1
                                       9.000          1,414.13         95
                                       8.750          1,414.13
    ARLETA           CA   91331          1            06/18/01         11
    0433107760                           05           08/01/01         30
    1423205                              O            07/01/31
    0

    5412514          196/G02             F           62,000.00         ZZ
                                         360         61,953.98          1
                                       7.500            433.52         58
                                       7.250            433.52
    DAUPHIN ISLAND   AL   36528          5            07/11/01         00
    0433110186                           05           09/01/01          0
    1423893                              O            08/01/31
    0

    5412515          196/G02             F          221,000.00         ZZ
                                         360        220,662.63          2
                                       7.375          1,526.40         85
                                       7.125          1,526.40
    GLENDALE         CA   91205          2            06/14/01         11
    0433109667                           05           08/01/01         12
    1424421                              O            07/01/31
    0

    5412516          196/G02             F          230,000.00         ZZ
                                         360        229,829.30          1
                                       7.500          1,608.20         50
                                       7.250          1,608.20
    WESTMINSTER      CO   80021          5            07/16/01         00
    0433109915                           05           09/01/01          0
    1424521                              O            08/01/31
    0

1

    5412517          196/G02             F          576,000.00         ZZ
                                         360        575,632.70          1
                                       8.250          4,327.30         72
                                       8.000          4,327.30
    NEWPORT COAST    CA   92657          5            07/06/01         00
    0433109873                           03           09/01/01          0
    1424568                              O            08/01/31
    0

    5412518          196/G02             F          396,000.00         ZZ
                                         360        395,713.38          1
                                       7.625          2,802.87         80
                                       7.375          2,802.87
    HUNTINGTON BCH   CA   92648          1            07/05/01         00
    0433109964                           05           09/01/01          0
    1424918                              O            08/01/31
    0

    5412520          196/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.625            849.36         80
                                       7.375            849.36
    SANTA CLARA      UT   84765          5            08/01/01         00
    0433109212                           05           10/01/01          0
    1425022                              O            09/01/31
    0

    5412521          196/G02             F          370,500.00         ZZ
                                         360        370,231.84          1
                                       7.625          2,622.38         95
                                       7.375          2,622.38
    LODI             CA   95242          1            07/27/01         10
    0433115656                           03           09/01/01         30
    1425258                              O            08/01/31
    0

    5412522          196/G02             F          127,500.00         ZZ
                                         360        127,420.74          1
                                       8.375            969.10         85
                                       8.125            969.10
    HEMET            CA   92545          5            07/06/01         14
    0433107604                           05           09/01/01         25
    1425668                              O            08/01/31
    0

    5412526          196/G02             F           87,750.00         ZZ
                                         360         87,695.45          1
                                       8.375            666.97         90
                                       8.125            666.97
1

    BOSSIER CITY     LA   71112          1            07/20/01         10
    0433115664                           05           09/01/01         30
    1426240                              O            08/01/31
    0

    5412528          196/G02             F          142,800.00         ZZ
                                         360        142,694.02          1
                                       7.500            998.48         80
                                       7.250            998.48
    HESPERIA         CA   92345          5            07/17/01         00
    0433109303                           05           09/01/01          0
    1426790                              O            08/01/31
    0

    5412529          196/G02             F          476,000.00         ZZ
                                         360        475,655.48          1
                                       7.625          3,369.10         80
                                       7.375          3,369.10
    HUNTINGTON BEAC  CA   92648          1            07/13/01         00
    0433110129                           05           09/01/01          0
    1426991                              O            08/01/31
    0

    5412531          196/G02             F          400,000.00         ZZ
                                         360        399,703.14          1
                                       7.500          2,796.86         67
                                       7.250          2,796.86
    MISSION VIEJO    CA   92692          5            07/13/01         00
    0433107596                           03           09/01/01          0
    1427448                              O            08/01/31
    0

    5412532          196/G02             F          186,200.00         ZZ
                                         360        186,075.06          1
                                       8.000          1,366.27         90
                                       7.750          1,366.27
    VAN NUYS         CA   91411          1            07/10/01         14
    0433115672                           05           09/01/01         25
    1427578                              O            08/01/31
    0

    5412533          196/G02             F          142,000.00         ZZ
                                         360        141,803.91          3
                                       7.875          1,029.60         64
                                       7.625          1,029.60
    SALT LAKE CITY   UT   84105          2            06/27/01         00
    0433109865                           05           08/01/01          0
    1427615                              N            07/01/31
    0
1

    5412534          196/G02             F          142,000.00         ZZ
                                         360        141,897.22          1
                                       7.625          1,005.07         32
                                       7.375          1,005.07
    PISMO BEACH      CA   93449          5            07/05/01         00
    0433109261                           05           09/01/01          0
    1427695                              O            08/01/31
    0

    5412535          196/G02             F          128,500.00         ZZ
                                         360        128,404.63          1
                                       7.500            898.50         59
                                       7.250            898.50
    GLENDORA         CA   91741          2            07/10/01         00
    0433113040                           05           09/01/01          0
    1427755                              N            08/01/31
    0

    5412536          196/G02             F          195,000.00         ZZ
                                         360        194,869.15          1
                                       8.000          1,430.85         80
                                       7.750          1,430.85
    COLORADO SPRING  CO   80909          5            07/03/01         00
    0433113032                           05           09/01/01          0
    1427949                              O            08/01/31
    0

    5412538          196/G02             F          180,400.00         ZZ
                                         360        180,272.67          1
                                       7.750          1,292.41         95
                                       7.500          1,292.41
    WHITTIER         CA   90604          1            07/11/01         11
    0433109279                           05           09/01/01         30
    1428297                              O            08/01/31
    0

    5412542          196/G02             F          300,000.00         ZZ
                                         360        299,782.86          1
                                       7.625          2,123.39         80
                                       7.375          2,123.39
    TEMECULA         CA   92591          1            07/16/01         00
    0433107737                           03           09/01/01          0
    1429685                              O            08/01/31
    0

    5412543          196/G02             F          118,300.00         ZZ
                                         360        118,226.47          2
1

                                       8.375            899.17         70
                                       8.125            899.17
    HOUSTON          TX   77009          1            07/19/01         00
    0433109931                           05           09/01/01          0
    1429842                              N            08/01/31
    0

    5412544          196/G02             F          250,000.00         ZZ
                                         360        249,809.77          1
                                       7.375          1,726.69         78
                                       7.125          1,726.69
    DENVER           CO   80207          5            07/26/01         00
    0433109956                           05           09/01/01          0
    1432385                              O            08/01/31
    0

    5412546          196/G02             F          337,600.00         ZZ
                                         360        337,349.45          1
                                       7.500          2,360.55         80
                                       7.250          2,360.55
    EL CAJON         CA   92021          1            07/18/01         00
    0433109329                           05           09/01/01          0
    1432902                              O            08/01/31
    0

    5412547          196/G02             F          126,500.00         ZZ
                                         360        126,406.12          1
                                       7.500            884.51         77
                                       7.250            884.51
    NORTHFIELD       MN   55057          2            07/23/01         00
    0433115706                           05           09/01/01          0
    1433005                              O            08/01/31
    0

    5412551          196/G02             F           95,400.00         ZZ
                                         360         95,335.98          1
                                       8.000            700.02         90
                                       7.750            700.02
    NEW ORLEANS      LA   70115          1            07/16/01         14
    0433110145                           05           09/01/01         25
    1433365                              O            08/01/31
    0

    5412553          196/G02             F          260,000.00         ZZ
                                         360        259,811.81          1
                                       7.625          1,840.27         80
                                       7.375          1,840.27
    SAN CLEMENTE     CA   92672          5            07/25/01         00
    0433107570                           09           09/01/01          0
1

    1433796                              O            08/01/31
    0

    5412554          196/G02             F          218,000.00         ZZ
                                         360        217,842.21          1
                                       7.625          1,543.00         58
                                       7.375          1,543.00
    SAN JOSE         CA   95122          5            07/24/01         00
    0433109774                           05           09/01/01          0
    1434681                              O            08/01/31
    0

    5412555          196/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
                                       7.375          1,602.37         80
                                       7.125          1,602.37
    VISTA            CA   92084          1            08/01/01         00
    0433107588                           05           10/01/01          0
    1434898                              O            09/01/31
    0

    5412556          196/G02             F          217,550.00         ZZ
                                         360        217,550.00          2
                                       8.125          1,615.31         95
                                       7.875          1,615.31
    LOS ANGELES      CA   90006          1            08/01/01         11
    0433115649                           05           10/01/01         30
    1435225                              O            09/01/31
    0

    5412557          196/G02             F          232,000.00         ZZ
                                         360        231,814.47          1
                                       7.125          1,563.03         80
                                       6.875          1,563.03
    UPLAND           CA   91786          1            07/27/01         00
    0433107554                           05           09/01/01          0
    1435442                              O            08/01/31
    0

    5412559          196/G02             F          534,000.00         ZZ
                                         360        533,603.69          1
                                       7.500          3,733.81         75
                                       7.250          3,733.81
    ESCONDIDO        CA   92029          1            07/25/01         00
    0433107703                           05           09/01/01          0
    1436983                              O            08/01/31
    0

1

    5415413          E22/G02             F           56,250.00         ZZ
                                         360         56,250.00          1
                                       8.750            442.52         90
                                       8.500            442.52
    MESQUITE         TX   75049          1            08/22/01         04
    0412857641                           07           10/01/01         25
    0412857641                           N            09/01/31
    0

    5415423          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       7.500          1,146.71         85
                                       7.250          1,146.71
    CROOKED RIVER R  OR   97760          2            08/14/01         04
    0412885527                           03           10/01/01         12
    0412885527                           O            09/01/31
    0

    5415424          E22/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
                                       8.750            967.64         69
                                       8.500            967.64
    LOVELAND         CO   80538          5            08/22/01         00
    0412886699                           05           10/01/01          0
    0412886699                           N            09/01/31
    0

    5415428          E22/G02             F          412,000.00         ZZ
                                         360        412,000.00          1
                                       7.750          2,951.62         80
                                       7.500          2,951.62
    BATAVIA          IL   60510          5            08/14/01         00
    0412892473                           05           10/01/01          0
    0412892473                           O            09/01/31
    0

    5415440          E22/G02             F          262,500.00         ZZ
                                         360        262,500.00          1
                                       7.000          1,746.42         56
                                       6.750          1,746.42
    SAN JOSE         CA   95124          5            08/16/01         00
    0412901159                           05           10/01/01          0
    0412901159                           O            09/01/31
    0

    5415445          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       7.750          1,074.62         64
                                       7.500          1,074.62
1

    RENTON           WA   98059          5            08/15/01         00
    0412909673                           05           10/01/01          0
    0412909673                           O            09/01/31
    0

    5415446          E22/G02             F           69,600.00         ZZ
                                         360         69,600.00          1
                                       7.625            492.62         80
                                       7.375            492.62
    FORT WORTH       TX   76133          2            08/22/01         00
    0412911596                           05           10/01/01          0
    0412911596                           N            09/01/31
    0

    5415454          E22/G02             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       7.500          2,712.95         80
                                       7.250          2,712.95
    LONG BEACH       CA   90808          5            08/17/01         00
    0412923880                           05           10/01/01          0
    0412923880                           O            09/01/31
    0

    5417956          076/076             F          398,250.00         ZZ
                                         360        397,657.02          1
                                       7.500          2,784.63         90
                                       7.250          2,784.63
    DOYLESTOWN       PA   18901          1            06/15/01         10
    5011454                              05           08/01/01         25
    5011454                              O            07/01/31
    0

    5417957          076/076             F          384,000.00         ZZ
                                         360        382,735.73          1
                                       7.875          2,784.27         80
                                       7.625          2,784.27
    SAN ANTONIO      TX   78258          2            07/30/01         00
    5534371                              05           09/01/01          0
    5534371                              O            08/01/31
    0

    5421106          405/405             F          525,000.00         ZZ
                                         360        524,620.02          1
                                       7.625          3,715.92         75
                                       7.125          3,715.92
    CASTLE ROCK      CO   80104          5            07/19/01         00
    0012266136                           03           09/01/01          0
    0012266136                           O            08/01/31
    0
1

    5421111          405/405             F          480,000.00         ZZ
                                         360        479,643.77          1
                                       7.500          3,356.23         80
                                       7.000          3,356.23
    ATLANTA          GA   30350          5            07/17/01         00
    0012287801                           05           09/01/01          0
    0012287801                           O            08/01/31
    0

    5421119          405/405             F          416,000.00         ZZ
                                         360        415,698.90          1
                                       7.625          2,944.43         80
                                       7.125          2,944.43
    DALLAS           TX   75205          1            07/20/01         00
    0012358974                           05           09/01/01          0
    0012358974                           O            08/01/31
    0

    5421120          405/405             F          306,000.00         ZZ
                                         360        305,772.90          1
                                       7.500          2,139.60         40
                                       7.000          2,139.60
    SAN MATEO        CA   94403          2            07/27/01         00
    0017197534                           05           09/01/01          0
    0017197534                           N            08/01/31
    0

    5421126          405/405             F          502,775.00         ZZ
                                         360        502,401.86          1
                                       7.500          3,515.48         80
                                       7.000          3,515.48
    BRENTWOOD        CA   94513          1            07/26/01         00
    0017417023                           03           09/01/01          0
    0017417023                           O            08/01/31
    0

    5421129          405/405             F          360,000.00         ZZ
                                         360        359,726.07          1
                                       7.375          2,486.43         80
                                       6.875          2,486.43
    SALINAS          CA   93908          5            07/26/01         00
    0017475047                           05           09/01/01          0
    0017475047                           O            08/01/31
    0

    5421148          405/405             F          436,000.00         ZZ
                                         360        435,692.27          1
1

                                       7.750          3,123.56         80
                                       7.250          3,123.56
    UNION CITY       CA   94587          5            07/25/01         00
    0017592999                           05           09/01/01          0
    0017592999                           O            08/01/31
    0

    5421163          405/405             F          476,000.00         ZZ
                                         360        475,379.04          1
                                       7.750          3,410.13         80
                                       7.250          3,410.13
    LOS ANGELES      CA   91325          1            07/24/01         00
    0017611724                           05           09/01/01          0
    0017611724                           O            08/01/31
    0

    5421164          405/405             F          425,000.00         ZZ
                                         360        424,676.61          1
                                       7.375          2,935.37         79
                                       6.875          2,935.37
    TRABUCO CANYON   CA   92679          5            07/21/01         00
    0017611997                           03           09/01/01          0
    0017611997                           O            08/01/31
    0

    5423891          696/G02             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       8.000          1,981.16         80
                                       7.750          1,981.16
    SPRINGFIELD      VA   22153          1            08/21/01         00
    0433112463                           03           10/01/01          0
    24601206                             O            09/01/31
    0

    5423900          696/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       7.500          1,090.77         80
                                       7.250          1,090.77
    ROCKVILLE        MD   20852          2            08/21/01         00
    0433112331                           05           10/01/01          0
    31101167                             O            09/01/31
    0

    5427983          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       8.125          1,603.79         80
                                       7.875          1,603.79
    LOS ANGELES      CA   90043          5            08/08/01         00
    0412810137                           05           10/01/01          0
1

    0412810137                           O            09/01/31
    0

    5427986          E22/G02             F          345,600.00         ZZ
                                         360        345,600.00          1
                                       7.125          2,328.37         80
                                       6.875          2,328.37
    RICHMOND         CA   94805          5            08/16/01         00
    0412817413                           05           10/01/01          0
    0412817413                           O            09/01/31
    0

    5427993          E22/G02             F           67,000.00         ZZ
                                         360         67,000.00          1
                                       8.000            491.62         32
                                       7.750            491.62
    SANTA ROSA       CA   95405          5            08/15/01         00
    0412845919                           09           10/01/01          0
    0412845919                           O            09/01/31
    0

    5427999          E22/G02             F          164,700.00         ZZ
                                         360        164,700.00          1
                                       7.750          1,179.93         90
                                       7.500          1,179.93
    GRASS VALLEY     CA   95945          1            08/22/01         01
    0412863243                           05           10/01/01         30
    0412863243                           O            09/01/31
    0

    5428000          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.750          1,432.82         17
                                       7.500          1,432.82
    FORT WORTH       TX   76135          5            08/16/01         00
    0412864233                           05           10/01/01          0
    0412864233                           O            09/01/31
    0

    5428003          E22/G02             F          431,000.00         ZZ
                                         360        431,000.00          1
                                       7.500          3,013.61         80
                                       7.250          3,013.61
    HERCULES         CA   94547          2            08/15/01         00
    0412873887                           05           10/01/01          0
    0412873887                           O            09/01/31
    0

1

    5428009          E22/G02             F           72,900.00         ZZ
                                         360         72,900.00          1
                                       7.750            522.26         92
                                       7.500            522.26
    POCATELLO        ID   83204          1            08/20/01         01
    0412883928                           05           10/01/01         35
    0412883928                           O            09/01/31
    0

    5428011          E22/G02             F          193,800.00         ZZ
                                         360        193,800.00          1
                                       8.500          1,490.15         94
                                       8.250          1,490.15
    LAKEWOOD         CO   80226          5            08/20/01         04
    0412885493                           05           10/01/01         30
    0412885493                           O            09/01/31
    0

    5428013          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       8.250            676.14         83
                                       8.000            676.14
    MOUNT OLIVE      AL   35117          5            08/20/01         10
    0412887002                           05           10/01/01         12
    0412887002                           O            09/01/31
    0

    5428015          E22/G02             F          104,800.00         ZZ
                                         360        104,800.00          1
                                       7.250            714.92         80
                                       7.000            714.92
    BEND             OR   97707          2            08/14/01         00
    0412888109                           05           10/01/01          0
    0412888109                           O            09/01/31
    0

    5428016          E22/G02             F           98,250.00         ZZ
                                         360         98,250.00          4
                                       8.000            720.92         75
                                       7.750            720.92
    FRESNO           CA   93705          1            08/20/01         00
    0412888372                           05           10/01/01          0
    0412888372                           N            09/01/31
    0

    5428017          E22/G02             F          118,400.00         ZZ
                                         360        118,400.00          3
                                       8.500            910.39         80
                                       8.250            910.39
1

    CHICO            CA   95928          1            08/16/01         00
    0412888406                           05           10/01/01          0
    0412888406                           N            09/01/31
    0

    5428021          E22/G02             F          130,500.00         ZZ
                                         360        130,500.00          1
                                       7.500            912.47         87
                                       7.250            912.47
    MEMPHIS          TN   38112          5            08/20/01         01
    0412891806                           05           10/01/01         25
    0412891806                           O            09/01/31
    0

    5428024          E22/G02             F          338,000.00         ZZ
                                         360        338,000.00          1
                                       7.500          2,363.35         90
                                       7.250          2,363.35
    NEW ORLEANS      LA   70124          2            08/20/01         04
    0412894297                           05           10/01/01         25
    0412894297                           O            09/01/31
    0

    5428033          E22/G02             F          265,200.00         ZZ
                                         360        265,200.00          1
                                       8.000          1,945.94         85
                                       7.750          1,945.94
    CANDLER          NC   28715          5            08/20/01         01
    0412907388                           05           10/01/01         12
    0412907388                           O            09/01/31
    0

    5428034          E22/G02             F          139,500.00         ZZ
                                         360        139,500.00          1
                                       8.125          1,035.78         90
                                       7.875          1,035.78
    HANOVER TOWNSHI  NJ   07981          1            08/24/01         04
    0412907925                           05           10/01/01         30
    0412907925                           O            09/01/31
    0

    5428037          E22/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
                                       8.625            388.89         72
                                       8.375            388.89
    PONTIAC          MI   48341          5            08/24/01         00
    0412911620                           05           10/01/01          0
    0412911620                           N            09/01/31
    0
1

    5428045          E22/G02             F          208,050.00         ZZ
                                         360        208,050.00          1
                                       7.750          1,490.50         95
                                       7.500          1,490.50
    TEMECULA         CA   92589          1            08/21/01         01
    0412918708                           03           10/01/01         30
    0412918708                           O            09/01/31
    0

    5428046          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       8.250          1,502.53         76
                                       8.000          1,502.53
    DALLAS           TX   75214          5            08/20/01         00
    0412920308                           05           10/01/01          0
    0412920308                           O            09/01/31
    0

    5428051          E22/G02             F          116,900.00         ZZ
                                         360        116,900.00          1
                                       7.625            827.41         90
                                       7.375            827.41
    ALABASTER        AL   35007          1            08/24/01         10
    0412924516                           05           10/01/01         25
    0412924516                           O            09/01/31
    0

    5428053          E22/G02             F           75,150.00         ZZ
                                         360         75,150.00          4
                                       8.625            584.51         90
                                       8.375            584.51
    GRAND RAPIDS     MI   49504          1            08/24/01         04
    0412925984                           05           10/01/01         25
    0412925984                           N            09/01/31
    0

    5428060          E22/G02             F          104,500.00         ZZ
                                         360        104,500.00          1
                                       8.625            812.79         95
                                       8.375            812.79
    STURGIS          MI   49091          1            08/24/01         04
    0412927782                           05           10/01/01         30
    0412927782                           O            09/01/31
    0

    5428063          E22/G02             F          303,850.00         ZZ
                                         360        303,850.00          1
1

                                       7.750          2,176.82         80
                                       7.500          2,176.82
    BOYNE            MI   49712          1            08/24/01         00
    0412929937                           05           10/01/01          0
    0412929937                           O            09/01/31
    0

    5428064          E22/G02             F          157,500.00         ZZ
                                         360        157,500.00          1
                                       8.625          1,225.02         90
                                       8.375          1,225.02
    FOREST PARK      IL   60130          5            08/20/01         04
    0412930422                           05           10/01/01         25
    0412930422                           O            09/01/31
    0

    5428071          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.500            559.37         77
                                       7.250            559.37
    ST. PETERSBURG   FL   33710          5            08/20/01         00
    0412933954                           05           10/01/01          0
    0412933954                           O            09/01/31
    0

    5428076          E22/G02             F          111,500.00         ZZ
                                         360        111,500.00          1
                                       8.000            818.15         66
                                       7.750            818.15
    COLORADO SPRING  CO   80918          2            08/24/01         00
    0412935801                           05           10/01/01          0
    0412935801                           N            09/01/31
    0

    5428091          E22/G02             F          341,250.00         ZZ
                                         360        341,250.00          1
                                       8.000          2,503.97         65
                                       7.750          2,503.97
    SEATTLE          WA   98178          5            08/21/01         00
    0412955015                           05           10/01/01          0
    0412955015                           N            09/01/31
    0

    5428204          E82/G02             F           56,800.00         ZZ
                                         360         56,800.00          1
                                       8.000            416.78         69
                                       7.750            416.78
    FERNDALE         MI   48220          2            08/22/01         00
    0400454767                           05           10/01/01          0
1

    4025136                              N            09/01/31
    0

    5428213          E82/G02             F          170,300.00         ZZ
                                         360        170,300.00          1
                                       7.500          1,190.76         68
                                       7.250          1,190.76
    PARIS            MI   49338          2            08/21/01         00
    0400436572                           05           10/01/01          0
    0400436572                           O            09/01/31
    0

    5428215          E82/G02             F          130,700.00         ZZ
                                         360        130,700.00          3
                                       8.125            970.44         58
                                       7.875            970.44
    PITTSBURGH       PA   15217          2            08/20/01         00
    0400434171                           05           10/01/01          0
    0400434171                           O            09/01/31
    0

    5428221          E82/G02             F          251,700.00         ZZ
                                         360        251,700.00          1
                                       7.500          1,759.92         65
                                       7.250          1,759.92
    SEATTLE          WA   98118          2            08/20/01         00
    0400474342                           05           10/01/01          0
    0400474342                           O            09/01/31
    0

    5428227          E82/G02             F           92,800.00         ZZ
                                         360         92,800.00          1
                                       7.875            672.86         77
                                       7.625            672.86
    FARMINGTON HILL  MI   48336          2            08/22/01         00
    0400454815                           05           10/01/01          0
    2863648                              N            09/01/31
    0

    5428228          E82/G02             F          354,000.00         ZZ
                                         360        354,000.00          1
                                       7.875          2,566.75         69
                                       7.625          2,566.75
    MERRICK          NY   11566          5            08/17/01         00
    0400469755                           05           10/01/01          0
    0400469755                           O            09/01/31
    0

1

    5428397          964/G02             F          190,800.00         ZZ
                                         360        190,800.00          4
                                       8.375          1,450.22         90
                                       8.125          1,450.22
    PUEBLO           CO   81001          1            08/17/01         01
    0433112349                           05           10/01/01         25
    139078                               N            09/01/31
    0

    5428436          964/G02             F          126,000.00         ZZ
                                         360        126,000.00          4
                                       7.875            913.59         90
                                       7.625            913.59
    FORT MORGAN      CO   80701          1            08/17/01         01
    0433107471                           05           10/01/01         25
    133599                               O            09/01/31
    0

    5432327          624/G02             F          283,000.00         ZZ
                                         360        283,000.00          1
                                       7.500          1,978.78         77
                                       7.250          1,978.78
    PENRYN           CA   95663          1            08/20/01         00
    0433131828                           05           10/01/01          0
    38800611143F                         O            09/01/31
    0

    5434677          964/G02             F          209,800.00         ZZ
                                         360        209,800.00          1
                                       7.625          1,484.95         75
                                       7.375          1,484.95
    PORTLAND         OR   97229          2            08/29/01         00
    0433150331                           05           10/01/01          0
    139957                               N            09/01/31
    0

    5436425          964/G02             F          209,800.00         ZZ
                                         360        209,800.00          1
                                       7.625          1,484.95         74
                                       7.375          1,484.95
    PORTLAND         OR   97229          2            08/29/01         00
    0433140886                           05           10/01/01          0
    139956                               N            09/01/31
    0

    5439042          E22/G02             F          123,050.00         ZZ
                                         360        123,050.00          2
                                       8.375            935.27         80
                                       8.125            935.27
1

    ST PAUL          MN   55103          5            08/21/01         00
    0412803249                           05           10/01/01          0
    0412803249                           O            09/01/31
    0

    5439045          E22/G02             F          187,150.00         ZZ
                                         360        187,150.00          1
                                       8.375          1,422.48         95
                                       8.125          1,422.48
    FRASER TOWNSHIP  MI   48650          1            08/27/01         04
    0412816126                           05           10/01/01         30
    0412816126                           O            09/01/31
    0

    5439055          E22/G02             F           78,750.00         ZZ
                                         360         78,750.00          1
                                       7.500            550.63         75
                                       7.250            550.63
    SACRAMENTO       CA   95825          2            08/17/01         00
    0412841900                           01           10/01/01          0
    0412841900                           O            09/01/31
    0

    5439067          E22/G02             F           69,300.00         ZZ
                                         360         69,300.00          1
                                       7.500            484.56         90
                                       7.250            484.56
    WEST PEORIA      IL   61604          2            08/21/01         04
    0412864126                           05           10/01/01         25
    0412864126                           O            09/01/31
    0

    5439089          E22/G02             F          138,880.00         ZZ
                                         360        138,880.00          1
                                       7.250            947.41         80
                                       7.000            947.41
    ARLINGTON        TX   76002          5            08/22/01         00
    0412892523                           05           10/01/01          0
    0412892523                           O            09/01/31
    0

    5439106          E22/G02             F          456,800.00         ZZ
                                         360        456,800.00          1
                                       7.375          3,155.00         80
                                       7.125          3,155.00
    CARMICHAEL       CA   95608          5            08/20/01         00
    0412908972                           05           10/01/01          0
    0412908972                           O            09/01/31
    0
1

    5439107          E22/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
                                       7.875            619.93         90
                                       7.625            619.93
    GADSDEN          AL   35903          5            08/21/01         01
    0412909228                           05           10/01/01         25
    0412909228                           O            09/01/31
    0

    5439109          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       7.750            917.01         80
                                       7.500            917.01
    GRAND PRAIRIE    TX   75052          5            08/17/01         00
    0412910846                           03           10/01/01          0
    0412910846                           O            09/01/31
    0

    5439113          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       7.500            671.25         80
                                       7.250            671.25
    ARABI            LA   70032          5            08/21/01         00
    0412914764                           05           10/01/01          0
    0412914764                           O            09/01/31
    0

    5439116          E22/G02             F           66,500.00         ZZ
                                         360         66,500.00          2
                                       8.625            517.23         95
                                       8.375            517.23
    DETROIT          MI   48205          5            08/21/01         04
    0412917254                           05           10/01/01         30
    0412917254                           O            09/01/31
    0

    5439127          E22/G02             F          637,500.00         ZZ
                                         360        637,500.00          1
                                       7.750          4,567.13         75
                                       7.500          4,567.13
    LOS ANGELES      CA   90069          5            08/16/01         00
    0412922270                           05           10/01/01          0
    0412922270                           O            09/01/31
    0

    5439134          E22/G02             F          157,500.00         ZZ
                                         360        157,500.00          1
1

                                       7.250          1,074.43         62
                                       7.000          1,074.43
    ESTES PARK       CO   80517          1            08/27/01         00
    0412926610                           05           10/01/01          0
    0412926610                           O            09/01/31
    0

    5439141          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         80
                                       7.250          2,517.17
    HEALDSBURG       CA   95448          2            08/17/01         00
    0412928574                           05           10/01/01          0
    0412928574                           O            09/01/31
    0

    5439171          E22/G02             F          112,400.00         ZZ
                                         360        112,400.00          1
                                       7.875            814.98         80
                                       7.625            814.98
    NORTH LAS VEGAS  NV   89031          1            08/16/01         00
    0412950073                           03           10/01/01          0
    0412950073                           N            09/01/31
    0

    5439176          E22/G02             F           73,100.00         ZZ
                                         360         73,100.00          1
                                       8.000            536.38         85
                                       7.750            536.38
    LAMAR            CO   81052          5            08/22/01         04
    0412954539                           05           10/01/01         12
    0412954539                           O            09/01/31
    0

    5439180          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       8.250            676.14         65
                                       8.000            676.14
    COLORADO SPRING  CO   80911          5            08/21/01         00
    0412957656                           05           10/01/01          0
    0412957656                           O            09/01/31
    0

    5439181          E22/G02             F          129,600.00         ZZ
                                         360        129,600.00          1
                                       8.250            973.64         80
                                       8.000            973.64
    CORONA           CA   92881          1            08/21/01         00
    0412957862                           05           10/01/01          0
1

    0412957862                           N            09/01/31
    0

    5439262          E82/G02             F          118,550.00         ZZ
                                         360        118,550.00          1
                                       7.500            828.92         92
                                       7.250            828.92
    CERRITOS         CA   90703          2            08/17/01         04
    0400458162                           01           10/01/01         30
    3912107                              O            09/01/31
    0

    5444112          944/G02             F          342,500.00         ZZ
                                         360        342,500.00          1
                                       7.250          2,336.46         78
                                       7.000          2,336.46
    MONTEREY         CA   93940          5            08/09/01         00
    0433145810                           05           10/01/01          0
    W01053666                            O            09/01/31
    0

    5450514          E22/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       7.500            727.18         79
                                       7.250            727.18
    EUGENE           OR   97405          5            08/21/01         00
    0412854689                           05           10/01/01          0
    0412854689                           O            09/01/31
    0

    5450522          E22/G02             F          127,500.00         ZZ
                                         360        127,500.00          1
                                       7.500            891.50         61
                                       7.250            891.50
    ARLINGTON        TX   76016          5            08/22/01         00
    0412881989                           05           10/01/01          0
    0412881989                           O            09/01/31
    0

    5450526          E22/G02             F          139,000.00         ZZ
                                         360        139,000.00          2
                                       7.375            960.04         72
                                       7.125            960.04
    WOODLAND PARK    CO   80863          2            08/23/01         00
    0412888224                           05           10/01/01          0
    0412888224                           O            09/01/31
    0

1

    5450531          E22/G02             F          461,000.00         ZZ
                                         360        461,000.00          1
                                       7.625          3,262.93         72
                                       7.375          3,262.93
    MENLO PARK       CA   94025          5            08/16/01         00
    0412899155                           05           10/01/01          0
    0412899155                           O            09/01/31
    0

    5450532          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       7.375          1,243.22         80
                                       7.125          1,243.22
    SUGAR LAND       TX   77479          1            08/20/01         00
    0412899908                           03           10/01/01          0
    0412899908                           O            09/01/31
    0

    5450536          E22/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       7.875            942.59         78
                                       7.625            942.59
    HARTFORD         CT   06106          5            08/23/01         00
    0412903395                           08           10/01/01          0
    0412903395                           O            09/01/31
    0

    5450538          E22/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.375          2,541.68         80
                                       7.125          2,541.68
    ESCONDIDO        CA   92026          5            08/17/01         00
    0412904559                           05           10/01/01          0
    0412904559                           O            09/01/31
    0

    5450543          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.125            538.97         89
                                       6.875            538.97
    EL PASO          TX   79928          2            08/21/01         04
    0412909913                           05           10/01/01         25
    0412909913                           O            09/01/31
    0

    5450547          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.750            644.77         80
                                       7.500            644.77
1

    PERRY            IA   50220          2            08/23/01         00
    0412914657                           05           10/01/01          0
    0412914657                           O            09/01/31
    0

    5450548          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
                                       8.125          1,574.09         33
                                       7.875          1,574.09
    DRAIN            OR   97435          5            08/22/01         00
    0412914996                           05           10/01/01          0
    0412914996                           O            09/01/31
    0

    5450550          E22/G02             F          197,600.00         ZZ
                                         360        197,600.00          1
                                       8.750          1,554.52         95
                                       8.500          1,554.52
    BELLFLOWER       CA   90706          5            08/15/01         11
    0412915845                           05           10/01/01         30
    0412915845                           O            09/01/31
    0

    5450555          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       7.375          1,036.01         75
                                       7.125          1,036.01
    CHESTER          CT   06412          1            08/28/01         00
    0412918914                           05           10/01/01          0
    0412918914                           O            09/01/31
    0

    5450556          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       7.000          1,496.93         70
                                       6.750          1,496.93
    MARTINEZ         CA   94553          1            08/15/01         00
    0412919664                           09           10/01/01          0
    0412919664                           O            09/01/31
    0

    5450558          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          2
                                       7.875            870.08         80
                                       7.625            870.08
    HALLANDALE       FL   33009          5            08/23/01         00
    0412921546                           05           10/01/01          0
    0412921546                           O            09/01/31
    0
1

    5450563          E22/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       8.750            601.83         90
                                       8.500            601.83
    PERRYVILLE       MO   63775          5            08/23/01         01
    0412923443                           05           10/01/01         25
    0412923443                           O            09/01/31
    0

    5450579          E22/G02             F           93,100.00         ZZ
                                         360         93,100.00          1
                                       8.250            699.43         95
                                       8.000            699.43
    CINCINNATI       OH   45215          5            08/23/01         04
    0412931198                           05           10/01/01         30
    0412931198                           O            09/01/31
    0

    5450580          E22/G02             F          142,000.00         ZZ
                                         360        142,000.00          1
                                       7.750          1,017.31         80
                                       7.500          1,017.31
    HAMPTON TOWNSHI  MI   48732          5            08/23/01         00
    0412931305                           05           10/01/01          0
    0412931305                           O            09/01/31
    0

    5450583          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       8.250            691.17         80
                                       8.000            691.17
    BOCA RATON       FL   33487          5            08/23/01         00
    0412933228                           09           10/01/01          0
    0412933228                           O            09/01/31
    0

    5450584          E22/G02             F           49,650.00         ZZ
                                         360         49,650.00          1
                                       8.375            377.38         84
                                       8.125            377.38
    MEMPHIS          TN   38127          2            08/27/01         10
    0412933517                           05           10/01/01         25
    0412933517                           N            09/01/31
    0

    5450587          E22/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
1

                                       7.125          1,482.18         74
                                       6.875          1,482.18
    SAN BRUNO        CA   94066          1            08/21/01         00
    0412937229                           01           10/01/01          0
    0412937229                           O            09/01/31
    0

    5450607          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          2
                                       8.625            933.35         75
                                       8.375            933.35
    SALEM            OR   97302          5            08/21/01         00
    0412957433                           05           10/01/01          0
    0412957433                           N            09/01/31
    0

    5450610          E22/G02             F          209,950.00         ZZ
                                         360        209,950.00          1
                                       7.625          1,486.01         95
                                       7.375          1,486.01
    THORNTON         CO   80241          1            08/28/01         01
    0412959215                           03           10/01/01         30
    0412959215                           O            09/01/31
    0

    5450616          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.875            870.08         79
                                       7.625            870.08
    DENVER           CO   80209          1            08/28/01         00
    0412981268                           07           10/01/01          0
    0412981268                           O            09/01/31
    0

    5458702          B28/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       7.250          1,023.26         40
                                       7.000          1,023.26
    ELIZABETH        CO   80107          1            08/14/01         00
    0433153962                           05           10/01/01          0
    01300006                             O            09/01/31
    0

    5459380          E22/G02             F           59,500.00         ZZ
                                         360         59,500.00          1
                                       7.875            431.42         85
                                       7.625            431.42
    NEW ORLEANS      LA   70119          5            08/24/01         04
    0412798613                           05           10/01/01         12
1

    0412798613                           O            09/01/31
    0

    5459392          E22/G02             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       8.125          2,702.69         76
                                       7.875          2,702.69
    SACRAMENTO       CA   95819          2            08/16/01         00
    0412859670                           05           10/01/01          0
    0412859670                           O            09/01/31
    0

    5459403          E22/G02             F          246,400.00         ZZ
                                         360        246,400.00          1
                                       7.750          1,765.24         80
                                       7.500          1,765.24
    SOUTH LAKE TAHO  CA   96150          5            08/15/01         00
    0412877730                           03           10/01/01          0
    0412877730                           O            09/01/31
    0

    5459406          E22/G02             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.625          2,760.40         75
                                       7.375          2,760.40
    EL DORADO HILLS  CA   95762          5            08/21/01         00
    0412880759                           03           10/01/01          0
    0412880759                           O            09/01/31
    0

    5459409          E22/G02             F          268,000.00         ZZ
                                         360        268,000.00          2
                                       7.875          1,943.19         80
                                       7.625          1,943.19
    STATEN ISLAND    NY   10306          1            08/29/01         00
    0412882268                           05           10/01/01          0
    0412882268                           O            09/01/31
    0

    5459411          E22/G02             F          140,000.00         ZZ
                                         240        140,000.00          1
                                       8.000          1,171.02         90
                                       7.750          1,171.02
    LEXINGTON        KY   40505          5            08/24/01         10
    0412886004                           05           10/01/01         12
    0412886004                           O            09/01/21
    0

1

    5459412          E22/G02             F          456,000.00         ZZ
                                         360        456,000.00          1
                                       7.625          3,227.54         80
                                       7.375          3,227.54
    MIAMI            FL   33173          1            08/29/01         00
    0412887440                           05           10/01/01          0
    0412887440                           O            09/01/31
    0

    5459417          E22/G02             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.750          3,223.86         79
                                       7.500          3,223.86
    SAN JOSE         CA   95124          5            08/21/01         00
    0412897183                           05           10/01/01          0
    0412897183                           O            09/01/31
    0

    5459420          E22/G02             F          244,100.00         ZZ
                                         360        244,100.00          1
                                       8.250          1,833.84         95
                                       8.000          1,833.84
    OXFORD           OH   45056          1            08/29/01         04
    0412900631                           05           10/01/01         30
    0412900631                           O            09/01/31
    0

    5459421          E22/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.625          2,406.50         59
                                       7.375          2,406.50
    ATHERTON         CA   94027          2            08/22/01         00
    0412900821                           05           10/01/01          0
    0412900821                           O            09/01/31
    0

    5459430          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.375            621.61         95
                                       7.125            621.61
    POMPANO          FL   33064          2            08/24/01         04
    0412912289                           09           10/01/01         30
    0412912289                           O            09/01/31
    0

    5459433          E22/G02             F          162,400.00         ZZ
                                         360        162,400.00          1
                                       7.875          1,177.51         80
                                       7.625          1,177.51
1

    SACHSE           TX   75048          5            08/24/01         00
    0412914392                           05           10/01/01          0
    0412914392                           O            09/01/31
    0

    5459436          E22/G02             F           42,000.00         ZZ
                                         360         42,000.00          1
                                       8.625            326.67         76
                                       8.375            326.67
    TRENTON          NJ   08601          1            08/29/01         00
    0412918526                           07           10/01/01          0
    0412918526                           N            09/01/31
    0

    5459438          E22/G02             F          169,600.00         ZZ
                                         360        169,600.00          1
                                       7.375          1,171.39         78
                                       7.125          1,171.39
    BONITA SPRINGS   FL   34135          1            08/29/01         00
    0412919201                           03           10/01/01          0
    0412919201                           O            09/01/31
    0

    5459440          E22/G02             F          607,500.00         ZZ
                                         360        607,500.00          1
                                       7.250          4,144.22         75
                                       7.000          4,144.22
    SAN JOSE         CA   95120          5            08/20/01         00
    0412920555                           05           10/01/01          0
    0412920555                           O            09/01/31
    0

    5459444          E22/G02             F          577,500.00         ZZ
                                         360        577,500.00          1
                                       7.500          4,037.96         77
                                       7.250          4,037.96
    SAN JOSE         CA   95125          5            08/21/01         00
    0412922924                           05           10/01/01          0
    0412922924                           O            09/01/31
    0

    5459448          E22/G02             F          273,000.00         ZZ
                                         360        273,000.00          1
                                       7.750          1,955.81         77
                                       7.500          1,955.81
    POINT PLEASANT   NJ   08742          2            08/24/01         00
    0412927246                           05           10/01/01          0
    0412927246                           O            09/01/31
    0
1

    5459457          E22/G02             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.500          2,272.45         74
                                       7.250          2,272.45
    BERKELEY         CA   94707          1            08/23/01         00
    0412933061                           05           10/01/01          0
    0412933061                           O            09/01/31
    0

    5459473          E22/G02             F          206,860.00         ZZ
                                         360        206,860.00          1
                                       8.625          1,608.94         90
                                       8.375          1,608.94
    OSWEGO           IL   60543          1            08/27/01         01
    0412940611                           03           10/01/01         25
    0412940611                           O            09/01/31
    0

    5459488          E22/G02             F          138,500.00         ZZ
                                         360        138,500.00          1
                                       7.375            956.59         77
                                       7.125            956.59
    BASS RIVER TOWN  NJ   08087          5            08/24/01         00
    0412946600                           05           10/01/01          0
    0412946600                           O            09/01/31
    0

    5459493          E22/G02             F          140,505.00         ZZ
                                         360        140,505.00          1
                                       7.625            994.49         95
                                       7.375            994.49
    KENT             WA   98042          1            08/22/01         01
    0412951394                           05           10/01/01         35
    0412951394                           O            09/01/31
    0

    5459513          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       8.000            440.26         76
                                       7.750            440.26
    AZLE             TX   76020          5            08/24/01         00
    0412968380                           05           10/01/01          0
    0412968380                           O            09/01/31
    0

    5459517          E22/G02             F          245,700.00         ZZ
                                         360        245,700.00          1
1

                                       7.875          1,781.50         77
                                       7.625          1,781.50
    AUSTIN           TX   78731          2            08/24/01         00
    0412972291                           05           10/01/01          0
    0412972291                           O            09/01/31
    0

    5461157          E82/G02             F          100,650.00         ZZ
                                         360        100,650.00          1
                                       7.875            729.78         70
                                       7.625            729.78
    WINTHROP         MA   02152          5            08/27/01         00
    0400465548                           01           10/01/01          0
    0400465548                           O            09/01/31
    0

    5461161          E82/G02             F          278,300.00         ZZ
                                         360        278,300.00          2
                                       7.875          2,017.87         54
                                       7.625          2,017.87
    NANTUCKET        MA   02554          2            08/27/01         00
    0400465738                           05           10/01/01          0
    1998005                              O            09/01/31
    0

    5461726          076/076             F          316,000.00         ZZ
                                         360        315,172.50          1
                                       8.250          2,374.00         70
                                       8.000          2,374.00
    RIVERWOODS       IL   60015          2            08/02/01         00
    5628333                              05           09/01/01          0
    5628333                              O            08/01/31
    0

    5461874          623/G02             F          109,000.00         ZZ
                                         360        108,937.29          1
                                       8.750            857.50         64
                                       8.500            857.50
    FRUITA           CO   81521          2            07/19/01         00
    0433145265                           05           09/01/01          0
    1911242                              O            08/01/31
    0

    5461876          623/G02             F          220,000.00         ZZ
                                         360        219,820.83          1
                                       7.750          1,576.11         80
                                       7.500          1,576.11
    FRESNO           CA   93722          1            07/11/01         00
    0433145125                           05           09/01/01          0
1

    1949933                              O            08/01/31
    0

    5461878          623/G02             F          228,150.00         ZZ
                                         360        228,150.00          1
                                       7.625          1,614.83         75
                                       7.375          1,614.83
    ROSEVILLE        CA   95747          1            07/26/01         00
    0433145299                           05           10/01/01          0
    1966630                              O            09/01/31
    0

    5461880          623/G02             F          154,100.00         ZZ
                                         360        153,803.15          2
                                       8.250          1,157.71         66
                                       8.000          1,157.71
    LOS ANGELES      CA   90027          5            05/07/01         00
    0433144946                           05           07/01/01          0
    1969372                              O            06/01/31
    0

    5461886          623/G02             F          269,600.00         ZZ
                                         360        269,039.72          1
                                       7.875          1,954.79         80
                                       7.625          1,954.79
    SANTA CRUZ       CA   95065          1            05/09/01         00
    0433144870                           01           07/01/01          0
    1973649                              O            06/01/31
    0

    5461890          623/G02             F          261,750.00         ZZ
                                         360        261,378.41          1
                                       8.250          1,966.44         75
                                       8.000          1,966.44
    IRVINE           CA   92606          1            06/07/01         00
    0433145018                           01           08/01/01          0
    1977377                              O            07/01/31
    0

    5461893          623/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.375          2,762.70         73
                                       7.125          2,762.70
    SAN LUIS OBISPO  CA   93401          5            07/31/01         00
    0433145273                           03           10/01/01          0
    1977938                              O            09/01/31
    0

1

    5461901          623/G02             F          208,350.00         ZZ
                                         360        208,083.36          1
                                       8.250          1,565.27         90
                                       8.000          1,565.27
    PHOENIX          AZ   85014          1            06/28/01         10
    0433145026                           01           08/01/01         25
    1981310                              O            07/01/31
    0

    5461904          623/G02             F          303,200.00         ZZ
                                         360        303,200.00          1
                                       7.750          2,172.16         80
                                       7.500          2,172.16
    OCEANO           CA   93445          1            07/20/01         00
    0433145323                           05           10/01/01          0
    1982220                              N            09/01/31
    0

    5461905          623/G02             F          266,250.00         ZZ
                                         360        266,250.00          1
                                       7.750          1,907.45         75
                                       7.500          1,907.45
    ARVADA           CO   80005          5            08/02/01         00
    0433145042                           05           10/01/01          0
    1982279                              O            09/01/31
    0

    5461906          623/G02             F          307,500.00         ZZ
                                         360        307,500.00          1
                                       7.375          2,123.83         65
                                       7.125          2,123.83
    SAN LUIS OBISPO  CA   93401          5            07/31/01         00
    0433145216                           05           10/01/01          0
    1982914                              O            09/01/31
    0

    5461911          623/G02             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       7.875          3,806.62         74
                                       7.625          3,806.62
    AURORA           CO   80016          5            08/02/01         00
    0433145232                           03           10/01/01          0
    1983557                              O            09/01/31
    0

    5461913          623/G02             F          230,000.00         ZZ
                                         360        229,833.53          1
                                       7.625          1,627.93         58
                                       7.375          1,627.93
1

    SANTA CLARA      CA   95054          5            07/26/01         00
    0433144938                           05           09/01/01          0
    1983858                              O            08/01/31
    0

    5461914          623/G02             F          240,000.00         ZZ
                                         360        239,854.60          3
                                       8.500          1,845.40         80
                                       8.250          1,845.40
    LOS ANGELES      CA   90022          1            07/26/01         00
    0433145240                           05           09/01/01          0
    1984193                              O            08/01/31
    0

    5461916          623/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.500            559.38         68
                                       7.250            559.38
    SAN DIEGO        CA   92104          1            08/03/01         00
    0433145257                           01           10/01/01          0
    1984280                              O            09/01/31
    0

    5461917          623/G02             F          243,800.00         ZZ
                                         360        243,623.55          4
                                       7.625          1,725.60         80
                                       7.375          1,725.60
    TAOS             NM   87571          1            07/26/01         00
    0433145133                           05           09/01/01          0
    1984297                              O            08/01/31
    0

    5461921          623/G02             F          160,000.00         ZZ
                                         360        160,000.00          4
                                       9.000          1,287.40         75
                                       8.750          1,287.40
    BLACK CANYON CI  AZ   85324          2            08/01/01         00
    0433145349                           05           10/01/01          0
    1984462                              N            09/01/31
    0

    5461924          623/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       7.875          1,196.37         46
                                       7.625          1,196.37
    ROSEBURG         OR   97470          1            08/02/01         00
    0433145356                           05           10/01/01          0
    1984639                              O            09/01/31
    0
1

    5461928          623/G02             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       7.875          2,233.22         80
                                       7.625          2,233.22
    ROSEBURG         OR   97470          1            08/02/01         00
    0433145208                           05           10/01/01          0
    1984935                              O            09/01/31
    0

    5461933          623/G02             F           76,000.00         ZZ
                                         360         75,746.35          1
                                       7.750            544.48         62
                                       7.500            544.48
    CITRUS HEIGHTS   CA   95610          2            07/18/01         00
    0433145166                           05           09/01/01          0
    1985420                              N            08/01/31
    0

    5461937          623/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       7.375          1,036.02         29
                                       7.125          1,036.02
    CAMBRIA          CA   93428          1            08/02/01         00
    0433145182                           05           10/01/01          0
    1985697                              O            09/01/31
    0

    5461939          623/G02             F          208,000.00         ZZ
                                         360        207,337.74          1
                                       7.250          1,418.93         77
                                       7.000          1,418.93
    GLENDALE         CA   91204          2            07/24/01         00
    0433144961                           05           09/01/01          0
    1985841                              O            08/01/31
    0

    5461946          623/G02             F           95,000.00         ZZ
                                         360         94,932.94          1
                                       7.750            680.60         66
                                       7.500            680.60
    ALBUQUERQUE      NM   87111          5            07/27/01         00
    0433144904                           05           09/01/01          0
    1986200                              O            08/01/31
    0

    5461948          623/G02             F          158,000.00         ZZ
                                         360        157,788.49          1
1

                                       7.750          1,131.93         76
                                       7.500          1,131.93
    SIMI VALLEY      CA   93065          5            07/25/01         00
    0433145281                           05           09/01/01          0
    1986248                              O            08/01/31
    0

    5461949          623/G02             F          210,000.00         ZZ
                                         360        209,859.09          1
                                       8.000          1,540.91         73
                                       7.750          1,540.91
    GOLD HILL        OR   97525          5            07/26/01         00
    0433144912                           05           09/01/01          0
    1986265                              O            08/01/31
    0

    5461954          623/G02             F          270,000.00         ZZ
                                         360        269,827.83          1
                                       8.250          2,028.42         75
                                       8.000          2,028.42
    UNION CITY       CA   94587          5            07/26/01         00
    0433144821                           05           09/01/01          0
    1986652                              O            08/01/31
    0

    5461959          623/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.875          2,175.21         60
                                       7.625          2,175.21
    DENVER           CO   80237          5            08/01/01         00
    0433144839                           05           10/01/01          0
    1986926                              O            09/01/31
    0

    5461963          623/G02             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       7.625          2,463.12         80
                                       7.375          2,463.12
    VALLEJO          CA   94591          1            08/01/01         00
    0433144854                           05           10/01/01          0
    1987168                              O            09/01/31
    0

    5461964          623/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       7.500          2,629.05         75
                                       7.250          2,629.05
    GILROY           CA   95020          5            08/01/01         00
    0433144862                           05           10/01/01          0
1

    1987181                              O            09/01/31
    0

    5461973          623/G02             F          441,600.00         ZZ
                                         360        441,600.00          1
                                       7.625          3,125.62         80
                                       7.375          3,125.62
    LOS ANGELES      CA   91364          5            08/02/01         00
    0433139755                           05           10/01/01          0
    1988362                              O            09/01/31
    0

    5461974          623/G02             F          131,100.00         ZZ
                                         360        130,971.77          1
                                       7.875            950.57         80
                                       7.625            950.57
    PLEASANT GROVE   UT   84062          1            07/27/01         00
    0433145083                           05           09/01/01          0
    2786192                              O            08/01/31
    0

    5461976          623/G02             F          110,000.00         ZZ
                                         360        109,827.61          1
                                       9.250            904.94         67
                                       9.000            904.94
    SANDY            UT   84070          1            05/30/01         00
    0433145109                           05           07/01/01          0
    2786639                              O            06/01/31
    0

    5461978          623/G02             F          101,250.00         ZZ
                                         360        101,190.22          1
                                       8.625            787.51         75
                                       8.375            787.51
    ST GEORGE        UT   84770          2            07/25/01         00
    0433145745                           03           09/01/01          0
    2788165                              O            08/01/31
    0

    5461983          623/G02             F          582,500.00         ZZ
                                         360        582,109.15          1
                                       8.000          4,274.18         75
                                       7.750          4,274.18
    ZIONSVILLE       IN   46077          1            08/03/01         00
    0433142908                           05           09/01/01          0
    5249504                              O            08/01/31
    0

1

    5461984          623/G02             F          446,500.00         ZZ
                                         360        446,215.28          1
                                       8.250          3,354.41         80
                                       8.000          3,354.41
    BALTIMORE        MD   21208          1            07/13/01         00
    0433143773                           05           09/01/01          0
    5279380                              O            08/01/31
    0

    5461988          623/G02             F          285,000.00         ZZ
                                         360        284,818.27          1
                                       8.250          2,141.11         51
                                       8.000          2,141.11
    DERRY            NH   03038          1            07/31/01         00
    0433142874                           05           09/01/01          0
    5303675                              O            08/01/31
    0

    5461992          623/G02             F          225,000.00         ZZ
                                         360        224,833.02          1
                                       7.500          1,573.23         90
                                       7.250          1,573.23
    COLDSPRING       TX   77331          2            07/11/01         10
    0433143732                           05           09/01/01         25
    5327049                              O            08/01/31
    0

    5461995          623/G02             F           98,400.00         ZZ
                                         360         98,326.47          1
                                       8.500            756.61         72
                                       8.250            756.61
    HIGH SPRINGS     FL   32643          1            07/27/01         00
    0433142569                           05           09/01/01          0
    5334501                              O            08/01/31
    0

    5462003          623/G02             F          288,750.00         ZZ
                                         360        288,320.08          1
                                       7.500          2,018.98         75
                                       7.250          2,018.98
    LEBANON          NJ   08833          2            06/25/01         00
    0433142551                           05           08/01/01          0
    5350395                              O            07/01/31
    0

    5462006          623/G02             F           98,800.00         ZZ
                                         360         98,728.49          2
                                       7.625            699.30         80
                                       7.375            699.30
1

    BRISTOL          CT   06010          5            07/25/01         00
    0433142866                           05           09/01/01          0
    5354416                              O            08/01/31
    0

    5462007          623/G02             F          360,000.00         ZZ
                                         360        359,477.22          1
                                       7.625          2,548.06         80
                                       7.375          2,548.06
    GAITHERSBURG     MD   20882          5            06/19/01         00
    0433145729                           05           08/01/01          0
    5356758                              O            07/01/31
    0

    5462008          623/G02             F          192,000.00         ZZ
                                         360        191,734.87          1
                                       7.875          1,392.13         80
                                       7.625          1,392.13
    CANAL WINCHESTE  OH   43110          1            06/21/01         00
    0433142833                           05           08/01/01          0
    5356760                              O            07/01/31
    0

    5462011          623/G02             F           96,750.00         ZZ
                                         360         96,629.30          1
                                       8.375            735.37         75
                                       8.125            735.37
    CHICAGO          IL   60656          1            07/03/01         00
    0433143781                           01           08/01/01          0
    5358281                              O            07/01/31
    0

    5462014          623/G02             F          218,000.00         ZZ
                                         360        217,682.84          1
                                       7.750          1,561.78         80
                                       7.500          1,561.78
    LEBANON          OH   45036          5            06/07/01         00
    0433142528                           05           08/01/01          0
    5360154                              O            07/01/31
    0

    5462029          623/G02             F          320,000.00         ZZ
                                         360        319,650.64          1
                                       7.500          2,237.49         80
                                       7.250          2,237.49
    CANTON           GA   30115          2            07/17/01         00
    0433143609                           03           09/01/01          0
    5362981                              O            08/01/31
    0
1

    5462033          623/G02             F          568,708.00         ZZ
                                         360        567,882.28          1
                                       7.625          4,025.28         75
                                       7.375          4,025.28
    PARRISH          FL   34219          5            06/27/01         00
    0433143641                           05           08/01/01          0
    5363690                              O            07/01/31
    0

    5462034          623/G02             F          116,000.00         ZZ
                                         360        115,916.04          1
                                       7.625            821.04         80
                                       7.375            821.04
    STONE MOUNTAIN   GA   30088          5            07/11/01         00
    0433143674                           05           09/01/01          0
    5363772                              O            08/01/31
    0

    5462049          623/G02             F          150,000.00         ZZ
                                         360        149,885.86          1
                                       7.375          1,036.01         51
                                       7.125          1,036.01
    ATLANTA          GA   30307          2            08/07/01         00
    0433144185                           05           09/01/01          0
    5365850                              O            08/01/31
    0

    5462057          623/G02             F          104,000.00         ZZ
                                         360        103,632.79          1
                                       8.375            790.48         80
                                       8.125            790.48
    WAREHAM          MA   02571          5            08/01/01         00
    0433144250                           05           09/01/01          0
    5366238                              O            08/01/31
    0

    5462058          623/G02             F          108,000.00         ZZ
                                         360        107,909.27          1
                                       6.875            709.48         80
                                       6.625            709.48
    ELGIN            IL   60123          1            07/27/01         00
    0433144276                           05           09/01/01          0
    5366254                              O            08/01/31
    0

    5462060          623/G02             F          102,150.00         ZZ
                                         360        102,086.51          3
1

                                       8.375            776.41         90
                                       8.125            776.41
    WOONSOCKET       RI   02895          1            07/31/01         04
    0433144292                           05           09/01/01         25
    5367022                              N            08/01/31
    0

    5462062          623/G02             F          457,500.00         ZZ
                                         360        457,168.87          1
                                       7.625          3,238.16         75
                                       7.375          3,238.16
    WINTER SPRINGS   FL   32708          5            07/31/01         00
    0433144334                           03           09/01/01          0
    5367265                              O            08/01/31
    0

    5462064          623/G02             F          178,000.00         ZZ
                                         360        177,864.56          1
                                       7.375          1,229.40         59
                                       7.125          1,229.40
    SAVANNAH         GA   31411          2            07/18/01         00
    0433144383                           03           09/01/01          0
    5367541                              O            08/01/31
    0

    5462072          623/G02             F          412,500.00         ZZ
                                         360        412,500.00          1
                                       7.500          2,884.26         75
                                       7.250          2,884.26
    WASHINGTON       DC   20009          5            08/03/01         00
    0433144029                           05           10/01/01          0
    5368373                              O            09/01/31
    0

    5462080          623/G02             F           74,000.00         ZZ
                                         360         74,000.00          1
                                       8.000            542.99         74
                                       7.750            542.99
    COLUMBUS         OH   43228          2            08/07/01         00
    0433144474                           05           10/01/01          0
    5369408                              O            09/01/31
    0

    5462092          623/G02             F           54,000.00         ZZ
                                         240         54,000.00          3
                                       8.875            481.52         90
                                       8.625            481.52
    HARTFORD         CT   06106          1            08/10/01         04
    0433144565                           05           10/01/01         25
1

    5370907                              N            09/01/21
    0

    5462097          623/G02             F          263,000.00         ZZ
                                         360        262,823.53          1
                                       8.000          1,929.80         79
                                       7.750          1,929.80
    WEST HAVEN       UT   84315          2            07/23/01         00
    0433144417                           05           09/01/01          0
    2788081                              O            08/01/31
    0

    5462292          E82/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
                                       7.875            891.84         70
                                       7.625            891.84
    SPRING VALLEY    CA   91977          2            08/23/01         00
    0400467148                           05           10/01/01          0
    1979901                              N            09/01/31
    0

    5462352          623/G02             F          379,500.00         ZZ
                                         360        379,500.00          1
                                       7.250          2,588.86         41
                                       7.000          2,588.86
    PISMO BEACH      CA   93449          2            08/08/01         00
    0433144920                           05           10/01/01          0
    1986344                              O            09/01/31
    0

    5462551          623/G02             F          200,000.00         ZZ
                                         360        200,000.00          2
                                       7.500          1,398.43         58
                                       7.250          1,398.43
    NORTH ANDOVER    MA   01845          5            08/09/01         00
    0433144599                           05           10/01/01          0
    5371619                              O            09/01/31
    0

    5471284          E22/G02             F          444,000.00         ZZ
                                         360        444,000.00          1
                                       7.250          3,028.86         78
                                       7.000          3,028.86
    YORBA LINDA      CA   92886          5            08/22/01         00
    0412746430                           05           10/01/01          0
    0412746430                           O            09/01/31
    0

1

    5471285          E22/G02             F          435,000.00         ZZ
                                         360        435,000.00          1
                                       7.625          3,078.90         44
                                       7.375          3,078.90
    KNIGHTSEN        CA   94513          5            08/14/01         00
    0412750382                           05           10/01/01          0
    0412750382                           O            09/01/31
    0

    5471288          E22/G02             F          151,200.00         ZZ
                                         360        151,200.00          1
                                       7.750          1,083.22         80
                                       7.500          1,083.22
    GLASTONBURY      CT   06033          1            08/30/01         00
    0412804221                           01           10/01/01          0
    0412804221                           O            09/01/31
    0

    5471309          E22/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       8.625          2,955.60         80
                                       8.375          2,955.60
    BOSTON           MA   02129          1            08/30/01         00
    0412880494                           07           10/01/01          0
    0412880494                           O            09/01/31
    0

    5471310          E22/G02             F          212,800.00         ZZ
                                         360        212,800.00          1
                                       8.500          1,636.25         95
                                       8.250          1,636.25
    CHICAGO          IL   60647          1            08/30/01         01
    0412881609                           08           10/01/01         30
    0412881609                           O            09/01/31
    0

    5471312          E22/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
                                       7.000          1,017.91         90
                                       6.750          1,017.91
    BLANCHARD        OK   73010          4            08/30/01         01
    0412883787                           05           10/01/01         25
    0412883787                           O            09/01/31
    0

    5471313          E22/G02             F          214,000.00         ZZ
                                         360        214,000.00          1
                                       7.750          1,533.12         86
                                       7.500          1,533.12
1

    LITTLETON        CO   80128          5            08/22/01         04
    0412885758                           05           10/01/01         25
    0412885758                           O            09/01/31
    0

    5471324          E22/G02             F           95,000.00         ZZ
                                         360         95,000.00          1
                                       7.875            688.82        100
                                       7.625            688.82
    OMAHA            NE   68137          1            08/30/01         04
    0412906760                           05           10/01/01         35
    0412906760                           O            09/01/31
    0

    5471327          E22/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
                                       7.625            605.16         72
                                       7.375            605.16
    LOVELAND         CO   80537          2            08/30/01         00
    0412911869                           05           10/01/01          0
    0412911869                           N            09/01/31
    0

    5471337          E22/G02             F          102,000.00         ZZ
                                         360        102,000.00          3
                                       8.000            748.44         85
                                       7.750            748.44
    STUART           FL   34997          1            08/27/01         04
    0412925117                           05           10/01/01         20
    0412925117                           N            09/01/31
    0

    5471343          E22/G02             F          242,550.00         ZZ
                                         360        242,550.00          1
                                       7.750          1,737.66         90
                                       7.500          1,737.66
    DALLAS           TX   75252          1            08/28/01         04
    0412928459                           03           10/01/01         25
    0412928459                           O            09/01/31
    0

    5471349          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.750          1,970.13         79
                                       7.500          1,970.13
    LOVELAND         CO   80538          5            08/24/01         00
    0412933269                           05           10/01/01          0
    0412933269                           O            09/01/31
    0
1

    5471357          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       7.500          1,146.71         80
                                       7.250          1,146.71
    CARMICHAEL       CA   95608          1            08/27/01         00
    0412939878                           05           10/01/01          0
    0412939878                           O            09/01/31
    0

    5471367          E22/G02             F          147,000.00         ZZ
                                         360        147,000.00          1
                                       8.000          1,078.63         80
                                       7.750          1,078.63
    BLOOMFIELD       NJ   07003          1            08/30/01         00
    0412947723                           05           10/01/01          0
    0412947723                           O            09/01/31
    0

    5471368          E22/G02             F           79,200.00         ZZ
                                         360         79,200.00          3
                                       8.625            616.01         85
                                       8.375            616.01
    OMAHA            NE   68102          2            08/30/01         04
    0412947798                           05           10/01/01         12
    0412947798                           N            09/01/31
    0

    5471372          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          4
                                       8.500          1,730.06         47
                                       8.250          1,730.06
    WAKEFIELD        MA   01880          1            08/30/01         00
    0412949232                           05           10/01/01          0
    0412949232                           N            09/01/31
    0

    5471382          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.500          2,097.64         85
                                       7.250          2,097.64
    WEST CALDWELL    NJ   07006          1            08/30/01         04
    0412963670                           05           10/01/01         25
    0412963670                           O            09/01/31
    0

    5471401          E22/G02             F           91,200.00         ZZ
                                         360         91,200.00          1
1

                                       7.750            653.37         79
                                       7.500            653.37
    LEANDER          TX   78641          1            08/30/01         00
    0412985129                           05           10/01/01          0
    0412985129                           O            09/01/31
    0

    5471403          E22/G02             F          442,400.00         ZZ
                                         360        442,400.00          1
                                       7.125          2,980.53         80
                                       6.875          2,980.53
    LIVERMORE        CA   94550          1            08/27/01         00
    0412990087                           05           10/01/01          0
    0412990087                           O            09/01/31
    0

    5471441          E82/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       8.375            684.07         72
                                       8.125            684.07
    FOX LAKE         IL   60020          2            08/29/01         00
    0400444782                           01           10/01/01          0
    0400444782                           O            09/01/31
    0

    5473136          076/076             F          116,175.00         ZZ
                                         360        116,090.92          1
                                       7.625            822.28         80
                                       7.375            822.28
    PLYMOUTH         WI   53073          1            07/13/01         00
    5173893                              01           09/01/01          0
    5173893                              O            08/01/31
    0

    5473137          076/076             F          108,750.00         ZZ
                                         360        108,663.03          1
                                       7.125            732.67         72
                                       6.875            732.67
    LEOLA            AR   72084          2            07/25/01         00
    5222695                              05           09/01/01          0
    5222695                              O            08/01/31
    0

    5473138          076/076             F          236,500.00         ZZ
                                         360        236,310.87          3
                                       7.125          1,593.35         82
                                       6.875          1,593.35
    BROOKLYN         NY   11237          2            07/19/01         10
    5242763                              05           09/01/01         12
1

    5242763                              O            08/01/31
    0

    5473139          076/076             F          304,400.00         ZZ
                                         360        304,185.16          1
                                       7.750          2,180.76         80
                                       7.500          2,180.76
    LAKE FOREST      CA   92630          5            07/10/01         00
    5292524                              05           09/01/01          0
    5292524                              O            08/01/31
    0

    5473142          076/076             F          575,000.00         ZZ
                                         360        574,604.29          1
                                       7.875          4,169.15         69
                                       7.625          4,169.15
    LEWISBORO        NY   10590          2            07/03/01         00
    5361923                              05           09/01/01          0
    5361923                              O            08/01/31
    0

    5473144          076/076             F           80,000.00         ZZ
                                         360         79,889.52          1
                                       7.875            580.06         68
                                       7.625            580.06
    SIOUX FALLS      SD   57106          1            06/28/01         00
    5371795                              05           08/01/01          0
    5371795                              O            07/01/31
    0

    5473145          076/076             F          350,400.00         ZZ
                                         360        350,146.39          1
                                       7.625          2,480.11         80
                                       7.375          2,480.11
    CENTER PORT      NY   11721          2            07/23/01         00
    5380765                              05           09/01/01          0
    5380765                              O            08/01/31
    0

    5473147          076/076             F          185,000.00         ZZ
                                         360        185,000.00          1
                                       7.750          1,325.36         75
                                       7.500          1,325.36
    HILLSBORO        MO   63050          5            08/03/01         00
    5427585                              05           10/01/01          0
    5427585                              O            09/01/31
    0

1

    5473148          076/076             F          347,600.00         ZZ
                                         360        347,394.78          1
                                       8.625          2,703.60         51
                                       8.375          2,703.60
    KILDEER          IL   60047          2            07/25/01         00
    5436374                              05           09/01/01          0
    5436374                              O            08/01/31
    0

    5473150          076/076             F           92,000.00         ZZ
                                         360         91,933.41          1
                                       7.625            651.17         80
                                       7.375            651.17
    NEWNAN           GA   30263          1            07/13/01         00
    5461363                              05           09/01/01          0
    5461363                              O            08/01/31
    0

    5473151          076/076             F          386,000.00         ZZ
                                         360        385,772.11          1
                                       8.625          3,002.27         69
                                       8.375          3,002.27
    WINNETKA         IL   60093          2            07/31/01         00
    5466113                              05           09/01/01          0
    5466113                              O            08/01/31
    0

    5473152          076/076             F           90,000.00         ZZ
                                         360         89,941.12          1
                                       8.125            668.25         75
                                       7.875            668.25
    OLATHE           KS   66061          5            07/20/01         00
    5468193                              05           09/01/01          0
    5468193                              O            08/01/31
    0

    5473153          076/076             F          140,000.00         ZZ
                                         360        139,796.70          1
                                       7.625            990.91         61
                                       7.375            990.91
    ANTIGO           WI   54961          5            06/18/01         00
    5522375                              05           08/01/01          0
    5522375                              O            07/01/31
    0

    5473154          076/076             F           91,000.00         ZZ
                                         360         91,000.00          4
                                       8.375            691.67         70
                                       8.125            691.67
1

    HONESDALE        PA   18431          1            08/02/01         00
    5528573                              05           10/01/01          0
    5528573                              O            09/01/31
    0

    5473156          076/076             F          320,400.00         ZZ
                                         360        320,179.51          3
                                       7.875          2,323.12         90
                                       7.625          2,323.12
    SOUTH RICHMOND   NY   11419          1            07/24/01         10
    5554863                              05           09/01/01         25
    5554863                              O            08/01/31
    0

    5473160          076/076             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       7.875          1,087.60         51
                                       7.625          1,087.60
    EAST NEW MARKET  MD   21631          5            07/31/01         00
    5568765                              05           10/01/01          0
    5568765                              O            09/01/31
    0

    5473161          076/076             F          104,300.00         ZZ
                                         360        104,228.22          1
                                       7.875            756.25         80
                                       7.625            756.25
    NORRISTOWN       PA   19403          1            07/27/01         00
    5572095                              01           09/01/01          0
    5572095                              O            08/01/31
    0

    5473162          076/076             F          304,000.00         ZZ
                                         360        303,815.83          1
                                       8.500          2,337.50         95
                                       8.250          2,337.50
    MASSAPEQUA PARK  NY   11762          1            07/23/01         12
    5592803                              05           09/01/01         30
    5592803                              O            08/01/31
    0

    5473164          076/076             F           96,000.00         ZZ
                                         360         96,000.00          2
                                       8.500            738.16         80
                                       8.250            738.16
    BRIDGEPORT       CT   06607          5            08/01/01         00
    5637863                              05           10/01/01          0
    5637863                              O            09/01/31
    0
1

    5473167          076/076             F          138,675.00         ZZ
                                         360        138,569.48          1
                                       7.375            957.79         75
                                       7.125            957.79
    COLUMBUS         GA   31909          1            08/01/01         00
    5755345                              05           09/01/01          0
    5755345                              O            08/01/31
    0

    5473168          076/076             F          247,500.00         ZZ
                                         360        247,350.06          4
                                       8.500          1,903.06         90
                                       8.250          1,903.06
    BROOKLYN         NY   11206          1            08/02/01         12
    5760095                              05           09/01/01         25
    5760095                              O            08/01/31
    0

    5473169          076/076             F          236,000.00         ZZ
                                         360        236,000.00          1
                                       8.375          1,793.77         70
                                       8.125          1,793.77
    MOBILE           AL   36695          5            08/02/01         00
    5768344                              05           10/01/01          0
    5768344                              O            09/01/31
    0

    5473170          076/076             F          299,200.00         ZZ
                                         360        298,894.09          1
                                       7.875          2,169.41         95
                                       7.625          2,169.41
    SIMBURY          CT   06070          2            07/18/01         14
    8912928                              05           09/01/01         30
    8912928                              O            08/01/31
    0

    5477030          286/286             F          167,500.00         ZZ
                                         360        167,381.77          1
                                       7.750          1,200.00         78
                                       7.500          1,200.00
    SHELBY TOWNSHIP  MI   48316          2            07/17/01         00
    322385                               05           09/01/01          0
    322385                               O            08/01/31
    0

    5477031          286/286             F          404,000.00         ZZ
                                         360        403,700.17          1
1

                                       7.500          2,824.83         80
                                       7.250          2,824.83
    BIGFORK          MT   59911          1            07/17/01         00
    419940                               03           09/01/01          0
    419940                               O            08/01/31
    0

    5477032          286/286             F          150,000.00         ZZ
                                         360        149,738.12          1
                                       7.875          1,087.61         38
                                       7.625          1,087.61
    LAKE MARY        FL   32746          1            06/13/01         00
    137226                               03           08/01/01          0
    137226                               O            07/01/31
    0

    5477034          286/286             F          334,500.00         ZZ
                                         360        334,251.75          1
                                       7.500          2,338.88         80
                                       7.250          2,338.88
    GREENVILLE       SC   29615          2            07/18/01         00
    344252                               03           09/01/01          0
    344252                               O            08/01/31
    0

    5477035          286/286             F          195,000.00         ZZ
                                         360        194,858.86          1
                                       7.625          1,380.20         75
                                       7.375          1,380.20
    LAKESIDE         CA   92040          5            07/10/01         00
    342718                               05           09/01/01          0
    342718                               O            08/01/31
    0

    5477036          286/286             F          108,500.00         ZZ
                                         360        108,419.48          1
                                       7.500            758.65         70
                                       7.250            758.65
    BARNEGAT         NJ   08005          5            07/13/01         00
    453271                               05           09/01/01          0
    453271                               O            08/01/31
    0

    5477037          286/286             F          408,000.00         ZZ
                                         360        407,657.23          1
                                       6.875          2,680.27         80
                                       6.625          2,680.27
    SILVER LAKE      OH   44224          5            07/17/01         00
    450949                               05           09/01/01          0
1

    450949                               O            08/01/31
    0

    5477039          286/286             F          456,000.00         ZZ
                                         360        455,321.04          1
                                       7.500          3,188.42         80
                                       7.250          3,188.42
    NEWPORT BEACH    CA   92661          1            06/26/01         00
    9793124                              01           08/01/01          0
    9793124                              O            07/01/31
    0

    5477042          286/286             F          167,000.00         ZZ
                                         360        166,745.06          1
                                       7.375          1,153.43         80
                                       7.125          1,153.43
    SUISUN CITY      CA   94585          1            06/27/01         00
    9837803                              05           08/01/01          0
    9837803                              O            07/01/31
    0

    5477045          286/286             F          143,000.00         ZZ
                                         360        142,787.08          1
                                       7.500            999.88         70
                                       7.250            999.88
    LONG BEACH       CA   90813          5            07/15/01         00
    9839493                              05           08/01/01          0
    9839493                              O            07/01/31
    0

    5477048          286/286             F          391,200.00         ZZ
                                         360        390,909.67          1
                                       7.500          2,735.33         80
                                       7.250          2,735.33
    SAN JOSE         CA   95121          1            07/02/01         00
    9856108                              05           09/01/01          0
    9856108                              O            08/01/31
    0

    5477049          286/286             F          420,000.00         ZZ
                                         360        419,688.30          1
                                       7.500          2,936.70         80
                                       7.250          2,936.70
    VERNON HILLS     IL   60061          5            07/17/01         00
    9859444                              05           09/01/01          0
    9859444                              O            08/01/31
    0

1

    5477051          286/286             F          400,000.00         T
                                         360        399,447.63          1
                                       7.875          2,900.28         69
                                       7.625          2,900.28
    LITTLE RIVER     CA   95456          5            06/26/01         00
    9860138                              05           08/01/01          0
    9860138                              O            07/01/31
    0

    5477052          286/286             F          406,000.00         ZZ
                                         360        405,410.43          1
                                       7.625          2,873.64         70
                                       7.375          2,873.64
    SAN FRANCISCO    CA   94121          5            06/20/01         00
    9861898                              05           08/01/01          0
    9861898                              O            07/01/31
    0

    5477053          286/286             F          206,250.00         ZZ
                                         360        206,111.61          1
                                       8.000          1,513.39         75
                                       7.750          1,513.39
    CHULA VISTA      CA   91913          5            07/11/01         00
    9864379                              03           09/01/01          0
    9864379                              O            08/01/31
    0

    5477054          286/286             F          273,000.00         ZZ
                                         360        272,572.79          1
                                       7.250          1,862.34         70
                                       7.000          1,862.34
    NEWARK           CA   94560          5            06/27/01         00
    9864746                              05           08/01/01          0
    9864746                              O            07/01/31
    0

    5477055          286/286             F          436,000.00         ZZ
                                         360        435,699.95          1
                                       7.875          3,161.30         80
                                       7.625          3,161.30
    SAN JOSE         CA   95136          1            07/05/01         00
    9865126                              05           09/01/01          0
    9865126                              O            08/01/31
    0

    5477056          286/286             F          142,395.00         ZZ
                                         360        142,283.92          1
                                       7.250            971.38         73
                                       7.000            971.38
1

    TURLOCK          CA   95382          1            07/02/01         00
    9865627                              05           09/01/01          0
    9865627                              O            08/01/31
    0

    5477057          286/286             F          408,000.00         ZZ
                                         360        407,392.51          1
                                       7.500          2,852.80         80
                                       7.250          2,852.80
    REDDING          CA   96003          5            06/27/01         00
    9866596                              05           08/01/01          0
    9866596                              O            07/01/31
    0

    5477058          286/286             F          245,000.00         ZZ
                                         360        244,813.58          1
                                       7.375          1,692.15         57
                                       7.125          1,692.15
    SAN JOSE         CA   95122          2            07/05/01         00
    9866824                              05           09/01/01          0
    9866824                              O            08/01/31
    0

    5477060          286/286             F          468,000.00         ZZ
                                         360        467,320.37          1
                                       7.625          3,312.47         80
                                       7.375          3,312.47
    NEWARK           CA   94560          1            06/29/01         00
    9867672                              05           08/01/01          0
    9867672                              O            07/01/31
    0

    5477061          286/286             F          250,000.00         ZZ
                                         360        249,598.97          1
                                       7.125          1,684.30         56
                                       6.875          1,684.30
    SOUTH SAN FRANC  CA   94080          5            06/29/01         00
    9868095                              05           08/01/01          0
    9868095                              O            07/01/31
    0

    5477063          286/286             F          384,000.00         ZZ
                                         360        383,722.07          1
                                       7.625          2,717.93         80
                                       7.375          2,717.93
    DALY CITY        CA   94015          5            07/06/01         00
    9869419                              05           09/01/01          0
    9869419                              O            08/01/31
    0
1

    5477064          286/286             F          202,000.00         ZZ
                                         360        201,850.09          1
                                       7.500          1,412.41         62
                                       7.250          1,412.41
    PENN VALLEY      CA   95946          5            07/10/01         00
    9871198                              05           09/01/01          0
    9871198                              O            08/01/31
    0

    5477066          286/286             F          367,000.00         ZZ
                                         360        366,713.70          1
                                       7.250          2,503.59         79
                                       7.000          2,503.59
    ESCONDIDO        CA   92025          5            07/06/01         00
    9940973                              05           09/01/01          0
    9940973                              O            08/01/31
    0

    5477067          286/286             F           90,000.00         ZZ
                                         360         89,933.21          1
                                       7.500            629.29         60
                                       7.250            629.29
    STOCKTON         CA   95210          5            07/10/01         00
    9941648                              05           09/01/01          0
    9941648                              O            08/01/31
    0

    5477068          286/286             F          200,000.00         ZZ
                                         360        199,847.82          1
                                       7.375          1,381.35         67
                                       7.125          1,381.35
    CARLSBAD         CA   92008          5            07/03/01         00
    9947661                              01           09/01/01          0
    9947661                              O            08/01/31
    0

    5483338          E22/G02             F          155,700.00         T
                                         360        155,700.00          1
                                       7.750          1,115.45         90
                                       7.500          1,115.45
    DAVENPORT        FL   33837          1            08/27/01         04
    0412759946                           03           10/01/01         25
    0412759946                           O            09/01/31
    0

    5483348          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
1

                                       8.000            807.14         88
                                       7.750            807.14
    SKOKIE           IL   60077          5            08/27/01         01
    0412827040                           01           10/01/01         25
    0412827040                           O            09/01/31
    0

    5483368          E22/G02             F          122,400.00         ZZ
                                         360        122,400.00          1
                                       7.250            834.98         80
                                       7.000            834.98
    KEYSTONE HEIGHT  FL   32656          5            08/27/01         00
    0412879355                           05           10/01/01          0
    0412879355                           O            09/01/31
    0

    5483381          E22/G02             F          118,350.00         ZZ
                                         360        118,350.00          1
                                       8.000            868.41         80
                                       7.750            868.41
    MINNEAPOLIS      MN   55418          5            08/27/01         00
    0412896599                           05           10/01/01          0
    0412896599                           O            09/01/31
    0

    5483387          E22/G02             F          118,500.00         ZZ
                                         240        118,500.00          1
                                       7.000            918.73         95
                                       6.750            918.73
    MILFORD          OH   45150          2            08/28/01         04
    0412900607                           01           10/01/01         30
    0412900607                           O            09/01/21
    0

    5483390          E22/G02             F           79,750.00         ZZ
                                         360         79,750.00          1
                                       7.875            578.24         76
                                       7.625            578.24
    LAS VEGAS        NV   89144          2            08/27/01         00
    0412901068                           09           10/01/01          0
    0412901068                           N            09/01/31
    0

    5483394          E22/G02             F          217,000.00         ZZ
                                         360        217,000.00          1
                                       7.125          1,461.97         44
                                       6.875          1,461.97
    DELRAY BEACH     FL   33483          5            08/27/01         00
    0412904922                           05           10/01/01          0
1

    0412904922                           O            09/01/31
    0

    5483399          E22/G02             F          161,500.00         ZZ
                                         360        161,500.00          1
                                       7.875          1,170.99         95
                                       7.625          1,170.99
    AVON             IN   46123          5            08/28/01         04
    0412908634                           05           10/01/01         30
    0412908634                           O            09/01/31
    0

    5483405          E22/G02             F           63,450.00         ZZ
                                         360         63,450.00          4
                                       8.750            499.16         90
                                       8.500            499.16
    BATON ROUGE      LA   70820          1            08/31/01         01
    0412913493                           05           10/01/01         25
    0412913493                           N            09/01/31
    0

    5483412          E22/G02             F          128,250.00         ZZ
                                         360        128,250.00          1
                                       8.750          1,008.94         95
                                       8.500          1,008.94
    ENON             OH   45323          5            08/27/01         04
    0412917809                           01           10/01/01         30
    0412917809                           O            09/01/31
    0

    5483415          E22/G02             F          506,000.00         ZZ
                                         360        506,000.00          1
                                       7.625          3,581.44         80
                                       7.375          3,581.44
    LOS ANGELES      CA   90048          5            08/21/01         00
    0412920191                           05           10/01/01          0
    0412920191                           O            09/01/31
    0

    5483422          E22/G02             F          506,250.00         ZZ
                                         360        506,250.00          1
                                       7.125          3,410.70         75
                                       6.875          3,410.70
    YODER            IN   46798          5            08/29/01         00
    0412923799                           05           10/01/01          0
    0412923799                           O            09/01/31
    0

1

    5483424          E22/G02             F          100,800.00         ZZ
                                         360        100,800.00          1
                                       7.250            687.63         80
                                       7.000            687.63
    WARSAW           IN   46580          5            08/28/01         00
    0412925091                           05           10/01/01          0
    0412925091                           O            09/01/31
    0

    5483429          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.875            870.08         80
                                       7.625            870.08
    MARBLE FALLS     TX   78654          5            08/27/01         00
    0412925885                           05           10/01/01          0
    0412925885                           O            09/01/31
    0

    5483430          E22/G02             F          139,500.00         ZZ
                                         360        139,500.00          3
                                       8.000          1,023.60         90
                                       7.750          1,023.60
    STOCKTON         CA   95203          1            08/22/01         01
    0412926008                           05           10/01/01         25
    0412926008                           N            09/01/31
    0

    5483434          E22/G02             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       7.500          2,866.78         65
                                       7.250          2,866.78
    LAGUNA HILLS     CA   92653          5            08/23/01         00
    0412929788                           05           10/01/01          0
    0412929788                           O            09/01/31
    0

    5483448          E22/G02             F          382,500.00         ZZ
                                         360        382,500.00          1
                                       7.500          2,674.50         90
                                       7.250          2,674.50
    WELDON TOWNSHIP  MI   49683          5            08/27/01         04
    0412934572                           05           10/01/01         25
    0412934572                           O            09/01/31
    0

    5483462          E22/G02             F          314,500.00         ZZ
                                         360        314,500.00          2
                                       7.875          2,280.34         83
                                       7.625          2,280.34
1

    NORWALK          CT   06854          1            08/31/01         01
    0412940850                           05           10/01/01         12
    0412940850                           O            09/01/31
    0

    5483467          E22/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
                                       7.875          1,421.14         73
                                       7.625          1,421.14
    CHICAGO          IL   60630          5            08/27/01         00
    0412941759                           05           10/01/01          0
    0412941759                           O            09/01/31
    0

    5483480          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.375          2,486.43         80
                                       7.125          2,486.43
    SAN JOSE         CA   95148          5            08/21/01         00
    0412950354                           05           10/01/01          0
    0412950354                           O            09/01/31
    0

    5483485          E22/G02             F          148,950.00         ZZ
                                         360        148,950.00          1
                                       8.000          1,092.94         90
                                       7.750          1,092.94
    MILLINGTON       TN   38053          1            08/31/01         10
    0412952624                           05           10/01/01         25
    0412952624                           O            09/01/31
    0

    5483523          E22/G02             F          207,700.00         ZZ
                                         360        207,700.00          1
                                       7.125          1,399.31         75
                                       6.875          1,399.31
    THORTON          CO   80241          5            08/27/01         00
    0412963035                           03           10/01/01          0
    0412963035                           O            09/01/31
    0

    5483531          E22/G02             F          265,650.00         ZZ
                                         360        265,650.00          1
                                       7.875          1,926.15         77
                                       7.625          1,926.15
    BOISE            ID   83702          2            08/27/01         00
    0412966426                           05           10/01/01          0
    0412966426                           O            09/01/31
    0
1

    5483554          E22/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.125          2,155.90         80
                                       6.875          2,155.90
    SAN JOSE         CA   95125          1            08/30/01         00
    0412972879                           05           10/01/01          0
    0412972879                           N            09/01/31
    0

    5483560          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       7.250            791.32         80
                                       7.000            791.32
    SPRING           TX   77388          1            08/31/01         00
    0412975245                           03           10/01/01          0
    0412975245                           O            09/01/31
    0

    5483572          E22/G02             F          130,500.00         ZZ
                                         360        130,500.00          1
                                       8.000            957.56         90
                                       7.750            957.56
    MADISON          WI   53705          1            08/31/01         04
    0412980534                           09           10/01/01         25
    0412980534                           O            09/01/31
    0

    5483573          E22/G02             F          164,500.00         ZZ
                                         360        164,500.00          1
                                       7.625          1,164.32         70
                                       7.375          1,164.32
    FITCHBURG        WI   53711          1            08/31/01         00
    0412980591                           05           10/01/01          0
    0412980591                           O            09/01/31
    0

    5483582          E22/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       7.625          1,203.25         69
                                       7.375          1,203.25
    PLANTATION       FL   33317          1            08/31/01         00
    0412987273                           05           10/01/01          0
    0412987273                           O            09/01/31
    0

    5494353          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
1

                                       7.875            667.06         64
                                       7.625            667.06
    SHAFTSBURY       VT   05262          5            08/29/01         00
    0412888679                           05           10/01/01          0
    0412888679                           O            09/01/31
    0

    5494355          E22/G02             F          209,700.00         ZZ
                                         360        209,700.00          1
                                       7.500          1,466.25         84
                                       7.250          1,466.25
    DENVER           CO   80236          5            08/24/01         04
    0412893059                           05           10/01/01         12
    0412893059                           O            09/01/31
    0

    5494358          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       8.000            498.96         80
                                       7.750            498.96
    DUBLIN           TX   76446          5            08/28/01         00
    0412896680                           05           10/01/01          0
    0412896680                           O            09/01/31
    0

    5494362          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.125            808.46         80
                                       6.875            808.46
    SAN ANTONIO      TX   78209          5            08/29/01         00
    0412900581                           07           10/01/01          0
    0412900581                           O            09/01/31
    0

    5494378          E22/G02             F          615,000.00         ZZ
                                         360        615,000.00          1
                                       7.125          4,143.37         73
                                       6.875          4,143.37
    SOLVANG          CA   93463          5            08/21/01         00
    0412920100                           03           10/01/01          0
    0412920100                           O            09/01/31
    0

    5494382          E22/G02             F          184,500.00         ZZ
                                         360        184,500.00          1
                                       8.500          1,418.65         90
                                       8.250          1,418.65
    MIDLOTHIAN       TX   76065          2            08/29/01         01
    0412926412                           05           10/01/01         25
1

    0412926412                           O            09/01/31
    0

    5494383          E22/G02             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.875          2,356.48         75
                                       7.625          2,356.48
    BOCA RATON       FL   33431          5            08/28/01         00
    0412926784                           03           10/01/01          0
    0412926784                           O            09/01/31
    0

    5494384          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       8.125            668.25         80
                                       7.875            668.25
    RESTON           VA   22091          5            08/29/01         00
    0412928723                           01           10/01/01          0
    0412928723                           O            09/01/31
    0

    5494389          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.000            798.36         75
                                       6.750            798.36
    COLORADO SPRING  CO   80917          5            08/28/01         00
    0412934952                           05           10/01/01          0
    0412934952                           O            09/01/31
    0

    5494394          E22/G02             F          186,000.00         ZZ
                                         360        186,000.00          1
                                       7.750          1,332.53         95
                                       7.500          1,332.53
    LOVELAND         CO   80538          2            08/28/01         04
    0412942229                           05           10/01/01         30
    0412942229                           O            09/01/31
    0

    5494398          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       8.500          2,152.96         80
                                       8.250          2,152.96
    COLLEYVILLE      TX   76034          5            08/27/01         00
    0412947673                           05           10/01/01          0
    0412947673                           O            09/01/31
    0

1

    5494403          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.125          2,021.16         75
                                       6.875          2,021.16
    RIPON            CA   95366          5            08/29/01         00
    0412952806                           05           10/01/01          0
    0412952806                           O            09/01/31
    0

    5494405          E22/G02             F           45,900.00         ZZ
                                         360         45,900.00          1
                                       8.500            352.93         90
                                       8.250            352.93
    BIRMINGHAM       AL   35211          5            08/29/01         10
    0412954158                           05           10/01/01         25
    0412954158                           O            09/01/31
    0

    5494408          E22/G02             F          100,800.00         ZZ
                                         360        100,800.00          1
                                       7.875            730.87         80
                                       7.625            730.87
    ALVIN            TX   77511          5            08/29/01         00
    0412955916                           05           10/01/01          0
    0412955916                           O            09/01/31
    0

    5494420          E22/G02             F          484,000.00         ZZ
                                         360        484,000.00          1
                                       7.125          3,260.80         80
                                       6.875          3,260.80
    OVERLAND PARK    KS   66213          5            08/28/01         00
    0412965352                           03           10/01/01          0
    0412965352                           O            09/01/31
    0

    5494421          E22/G02             F          115,600.00         ZZ
                                         360        115,600.00          1
                                       7.000            769.09         79
                                       6.750            769.09
    AURORA           CO   80010          1            09/04/01         00
    0412965832                           05           10/01/01          0
    0412965832                           O            09/01/31
    0

    5494428          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       7.875            761.32         68
                                       7.625            761.32
1

    MINEOLA          TX   75773          5            08/29/01         00
    0412974123                           05           10/01/01          0
    0412974123                           O            09/01/31
    0

    5494440          E22/G02             F          161,600.00         ZZ
                                         360        161,600.00          1
                                       7.500          1,129.93         80
                                       7.250          1,129.93
    MILTON           WA   98354          5            08/27/01         00
    0412983033                           05           10/01/01          0
    0412983033                           O            09/01/31
    0

    5494655          E82/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       7.500          1,573.23         60
                                       7.250          1,573.23
    CORAL GABLES     FL   33134          5            08/31/01         00
    0400464624                           05           10/01/01          0
    0400464624                           O            09/01/31
    0

    5506458          E22/G02             F          217,980.00         ZZ
                                         360        217,980.00          4
                                       7.500          1,524.15         90
                                       7.250          1,524.15
    MIAMI BEACH      FL   33141          1            08/28/01         01
    0412770554                           05           10/01/01         25
    0412770554                           O            09/01/31
    0

    5506461          E22/G02             F          153,600.00         ZZ
                                         360        153,600.00          1
                                       7.750          1,100.41         80
                                       7.500          1,100.41
    AURORA           CO   80017          2            08/28/01         00
    0412794935                           05           10/01/01          0
    0412794935                           O            09/01/31
    0

    5506464          E22/G02             F           48,000.00         ZZ
                                         360         48,000.00          4
                                       8.500            369.08         58
                                       8.250            369.08
    ST LOUIS         MO   63110          2            09/05/01         00
    0412833840                           05           10/01/01          0
    0412833840                           N            09/01/31
    0
1

    5506476          E22/G02             F          281,200.00         ZZ
                                         360        281,200.00          1
                                       7.375          1,942.18         95
                                       7.125          1,942.18
    ROSEVILLE        CA   95747          2            08/28/01         01
    0412897019                           05           10/01/01         35
    0412897019                           O            09/01/31
    0

    5506477          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       8.000          1,526.23         80
                                       7.750          1,526.23
    LEMON GROVE      CA   91945          5            08/24/01         00
    0412897654                           05           10/01/01          0
    0412897654                           O            09/01/31
    0

    5506487          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       6.875          1,261.30         80
                                       6.625          1,261.30
    LOVELAND         CO   80537          2            08/30/01         00
    0412911513                           05           10/01/01          0
    0412911513                           O            09/01/31
    0

    5506507          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       8.375          1,580.95         80
                                       8.125          1,580.95
    CHAPEL HILL      NC   27514          5            08/30/01         00
    0412938938                           05           10/01/01          0
    0412938938                           O            09/01/31
    0

    5506512          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       7.250            654.89         80
                                       7.000            654.89
    WOODBINE         IA   51579          1            09/05/01         00
    0412948143                           05           10/01/01          0
    0412948143                           O            09/01/31
    0

    5506517          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
1

                                       7.500          1,922.84         88
                                       7.250          1,922.84
    BURBANK          CA   91501          1            08/29/01         04
    0412955098                           05           10/01/01         25
    0412955098                           O            09/01/31
    0

    5506524          E22/G02             F          103,500.00         ZZ
                                         360        103,500.00          4
                                       8.500            795.83         90
                                       8.250            795.83
    OCALA            FL   34471          1            09/05/01         04
    0412962953                           05           10/01/01         25
    0412962953                           N            09/01/31
    0

    5506534          E22/G02             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       7.625          3,362.02         78
                                       7.375          3,362.02
    POMPANO BEACH    FL   33062          5            08/30/01         00
    0412971533                           05           10/01/01          0
    0412971533                           O            09/01/31
    0

    5506542          E22/G02             F           80,910.00         ZZ
                                         360         80,910.00          1
                                       7.875            586.65         90
                                       7.625            586.65
    KEMP             TX   75143          1            09/04/01         04
    0412981193                           05           10/01/01         25
    0412981193                           O            09/01/31
    0

    5506556          E22/G02             F          562,500.00         ZZ
                                         360        562,500.00          1
                                       8.125          4,176.55         75
                                       7.875          4,176.55
    WEST BLOOMFIELD  MI   48322          1            09/05/01         00
    0412997959                           29           10/01/01          0
    0412997959                           O            09/01/31
    0

    5511545          225/G02             F          450,000.00         ZZ
                                         360        449,362.73          1
                                       7.750          3,223.86         62
                                       7.500          3,223.86
    MARIETTA         GA   30067          5            06/25/01         00
    0433141371                           03           08/01/01          0
1

    6543625                              O            07/01/31
    0

    5511915          225/G02             F          157,500.00         ZZ
                                         360        157,196.61          4
                                       8.250          1,183.25         90
                                       8.000          1,183.25
    SACRAMENTO       CA   95841          1            05/15/01         27
    0433141462                           05           07/01/01         25
    7265185                              N            06/01/31
    0

    5511973          225/G02             F          330,000.00         ZZ
                                         360        329,761.16          1
                                       7.625          2,335.72         75
                                       7.375          2,335.72
    EAST NORTHPORT   NY   11731          2            07/02/01         00
    0433142825                           05           09/01/01          0
    7276246                              O            08/01/31
    0

    5512337          225/G02             F           51,600.00         ZZ
                                         360         51,500.04          1
                                       8.375            392.01         80
                                       8.125            392.01
    AUBURN           CA   95602          1            06/26/01         00
    0433141694                           01           08/01/01          0
    7578772                              O            07/01/31
    0

    5512708          225/G02             F          364,000.00         ZZ
                                         360        363,121.53          1
                                       7.125          2,452.34         75
                                       6.875          2,452.34
    SHREWBURY        MA   01545          2            05/29/01         00
    0433142312                           05           07/01/01          0
    7262046                              O            06/01/31
    0

    5513096          225/G02             F          326,000.00         ZZ
                                         360        325,021.07          1
                                       8.500          2,506.66         66
                                       8.250          2,506.66
    CARY             IL   60013          5            07/01/01         00
    0433142247                           05           09/01/01          0
    7283222                              O            08/01/31
    0

1

    5513516          225/G02             F          450,000.00         ZZ
                                         360        449,424.13          2
                                       8.250          3,380.70         75
                                       8.000          3,380.70
    SAN DIEGO        CA   92107          5            06/22/01         00
    0433141397                           05           08/01/01          0
    7242999                              N            07/01/31
    0

    5516941          E22/G02             F          121,000.00         ZZ
                                         360        121,000.00          1
                                       8.250            909.03         95
                                       8.000            909.03
    NORTHPORT        AL   35475          2            08/31/01         01
    0412852840                           05           10/01/01         30
    0412852840                           O            09/01/31
    0

    5516951          E22/G02             F          422,800.00         ZZ
                                         360        422,800.00          1
                                       7.625          2,992.55         72
                                       7.375          2,992.55
    MARINA DEL REY   CA   90292          5            08/24/01         00
    0412893323                           05           10/01/01          0
    0412893323                           O            09/01/31
    0

    5516958          E22/G02             F          374,000.00         ZZ
                                         360        374,000.00          1
                                       7.500          2,615.06         60
                                       7.250          2,615.06
    SHELBY           AL   35143          5            08/31/01         00
    0412903908                           05           10/01/01          0
    0412903908                           O            09/01/31
    0

    5516963          E22/G02             F          195,500.00         ZZ
                                         360        195,500.00          1
                                       7.750          1,400.59         85
                                       7.500          1,400.59
    ELK GROVE        CA   95758          5            08/24/01         01
    0412916769                           05           10/01/01         12
    0412916769                           O            09/01/31
    0

    5516979          E22/G02             F           78,000.00         ZZ
                                         360         78,000.00          1
                                       7.875            565.55         87
                                       7.625            565.55
1

    BAY CITY         MI   48706          5            08/30/01         04
    0412936882                           05           10/01/01         25
    0412936882                           O            09/01/31
    0

    5516980          E22/G02             F          504,000.00         ZZ
                                         360        504,000.00          1
                                       8.000          3,698.17         80
                                       7.750          3,698.17
    OKLAHOMA CITY    OK   73142          5            08/29/01         00
    0412938334                           03           10/01/01          0
    0412938334                           O            09/01/31
    0

    5516984          E22/G02             F          285,000.00         ZZ
                                         360        285,000.00          1
                                       7.375          1,968.42         56
                                       7.125          1,968.42
    DALY CITY        CA   94014          5            08/27/01         00
    0412939886                           05           10/01/01          0
    0412939886                           O            09/01/31
    0

    5517034          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       7.500          1,006.87         80
                                       7.250          1,006.87
    HOUSTON          TX   77090          5            08/30/01         00
    0412968836                           03           10/01/01          0
    0412968836                           O            09/01/31
    0

    5517041          E22/G02             F          349,250.00         ZZ
                                         360        349,250.00          1
                                       6.750          2,265.23         95
                                       6.500          2,265.23
    MCDONOUGH        GA   30253          1            09/06/01         10
    0412972002                           03           10/01/01         30
    0412972002                           O            09/01/31
    0

    5517044          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       8.625            528.90         80
                                       8.375            528.90
    CHARLOTTE        NC   28217          2            09/05/01         00
    0412973604                           05           10/01/01          0
    0412973604                           N            09/01/31
    0
1

    5517052          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       7.750            967.16         90
                                       7.500            967.16
    SOUTHINGTON      CT   06489          5            08/31/01         04
    0412979965                           05           10/01/01         25
    0412979965                           O            09/01/31
    0

    5517072          E22/G02             F          121,000.00         ZZ
                                         360        121,000.00          3
                                       7.875            877.33         84
                                       7.625            877.33
    BRISTOL          CT   06010          2            09/06/01         04
    0412992794                           05           10/01/01         25
    0412992794                           N            09/01/31
    0

    5517118          225/G02             F          450,000.00         ZZ
                                         360        449,713.05          1
                                       8.250          3,380.70         70
                                       8.000          3,380.70
    STEAMBOAT SRPIN  CO   80487          1            07/09/01         00
    0433142296                           05           09/01/01          0
    7269179                              N            08/01/31
    0

    5517132          225/G02             F          108,000.00         ZZ
                                         360        107,843.16          3
                                       7.625            764.42         80
                                       7.375            764.42
    COVENTRY         CT   06238          1            06/26/01         00
    0433142619                           05           08/01/01          0
    7264910                              O            07/01/31
    0

    5517153          225/G02             F          314,400.00         ZZ
                                         360        313,954.75          1
                                       7.750          2,252.41         80
                                       7.500          2,252.41
    CANTON           MI   48188          5            06/14/01         00
    0433141348                           03           08/01/01          0
    7269066                              O            07/01/31
    0

    5517219          225/G02             F          283,500.00         ZZ
                                         360        283,108.49          1
1

                                       7.875          2,055.58         90
                                       7.625          2,055.58
    SCOTTSDALE       AZ   85250          2            06/13/01         27
    0433142262                           03           08/01/01         25
    7275741                              O            07/01/31
    0

    5518067          225/G02             F          408,000.00         ZZ
                                         360        406,687.35          1
                                       8.500          3,137.17         80
                                       8.250          3,137.17
    FARMINGTON HILL  MI   48331          5            04/24/01         00
    0433141538                           05           06/01/01          0
    7268098                              O            05/01/31
    0

    5518252          225/G02             F          490,000.00         ZZ
                                         360        489,695.44          1
                                       8.375          3,724.35         70
                                       8.125          3,724.35
    CAPE CORAL       FL   33909          5            06/27/01         00
    0433142742                           05           09/01/01          0
    6542227                              O            08/01/31
    0

    5518403          225/G02             F          109,400.00         ZZ
                                         360        109,018.88          1
                                       8.500            841.19         88
                                       8.250            841.19
    SANTA FE         NM   87505          5            05/31/01         10
    0433142288                           05           07/01/01         25
    7269225                              O            06/01/31
    0

    5518431          994/994             F          650,000.00         ZZ
                                         360        649,585.52          1
                                       8.250          4,883.23         74
                                       8.000          4,883.23
    CARLSBAD         CA   92008          2            07/11/01         00
    218524712                            05           09/01/01          0
    218524712                            O            08/01/31
    0

    5519309          225/G02             F          111,500.00         ZZ
                                         360        111,318.27          1
                                       7.750            798.80         83
                                       7.500            798.80
    WORCESTER        MA   01607          2            06/26/01         10
    0433140720                           05           08/01/01         12
1

    7272357                              O            07/01/31
    0

    5519473          225/G02             F          165,000.00         ZZ
                                         360        164,900.04          4
                                       8.500          1,268.71         90
                                       8.250          1,268.71
    ATTLEBORO        MA   02703          1            07/05/01         14
    0433142585                           05           09/01/01         25
    7282129                              N            08/01/31
    0

    5523856          E22/G02             F          201,200.00         ZZ
                                         360        201,200.00          1
                                       8.000          1,476.33         86
                                       7.750          1,476.33
    ALVIN            TX   77511          1            08/29/01         01
    0412926180                           05           10/01/01         25
    0412926180                           O            09/01/31
    0

    5523861          E22/G02             F          162,000.00         ZZ
                                         360        162,000.00          1
                                       8.250          1,217.05         69
                                       8.000          1,217.05
    ANGOLA           IN   46703          5            09/07/01         00
    0412932832                           05           10/01/01          0
    0412932832                           N            09/01/31
    0

    5523880          E22/G02             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       7.750          1,397.00         52
                                       7.500          1,397.00
    FOLLY BEACH      SC   29439          1            09/07/01         00
    0412953820                           05           10/01/01          0
    0412953820                           N            09/01/31
    0

    5523896          E22/G02             F           53,800.00         ZZ
                                         360         53,800.00          1
                                       8.625            418.45         80
                                       8.375            418.45
    HOUSTON          TX   77035          1            09/07/01         00
    0412968257                           05           10/01/01          0
    0412968257                           N            09/01/31
    0

1

    5523911          E22/G02             F          114,500.00         ZZ
                                         360        114,500.00          1
                                       7.625            810.42         66
                                       7.375            810.42
    CORAL SPRINGS    FL   33067          1            09/07/01         00
    0412985384                           03           10/01/01          0
    0412985384                           O            09/01/31
    0

    5524227          225/G02             F          410,000.00         ZZ
                                         360        409,404.61          1
                                       7.625          2,901.96         83
                                       7.375          2,901.96
    CARDONDALE       CO   81623          2            06/28/01         14
    0433141850                           03           08/01/01         12
    7277851                              O            07/01/31
    0

    5524444          225/G02             F          120,000.00         ZZ
                                         360        119,612.19          1
                                       7.250            818.62         53
                                       7.000            818.62
    LOVELAND         OH   45140          5            06/27/01         00
    0433141983                           05           08/01/01          0
    7270252                              O            07/01/31
    0

    5524568          225/G02             F           66,600.00         ZZ
                                         360         66,519.01          3
                                       8.500            512.10         90
                                       8.250            512.10
    SPRINGFIELD      MA   01180          1            06/28/01         14
    0433142601                           05           08/01/01         25
    7277863                              N            07/01/31
    0

    5524871          994/994             F          346,000.00         ZZ
                                         360        346,000.00          1
                                       8.250          2,599.38         73
                                       8.000          2,599.38
    FAIRFIELD        CA   94585          2            08/08/01         00
    218589475                            05           10/01/01          0
    218589475                            O            09/01/31
    0

    5524960          225/G02             F          492,000.00         ZZ
                                         360        491,386.25          1
                                       8.375          3,739.56         80
                                       8.125          3,739.56
1

    HOUSTON          TX   77019          1            06/22/01         00
    0433141322                           05           08/01/01          0
    7283062                              O            07/01/31
    0

    5525288          225/G02             F          357,000.00         ZZ
                                         360        356,519.32          1
                                       8.000          2,619.54         70
                                       7.750          2,619.54
    SAN JOSE         CA   95139          5            06/26/01         00
    0433141512                           05           08/01/01          0
    7277644                              N            07/01/31
    0

    5528481          225/G02             F           54,900.00         ZZ
                                         360         54,866.73          2
                                       8.500            422.14         90
                                       8.250            422.14
    BISMARCK         ND   58501          1            07/06/01         11
    0433142668                           05           09/01/01         25
    7279879                              N            08/01/31
    0

    5528846          225/G02             F          360,000.00         ZZ
                                         360        359,739.44          1
                                       7.625          2,548.06         80
                                       7.375          2,548.06
    KINNELON         NJ   07504          1            07/10/01         00
    0433141751                           05           09/01/01          0
    6536200                              O            08/01/31
    0

    5534173          E22/G02             F          158,400.00         ZZ
                                         360        158,400.00          1
                                       7.500          1,107.56         80
                                       7.250          1,107.56
    OKLAHOMA CITY    OK   73162          2            08/31/01         00
    0412864977                           03           10/01/01          0
    0412864977                           O            09/01/31
    0

    5534227          E22/G02             F           65,700.00         ZZ
                                         240         65,700.00          1
                                       7.750            539.36         90
                                       7.500            539.36
    MIAMI            FL   33126          5            09/05/01         04
    0412952244                           08           10/01/01         25
    0412952244                           O            09/01/21
    0
1

    5534259          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       8.500            738.16         83
                                       8.250            738.16
    HENDERSONVILLE   NC   28792          2            09/10/01         01
    0412974461                           27           10/01/01         12
    0412974461                           O            09/01/31
    0

    5535062          E82/G02             F          622,500.00         ZZ
                                         360        622,500.00          1
                                       7.500          4,352.61         74
                                       7.250          4,352.61
    SAN MATEO        CA   94402          5            08/27/01         00
    0400468583                           05           10/01/01          0
    0400468583                           O            09/01/31
    0

    5543964          964/G02             F          199,500.00         ZZ
                                         360        199,500.00          4
                                       8.250          1,498.78         75
                                       8.000          1,498.78
    FOLSOM           CA   95630          1            08/23/01         00
    0433153533                           05           10/01/01          0
    135750                               N            09/01/31
    0

    5548199          964/G02             F          229,500.00         ZZ
                                         360        229,500.00          1
                                       7.250          1,565.60         80
                                       7.000          1,565.60
    SCOTTSDALE       AZ   85260          1            08/23/01         00
    0433150109                           03           10/01/01          0
    140038                               O            09/01/31
    0
1

   TOTAL NUMBER OF LOANS   :      2,130

   TOTAL ORIGINAL BALANCE  :   425,629,484.00

   TOTAL PRINCIPAL BALANCE :   425,105,790.24

   TOTAL ORIGINAL P+I      :     3,075,168.04

   TOTAL CURRENT P+I       :     3,075,168.04

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

<PAGE>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

Loan Number Current Balance Net Mortgage Rate Discount Fraction    PO Balance
5371926 " $165,387.49 " 0.0631  0.098571429     " $16,302.48 "
5517041 " $349,250.00 " 0.0647  0.075714286     " $26,443.21 "
5178930 " $91,121.48 "  0.0647  0.075714286     " $6,899.20 "
5123043 " $323,454.04 " 0.06595 0.057857143     " $18,714.13 "
5343739 " $454,952.71 " 0.06595 0.057857143     " $26,322.26 "
5477037 " $407,657.23 " 0.06595 0.057857143     " $23,585.88 "
5068814 " $135,770.84 " 0.06595 0.057857143     " $7,855.31 "
5506487 " $192,000.00 " 0.06595 0.057857143     " $11,108.57 "
5208948 " $149,619.79 " 0.06595 0.057857143     " $8,656.57 "
5411764 " $420,206.91 " 0.06595 0.057857143     " $24,311.97 "
4948237 " $179,543.73 " 0.06595 0.057857143     " $10,387.89 "
5299325 " $163,059.51 " 0.06595 0.057857143     " $9,434.16 "
5462058 " $107,909.27 " 0.06595 0.057857143     " $6,243.32 "
5483387 " $118,500.00 " 0.0672  0.04    " $4,740.00 "
5415440 " $262,500.00 " 0.0672  0.04    " $10,500.00 "
5374257 " $461,387.49 " 0.0672  0.04    " $18,455.50 "
5010856 " $436,780.67 " 0.0672  0.04    " $17,471.23 "
5214582 " $112,000.00 " 0.0672  0.04    " $4,480.00 "
5343641 " $144,271.21 " 0.0672  0.04    " $5,770.85 "
5385026 " $129,000.00 " 0.0672  0.04    " $5,160.00 "
5450556 " $225,000.00 " 0.0672  0.04    " $9,000.00 "
5471312 " $153,000.00 " 0.0672  0.04    " $6,120.00 "
5494389 " $120,000.00 " 0.0672  0.04    " $4,800.00 "
5494421 " $115,600.00 " 0.0672  0.04    " $4,624.00 "
5341859 " $234,613.61 " 0.0672  0.04    " $9,384.54 "
5317675 " $344,000.00 " 0.0672  0.04    " $13,760.00 "
5343521 " $416,966.10 " 0.0672  0.04    " $16,678.64 "
5275881 " $260,000.00 " 0.0672  0.04    " $10,400.00 "
5298344 " $399,999.00 " 0.06845 0.022142857     " $8,857.12 "
5353495 " $225,000.00 " 0.06845 0.022142857     " $4,982.14 "
5412557 " $231,814.47 " 0.06845 0.022142857     " $5,133.03 "
5176192 " $71,143.06 "  0.06845 0.022142857     " $1,575.31 "
5385618 " $220,722.00 " 0.06845 0.022142857     " $4,887.42 "
5298573 " $135,781.83 " 0.06845 0.022142857     " $3,006.60 "
5203690 " $399,000.00 " 0.06845 0.022142857     " $8,835.00 "
5308855 " $68,000.00 "  0.06845 0.022142857     " $1,505.71 "
5287878 " $96,500.00 "  0.06845 0.022142857     " $2,136.79 "
4963515 " $179,565.62 " 0.06845 0.022142857     " $3,976.10 "
5311491 " $108,712.99 " 0.06845 0.022142857     " $2,407.22 "
5343681 " $323,951.09 " 0.06845 0.022142857     " $7,173.20 "
5210826 " $61,450.82 "  0.06845 0.022142857     " $1,360.70 "
5275749 " $72,000.00 "  0.06845 0.022142857     " $1,594.29 "
5211833 " $89,900.00 "  0.06845 0.022142857     " $1,990.64 "
5341753 " $144,767.40 " 0.06845 0.022142857     " $3,205.56 "
5374530 " $240,000.00 " 0.06845 0.022142857     " $5,314.29 "
5279152 " $114,000.00 " 0.06845 0.022142857     " $2,524.29 "
5265587 " $432,000.00 " 0.06845 0.022142857     " $9,565.71 "
5421129 " $359,726.07 " 0.06845 0.022142857     " $7,965.36 "
5343599 " $399,034.68 " 0.06845 0.022142857     " $8,835.77 "
5317570 " $303,200.00 " 0.06845 0.022142857     " $6,713.71 "
5494362 " $120,000.00 " 0.06845 0.022142857     " $2,657.14 "
5477061 " $249,598.97 " 0.06845 0.022142857     " $5,526.83 "
5512708 " $363,121.53 " 0.06845 0.022142857     " $8,040.55 "
4906112 " $75,777.51 "  0.06845 0.022142857     " $1,677.93 "
5473138 " $236,310.87 " 0.06845 0.022142857     " $5,232.60 "
5494420 " $484,000.00 " 0.06845 0.022142857     " $10,717.14 "
5473137 " $108,663.03 " 0.06845 0.022142857     " $2,406.11 "
5494378 " $615,000.00 " 0.06845 0.022142857     " $13,617.86 "
5097861 " $303,257.29 " 0.06845 0.022142857     " $6,714.98 "
5421164 " $424,676.61 " 0.06845 0.022142857     " $9,403.55 "
5483554 " $320,000.00 " 0.06845 0.022142857     " $7,085.71 "
5483523 " $207,700.00 " 0.06845 0.022142857     " $4,599.07 "
4914586 " $248,973.09 " 0.06845 0.022142857     " $5,512.98 "
5483422 " $506,250.00 " 0.06845 0.022142857     " $11,209.82 "
5483394 " $217,000.00 " 0.06845 0.022142857     " $4,805.00 "
5494403 " $300,000.00 " 0.06845 0.022142857     " $6,642.86 "
5085382 " $64,681.10 "  0.06845 0.022142857     " $1,432.22 "
5427986 " $345,600.00 " 0.06845 0.022142857     " $7,652.57 "
5168074 " $259,792.08 " 0.06845 0.022142857     " $5,752.54 "
5163700 " $116,400.00 " 0.06845 0.022142857     " $2,577.43 "
5162870 " $219,024.71 " 0.06845 0.022142857     " $4,849.83 "
5450543 " $80,000.00 "  0.06845 0.022142857     " $1,771.43 "
4889179 " $207,666.35 " 0.06845 0.022142857     " $4,598.33 "
5471403 " $442,400.00 " 0.06845 0.022142857     " $9,796.00 "
5094551 " $307,753.70 " 0.06845 0.022142857     " $6,814.55 "
5151013 " $87,929.62 "  0.06845 0.022142857     " $1,947.01 "
5076157 " $114,908.03 " 0.06845 0.022142857     " $2,544.39 "
4917378 " $294,287.25 " 0.06845 0.022142857     " $6,516.36 "
5450587 " $220,000.00 " 0.06845 0.022142857     " $4,871.43 "
5289756 " $367,207.57 " 0.0687  0.018571429     " $6,819.57 "
5281335 " $325,600.00 " 0.0697  0.004285714     " $1,395.43 "
5287847 " $243,000.00 " 0.0697  0.004285714     " $1,041.43 "
5103452 " $109,514.50 " 0.0697  0.004285714      $469.35
5279103 " $130,000.00 " 0.0697  0.004285714      $557.14
5122851 " $92,000.00 "  0.0697  0.004285714      $394.29
5126620 " $149,765.25 " 0.0697  0.004285714      $641.85
4866729 " $159,749.62 " 0.0697  0.004285714      $684.64
5243332 " $169,867.38 " 0.0697  0.004285714      $728.00
5174479 " $205,839.30 " 0.0697  0.004285714      $882.17
5153445 " $232,000.00 " 0.0697  0.004285714      $994.29
5205194 " $234,816.68 " 0.0697  0.004285714     " $1,006.36 "
5153007 " $122,904.05 " 0.0697  0.004285714      $526.73
5210133 " $383,200.83 " 0.0697  0.004285714     " $1,642.29 "
5150682 " $151,202.42 " 0.0697  0.004285714      $648.01
5219875 " $149,882.99 " 0.0697  0.004285714      $642.36
5219934 " $171,785.88 " 0.0697  0.004285714      $736.23
5228881 " $87,931.35 "  0.0697  0.004285714      $376.85
5256068 " $144,573.40 " 0.0697  0.004285714      $619.60
5235452 " $473,687.82 " 0.0697  0.004285714     " $2,030.09 "
5267360 " $196,000.00 " 0.0697  0.004285714      $840.00
5148689 " $64,949.30 "  0.0697  0.004285714      $278.35
5248774 " $100,100.00 " 0.0697  0.004285714      $429.00
5141538 " $53,208.46 "  0.0697  0.004285714      $228.04
5248779 " $158,376.35 " 0.0697  0.004285714      $678.76
5250797 " $69,890.45 "  0.0697  0.004285714      $299.53
5250799 " $259,543.20 " 0.0697  0.004285714     " $1,112.33 "
5185062 " $215,831.50 " 0.0697  0.004285714      $924.99
5265547 " $109,914.19 " 0.0697  0.004285714      $471.06
5265680 " $172,065.67 " 0.0697  0.004285714      $737.42
5228882 " $55,956.31 "  0.0697  0.004285714      $239.81
5471284 " $444,000.00 " 0.0697  0.004285714     " $1,902.86 "
5397100 " $68,500.00 "  0.0697  0.004285714      $293.57
5412322 " $201,442.73 " 0.0697  0.004285714      $863.33
5421111 " $479,643.77 " 0.0697  0.004285714     " $2,055.62 "
5421120 " $305,772.90 " 0.0697  0.004285714     " $1,310.46 "
5421126 " $502,401.86 " 0.0697  0.004285714     " $2,153.15 "
5428015 " $104,800.00 " 0.0697  0.004285714      $449.14
5439089 " $138,880.00 " 0.0697  0.004285714      $595.20
5439134 " $157,500.00 " 0.0697  0.004285714      $675.00
5444112 " $342,500.00 " 0.0697  0.004285714     " $1,467.86 "
5458702 " $150,000.00 " 0.0697  0.004285714      $642.86
5459440 " $607,500.00 " 0.0697  0.004285714     " $2,603.57 "
5353460 " $99,990.00 "  0.0697  0.004285714      $428.53
5462352 " $379,500.00 " 0.0697  0.004285714     " $1,626.43 "
5385022 " $250,000.00 " 0.0697  0.004285714     " $1,071.43 "
5477054 " $272,572.79 " 0.0697  0.004285714     " $1,168.17 "
5477056 " $142,283.92 " 0.0697  0.004285714      $609.79
5477066 " $366,713.70 " 0.0697  0.004285714     " $1,571.63 "
5483368 " $122,400.00 " 0.0697  0.004285714      $524.57
5483424 " $100,800.00 " 0.0697  0.004285714      $432.00
5483560 " $116,000.00 " 0.0697  0.004285714      $497.14
5506512 " $96,000.00 "  0.0697  0.004285714      $411.43
5524444 " $119,612.19 " 0.0697  0.004285714      $512.62
4622718 " $433,630.27 " 0.0697  0.004285714     " $1,858.42 "
5076830 " $463,905.18 " 0.0697  0.004285714     " $1,988.17 "
5085465 " $95,749.92 "  0.0697  0.004285714      $410.36
5094537 " $67,946.95 "  0.0697  0.004285714      $291.20
5461939 " $207,337.74 " 0.0697  0.004285714      $888.59
5373792 " $95,000.00 "  0.0697  0.004285714      $407.14
5305567 " $109,000.00 " 0.0697  0.004285714      $467.14
5308864 " $116,000.00 " 0.0697  0.004285714      $497.14
5310570 " $348,000.00 " 0.0697  0.004285714     " $1,491.43 "
5319186 " $275,000.00 " 0.0697  0.004285714     " $1,178.57 "
5339906 " $230,819.80 " 0.0697  0.004285714      $989.23
5343487 " $284,554.01 " 0.0697  0.004285714     " $1,219.52 "
5343535 " $68,638.01 "  0.0697  0.004285714      $294.16
5343613 " $189,319.66 " 0.0697  0.004285714      $811.37
5343634 " $114,139.47 " 0.0697  0.004285714      $489.17
5343758 " $516,453.03 " 0.0697  0.004285714     " $2,213.37 "
4745676 " $193,942.26 " 0.0697  0.004285714      $831.18
5354321 " $289,546.17 " 0.0697  0.004285714     " $1,240.91 "
5393198 " $119,000.00 " 0.0697  0.004285714      $510.00
5355704 " $374,707.46 " 0.0697  0.004285714     " $1,605.89 "
5385077 " $120,800.00 " 0.0697  0.004285714      $517.71
5373838 " $265,000.00 " 0.0697  0.004285714     " $1,135.71 "
5373896 " $222,000.00 " 0.0697  0.004285714      $951.43
5374287 " $277,383.45 " 0.0697  0.004285714     " $1,188.79 "
5377799 " $418,673.14 " 0.0697  0.004285714     " $1,794.31 "
4996712 " $89,160.24 "  0.0697  0.004285714      $382.12
5008950 " $351,725.40 " 0.0697  0.004285714     " $1,507.39 "
5013654 " $151,762.13 " 0.0697  0.004285714      $650.41
5032759 " $136,393.52 " 0.0697  0.004285714      $584.54
5053925 " $139,780.90 " 0.0697  0.004285714      $599.06
5379251 " $479,248.84 " 0.0697  0.004285714     " $2,053.92 "
5381185 " $206,000.00 " 0.0697  0.004285714      $882.86
4950513 " $154,879.09 " 0.0697  0.004285714      $663.77
5548199 " $229,500.00 " 0.0697  0.004285714      $983.57

        " $37,854,767.82 "                      " $694,650.77 "

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

(i) (a) the amount of such distribution to the  Certificateholders of such Class
applied  to  reduce  the  Certificate  Principal  Balance  thereof,  and (b) the
aggregate amount included therein representing Principal Prepayments;

(ii) the amount of such  distribution  to Holders of such Class of  Certificates
allocable to interest;

(iii) if the  distribution  to the Holders of such Class of Certificates is less
than the full amount that would be  distributable  to such Holders if there were
sufficient funds available therefor, the amount of the shortfall;

(iv)  the amount of any Advance by the Master Servicer pursuant to Section 4.04;

(v) the number and Pool Stated  Principal  Balance of the  Mortgage  Loans after
giving effect to the distribution of principal on such Distribution Date;

(vi) the aggregate  Certificate  Principal Balance of each Class of Certificates
and each of the Senior Percentage and Subordinate Class Percentage, after giving
effect  to  the  amounts  distributed  on  such  Distribution  Date,  separately
identifying any reduction  thereof due to Realized Losses other than pursuant to
an actual distribution of principal;

(vii) the  related  Subordinate  Principal  Distribution  Amount and  Prepayment
Distribution Percentage, if applicable;

(viii) on the basis of the most recent reports furnished to it by Sub-Servicers,
the  number  and  aggregate  principal  balances  of  Mortgage  Loans  that  are
Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number
and aggregate principal balance of Mortgage Loans that are in foreclosure;

(ix)  the  number,  aggregate  principal  balance  and  book  value  of any  REO
Properties;

(x) the aggregate  Accrued  Certificate  Interest  remaining unpaid, if any, for
each Class of Certificates, after giving effect to the distribution made on such
Distribution Date;

(xi) the Special  Hazard Amount,  Fraud Loss Amount and Bankruptcy  Amount as of
the close of business on such  Distribution Date and a description of any change
in the calculation of such amounts;

(xii) the weighted  average Pool Strip Rate for such  Distribution  Date and the
Pass-Through  Rate with respect to the Class A-V Certificates and each Subclass,
if any, thereof;

(xiii) the  Pass-Through  Rates on the Floater  Certificates and Inverse Floater
Certificates for such Distribution Date,  separately  identifying LIBOR for such
Distribution Date;
<PAGE>

(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   will   initially  be  located  at
http://www-apps.gis.deutsche-bank.com/invr.  Assistance in using the website can
be  obtained  by  calling  the  Trustee's  Shareholder  Relations  desk at (800)
735-7777.  To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.

<PAGE>

                                 EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF JULY 1, 2001

<PAGE>

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of July 1, 2001

                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates

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

<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            PAGE

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01. Definitions...........................................................2

        Section 1.02. Use of Words and Phrases.............................................30

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........31

        Section 2.01. Conveyance of Mortgage Loans.........................................31

        Section 2.02. Acceptance by Trustee................................................36

        Section 2.03. Representations, Warranties and Covenants of the Master
               Servicer
               and the Company.............................................................38

        Section 2.04. Representations and Warranties of Sellers............................40

        Section 2.05. Execution and Authentication of Certificates/Issuance of
               Certificates Evidencing Interests in REMIC I Certificates...................41

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
               Interests; Acceptance by the Trustee........................................42

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............42

        Section 2.08. Purposes and Powers of the Trust.....................................42

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................43

        Section 3.01. Master Servicer to Act as Servicer...................................43

        Section 3.02. Subservicing Agreements Between Master Servicer and
               Subservicers; Enforcement of Subservicers' and Sellers' Obligations.........44

        Section 3.03. Successor Subservicers...............................................45

        Section 3.04. Liability of the Master Servicer.....................................46

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
               Certificateholders..........................................................46

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee........
               46

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to
               Custodial Account...........................................................47

        Section 3.08. Subservicing Accounts; Servicing Accounts............................49

        Section 3.09. Access to Certain Documentation and  Information Regarding the
               Mortgage Loans..............................................................50

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................51

                                    i
<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections
               Thereunder..................................................................53

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity
               Coverage....................................................................53

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and
               Modification Agreements; Certain Assignments................................55

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................57

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................60

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............62

        Section 3.17. Reports to the Trustee and the Company...............................63

        Section 3.18. Annual Statement as to Compliance....................................63

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............63

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............64

        Section 3.21. Administration of Buydown Funds......................................64

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................66

        Section 4.01. Certificate Account..................................................66

        Section 4.02. Distributions........................................................66

        Section 4.03. Statements to Certificateholders.....................................66

        Section 4.04. Distribution of Reports to the Trustee and  the Company;
               Advances by the Master Servicer.............................................67

        Section 4.05. Allocation of Realized Losses........................................69

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69

        Section 4.08. Surety Bond..........................................................69

Article V         THE CERTIFICATES.........................................................71

        Section 5.01. The Certificates.....................................................71

        Section 5.02. Registration of Transfer and Exchange of Certificates................73

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78

        Section 5.04. Persons Deemed Owners................................................79

        Section 5.05. Appointment of Paying Agent..........................................79

                                       ii
<PAGE>

Article VI        THE COMPANY AND THE MASTER SERVICER......................................80

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........80

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer;
               Assignment of Rights and Delegation of Duties by Master Servicer............80

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer
               and Others....................................................................
               81

        Section 6.04. Company and Master Servicer Not to Resign............................82

Article VII       DEFAULT..................................................................83

        Section 7.01. Events of Default....................................................83

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................85

        Section 7.03. Notification to Certificateholders...................................86

        Section 7.04. Waiver of Events of Default..........................................86

Article VIII      CONCERNING THE TRUSTEE...................................................87

        Section 8.01. Duties of Trustee....................................................87

        Section 8.02. Certain Matters Affecting the Trustee................................88

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................90

        Section 8.04. Trustee May Own Certificates.........................................90

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses;
               Indemnification.............................................................90

        Section 8.06. Eligibility Requirements for Trustee.................................91

        Section 8.07. Resignation and Removal of the Trustee...............................91

        Section 8.08. Successor Trustee....................................................92

        Section 8.09. Merger or Consolidation of Trustee...................................93

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................93

        Section 8.11. Appointment of Custodians............................................94

        Section 8.12. Appointment of Office or Agency......................................94

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................96

        Section 9.01. Optional  Purchase by the Master Servicer of All Certificates;
               Termination Upon Purchase by the Master Servicer or Liquidation of All
               Mortgage Loans..............................................................96

                                     iii
<PAGE>

        Section 9.02. Additional Termination Requirements..................................99

        Section 9.03. Termination of Multiple REMICs......................................100

Article X         REMIC PROVISIONS........................................................101

        Section 10.01.REMIC Administration................................................101

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....104

        Section 10.03.Designation of REMIC(s).............................................105

Article XI        MISCELLANEOUS PROVISIONS................................................106

        Section 11.01.Amendment...........................................................106

        Section 11.02.Recordation of Agreement; Counterparts..............................108

        Section 11.03.Limitation on Rights of Certificateholders..........................109

        Section 11.04.Governing Law.......................................................109

        Section 11.05.Notices.............................................................110

        Section 11.06.Required Notices to Rating Agency and Subservicer...................110

        Section 11.07.Severability of Provisions..........................................110

        Section 11.08.Supplemental Provisions for Resecuritization........................111

        Section 11.09.Allocation of Voting Rights.........................................111

        Section 11.10.No Petition.........................................................111

                                        iv
<PAGE>

                                    EXHIBITS

Exhibit A:            Form of Class A Certificate
Exhibit B:            Form of Class M Certificate
Exhibit C:            Form of Class B Certificate
Exhibit D:            Form of Class R Certificate
Exhibit E:            Form of Seller/Servicer Contract
Exhibit F:            Forms of Request for Release
Exhibit G-1:          Form of Transfer Affidavit and Agreement
Exhibit G-2:          Form of Transferor Certificate
Exhibit H:            Form of Investor Representation Letter
Exhibit I:            Form of Transferor Representation Letter
Exhibit J:            Form of Rule 144A Investment Representation Letter
Exhibit K:            Text of Amendment to Pooling and Servicing Agreement Pursuant to
                      Section 11.01(e) for a Limited Guaranty
Exhibit L:            Form of Limited Guaranty
Exhibit M:            Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:            Request for Exchange Form

</TABLE>

                                        v
<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of July 1, 2001 (the "Standard  Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or  "Agreement"),  among  RESIDENTIAL  ACCREDIT  LOANS,  INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and assigns,  the "Master  Servicer"),  and the trustee named in the
applicable  Series  Supplement  (together  with  its  permitted  successors  and
assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  asset-backed  pass-through
certificates  (collectively,  the  "Certificates"),   to  be  issued  under  the
Agreement in multiple  classes,  which in the aggregate will evidence the entire
beneficial ownership interest in the Mortgage Loans.

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

                                       1
<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

         (ii)  the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard  Losses,  Excess Fraud Losses,  Excess  Bankruptcy
               Losses and  Extraordinary  Losses) not allocated solely to one or
               more specific Classes of Certificates pursuant to Section 4.05,

         (iii) the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO  Property or (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

                                       2
<PAGE>

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

                                       3
<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds, Curtailments,  Mortgage Loan purchases
made  pursuant  to  Section  2.02,   2.03,   2.04  or  4.07  and  Mortgage  Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding month in accordance  with Section  3.07(b)),
and Principal  Prepayments in Full made after the related Prepayment Period, and
(ii) payments which represent  early receipt of scheduled  payments of principal
and interest due on a date or dates subsequent to the related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the

                                       4
<PAGE>

immediately preceding  Determination Date and amounts deposited in the Custodial
Account in connection  with the  substitution of Qualified  Substitute  Mortgage
Loans,  (ii)  the  amount  of any  Advance  made  on the  immediately  preceding
Certificate  Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related  Certificate  Account Deposit Date pursuant to the second
paragraph  of Section  3.12(a),  (iv) any amount  deposited  in the  Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw  from the  Custodial  Account or the  Certificate  Account
pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to
the Surety Bond in respect of such  Distribution  Date and (vii) the proceeds of
any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of
the close of business on the  immediately  preceding  Determination  Date of (w)
aggregate Foreclosure Profits, (x) the Amount Held for Future Distribution,  and
(y) amounts  permitted to be withdrawn by the Master Servicer from the Custodial
Account  in  respect  of  the  Mortgage  Loans  pursuant  to  clauses  (ii)-(x),
inclusive,  of Section 3.10(a).  Such amount shall be determined  separately for
each  Loan  Group.  Additionally,  with  respect  to any  Mortgage  Pool that is
comprised of two or more Loan Groups,  if on any Distribution  Date Compensating
Interest  provided  pursuant  to this  Section  3.16(e) is less than  Prepayment
Interest  Shortfalls incurred on the Mortgage Loans in connection with Principal
Prepayments  in Full and  Curtailments  made in the prior calendar  month,  such
Compensating  Interest  shall  be  allocated  on such  Distribution  Date to the
Available  Distribution  Amount  for each  Loan  Group  on a pro  rata  basis in
accordance with the respective  amounts of such Prepayment  Interest  Shortfalls
incurred  on  the  Mortgage  Loans  in  such  Loan  Group  in  respect  of  such
Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

                                       5
<PAGE>

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

     Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

          (i)  the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

                                       6
<PAGE>

         (ii)  in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

         (iii) the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

     Class A-P Certificate:  Any one of the  Certificates  designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

                                       7
<PAGE>

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

                                       8
<PAGE>

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.
        ---------

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

                                       9
<PAGE>

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date: As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a corporation if all of its  activities  are subject to tax and,  except for the
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and

                                       10
<PAGE>

"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate

                                       11
<PAGE>

Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

(a)     losses that are of the type that would be covered by the  fidelity  bond
        and the errors and omissions  insurance policy required to be maintained
        pursuant to Section 3.12(b) but are in excess of the coverage maintained
        thereunder;

(b)     nuclear reaction or nuclear radiation or radioactive contamination,  all
        whether  controlled or uncontrolled,  and whether such loss be direct or
        indirect,  proximate  or  remote  or be in whole or in part  caused  by,
        contributed to or aggravated by a peril covered by the definition of the
        term "Special Hazard Loss";

(c)     hostile or warlike action in time of peace or war,  including  action in
        hindering,  combating  or  defending  against  an actual,  impending  or
        expected attack:

1.   by any  government  or  sovereign  power,  de jure or de  facto,  or by any
     authority maintaining or using military, naval or air forces; or

2.      by military, naval or air forces; or

3.      by an agent of any such government, power, authority or forces;

(d)  any weapon of war employing atomic fission or radioactive  force whether in
     time of peace or war; or

(e)     insurrection,  rebellion, revolution, civil war, usurped power or action
        taken by  governmental  authority in  hindering,  combating or defending
        against such an occurrence,  seizure or destruction  under quarantine or
        customs  regulations,  confiscation by order of any government or public
        authority; or risks of contraband or illegal transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

                                       12
<PAGE>

     FASIT:  A "financial  asset  securitization  investment  trust"  within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch, Inc. or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates  then  outstanding  with  the  earliest  priority  for
payments pursuant to Section 4.02(a),  in the following order:  Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

                                       13
<PAGE>

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

     Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        Interim Certification:  As defined in Section 2.02.

        International Borrower: In connection with any Mortgage Loan, a borrower
who  is (a) a  United  States  citizen  employed  in a  foreign  country,  (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged

                                       14
<PAGE>

Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02 (a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

                                       15
<PAGE>

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

        Moody's:  Moody's Investors Service, Inc., or its successor in interest.

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     Mortgage Pool: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     Mortgage  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

                                       16
<PAGE>

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As  to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

                                       17
<PAGE>

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

(i)  obligations  of or  guaranteed  as to principal  and interest by the United
     States or any agency or  instrumentality  thereof when such obligations are
     backed by the full faith and credit of the United States;

(ii) repurchase  agreements on obligations  specified in clause (i) maturing not
     more than one month from the date of acquisition thereof, provided that the
     unsecured  obligations of the party agreeing to repurchase such obligations
     are at the time  rated by each  Rating  Agency  in its  highest  short-term
     rating available;

(iii)federal funds,  certificates of deposit, demand deposits, time deposits and
     bankers'  acceptances  (which  shall each have an original  maturity of not
     more than 90 days and,  in the case of  bankers'  acceptances,  shall in no
     event  have an  original  maturity  of more  than 365  days or a  remaining
     maturity of more than 30 days)  denominated in United States dollars of any
     U.S. depository institution or trust company incorporated under the laws of
     the  United  States or any state  thereof  or of any  domestic  branch of a
     foreign  depository  institution or trust  company;  provided that the debt
     obligations  of such  depository  institution  or trust company (or, if the
     only  Rating  Agency is  Standard  & Poor's,  in the case of the  principal
     depository  institution in a depository  institution holding company,  debt
     obligations of the depository  institution  holding company) at the date of
     acquisition  thereof  have been rated by each Rating  Agency in its highest
     short-term rating available;  and provided further that, if the only Rating
     Agency is  Standard & Poor's and if the  depository  or trust  company is a
     principal  subsidiary of a bank holding company and the debt obligations of
     such subsidiary are not separately  rated,  the applicable  rating shall be
     that of the bank  holding  company;  and,  provided  further  that,  if the
     original maturity of such short-term  obligations of a domestic branch of a
     foreign  depository  institution or trust company shall exceed 30 days, the
     short-term rating of such institution shall be A-1+ in the case of Standard
     & Poor's if Standard & Poor's is the Rating Agency;

(iv) commercial paper and demand notes (having  original  maturities of not more
     than 365 days) of any corporation incorporated under the laws of the United
     States or any state thereof which on the date of acquisition has been rated
     by each Rating Agency in its highest short-term rating available;  provided
     that such commercial paper shall have a remaining maturity of not more than
     30 days;

                                       18
<PAGE>

(v)  a money  market  fund or a qualified  investment  fund rated by each Rating
     Agency in its highest long-term rating available; and

(vi) other  obligations or securities  that are acceptable to each Rating Agency
     as a Permitted Investment hereunder and will not reduce the rating assigned
     to any Class of  Certificates  by such Rating Agency below the lower of the
     then-current  rating or the rating assigned to such  Certificates as of the
     Closing Date by such Rating Agency, as evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description  pledged by Combined  Collateral LLC as security in
respect of any Realized  Losses in connection  with such Mortgage Loan up to the
Pledged Amount for such Mortgage Loan, and any related collateral, or such other
collateral as may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

                                       19
<PAGE>

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
in which that  Distribution  Date occurs and ending on the 15th day of the month
in which such Distribution Date occurs.

     Primary  Insurance  Policy:   Each  primary  policy  of  mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

     Principal  Only  Certificates:  A Class of  Certificates  not  entitled  to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

                                       20
<PAGE>

     Program  Guide:  Collectively,  the Client Guide and the Servicer Guide for
Residential Funding's Expanded Criteria Mortgage Program.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi)   have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated

                                       21
<PAGE>

pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

          (a)  as to which a Cash  Liquidation or REO  Disposition has occurred,
               an amount (not less than zero) equal to (i) the Stated  Principal
               Balance of the Mortgage  Loan (or REO Property) as of the date of
               Cash Liquidation or REO Disposition,  plus (ii) interest (and REO
               Imputed  Interest,  if any) at the Net Mortgage Rate from the Due
               Date  as  to  which   interest  was  last  paid  or  advanced  to
               Certificateholders  up to the Due Date in the Due Period  related
               to the  Distribution  Date on which  such  Realized  Loss will be
               allocated  pursuant  to  Section  4.05  on the  Stated  Principal
               Balance  of such  Mortgage  Loan  (or REO  Property)  outstanding
               during  each  Due  Period  that  such  interest  was not  paid or
               advanced,  minus (iii) the proceeds,  if any, received during the
               month  in  which  such  Cash  Liquidation  (or  REO  Disposition)
               occurred,  to the extent applied as recoveries of interest at the
               Net Mortgage Rate and to principal of the Mortgage  Loan,  net of
               the portion  thereof  reimbursable  to the Master Servicer or any
               Subservicer  with  respect to related  Advances or expenses as to
               which  the  Master   Servicer  or   Subservicer  is  entitled  to
               reimbursement  thereunder  but  which  have not  been  previously
               reimbursed,

        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, and (ii) any
               such amount with  respect to a Monthly  Payment that was or would
               have been due in the  month  immediately  following  the month in
               which  a  Principal  Prepayment  or the  Purchase  Price  of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

                                       22
<PAGE>

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

                                       23
<PAGE>

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Seller: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

                                       24
<PAGE>

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)     for any  Distribution  Date after the 60th  Distribution  Date but on or
        prior to the 72nd  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 70% of the related  Subordinate  Percentage
        for such Distribution Date;

(ii)    for any  Distribution  Date after the 72nd  Distribution  Date but on or
        prior to the 84th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 60% of the related  Subordinate  Percentage
        for such Distribution Date;

(iii)   for any  Distribution  Date after the 84th  Distribution  Date but on or
        prior to the 96th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 40% of the related  Subordinate  Percentage
        for such Distribution Date;

(iv)    for any  Distribution  Date after the 96th  Distribution  Date but on or
        prior to the 108th  Distribution Date, the related Senior Percentage for
        such  Distribution Date plus 20% of the related  Subordinate  Percentage
        for such Distribution Date; and

(v)  for any  Distribution  Date  thereafter,  the  Senior  Percentage  for such
     Distribution Date;

provided, however,

        (i) that any scheduled reduction to the Senior Accelerated  Distribution
Percentage  described above shall not occur as of any  Distribution  Date unless
either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

                (b)(1)  the  outstanding  principal  balance of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

                                       25
<PAGE>

        (ii) that for any  Distribution  Date on which the Senior  Percentage is
greater  than  the  Senior  Percentage  as  of  the  Closing  Date,  the  Senior
Accelerated  Distribution  Percentage for such  Distribution Date shall be 100%,
or,  if the  Mortgage  Pool is  comprised  of two or more Loan  Groups,  for any
Distribution  Date on which the weighted  average of the Senior  Percentages for
each Loan Group,  weighted on the basis of the Stated Principal  Balances of the
Mortgage  Loans in the related Loan Group,  exceeds the weighted  average of the
initial Senior Percentages  (calculated on such basis) for each Loan Group, each
of the Senior  Accelerated  Distribution  Percentages for such Distribution Date
will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage: As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

     Series: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

                                       26
<PAGE>

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the

                                       27
<PAGE>

Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond

                                       28
<PAGE>

covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

(i)  the Mortgage Loans and the related  Mortgage Files and collateral  securing
     such Mortgage Loans,

(ii)    all payments on and  collections  in respect of the  Mortgage  Loans due
        after the Cut-off Date as shall be on deposit in the  Custodial  Account
        or in the  Certificate  Account and identified as belonging to the Trust
        Fund,   including  the  proceeds  from  the  liquidation  of  Additional
        Collateral for any Additional  Collateral Loan or Pledged Assets for any
        Pledged Asset Loan, but not including  amounts on deposit in the Initial
        Monthly Payment Fund,

(iii)   property that secured a Mortgage Loan and that has been acquired for the
        benefit  of the  Certificateholders  by  foreclosure  or deed in lieu of
        foreclosure,

(iv)    the hazard insurance  policies and Primary Insurance  Policies,  if any,
        the Pledged  Assets with  respect to each  Pledged  Asset Loan,  and the
        interest  in the Surety  Bond  transferred  to the  Trustee  pursuant to
        Section 2.01, and

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

                                       29
<PAGE>

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

Section 1.02.  Use of Words and Phrases.

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

                                       30
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01.  Conveyance of Mortgage Loans.

(a) The Company,  concurrently  with the  execution  and delivery  hereof,  does
hereby assign to the Trustee without recourse all the right,  title and interest
of the  Company  in and  to the  Mortgage  Loans,  including  all  interest  and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).  In connection  with such transfer and  assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

(b) In connection with such  assignment,  except as set forth in Section 2.01(c)
and subject to Section  2.01(d)  below,  the Company does hereby deliver to, and
deposit with, the Trustee,  or to and with one or more  Custodians,  as the duly
appointed  agent or  agents  of the  Trustee  for such  purpose,  the  following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee,  and showing an unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    The  original  Mortgage,  noting the presence of the MIN of the Mortgage
        Loan and language indicating that the Mortgage Loan is a MOM Loan if the
        Mortgage  Loan is a MOM  Loan,  with  evidence  of  recording  indicated
        thereon or a copy of the Mortgage with  evidence of recording  indicated
        thereon;

(iii)   Unless  the  Mortgage  Loan is  registered  on the  MERS(R)  System,  an
        original  Assignment  of the  Mortgage to the Trustee  with  evidence of
        recording  indicated  thereon or a copy of such assignment with evidence
        of recording indicated thereon;

(iv)    The original recorded  assignment or assignments of the Mortgage showing
        an  unbroken  chain of title from the  originator  thereof to the Person
        assigning  it to the  Trustee  (or to  MERS,  if the  Mortgage  Loan  is
        registered on the MERS(R)  System and noting the presence of a MIN) with
        evidence of recordation noted thereon or attached thereto,  or a copy of
        such  assignment  or  assignments  of  the  Mortgage  with  evidence  of
        recording indicated thereon; and

(v)     The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Mortgage Loan or a copy of each
        modification, assumption agreement or preferred loan agreement.

                                       31
<PAGE>

        and (II) with respect to each Cooperative Loan so assigned:

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee  and showing an  unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    A counterpart of the Cooperative Lease and the Assignment of Proprietary
        Lease  to  the  originator  of the  Cooperative  Loan  with  intervening
        assignments  showing an unbroken chain of title from such  originator to
        the Trustee;

(iii)   The related  Cooperative  Stock  Certificate,  representing  the related
        Cooperative  Stock  pledged  with  respect  to  such  Cooperative  Loan,
        together  with an  undated  stock  power (or other  similar  instrument)
        executed in blank;

(iv) The original  recognition  agreement by the Cooperative of the interests of
     the mortgagee with respect to the related Cooperative Loan;

(v)     The Security Agreement;

(vi)    Copies of the original UCC-1 financing  statement,  and any continuation
        statements,  filed by the originator of such Cooperative Loan as secured
        party, each with evidence of recording thereof,  evidencing the interest
        of the  originator  under the Security  Agreement and the  Assignment of
        Proprietary Lease;

(vii)   Copies  of  the  filed  UCC-3   assignments  of  the  security  interest
        referenced in clause (vi) above showing an unbroken  chain of title from
        the originator to the Trustee,  each with evidence of recording thereof,
        evidencing the interest of the originator  under the Security  Agreement
        and the Assignment of Proprietary Lease;

(viii)  An executed assignment of the interest of the originator in the Security
        Agreement, Assignment of Proprietary Lease and the recognition agreement
        referenced in clause (iv) above, showing an unbroken chain of title from
        the originator to the Trustee;

(ix)    The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Cooperative Loan; and

(x)     A duly completed UCC-1 financing  statement  showing the Master Servicer
        as debtor,  the Company as secured party and the Trustee as assignee and
        a duly completed UCC-1 financing statement showing the Company as debtor
        and the Trustee as secured party,  each in a form sufficient for filing,
        evidencing the interest of such debtors in the Cooperative Loans.

(c) The Company may, in lieu of  delivering  the original of the  documents  set
forth in Section  2.01(b)(I)(ii),  (iii), (iv) and (v) and Section  (b)(II)(ii),

                                       32
<PAGE>

(iv), (vii), (ix) and (x) (or copies thereof as permitted by Section 2.01(b)) to
the Trustee or the Custodian or Custodians, deliver such documents to the Master
Servicer, and the Master Servicer shall hold such documents in trust for the use
and benefit of all present and future  Certificateholders  until such time as is
set forth in the next  sentence.  Within  thirty  Business  Days  following  the
earlier  of (i)  the  receipt  of the  original  of  all  of  the  documents  or
instruments set forth in Section 2.01(b)(I)(ii), (iii), (iv) and (v) and Section
(b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted by such
Section)  for any  Mortgage  Loan and (ii) a written  request by the  Trustee to
deliver those  documents  with respect to any or all of the Mortgage  Loans then
being held by the Master Servicer,  the Master Servicer shall deliver a complete
set of such documents to the Trustee or the Custodian or Custodians that are the
duly appointed agent or agents of the Trustee.

(d)  Notwithstanding  the provisions of Section 2.01(c),  in connection with any
Mortgage Loan, if the Company  cannot deliver the original of the Mortgage,  any
assignment,  modification,  assumption agreement or preferred loan agreement (or
copy thereof as permitted by Section 2.01(b)) with evidence of recording thereon
concurrently  with the execution and delivery of this Agreement because of (i) a
delay caused by the public  recording  office where such  Mortgage,  assignment,
modification,  assumption  agreement or preferred loan agreement as the case may
be,  has been  delivered  for  recordation,  or (ii) a delay in the  receipt  of
certain information  necessary to prepare the related  assignments,  the Company
shall  deliver  or  cause  to be  delivered  to the  Trustee  or the  respective
Custodian  a  copy  of  such  Mortgage,  assignment,  modification,   assumption
agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage

                                       33
<PAGE>

in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

(e) Residential  Funding hereby assigns to the Trustee its security  interest in
and to any Additional Collateral or Pledged Assets, its right to receive amounts
due or to become due in respect of any  Additional  Collateral or Pledged Assets
pursuant to the related  Subservicing  Agreement  and its rights as  beneficiary
under the Surety  Bond in  respect  of any  Additional  Collateral  Loans.  With
respect to any  Additional  Collateral  Loan or Pledged Asset Loan,  Residential
Funding  shall  cause to be filed in the  appropriate  recording  office a UCC-3
statement  giving notice of the assignment of the related  security  interest to
the Trust Fund and shall  thereafter  cause the timely  filing of all  necessary
continuation statements with regard to such financing statements.

(f) It is  intended  that the  conveyance  by the  Company to the Trustee of the
Mortgage  Loans as provided for in this  Section 2.01 be and the  Uncertificated
REMIC Regular Interests,  if any (as provided for in Section 2.06), be construed
as a  sale  by the  Company  to  the  Trustee  of the  Mortgage  Loans  and  any
Uncertificated    REMIC    Regular    Interests   for   the   benefit   of   the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company.  Nonetheless,  (a) this Agreement is intended to be and hereby is a
security  agreement  within  the  meaning  of  Articles  8 and 9 of the New York
Uniform  Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction; (b) the conveyance provided for in Section 2.01 shall be deemed to
be,  and hereby  is,  (1) a grant by the  Company  to the  Trustee of a security
interest in all of the  Company's  right  (including  the power to convey  title
thereto), title and interest, whether now owned or hereafter acquired, in and to
any and all general intangibles,  payment intangibles,  accounts, chattel paper,
instruments, documents, money, deposit accounts, certificates of deposit, goods,
letters of credit,  advices of credit and investment property and other property
of whatever kind or description  now existing or hereafter  acquired  consisting
of,  arising from or relating to any of the following:  (A) the Mortgage  Loans,

                                       34
<PAGE>

including (i) with respect to each Cooperative  Loan, the related Mortgage Note,
Security   Agreement,   Assignment  of  Proprietary  Lease,   Cooperative  Stock
Certificate and Cooperative Lease, (ii) with respect to each Mortgage Loan other
than a Cooperative  Loan, the related Mortgage Note and Mortgage,  and (iii) any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof,  (C) any Uncertificated REMIC Regular Interests and (D) all proceeds of
the  conversion,   voluntary  or  involuntary,   of  the  foregoing  into  cash,
instruments,  securities or other  property,  including  without  limitation all
amounts  from time to time held or  invested in the  Certificate  Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property  and (2) an  assignment  by the Company to the Trustee of any  security
interest in any and all of Residential  Funding's right  (including the power to
convey  title  thereto),  title and  interest,  whether  now owned or  hereafter
acquired, in and to the property described in the foregoing clauses (1)(A), (B),
(C) and (D)  granted by  Residential  Funding  to the  Company  pursuant  to the
Assignment  Agreement;  (c) the possession by the Trustee,  the Custodian or any
other agent of the Trustee of Mortgage  Notes or such other items of property as
constitute instruments, money, payment intangibles, negotiable documents, goods,
deposit accounts,  letters of credit,  advices of credit,  investment  property,
certificated  securities or chattel paper shall be deemed to be  "possession  by
the secured party," or possession by a purchaser or a person  designated by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable  jurisdiction as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 thereof);  and (d) notifications to persons holding such
property,  and  acknowledgments,  receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of
any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

                                       35
<PAGE>

(g) The Master  Servicer  hereby  acknowledges  the receipt by it of the Initial
Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial  Monthly
Payment Fund in the  Custodial  Account and shall  include such Initial  Monthly
Payment Fund in the Available  Distribution Amount for the initial  Distribution
Date.  Notwithstanding  anything  herein to the  contrary,  the Initial  Monthly
Payment Fund shall not be an asset of any REMIC.  To the extent that the Initial
Monthly Payment Fund constitutes a reserve fund for federal income tax purposes,
(1) it shall be an outside  reserve  fund and not an asset of any REMIC,  (2) it
shall be owned by the Seller  and (3)  amounts  transferred  by any REMIC to the
Initial  Monthly  Payment Fund shall be treated as  transferred to the Seller or
any  successor,  all within the meaning of Section  1.860G-2(h)  of the Treasury
Regulations.

(h) The Company agrees that the sale of each Pledged Asset Loan pursuant to this
Agreement will also constitute the assignment, sale, setting-over,  transfer and
conveyance  to the  Trustee,  without  recourse  (but  subject to the  Company's
covenants,  representations and warranties specifically provided herein), of all
of the Company's  obligations and all of the Company's right, title and interest
in, to and under,  whether now  existing or  hereafter  acquired as owner of the
Mortgage  Loan  with  respect  to  any  and  all  money,  securities,   security
entitlements,  accounts, general intangibles, payment intangibles,  instruments,
documents, deposit accounts, certificates of deposit, commodities contracts, and
other  investment  property and other  property of whatever kind or  description
consisting of, arising from or related to (i) the Assigned  Contracts,  (ii) all
rights,  powers and remedies of the Company as owner of such Mortgage Loan under
or in connection with the Assigned Contracts, whether arising under the terms of
such Assigned  Contracts,  by statute, at law or in equity, or otherwise arising
out of any default by the  Mortgagor  under or in  connection  with the Assigned
Contracts,  including  all rights to exercise  any election or option or to make
any  decision  or  determination  or to give or  receive  any  notice,  consent,
approval  or  waiver  thereunder,  (iii)  the  Pledged  Amounts  and all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or other  distributions  of cash or other  property that secures a Pledged Asset
Loan, (iv) all documents,  books and records concerning the foregoing (including
all  computer  programs,  tapes,  disks and related  items  containing  any such
information) and (v) all insurance proceeds (including proceeds from the Federal
Deposit Insurance Corporation or the Securities Investor Protection  Corporation
or any other insurance company) of any of the foregoing or replacements  thereof
or substitutions therefor, proceeds of proceeds and the conversion, voluntary or
involuntary,  of any thereof.  The  foregoing  transfer,  sale,  assignment  and
conveyance does not constitute and is not intended to result in the creation, or
an assumption  by the Trustee,  of any  obligation of the Company,  or any other
person  in  connection  with the  Pledged  Assets  or  under  any  agreement  or
instrument  relating thereto,  including any obligation to the Mortgagor,  other
than as owner of the Mortgage Loan.

Section 2.02.  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section

                                       36
<PAGE>

2.01(b)(i)  above  (except  that for  purposes of such  acknowledgement  only, a
Mortgage  Note may be endorsed in blank) and declares that it, or a Custodian as
its  agent,  holds  and  will  hold  such  documents  and  the  other  documents
constituting a part of the Mortgage Files delivered to it, or a Custodian as its
agent, and the rights of Residential Funding with respect to any Pledged Assets,
Additional  Collateral  and the Surety Bond assigned to the Trustee  pursuant to
Section  2.01,  in trust  for the use and  benefit  of all  present  and  future
Certificateholders.  The Trustee or Custodian (such Custodian being so obligated
under a Custodial Agreement) agrees, for the benefit of  Certificateholders,  to
review each Mortgage File delivered to it pursuant to Section  2.01(b) within 45
days  after  the  Closing  Date  to  ascertain   that  all  required   documents
(specifically as set forth in Section 2.01(b)), have been executed and received,
and that such documents  relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented, that have been conveyed to it, and to deliver to
the Trustee a certificate (the "Interim  Certification")  to the effect that all
documents  required to be delivered  pursuant to Section 2.01(b) above have been
executed  and  received and that such  documents  relate to the  Mortgage  Loans
identified on the Mortgage Loan Schedule,  except for any  exceptions  listed on
Schedule A attached to such Interim Certification. Upon delivery of the Mortgage
Files by the  Company or the Master  Servicer,  the  Trustee  shall  acknowledge
receipt (or, with respect to Mortgage  Loans  subject to a Custodial  Agreement,
and based  solely upon a receipt or  certification  executed  by the  Custodian,
receipt by the respective  Custodian as the duly appointed agent of the Trustee)
of the documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the

                                       37
<PAGE>

Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

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

(a) The Master  Servicer  hereby  represents and warrants to the Trustee for the
benefit of the Certificateholders that:

(i)     The Master Servicer is a corporation  duly organized,  validly  existing
        and in good standing under the laws governing its creation and existence
        and is or will be in compliance with the laws of each state in which any
        Mortgaged  Property  is located to the  extent  necessary  to ensure the
        enforceability  of each Mortgage  Loan in  accordance  with the terms of
        this Agreement;

(ii)    The execution and delivery of this Agreement by the Master  Servicer and
        its performance and compliance with the terms of this Agreement will not
        violate the Master Servicer's  Certificate of Incorporation or Bylaws or
        constitute a material  default (or an event which,  with notice or lapse
        of time, or both, would constitute a material  default) under, or result
        in the  material  breach of, any material  contract,  agreement or other
        instrument  to which  the  Master  Servicer  is a party or which  may be
        applicable to the Master Servicer or any of its assets;

(iii)   This Agreement,  assuming due  authorization,  execution and delivery by
        the  Trustee and the  Company,  constitutes  a valid,  legal and binding
        obligation of the Master Servicer,  enforceable against it in accordance
        with the terms  hereof  subject to  applicable  bankruptcy,  insolvency,
        reorganization,  moratorium and other laws affecting the  enforcement of
        creditors'  rights  generally  and  to  general  principles  of  equity,
        regardless of whether such  enforcement is considered in a proceeding in
        equity or at law;

(iv)    The  Master  Servicer  is not in  default  with  respect to any order or
        decree of any court or any order,  regulation  or demand of any federal,
        state,  municipal  or  governmental  agency,  which  default  might have
        consequences  that would  materially and adversely  affect the condition
        (financial  or  other)  or  operations  of the  Master  Servicer  or its
        properties or might have  consequences  that would materially  adversely
        affect its performance hereunder;

                                       38
<PAGE>

(v)     No  litigation  is  pending  or,  to the best of the  Master  Servicer's
        knowledge,  threatened  against the Master Servicer which would prohibit
        its entering into this  Agreement or performing  its  obligations  under
        this Agreement;

(vi)    The  Master  Servicer  will  comply  in  all  material  respects  in the
        performance of this Agreement with all reasonable rules and requirements
        of each insurer under each Required Insurance Policy;

(vii)   No  information,  certificate  of an  officer,  statement  furnished  in
        writing or report delivered to the Company, any Affiliate of the Company
        or the Trustee by the Master  Servicer  will,  to the  knowledge  of the
        Master Servicer, contain any untrue statement of a material fact or omit
        a  material  fact  necessary  to  make  the  information,   certificate,
        statement or report not misleading;

(viii)  The Master  Servicer has examined each  existing,  and will examine each
        new,  Subservicing  Agreement  and is or will be familiar with the terms
        thereof.  The terms of each  existing  Subservicing  Agreement  and each
        designated Subservicer are acceptable to the Master Servicer and any new
        Subservicing Agreements will comply with the provisions of Section 3.02;
        and

(ix)    The  Master  Servicer  is a member  of MERS in good  standing,  and will
        comply in all material respects with the rules and procedures of MERS in
        connection  with the servicing of the Mortgage Loans that are registered
        with MERS.

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

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

(b)  Representations and warranties relating to the Mortgage Loans are set forth
in Section 2.03(b) of the Series Supplement.

                                       39
<PAGE>

Section 2.04.  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment of the Mortgage in recordable  form, if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the

                                       40
<PAGE>

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

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

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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

               As provided in Section 2.05 of the Series Supplement.

                                       41
<PAGE>

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

               As provided in Section 2.06 of the Series Supplement.

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

               As provided in Section 2.07 of the Series Supplement.

Section 2.08.  Purposes and Powers of the Trust.

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

(a) to sell the Certificates to the Company in exchange for the Mortgage Loans;

(b)     to enter into and perform its obligations under this Agreement;

(c) to engage in those activities that are necessary,  suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and

(d)  subject  to  compliance  with  this  Agreement,  to  engage  in such  other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

               The  trust  is  hereby  authorized  to  engage  in the  foregoing
activities. Notwithstanding the provisions of Section 11.01, the trust shall not
engage in any activity other than in connection with the foregoing or other than
as required or authorized by the terms of this Agreement  while any  Certificate
is outstanding, and this Section 2.08 may not be amended, without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                       42
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master Servicer to Act as Servicer.

(a) The Master  Servicer  shall  service and  administer  the Mortgage  Loans in
accordance  with the terms of this Agreement and the  respective  Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain,  the  taking  of a  deed  in  lieu  of  foreclosure,  the  commencement,
prosecution  or  completion  of  judicial  or  non-judicial   foreclosure,   the
conveyance of a Mortgaged  Property to the related  Insurer,  the acquisition of
any property  acquired by  foreclosure  or deed in lieu of  foreclosure,  or the
management,  marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure  with respect to the Mortgage Loans and with respect
to the Mortgaged  Properties.  The Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or  re-recording  of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing  or becoming unable to continue  operations in connection with the
MERS System,  it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the  Trustee,  then any related  expenses  shall be  reimbursable  to the Master
Servicer.  Notwithstanding the foregoing, subject to Section 3.07(a), the Master
Servicer  shall not permit any  modification  with respect to any Mortgage  Loan
that would both  constitute a sale or exchange of such  Mortgage Loan within the
meaning  of  Section  1001 of the  Code  and any  proposed,  temporary  or final
regulations  promulgated  thereunder  (other than in connection  with a proposed
conveyance  or  assumption  of such Mortgage Loan that is treated as a Principal
Prepayment  in Full  pursuant  to Section  3.13(d)  hereof)  and cause any REMIC

                                       43
<PAGE>

formed under the Series Supplement to fail to qualify as a REMIC under the Code.
The Trustee  shall  furnish the Master  Servicer with any powers of attorney and
other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in accordance  with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee,  obtain credit  information in the form
of a "credit score" from a credit repository.

(b) All costs incurred by the Master  Servicer or by  Subservicers  in effecting
the timely payment of taxes and  assessments  on the  properties  subject to the
Mortgage Loans shall not, for the purpose of calculating  monthly  distributions
to the  Certificateholders,  be added to the  amount  owing  under  the  related
Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so permit,
and  such  costs  shall  be  recoverable  to the  extent  permitted  by  Section
3.10(a)(ii).

(c) The Master Servicer may enter into one or more agreements in connection with
the offering of pass-through certificates evidencing interests in one or more of
the  Certificates  providing  for the payment by the Master  Servicer of amounts
received by the Master Servicer as servicing compensation hereunder and required
to cover certain  Prepayment  Interest  Shortfalls on the Mortgage Loans,  which
payment  obligation  will  thereafter be an  obligation  of the Master  Servicer
hereunder.

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations.

(a) The Master Servicer may continue in effect  Subservicing  Agreements entered
into by Residential Funding and Subservicers prior to the execution and delivery
of  this  Agreement,  and  may  enter  into  new  Subservicing  Agreements  with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer

                                       44
<PAGE>

may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

(b) As part of its servicing activities hereunder,  the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts  to  enforce  the  obligations  of each  Subservicer  under the  related
Subservicing  Agreement and of each Seller under the related Seller's  Agreement
insofar as the  Company's  rights with respect to Seller's  obligation  has been
assigned to the Trustee hereunder, to the extent that the non-performance of any
such Seller's  obligation would have a material and adverse effect on a Mortgage
Loan, including,  without limitation, the obligation to purchase a Mortgage Loan
on account of  defective  documentation,  as described  in Section  2.02,  or on
account of a breach of a  representation  or  warranty,  as described in Section
2.04. Such enforcement,  including, without limitation, the legal prosecution of
claims,  termination  of  Subservicing  Agreements  or Seller's  Agreements,  as
appropriate,  and the pursuit of other  appropriate  remedies,  shall be in such
form and carried  out to such an extent and at such time as the Master  Servicer
would employ in its good faith business  judgment and which are normal and usual
in its general mortgage servicing activities.  The Master Servicer shall pay the
costs of such enforcement at its own expense,  and shall be reimbursed  therefor
only (i) from a general recovery  resulting from such enforcement to the extent,
if any,  that such  recovery  exceeds  all amounts due in respect of the related
Mortgage Loan or (ii) from a specific  recovery of costs,  expenses or attorneys
fees against the party against whom such  enforcement is directed.  For purposes
of clarification  only, the parties agree that the foregoing is not intended to,
and does not,  limit the  ability of the Master  Servicer to be  reimbursed  for
expenses  that are incurred in  connection  with the  enforcement  of a Seller's
obligations  (insofar  as the  Company's  rights with  respect to such  Seller's
obligations  have been assigned to the Trustee  hereunder) and are  reimbursable
pursuant to Section 3.10(a)(viii).

Section 3.03.  Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,

                                       45
<PAGE>

in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

Section 3.04.  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

Section 3.05.  No Contractual Relationship Between Subservicer and
                      Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

Section 3.06.  Assumption or Termination of Subservicing Agreements by Trustee.

(a) If the Master Servicer shall for any reason no longer be the master servicer
(including by reason of an Event of Default),  the Trustee,  its designee or its
successor shall thereupon assume all of the rights and obligations of the Master
Servicer under each Subservicing  Agreement that may have been entered into. The
Trustee,  its designee or the successor servicer for the Trustee shall be deemed
to have  assumed  all of the  Master  Servicer's  interest  therein  and to have
replaced  the Master  Servicer as a party to the  Subservicing  Agreement to the
same extent as if the  Subservicing  Agreement had been assigned to the assuming
party  except  that the Master  Servicer  shall not  thereby be  relieved of any
liability or obligations under the Subservicing Agreement.

(b) The Master Servicer shall, upon request of the Trustee but at the expense of
the Master  Servicer,  deliver to the assuming  party all  documents and records
relating  to each  Subservicing  Agreement  and the  Mortgage  Loans  then being
serviced and an accounting of amounts collected and held by it and otherwise use
its  best  efforts  to  effect  the  orderly  and  efficient  transfer  of  each
Subservicing Agreement to the assuming party.

                                       46
<PAGE>

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

(a) The Master  Servicer shall make  reasonable  efforts to collect all payments
called for under the terms and provisions of the Mortgage  Loans,  and shall, to
the extent such procedures shall be consistent with this Agreement and the terms
and provisions of any related Primary Insurance  Policy,  follow such collection
procedures as it would employ in its good faith business  judgment and which are
normal and usual in its general mortgage servicing  activities.  Consistent with
the  foregoing,  the Master  Servicer may in its  discretion  (i) waive any late
payment charge or any prepayment  charge or penalty  interest in connection with
the  prepayment of a Mortgage Loan and (ii) extend the Due Date for payments due
on a Mortgage Loan in accordance with the Program Guide; provided, however, that
the Master Servicer shall first determine that any such waiver or extension will
not impair the coverage of any related  Primary  Insurance  Policy or materially
adversely  affect  the lien of the  related  Mortgage.  In the event of any such
arrangement,  the Master  Servicer  shall make  timely  advances  on the related
Mortgage Loan during the scheduled  period in accordance  with the  amortization
schedule of such  Mortgage Loan without  modification  thereof by reason of such
arrangements  unless  otherwise  agreed  to by the  Holders  of the  Classes  of
Certificates affected thereby;  provided,  however, that no such extension shall
be made if any such advance would be a Nonrecoverable  Advance.  Consistent with
the terms of this Agreement,  the Master Servicer may also waive, modify or vary
any  term  of any  Mortgage  Loan  or  consent  to the  postponement  of  strict
compliance with any such term or in any manner grant indulgence to any Mortgagor
if  in  the  Master   Servicer's   determination   such  waiver,   modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); provided,  however, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,
including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan), or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; and provided, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate and the sum of the rates at which the  Servicing  Fee
and the  Subservicing  Fee  with  respect  to such  Mortgage  Loan  accrues.  In
connection with any Curtailment of a Mortgage Loan, the Master Servicer,  to the
extent not  inconsistent  with the terms of the Mortgage  Note and local law and
practice,  may permit the Mortgage Loan to be reamortized  such that the Monthly
Payment is  recalculated  as an amount that will fully  amortize  the  remaining
Stated  Principal  Balance  thereof by the original  Maturity  Date based on the
original  Mortgage  Rate;  provided,  that  such  re-amortization  shall  not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income  tax  purposes,  except  if such  reissuance  is  described  in  Treasury
Regulation Section 1.860G-2(b)(3).

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

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<PAGE>

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

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

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

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.03,  2.04  or  4.07  and  all  amounts  required  to be  deposited  in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

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

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

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

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

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

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

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<PAGE>

(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

(c) The Master  Servicer  shall use its best  efforts  to cause the  institution
maintaining the Custodial  Account to invest the funds in the Custodial  Account
attributable to the Mortgage Loans in Permitted  Investments  which shall mature
not later than the  Certificate  Account Deposit Date next following the date of
such investment (with the exception of the Amount Held for Future  Distribution)
and which shall not be sold or disposed of prior to their maturities. All income
and gain  realized  from any such  investment  shall be for the  benefit  of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal  or order from time to time.  The amount of any  losses  incurred  in
respect of any such  investments  attributable  to the  investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds  immediately as realized  without any right
of reimbursement.

(d) The Master  Servicer shall give notice to the Trustee and the Company of any
change  in the  location  of the  Custodial  Account  and  the  location  of the
Certificate Account prior to the use thereof.

Section 3.08.  Subservicing Accounts; Servicing Accounts.

(a) In those cases where a Subservicer  is servicing a Mortgage Loan pursuant to
a  Subservicing  Agreement,  the Master  Servicer  shall cause the  Subservicer,
pursuant to the  Subservicing  Agreement,  to establish and maintain one or more
Subservicing  Accounts which shall be an Eligible Account or, if such account is
not an Eligible Account, shall generally satisfy the requirements of the Program
Guide and be otherwise acceptable to the Master Servicer and each Rating Agency.
The  Subservicer  will be  required  thereby  to deposit  into the  Subservicing
Account  on a daily  basis  all  proceeds  of  Mortgage  Loans  received  by the
Subservicer,  less its Subservicing Fees and unreimbursed advances and expenses,
to the extent  permitted  by the  Subservicing  Agreement.  If the  Subservicing
Account is not an Eligible Account,  the Master Servicer shall be deemed to have
received such monies upon receipt  thereof by the  Subservicer.  The Subservicer
shall not be  required  to  deposit  in the  Subservicing  Account  payments  or
collections  in the nature of  prepayment  charges or late charges or assumption
fees.  On or before the date  specified  in the Program  Guide,  but in no event
later  than  the  Determination  Date,  the  Master  Servicer  shall  cause  the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

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<PAGE>

(b)  The  Subservicer  may  also  be  required,  pursuant  to  the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).

(c) In addition to the Custodial Account and the Certificate Account, the Master
Servicer  shall  for any  Nonsubserviced  Mortgage  Loan,  and  shall  cause the
Subservicers  for Subserviced  Mortgage Loans to,  establish and maintain one or
more Servicing  Accounts and deposit and retain therein all collections from the
Mortgagors   (or  advances  from   Subservicers)   for  the  payment  of  taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

(d) The Master Servicer shall advance the payments  referred to in the preceding
subsection  that  are not  timely  paid by the  Mortgagors  or  advanced  by the
Subservicers  on the date when the tax,  premium  or other  cost for which  such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

Section 3.09.  Access to Certain Documentation and
                      Information Regarding the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable

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<PAGE>

request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

Section 3.10.  Permitted Withdrawals from the Custodial Account.

(a) The  Master  Servicer  may,  from  time to time  as  provided  herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

(i)  to make  deposits  into the  Certificate  Account in the amounts and in the
     manner provided for in Section 4.01;

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     advances or expenses made pursuant to Sections 3.01,  3.07(a),  3.08, 3.11,
     3.12(a),  3.14 and 4.04 or otherwise  reimbursable pursuant to the terms of
     this Agreement,  such withdrawal right being limited to amounts received on
     particular  Mortgage  Loans  (including,  for this  purpose,  REO Proceeds,
     Insurance Proceeds,  Liquidation Proceeds and proceeds from the purchase of
     a  Mortgage  Loan  pursuant  to Section  2.02,  2.03,  2.04 or 4.07)  which
     represent  (A) Late  Collections  of  Monthly  Payments  for which any such
     advance was made in the case of Subservicer  Advances or Advances  pursuant
     to  Section  4.04 and (B)  recoveries  of  amounts in respect of which such
     advances were made in the case of Servicing Advances;

(iii)to pay to itself or the related  Subservicer (if not previously retained by
     such  Subservicer)  out of each payment  received by the Master Servicer on
     account of interest on a Mortgage Loan as contemplated by Sections 3.14 and
     3.16, an amount equal to that  remaining  portion of any such payment as to
     interest (but not in excess of the Servicing Fee and the Subservicing  Fee,
     if not  previously  retained)  which,  when  deducted,  will  result in the
     remaining  amount of such interest  being interest at the Net Mortgage Rate
     (or Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan) on
     the amount specified in the  amortization  schedule of the related Mortgage
     Loan as the  principal  balance  thereof  at the  beginning  of the  period
     respecting which such interest was paid after giving effect to any previous
     Curtailments;

(iv)    to pay to itself as additional  servicing  compensation  any interest or
        investment  income  earned on funds and other  property  deposited in or
        credited  to the  Custodial  Account  that it is  entitled  to  withdraw
        pursuant to Section 3.07(c);

(v)     to pay to itself as additional  servicing  compensation  any Foreclosure
        Profits,  any amounts remitted by Subservicers as interest in respect of
        Curtailments  pursuant to Section  3.08(b),  and any  amounts  paid by a
        Mortgagor in connection  with a Principal  Prepayment in Full in respect
        of  interest  for any  period  during the  calendar  month in which such
        Principal   Prepayment   in   Full   is  to  be   distributed   to   the
        Certificateholders;

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<PAGE>

(vi)    to pay to itself,  a Subservicer,  a Seller,  Residential  Funding,  the
        Company  or any  other  appropriate  Person,  as the case  may be,  with
        respect to each  Mortgage Loan or property  acquired in respect  thereof
        that has been  purchased  or otherwise  transferred  pursuant to Section
        2.02,  2.03,  2.04, 4.07 or 9.01, all amounts  received  thereon and not
        required to be distributed to the  Certificateholders  as of the date on
        which  the  related  Stated  Principal  Balance  or  Purchase  Price  is
        determined;

(vii)   to reimburse  itself or the related  Subservicer for any  Nonrecoverable
        Advance  or  Advances  in  the  manner  and to the  extent  provided  in
        subsection (c) below, any Advance made in connection with a modification
        of a Mortgage  Loan that is in default or, in the judgment of the Master
        Servicer, default is reasonably foreseeable pursuant to Section 3.07(a),
        to  the  extent  the  amount  of  the  Advance  has  been  added  to the
        outstanding  principal  balance of the  Mortgage  Loan,  or any  Advance
        reimbursable to the Master Servicer pursuant to Section 4.02(a);

(viii)  to  reimburse  itself  or  the  Company  for  expenses  incurred  by and
        reimbursable to it or the Company  pursuant to Sections  3.01(a),  3.11,
        3.13,  3.14(c),  6.03,  10.01  or  otherwise,   or  in  connection  with
        enforcing,   in  accordance   with  this   Agreement,   any  repurchase,
        substitution or indemnification  obligation of any Seller (other than an
        Affiliate of the Company) pursuant to the related Seller's Agreement;

(ix)    to reimburse itself for Servicing  Advances  expended by it (a) pursuant
        to Section  3.14 in good faith in  connection  with the  restoration  of
        property  damaged by an Uninsured  Cause, and (b) in connection with the
        liquidation  of a Mortgage Loan or disposition of an REO Property to the
        extent not otherwise reimbursed pursuant to clause (ii) or (viii) above;
        and

(x)  to withdraw  any amount  deposited  in the  Custodial  Account that was not
     required to be deposited therein pursuant to Section 3.07.

(b) Since, in connection with withdrawals  pursuant to clauses (ii),  (iii), (v)
and (vi), the Master Servicer's entitlement thereto is limited to collections or
other  recoveries on the related  Mortgage Loan, the Master  Servicer shall keep
and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for
the purpose of justifying any withdrawal from the Custodial  Account pursuant to
such clauses.

(c) The Master  Servicer  shall be entitled to  reimburse  itself or the related
Subservicer  for any advance made in respect of a Mortgage  Loan that the Master
Servicer  determines  to be a  Nonrecoverable  Advance  by  withdrawal  from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

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<PAGE>

Section 3.11.  Maintenance of the Primary Insurance
                      Policies; Collections Thereunder.

(a) The Master  Servicer shall not take, or permit any  Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy  of any  loss  which,  but for the  actions  of the  Master  Servicer  or
Subservicer,  would have been  covered  thereunder.  To the extent  coverage  is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

(b) In  connection  with its  activities  as  administrator  and servicer of the
Mortgage  Loans,  the Master  Servicer agrees to present or to cause the related
Subservicer to present,  on behalf of the Master Servicer,  the Subservicer,  if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and,  in this  regard,  to take or cause to be taken such  reasonable  action as
shall be  necessary  to permit  recovery  under any Primary  Insurance  Policies
respecting  defaulted  Mortgage  Loans.  Pursuant to Section 3.07, any Insurance
Proceeds  collected  by or  remitted  to the Master  Servicer  under any Primary
Insurance  Policies  shall be deposited  in the  Custodial  Account,  subject to
withdrawal pursuant to Section 3.10.

Section 3.12.  Maintenance of Fire Insurance and
                      Omissions and Fidelity Coverage.

(a) The Master  Servicer  shall cause to be  maintained  for each  Mortgage Loan
(other than a Cooperative  Loan) fire  insurance  with  extended  coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;

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<PAGE>

provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

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<PAGE>

(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect  throughout the term of this Agreement a blanket  fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities  under this Agreement.  The amount of coverage
shall be at least equal to the coverage  that would be required by Fannie Mae or
Freddie Mac,  whichever is greater,  with respect to the Master  Servicer if the
Master Servicer were servicing and  administering  the Mortgage Loans for Fannie
Mae or Freddie  Mac.  In the event that any such bond or policy  ceases to be in
effect, the Master Servicer shall obtain a comparable replacement bond or policy
from an issuer or insurer, as the case may be, meeting the requirements, if any,
of the  Program  Guide and  acceptable  to the  Company.  Coverage of the Master
Servicer under a policy or bond obtained by an Affiliate of the Master  Servicer
and  providing the coverage  required by this Section  3.12(b) shall satisfy the
requirements of this Section 3.12(b).

Section 3.13.  Enforcement of Due-on-Sale Clauses; Assumption and
                      Modification Agreements; Certain Assignments.

(a) When any  Mortgaged  Property  is  conveyed  by the  Mortgagor,  the  Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

(i)     the  Master  Servicer  shall not be deemed to be in  default  under this
        Section 3.13(a) by reason of any transfer or assumption which the Master
        Servicer is restricted by law from preventing; and

(ii)    if the Master Servicer  determines that it is reasonably likely that any
        Mortgagor will bring,  or if any Mortgagor  does bring,  legal action to
        declare invalid or otherwise avoid  enforcement of a due-on-sale  clause
        contained in any Mortgage Note or Mortgage,  the Master  Servicer  shall
        not be  required to enforce the  due-on-sale  clause or to contest  such
        action.

(b) Subject to the Master  Servicer's duty to enforce any due-on-sale  clause to
the  extent  set  forth in  Section  3.13(a),  in any case in which a  Mortgaged
Property  is to be conveyed  to a Person by a  Mortgagor,  and such Person is to
enter into an assumption or modification agreement or supplement to the Mortgage
Note  or  Mortgage  which  requires  the  signature  of  the  Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant

                                       55
<PAGE>

modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction  involving  the  assumption  or transfer (A) the Mortgage  Loan will
continue  to be secured by a first  mortgage  lien  pursuant to the terms of the
Mortgage,  (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies,  (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest  rate on the  Mortgage  Loan) will be altered  nor will the term of the
Mortgage  Loan be  changed  and (E) if the  seller/transferor  of the  Mortgaged
Property is to be released  from  liability on the Mortgage  Loan,  such release
will  not  (based  on  the  Master   Servicer's  or  Subservicer's   good  faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.

(c) The Master Servicer or the related Subservicer, as the case may be, shall be
entitled  to approve a request  from a  Mortgagor  for a partial  release of the
related  Mortgaged  Property,  the  granting of an easement  thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

(d) Subject to any other applicable terms and conditions of this Agreement,  the
Trustee and Master  Servicer  shall be entitled to approve an assignment in lieu
of  satisfaction  with respect to any Mortgage  Loan,  provided the obligee with
respect to such Mortgage Loan  following such proposed  assignment  provides the
Trustee and Master  Servicer  with a "Lender  Certification  for  Assignment  of
Mortgage  Loan" in the form attached  hereto as Exhibit M, in form and substance

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<PAGE>

satisfactory to the Trustee and Master  Servicer,  providing the following:  (i)
that the substance of the assignment is, and is intended to be, a refinancing of
such  Mortgage;  (ii) that the Mortgage Loan  following the proposed  assignment
will have a rate of  interest at least 0.25  percent  below or above the rate of
interest on such Mortgage Loan prior to such proposed assignment; and (iii) that
such  assignment  is at the request of the borrower  under the related  Mortgage
Loan. Upon approval of an assignment in lieu of satisfaction with respect to any
Mortgage Loan, the Master  Servicer shall receive cash in an amount equal to the
unpaid  principal  balance of and accrued interest on such Mortgage Loan and the
Master  Servicer shall treat such amount as a Principal  Prepayment in Full with
respect to such Mortgage Loan for all purposes hereof.

Section 3.14.  Realization Upon Defaulted Mortgage Loans.

(a) The Master  Servicer shall  foreclose upon or otherwise  comparably  convert
(which may include an REO Acquisition) the ownership of properties securing such
of the  Mortgage  Loans as come into and  continue in default and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant  to  Section  3.07.  In  connection  with  such  foreclosure  or  other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds,  Insurance Proceeds,  or REO Proceeds  (respecting which it shall have
priority for purposes of  withdrawals  from the  Custodial  Account  pursuant to
Section 3.10, whether or not such expenses and charges are actually  recoverable
from related Liquidation Proceeds,  Insurance Proceeds or REO Proceeds).  In the
event of such a determination  by the Master  Servicer  pursuant to this Section
3.14(a),  the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10.

               In addition to the foregoing,  the Master  Servicer shall use its
best  reasonable  efforts to realize upon any Additional  Collateral for such of
the Additional  Collateral  Loans as come into and continue in default and as to
which no  satisfactory  arrangements  can be made for  collection  of delinquent
payments pursuant to Section 3.07;  provided that the Master Servicer shall not,
on behalf of the Trustee,  obtain title to any such  Additional  Collateral as a
result of or in lieu of the  disposition  thereof  or  otherwise;  and  provided
further  that (i) the Master  Servicer  shall not proceed  with  respect to such
Additional  Collateral  in any manner  that would  impair the ability to recover
against the  related  Mortgaged  Property,  and (ii) the Master  Servicer  shall
proceed with any REO Acquisition in a manner that preserves the ability to apply
the  proceeds  of such  Additional  Collateral  against  amounts  owed under the
defaulted  Mortgage Loan. Any proceeds realized from such Additional  Collateral
(other than amounts to be released to the Mortgagor or the related  guarantor in
accordance  with  procedures  that the Master Servicer would follow in servicing

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<PAGE>

loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and
conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               Concurrently  with the foregoing,  the Master Servicer may pursue
any  remedies  that  may  be  available  in  connection   with  a  breach  of  a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections  2.03 and 2.04.  However,  the Master  Servicer is not required to
continue to pursue both  foreclosure  (or similar  remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation  and
warranty if the Master Servicer determines in its reasonable discretion that one
such  remedy is more likely to result in a greater  recovery as to the  Mortgage
Loan. Upon the occurrence of a Cash  Liquidation or REO  Disposition,  following
the deposit in the  Custodial  Account of all  Insurance  Proceeds,  Liquidation
Proceeds and other  payments and  recoveries  referred to in the  definition  of
"Cash  Liquidation"  or "REO  Disposition,"  as applicable,  upon receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without recourse, as shall be necessary to vest in the Master Servicer
or its designee,  as the case may be, the related  Mortgage Loan, and thereafter

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<PAGE>

such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the
foregoing or any other  provision of this  Agreement,  in the Master  Servicer's
sole discretion  with respect to any defaulted  Mortgage Loan or REO Property as
to either of the following provisions, (i) a Cash Liquidation or REO Disposition
may be deemed to have  occurred if  substantially  all  amounts  expected by the
Master Servicer to be received in connection with the related defaulted Mortgage
Loan or REO Property have been  received,  and (ii) for purposes of  determining
the amount of any Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any
other  unscheduled  collections  or the amount of any Realized  Loss, the Master
Servicer may take into account minimal amounts of additional  receipts  expected
to be received or any estimated  additional  liquidation expenses expected to be
incurred in connection with the related defaulted Mortgage Loan or REO Property.

(b) If title to any  Mortgaged  Property is acquired by the Trust Fund as an REO
Property  by  foreclosure  or by  deed  in  lieu  of  foreclosure,  the  deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

(c) If the Trust Fund  acquires  any REO  Property as  aforesaid or otherwise in
connection  with a default or imminent  default on a Mortgage  Loan,  the Master
Servicer on behalf of the Trust Fund shall  dispose of such REO Property as soon
as   practicable,   giving   due   consideration   to  the   interests   of  the
Certificateholders,  but in all cases  within three full years after the taxable
year of its acquisition by the Trust Fund for purposes of Section  860G(a)(8) of
the Code (or such shorter  period as may be  necessary  under  applicable  state
(including  any state in which such  property  is located)  law to maintain  the
status of any portion of any REMIC formed under the Series Supplement as a REMIC
under  applicable state law and avoid taxes resulting from such property failing
to be foreclosure property under applicable state law) or, at the expense of the
Trust Fund, request, more than 60 days before the day on which such grace period
would  otherwise  expire,  an extension  of such grace period  unless the Master
Servicer  (subject  to Section  10.01(f))  obtains for the Trustee an Opinion of
Counsel,  addressed to the Trustee and the Master  Servicer,  to the effect that
the  holding by the Trust Fund of such REO  Property  subsequent  to such period
will not  result in the  imposition  of taxes on  "prohibited  transactions"  as
defined in Section  860F of the Code or cause any REMIC  formed under the Series
Supplement to fail to qualify as a REMIC (for federal (or any  applicable  State
or  local)  income  tax  purposes)  at  any  time  that  any   Certificates  are
outstanding, in which case the Trust Fund may continue to hold such REO Property
(subject to any  conditions  contained in such  Opinion of Counsel).  The Master
Servicer shall be entitled to be reimbursed  from the Custodial  Account for any
costs  incurred in  obtaining  such  Opinion of Counsel,  as provided in Section
3.10.  Notwithstanding  any other provision of this  Agreement,  no REO Property

                                       59
<PAGE>

acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant
to any terms  that  would (i) cause  such REO  Property  to fail to  qualify  as
"foreclosure  property" within the meaning of Section  860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO  Property,  including any taxes imposed by reason of
Section 860G(c) of the Code,  unless the Master Servicer has agreed to indemnify
and hold  harmless  the Trust Fund with  respect to the  imposition  of any such
taxes.

(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property)(provided that, if
such  recovery is of an amount  previously  allocated  to one or more Classes of
Certificates  as a Realized Loss,  such recovery  shall be allocated  among such
Classes in the same  proportions as the allocation of such Realized  Losses and,
if any such Class of  Certificates  to which such Realized Loss was allocated is
no longer  outstanding,  such  subsequent  recovery  shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
fourth,  to all Servicing Fees and Subservicing  Fees payable therefrom (and the
Master  Servicer and the Subservicer  shall have no claims for any  deficiencies
with  respect to such fees which  result  from the  foregoing  allocation);  and
fifth, to Foreclosure Profits.

(e) In the event of a default on a Mortgage  Loan one or more of whose  obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure  (together,  "foreclosure")  in respect of such
Mortgage Loan, the Master Servicer will cause  compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.

Section 3.15.  Trustee to Cooperate; Release of Mortgage Files.

(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master  Servicer of a  notification  that payment in full will be
escrowed in a manner  customary  for such  purposes,  the Master  Servicer  will
immediately  notify the Trustee (if it holds the related  Mortgage  File) or the
Custodian by a certification of a Servicing Officer (which  certification  shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the forms attached hereto as Exhibit F, or, in the case
of the Custodian,  an electronic  request in a form acceptable to the Custodian,
requesting  delivery to it of the Mortgage  File.  Within two  Business  Days of
receipt of such certification and request,  the Trustee shall release,  or cause
the Custodian to release, the related Mortgage File to the Master Servicer.  The

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<PAGE>

Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
request for  reconveyance,  deed of  reconveyance  or release or satisfaction of
mortgage or such  instrument  releasing the lien of the Mortgage,  together with
the Mortgage Note with, as appropriate, written evidence of cancellation thereon
and to cause the removal  from the  registration  on the MERS(R)  System of such
Mortgage  and to  execute  and  deliver,  on  behalf  of  the  Trustee  and  the
Certificateholders  or any of them, any and all  instruments of  satisfaction or
cancellation or of partial or full release.  No expenses  incurred in connection
with any instrument of satisfaction or deed of reconveyance  shall be chargeable
to the Custodial Account or the Certificate Account.

(b) From time to time as is appropriate  for the servicing or foreclosure of any
Mortgage Loan, the Master  Servicer shall deliver to the Custodian,  with a copy
to the Trustee, a certificate of a Servicing Officer substantially in one of the
forms  attached  as  Exhibit F  hereto,  or,  in the case of the  Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

(c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and
deliver to the Master Servicer, if necessary, any court pleadings,  requests for
trustee's sale or other documents necessary to the foreclosure or trustee's sale
in respect of a  Mortgaged  Property  or to any legal  action  brought to obtain
judgment  against any  Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment,  or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise  available at law or in equity.  Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
shall deliver to the Trustee a  certificate  of a Servicing  Officer  requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such  documents or pleadings  are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required  Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage,  except  for the  termination  of such a lien upon  completion  of the
foreclosure or trustee's sale.

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Section 3.16.  Servicing and Other Compensation; Compensating Interest.

(a) The Master Servicer, as compensation for its activities hereunder,  shall be
entitled  to receive  on each  Distribution  Date the  amounts  provided  for by
clauses  (iii),  (iv),  (v) and (vi) of Section  3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

(b)  Additional  servicing  compensation  in the  form  of  prepayment  charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

(c) The Master  Servicer  shall be  required  to pay,  or cause to be paid,  all
expenses  incurred by it in connection with its servicing  activities  hereunder
(including  payment of premiums for the Primary Insurance  Policies,  if any, to
the extent such premiums are not required to be paid by the related  Mortgagors,
and the fees and  expenses of the Trustee  and any  Custodian)  and shall not be
entitled to reimbursement  therefor except as specifically  provided in Sections
3.10 and 3.14.

(d) The Master  Servicer's  right to receive  servicing  compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its   responsibilities  and  obligations  of  the  Master  Servicer  under  this
Agreement.

(e)  Notwithstanding  any  other  provision  herein,  the  amount  of  servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii), and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled pursuant to Section  3.10(a)(iii),  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

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Section 3.17.  Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

Section 3.18.  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate Insurer on or before March 31 of each year, beginning with the first
March 31 that occurs at least six months  after the Cut-off  Date,  an Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master  Servicer  has  complied in all  material  respects  with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage Bankers and has fulfilled all of its material  obligations  relating to
this Agreement in all material  respects  throughout such year, or, if there has
been material  noncompliance  with such servicing  standards or a default in the
fulfillment  in all material  respects of any such  obligation  relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each  Subservicer  has  complied  in all  material  respects  with  the  minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers and has  fulfilled all of its material  obligations  under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

Section 3.19.  Annual Independent Public Accountants' Servicing Report.

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements

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for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

Section 3.20.  Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

Section 3.21.  Administration of Buydown Funds

(a) With respect to any Buydown  Mortgage  Loan, the  Subservicer  has deposited
Buydown Funds in an account that satisfies the  requirements  for a Subservicing
Account  (the  "Buydown   Account").   The  Master   Servicer  shall  cause  the
Subservicing  Agreement to require  that upon receipt from the  Mortgagor of the
amount due on a Due Date for each Buydown  Mortgage Loan, the  Subservicer  will
withdraw from the Buydown Account the  predetermined  amount that, when added to
the amount due on such date from the Mortgagor,  equals the full Monthly Payment
and  transmit  that  amount in  accordance  with the  terms of the  Subservicing
Agreement to the Master  Servicer  together with the related payment made by the
Mortgagor or advanced by the Subservicer.

(b) If the  Mortgagor  on a  Buydown  Mortgage  Loan  prepays  such  loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in

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the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

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                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.

(a) The Master  Servicer on behalf of the Trustee shall establish and maintain a
Certificate  Account in which the Master Servicer shall cause to be deposited on
behalf of the Trustee on or before 2:00 P.M.  New York time on each  Certificate
Account  Deposit Date by wire transfer of immediately  available funds an amount
equal to the sum of (i) any Advance for the immediately succeeding  Distribution
Date,  (ii) any amount  required  to be  deposited  in the  Certificate  Account
pursuant to Section  3.12(a),  (iii) any amount  required to be deposited in the
Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount
required  to be  paid  pursuant  to  Section  9.01  and (v)  all  other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

(b) The Trustee shall, upon written request from the Master Servicer,  invest or
cause the institution maintaining the Certificate Account to invest the funds in
the Certificate Account in Permitted  Investments  designated in the name of the
Trustee for the  benefit of the  Certificateholders,  which  shall  mature or be
payable  on  demand  not  later  than  the  Business  Day  next   preceding  the
Distribution  Date next following the date of such  investment  (except that (i)
any  investment  in the  institution  with  which  the  Certificate  Account  is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

Section 4.02.  Distributions.

                      As provided in Section 4.02 of the Series Supplement.

Section 4.03.  Statements to Certificateholders.

     (a) Concurrently with each distribution  charged to the Certificate Account
and with respect to each  Distribution Date the Master Servicer shall forward to
the Trustee and the Trustee  shall either  forward by mail or make  available to
each Holder and the Company,  via the Trustee's  internet  website,  a statement
(and at its option,  any additional  files containing the same information in an
alternative  format) setting forth information as to each Class of Certificates,
the  Mortgage  Pool and, if the  Mortgage  Pool is comprised of two or more Loan
Groups,  each Loan Group, to the extent applicable.  This statement will include
the information set forth in an exhibit to the Series  Supplement.  Such exhibit

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shall set forth the Trustee's  internet  website  address  together with a phone
number.  The Trustee  shall mail to each  Holder  that  requests a paper copy by
telephone  a paper  copy via first  class  mail.  The  Trustee  may  modify  the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master Servicer.

     (b) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare,  or cause to be prepared,  and shall forward,
or cause to be  forwarded,  to each Person who at any time  during the  calendar
year was the  Holder  of a  Certificate,  other  than a Class R  Certificate,  a
statement  containing the  information  set forth in clauses (i) and (ii) of the
exhibit to the Series Supplement  referred to in subsection (a) above aggregated
for such calendar year or applicable  portion  thereof  during which such Person
was a Certificateholder.  Such obligation of the Master Servicer shall be deemed
to have been satisfied to the extent that substantially  comparable  information
shall be provided by the Master  Servicer  pursuant to any  requirements  of the
Code.

     (c) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare,  or cause to be prepared,  and shall forward,
or cause to be  forwarded,  to each Person who at any time  during the  calendar
year  was the  Holder  of a Class R  Certificate,  a  statement  containing  the
applicable  distribution  information  provided  pursuant to this  Section  4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

     (d) Upon the written request of any Certificateholder, the Master Servicer,
as   soon   as   reasonably   practicable,    shall   provide   the   requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

Section               4.04.  Distribution  of  Reports  to the  Trustee  and the
                      Company; Advances by the Master Servicer.

(a)  Prior to the  close of  business  on the  Determination  Date,  the  Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

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(b) On or before 2:00 P.M.  New York time on each  Certificate  Account  Deposit
Date, the Master  Servicer shall either (i) deposit in the  Certificate  Account
from its own funds, or funds received therefor from the Subservicers,  an amount
equal to the  Advances  to be made by the  Master  Servicer  in  respect  of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with

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Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

Section 4.05.  Allocation of Realized Losses.

     As provided in Section 4.05 of the Series Supplement.

Section 4.06.  Reports of Foreclosures and Abandonment of Mortgaged Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

Section 4.07.  Optional Purchase of Defaulted Mortgage Loans.

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however,  the Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

Section 4.08.  Surety Bond.

(a) If a Required  Surety  Payment is payable  pursuant  to the Surety Bond with
respect to any Additional  Collateral  Loan, the Master Servicer shall so notify
the Trustee as soon as reasonably  practicable  and the Trustee  shall  promptly
complete  the notice in the form of  Attachment  1 to the Surety  Bond and shall
promptly submit such notice to the Surety as a claim for a Required Surety.  The

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Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

(b) Upon receipt of a Required  Surety  Payment from the Surety on behalf of the
Holders of Certificates,  the Trustee shall deposit such Required Surety Payment
in the Certificate Account and shall distribute such Required Surety Payment, or
the proceeds thereof, in accordance with the provisions of Section 4.02.
(c) The  Trustee  shall (i)  receive  as  attorney-in-fact  of each  Holder of a
Certificate  any Required  Surety  Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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                                   ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law

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and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

(c) From time to time  Residential  Funding,  as the initial Holder of the Class
A-V  Certificates,  may  exchange  such  Holder's  Class  A-V  Certificates  for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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Section 5.02.  Registration of Transfer and Exchange of Certificates.

(a) The  Trustee  shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in  accordance  with the  provisions  of Section 8.12 a
Certificate Register in which, subject to such reasonable  regulations as it may
prescribe, the Trustee shall provide for the registration of Certificates and of
transfers  and  exchanges of  Certificates  as herein  provided.  The Trustee is
initially  appointed  Certificate  Registrar  for  the  purpose  of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

(b) Upon surrender for registration of transfer of any Certificate at any office
or agency of the Trustee  maintained  for such purpose  pursuant to Section 8.12
and,  in the  case  of any  Class  M,  Class  B or  Class  R  Certificate,  upon
satisfaction  of the conditions  set forth below,  the Trustee shall execute and
the Certificate  Registrar shall  authenticate  and deliver,  in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

(c) At the option of the  Certificateholders,  Certificates may be exchanged for
other Certificates of authorized denominations of a like Class (or Subclass) and
aggregate  Percentage  Interest,  upon  surrender  of  the  Certificates  to  be
exchanged  at any such  office  or  agency.  Whenever  any  Certificates  are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

(d) No transfer,  sale,  pledge or other  disposition  of a Class B  Certificate
shall be made unless such transfer,  sale, pledge or other disposition is exempt
from the  registration  requirements  of the Securities Act of 1933, as amended,
and any applicable  state securities laws or is made in accordance with said Act
and laws.  In the event that a transfer of a Class B  Certificate  is to be made
either (i)(A) the Trustee shall require a written Opinion of Counsel  acceptable
to and in form and  substance  satisfactory  to the Trustee and the Company that
such transfer may be made pursuant to an exemption,  describing  the  applicable
exemption  and the  basis  therefor,  from  said Act and  laws or is being  made
pursuant to said Act and laws,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company  or the Master  Servicer  (except  that,  if such
transfer is made by the Company or the Master Servicer or any Affiliate thereof,
the Company or the Master  Servicer  shall  provide  such  Opinion of Counsel at
their own  expense);  provided that such Opinion of Counsel will not be required
in connection with the initial  transfer of any such  Certificate by the Company
or any  Affiliate  thereof to the Company or an Affiliate of the Company and (B)
the Trustee shall require the  transferee  to execute a  representation  letter,
substantially in the form of Exhibit H hereto, and the Trustee shall require the
transferor  to execute a  representation  letter,  substantially  in the form of

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Exhibit I hereto,  each acceptable to and in form and substance  satisfactory to
the Company and the Trustee  certifying to the Company and the Trustee the facts
surrounding such transfer,  which representation letters shall not be an expense
of the Trustee, the Company or the Master Servicer; provided, however, that such
representation  letters will not be required in connection  with any transfer of
any such  Certificate by the Company or any Affiliate  thereof to the Company or
an Affiliate of the Company,  and the Trustee shall be entitled to  conclusively
rely upon a representation  (which, upon the request of the Trustee,  shall be a
written representation) from the Company, of the status of such transferee as an
Affiliate  of  the  Company  or  (ii)  the  prospective  transferee  of  such  a
Certificate shall be required to provide the Trustee, the Company and the Master
Servicer  with an  investment  letter  substantially  in the form of  Exhibit  J
attached hereto (or such other form as the Company in its sole discretion  deems
acceptable), which investment letter shall not be an expense of the Trustee, the
Company or the Master Servicer,  and which investment  letter states that, among
other  things,  such  transferee  (A) is a  "qualified  institutional  buyer" as
defined  under Rule 144A,  acting for its own  account or the  accounts of other
"qualified  institutional  buyers" as defined under Rule 144A,  and (B) is aware
that the proposed  transferor intends to rely on the exemption from registration
requirements  under the  Securities  Act of 1933,  as amended,  provided by Rule
144A. The Holder of any such  Certificate  desiring to effect any such transfer,
sale, pledge or other disposition shall, and does hereby agree to, indemnify the
Trustee, the Company, the Master Servicer and the Certificate  Registrar against
any liability that may result if the transfer, sale, pledge or other disposition
is not so exempt or is not made in accordance with such federal and state laws.

     (e)  (i) In the case of any Class B or Class R  Certificate  presented  for
          registration  in the name of any Person,  either (A) the Trustee shall
          require an Opinion of Counsel  acceptable to and in form and substance
          satisfactory  to the Trustee,  the Company and the Master  Servicer to
          the  effect  that the  purchase  or holding of such Class B or Class R
          Certificate is permissible  under  applicable law, will not constitute
          or result in any non-exempt  prohibited  transaction under Section 406
          of the Employee  Retirement  Income  Security Act of 1974,  as amended
          ("ERISA"),  or Section 4975 of the Code (or  comparable  provisions of
          any  subsequent  enactments),  and will not subject the  Trustee,  the
          Company  or  the  Master  Servicer  to  any  obligation  or  liability
          (including  obligations or liabilities  under ERISA or Section 4975 of
          the Code) in addition to those  undertaken  in this  Agreement,  which
          Opinion of Counsel shall not be an expense of the Trustee, the Company
          or the Master  Servicer  or (B) the  prospective  Transferee  shall be
          required to provide the Trustee,  the Company and the Master  Servicer
          with a  certification  to the  effect  set forth in  paragraph  six of
          Exhibit H (with  respect  to any  Class B  Certificate)  or  paragraph
          fourteen  of Exhibit  G-1 (with  respect to any Class R  Certificate),
          which  the  Trustee  may  rely  upon   without   further   inquiry  or
          investigation,  or such other  certifications  as the Trustee may deem
          desirable or necessary in order to establish  that such  Transferee or
          the Person in whose name such  registration is requested either (a) is
          not an employee  benefit plan or other plan subject to the  prohibited
          transaction  provisions  of ERISA or Section 4975 of the Code,  or any
          Person  (including  an  investment  manager,  a named  fiduciary  or a
          trustee of any such plan) who is using "plan  assets" of any such plan
          to effect such  acquisition  (each,  a "Plan  Investor") or (b) in the
          case  of  any  Class  B  Certificate,  the  following  conditions  are
          satisfied:  (i) such  Transferee  is an  insurance  company,  (ii) the
          source of funds used to purchase or hold such Certificate (or interest
          therein) is an "insurance company general account" (as defined in U.S.

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<PAGE>

          Department of Labor Prohibited  Transaction  Class Exemption  ("PTCE")
          95-60,  and (iii) the  conditions  set forth in  Sections I and III of
          PTCE 95-60 have been satisfied (each entity that satisfies this clause
          (b), a "Complying Insurance Company").

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
               have  represented  by virtue of its  purchase  or holding of such
               Certificate (or interest therein) that either (a) such Transferee
               is not a Plan  Investor,  (b) it has acquired and is holding such
               Certificate  in  reliance  on  Prohibited  Transaction  Exemption
               ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by
               PTE 97-34,  62 Fed. Reg. 39021 (July 21, 1997),  and PTE 2000-58,
               65 Fed. Reg. 67765 (November 13, 2000) (the "RFC Exemption"), and
               that it  understands  that there are  certain  conditions  to the
               availability of the RFC Exemption including that such Certificate
               must be rated, at the time of purchase, not lower than "BBB-" (or
               its  equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c)
               such Transferee is a Complying Insurance Company.

               (iii) (A) If any Class M Certificate (or any interest therein) is
               acquired  or  held  by any  Person  that  does  not  satisfy  the
               conditions  described  in  paragraph  (ii)  above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

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

(f) (i) Each Person who has or who acquires any Ownership  Interest in a Class R
Certificate  shall be deemed by the  acceptance or acquisition of such Ownership
Interest  to have  agreed to be bound by the  following  provisions  and to have
irrevocably  authorized the Trustee or its designee under clause  (iii)(A) below
to deliver  payments  to a Person  other than such Person and to  negotiate  the
terms of any  mandatory  sale under  clause  (iii)(B)  below and to execute  all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

(A)  Each  Person  holding or  acquiring  any  Ownership  Interest  in a Class R
     Certificate  shall be a Permitted  Transferee and shall promptly notify the
     Trustee of any  change or  impending  change in its  status as a  Permitted
     Transferee.

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<PAGE>

(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

(C)            Notwithstanding   the  delivery  of  a  Transfer   Affidavit  and
               Agreement by a proposed  Transferee  under clause (B) above, if a
               Responsible  Officer  of the  Trustee  who is  assigned  to  this
               Agreement has actual  knowledge  that the proposed  Transferee is
               not a Permitted Transferee,  no Transfer of an Ownership Interest
               in a Class R  Certificate  to such proposed  Transferee  shall be
               effected.

(D)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class  R  Certificate  shall  agree  (x) to  require  a  Transfer
               Affidavit and Agreement from any other Person to whom such Person
               attempts  to  transfer  its  Ownership  Interest  in  a  Class  R
               Certificate and (y) not to transfer its Ownership Interest unless
               it provides a  certificate  to the  Trustee in the form  attached
               hereto as Exhibit G-2.

(E)            Each Person holding or acquiring an Ownership Interest in a Class
               R  Certificate,  by  purchasing  an  Ownership  Interest  in such
               Certificate, agrees to give the Trustee written notice that it is
               a "pass-through  interest holder" within the meaning of Temporary
               Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon
               acquiring an Ownership  Interest in a Class R Certificate,  if it
               is, or is holding an Ownership  Interest in a Class R Certificate
               on behalf of, a "pass-through interest holder."

(ii)    The Trustee will register the Transfer of any Class R  Certificate  only
        if it shall have  received  the  Transfer  Affidavit  and  Agreement,  a
        certificate of the Holder  requesting such transfer in the form attached
        hereto as Exhibit G-2 and all of such other documents as shall have been
        reasonably  required by the Trustee as a condition to such registration.
        Transfers of the Class R Certificates  to Non-United  States Persons and
        Disqualified  Organizations  (as  defined in Section  860E(e)(5)  of the
        Code) are prohibited.

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<PAGE>

(iii)(A) If any  Disqualified  Organization  shall  become a holder of a Class R
     Certificate,   then  the  last  preceding  Permitted  Transferee  shall  be
     restored,  to the extent permitted by law, to all rights and obligations as
     Holder thereof  retroactive to the date of registration of such Transfer of
     such Class R  Certificate.  If a  Non-United  States  Person shall become a
     holder of a Class R  Certificate,  then the last  preceding  United  States
     Person shall be restored, to the extent permitted by law, to all rights and
     obligations as Holder thereof  retroactive to the date of  registration  of
     such  Transfer  of such Class R  Certificate.  If a  transfer  of a Class R
     Certificate  is   disregarded   pursuant  to  the  provisions  of  Treasury
     Regulations  Section 1.860E-1 or Section 1.860G-3,  then the last preceding
     Permitted Transferee shall be restored,  to the extent permitted by law, to
     all rights and  obligations  as Holder  thereof  retroactive to the date of
     registration  of such  Transfer  of such Class R  Certificate.  The Trustee
     shall be under no liability to any Person for any  registration of Transfer
     of a Class R  Certificate  that is in fact not  permitted  by this  Section
     5.02(f) or for making any  payments due on such  Certificate  to the holder
     thereof or for taking any other  action with  respect to such holder  under
     the provisions of this Agreement.

(B)  If any purported  Transferee shall become a Holder of a Class R Certificate
     in violation of the  restrictions in this Section 5.02(f) and to the extent
     that the retroactive  restoration of the rights of the Holder of such Class
     R  Certificate  as  described  in clause  (iii)(A)  above shall be invalid,
     illegal or  unenforceable,  then the Master  Servicer shall have the right,
     without  notice  to  the  holder  or any  prior  holder  of  such  Class  R
     Certificate,  to sell such Class R Certificate  to a purchaser  selected by
     the Master Servicer on such terms as the Master  Servicer may choose.  Such
     purported  Transferee  shall  promptly  endorse  and  deliver  each Class R
     Certificate in accordance  with the  instructions  of the Master  Servicer.
     Such  purchaser may be the Master  Servicer  itself or any Affiliate of the
     Master Servicer.  The proceeds of such sale, net of the commissions  (which
     may include  commissions payable to the Master Servicer or its Affiliates),
     expenses and taxes due, if any, will be remitted by the Master  Servicer to
     such purported Transferee.  The terms and conditions of any sale under this
     clause  (iii)(B)  shall be determined in the sole  discretion of the Master
     Servicer,  and the Master Servicer shall not be liable to any Person having
     an Ownership  Interest in a Class R Certificate as a result of its exercise
     of such discretion.

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified

                                       77
<PAGE>

     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

(v)     The  provisions  of this Section  5.02(f) set forth prior to this clause
        (v) may be modified,  added to or eliminated,  provided that there shall
        have been delivered to the Trustee the following:

(A)  written  notification  from  each  Rating  Agency  to the  effect  that the
     modification,  addition to or elimination of such provisions will not cause
     such Rating Agency to downgrade its  then-current  ratings,  if any, of any
     Class of the Senior, Class M or Class B Certificates below the lower of the
     then-current  rating or the rating assigned to such  Certificates as of the
     Closing Date by such Rating Agency; and

(B)  subject  to  Section  10.01(f),  an  Officers'  Certificate  of the  Master
     Servicer  stating  that the  Master  Servicer  has  received  an Opinion of
     Counsel, in form and substance  satisfactory to the Master Servicer, to the
     effect that such  modification,  addition to or absence of such  provisions
     will not cause any portion of any REMIC formed under the Series  Supplement
     to cease to  qualify  as a REMIC and will not cause (x) any  portion of any
     REMIC formed under the Series  Supplement to be subject to an  entity-level
     tax caused by the Transfer of any Class R Certificate to a Person that is a
     Disqualified  Organization or (y) a Certificateholder  or another Person to
     be  subject to a  REMIC-related  tax  caused by the  Transfer  of a Class R
     Certificate to a Person that is not a Permitted Transferee.

(g) No service charge shall be made for any transfer or exchange of Certificates
of any Class,  but the Trustee may require  payment of a sum sufficient to cover
any tax or  governmental  charge  that may be  imposed  in  connection  with any
transfer or exchange of Certificates.

(h) All Certificates surrendered for transfer and exchange shall be destroyed by
the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the

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<PAGE>

Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

Section 5.04.  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

Section 5.05.  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

Section 6.02.  Merger or  Consolidation  of the Company or the Master  Servicer;
     Assignment of Rights and Delegation of Duties by Master Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of Fannie Mae or Freddie
Mac; and  provided  further that each Rating  Agency's  ratings,  if any, of the
Senior,  Class M or Class B  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's
rating of the Classes of Certificates that have been rated in effect immediately

                                       80
<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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<PAGE>

Section 6.04.  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

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                                  ARTICLE VII

                                     DEFAULT

Section 7.01.  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

(i)  the Master  Servicer shall fail to distribute or cause to be distributed to
     the Holders of  Certificates of any Class any  distribution  required to be
     made under the terms of the  Certificates  of such Class and this Agreement
     and, in either case, such failure shall continue unremedied for a period of
     5 days after the date upon which written notice of such failure,  requiring
     such failure to be remedied,  shall have been given to the Master  Servicer
     by the  Trustee or the Company or to the Master  Servicer,  the Company and
     the  Trustee  by the  Holders  of  Certificates  of such  Class  evidencing
     Percentage Interests aggregating not less than 25%; or

(ii) the Master  Servicer  shall  fail to  observe  or  perform in any  material
     respect any other of the  covenants or agreements on the part of the Master
     Servicer  contained in the  Certificates  of any Class or in this Agreement
     and such failure shall continue  unremedied for a period of 30 days (except
     that such  number of days  shall be 15 in the case of a failure  to pay the
     premium for any Required  Insurance Policy) after the date on which written
     notice of such failure,  requiring the same to be remedied, shall have been
     given to the  Master  Servicer  by the  Trustee or the  Company,  or to the
     Master Servicer, the Company and the Trustee by the Holders of Certificates
     of  any  Class  evidencing,  in the  case  of any  such  Class,  Percentage
     Interests aggregating not less than 25%; or

(iii)   a decree or order of a court or agency or supervisory  authority  having
        jurisdiction in the premises in an involuntary case under any present or
        future  federal  or  state  bankruptcy,  insolvency  or  similar  law or
        appointing a conservator  or receiver or  liquidator in any  insolvency,
        readjustment  of debt,  marshalling of assets and liabilities or similar
        proceedings,  or for the winding-up or liquidation of its affairs, shall
        have been entered  against the Master  Servicer and such decree or order
        shall have remained in force undischarged or unstayed for a period of 60
        days; or

(iv)    the Master Servicer shall consent to the appointment of a conservator or
        receiver  or  liquidator  in  any  insolvency,   readjustment  of  debt,
        marshalling of assets and  liabilities,  or similar  proceedings  of, or
        relating  to,  the  Master  Servicer  or  of,  or  relating  to,  all or
        substantially all of the property of the Master Servicer; or

(v)     the Master  Servicer  shall  admit in writing its  inability  to pay its
        debts  generally as they become due,  file a petition to take  advantage
        of, or commence a voluntary  case under,  any  applicable  insolvency or
        reorganization  statute,  make  an  assignment  for the  benefit  of its
        creditors, or voluntarily suspend payment of its obligations; or

(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

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<PAGE>

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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<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
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate

                                       85
<PAGE>

with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

Section 7.03.  Notification to Certificateholders.

(a) Upon any such  termination  or  appointment  of a  successor  to the  Master
Servicer,   the  Trustee  shall  give  prompt  written  notice  thereof  to  the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

(b) Within 60 days after the  occurrence  of any Event of  Default,  the Trustee
shall transmit by mail to all Holders of Certificates  notice of each such Event
of Default  hereunder  known to the Trustee,  unless such Event of Default shall
have been cured or waived.

Section 7.04.  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c) No  provision  of this  Agreement  shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct; provided, however, that:

(i)  Prior to the  occurrence  of an Event of  Default,  and after the curing or
     waiver of all such Events of Default  which may have  occurred,  the duties
     and  obligations  of the Trustee shall be determined  solely by the express
     provisions  of this  Agreement,  the Trustee shall not be liable except for
     the  performance  of such duties and  obligations as are  specifically  set
     forth in this Agreement,  no implied covenants or obligations shall be read
     into this Agreement against the Trustee and, in the absence of bad faith on
     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the  correctness of the opinions  expressed  therein,
     upon any  certificates or opinions  furnished to the Trustee by the Company

                                       87
<PAGE>

     or the Master  Servicer  and which on their  face,  do not  contradict  the
     requirements of this Agreement;

(ii)    The Trustee shall not be personally liable for an error of judgment made
        in good faith by a Responsible  Officer or  Responsible  Officers of the
        Trustee,  unless it shall be proved that the Trustee  was  negligent  in
        ascertaining the pertinent facts;

(iii)   The Trustee  shall not be  personally  liable with respect to any action
        taken, suffered or omitted to be taken by it in good faith in accordance
        with  the   direction  of   Certificateholders   of  any  Class  holding
        Certificates  which  evidence,  as to such Class,  Percentage  Interests
        aggregating  not  less  than 25% as to the  time,  method  and  place of
        conducting any proceeding  for any remedy  available to the Trustee,  or
        exercising  any trust or power  conferred  upon the Trustee,  under this
        Agreement;

(iv)    The Trustee  shall not be charged with  knowledge of any default  (other
        than a default in payment to the  Trustee)  specified in clauses (i) and
        (ii) of Section 7.01 or an Event of Default  under clauses  (iii),  (iv)
        and (v) of Section  7.01  unless a  Responsible  Officer of the  Trustee
        assigned to and working in the  Corporate  Trust Office  obtains  actual
        knowledge  of such  failure  or event or the  Trustee  receives  written
        notice of such failure or event at its  Corporate  Trust Office from the
        Master Servicer, the Company or any Certificateholder; and

(v)     Except to the extent  provided in Section  7.02,  no  provision  in this
        Agreement  shall  require  the  Trustee  to expend or risk its own funds
        (including,  without limitation, the making of any Advance) or otherwise
        incur any personal financial  liability in the performance of any of its
        duties as Trustee hereunder,  or in the exercise of any of its rights or
        powers, if the Trustee shall have reasonable  grounds for believing that
        repayment of funds or adequate  indemnity against such risk or liability
        is not reasonably assured to it.

(d) The Trustee shall timely pay, from its own funds,  the amount of any and all
federal,  state and local  taxes  imposed  on the  Trust  Fund or its  assets or
transactions including, without limitation, (A) "prohibited transaction" penalty
taxes as defined in Section 860F of the Code,  if, when and as the same shall be
due and payable,  (B) any tax on contributions to a REMIC after the Closing Date
imposed  by  Section  860G(d)  of the Code and (C) any tax on "net  income  from
foreclosure  property"  as defined in Section  860G(c) of the Code,  but only if
such taxes  arise out of a breach by the Trustee of its  obligations  hereunder,
which breach constitutes negligence or willful misconduct of the Trustee.

Section 8.02.  Certain Matters Affecting the Trustee.

(a)     Except as otherwise provided in Section 8.01:

(i)     The Trustee may rely and shall be protected in acting or refraining from
        acting  upon  any  resolution,  Officers'  Certificate,  certificate  of
        auditors  or any  other  certificate,  statement,  instrument,  opinion,
        report, notice, request,  consent, order, appraisal, bond or other paper
        or  document  believed  by it to be genuine  and to have been  signed or
        presented by the proper party or parties;

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(ii)    The Trustee may consult with counsel and any Opinion of Counsel shall be
        full and complete  authorization and protection in respect of any action
        taken or  suffered  or  omitted  by it  hereunder  in good  faith and in
        accordance with such Opinion of Counsel;

(iii)The Trustee  shall be under no  obligation to exercise any of the trusts or
     powers vested in it by this  Agreement or to  institute,  conduct or defend
     any  litigation  hereunder or in relation  hereto at the request,  order or
     direction of any of the  Certificateholders,  pursuant to the provisions of
     this Agreement,  unless such  Certificateholders  shall have offered to the
     Trustee  reasonable  security or indemnity against the costs,  expenses and
     liabilities  which may be incurred  therein or thereby;  nothing  contained
     herein  shall,  however,  relieve the Trustee of the  obligation,  upon the
     occurrence of an Event of Default (which has not been cured or waived),  to
     exercise such of the rights and powers vested in it by this Agreement,  and
     to use the same  degree  of care and skill in their  exercise  as a prudent
     investor  would exercise or use under the  circumstances  in the conduct of
     such investor's own affairs;

(iv)    The  Trustee  shall  not be  personally  liable  for any  action  taken,
        suffered  or  omitted  by it in  good  faith  and  believed  by it to be
        authorized or within the  discretion or rights or powers  conferred upon
        it by this Agreement;

(v)  Prior to the  occurrence  of an Event of  Default  hereunder  and after the
     curing or waiver of all  Events of  Default  which may have  occurred,  the
     Trustee  shall  not be bound to make any  investigation  into the  facts or
     matters  stated  in any  resolution,  certificate,  statement,  instrument,
     opinion,  report, notice, request,  consent, order, approval, bond or other
     paper or  document,  unless  requested  in  writing  so to do by Holders of
     Certificates  of  any  Class  evidencing,  as  to  such  Class,  Percentage
     Interests,  aggregating not less than 50%; provided,  however,  that if the
     payment within a reasonable  time to the Trustee of the costs,  expenses or
     liabilities likely to be incurred by it in the making of such investigation
     is, in the opinion of the Trustee, not reasonably assured to the Trustee by
     the security afforded to it by the terms of this Agreement, the Trustee may
     require  reasonable  indemnity  against  such  expense  or  liability  as a
     condition  to  so  proceeding.   The  reasonable   expense  of  every  such
     examination  shall be paid by the Master  Servicer,  if an Event of Default
     shall   have   occurred   and  is   continuing,   and   otherwise   by  the
     Certificateholder requesting the investigation;

(vi)    The Trustee may execute any of the trusts or powers hereunder or perform
        any  duties  hereunder  either  directly  or by  or  through  agents  or
        attorneys; and

(vii)To the extent  authorized  under the Code and the  regulations  promulgated
     thereunder,  each  Holder  of a  Class  R  Certificate  hereby  irrevocably
     appoints and authorizes the Trustee to be its attorney-in-fact for purposes
     of  signing  any Tax  Returns  required  to be filed on behalf of the Trust
     Fund. The Trustee shall sign on behalf of the Trust Fund and deliver to the
     Master Servicer in a timely manner any Tax Returns prepared by or on behalf
     of the Master  Servicer  that the Trustee is required to sign as determined
     by the Master Servicer pursuant to applicable  federal,  state or local tax
     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

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(b) Following the issuance of the Certificates, the Trustee shall not accept any
contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it
shall have obtained or been  furnished  with an Opinion of Counsel to the effect
that such  contribution will not (i) cause any portion of any REMIC formed under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificates  are  outstanding or (ii) cause the Trust Fund to be subject to any
federal tax as a result of such  contribution  (including  the imposition of any
federal tax on "prohibited  transactions"  imposed under Section  860F(a) of the
Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a) The  Master  Servicer  covenants  and agrees to pay to the  Trustee  and any
co-trustee  from  time to time,  and the  Trustee  and any  co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

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(b) The Master  Servicer  agrees to  indemnify  the Trustee for, and to hold the
Trustee  harmless  against,  any loss,  liability  or expense  incurred  without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

(i)     with respect to any such claim,  the Trustee shall have given the Master
        Servicer  written notice  thereof  promptly after the Trustee shall have
        actual knowledge thereof;

(ii)    while  maintaining  control  over its own  defense,  the  Trustee  shall
        cooperate and consult fully with the Master  Servicer in preparing  such
        defense; and

(iii)   notwithstanding  anything in this Agreement to the contrary,  the Master
        Servicer  shall not be liable for settlement of any claim by the Trustee
        entered  into  without the prior  consent of the Master  Servicer  which
        consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

Section 8.06.  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

Section 8.07.  Resignation and Removal of the Trustee.

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by

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written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning Trustee and one copy to the successor trustee.  If no
successor  trustee shall have been so appointed  and have  accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions  of  Section  8.06 and shall  fail to resign  after  written  request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property  shall be appointed,  or any public officer shall take charge
or  control of the  Trustee or of its  property  or affairs  for the  purpose of
rehabilitation,  conservation  or  liquidation,  then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which  instrument  shall be  delivered to the Trustee so removed and one
copy to the  successor  trustee.  In  addition,  in the event  that the  Company
determines  that  the  Trustee  has  failed  (i) to  distribute  or  cause to be
distributed  to the  Certificateholders  any amount  required to be  distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

(c) The Holders of  Certificates  entitled to at least 51% of the Voting  Rights
may at any time remove the  Trustee  and appoint a successor  trustee by written
instrument  or  instruments,  in  triplicate,  signed by such  Holders  or their
attorneys-in-fact  duly authorized,  one complete set of which instruments shall
be delivered to the Company,  one complete set to the Trustee so removed and one
complete set to the successor so appointed.

(d) Any  resignation  or removal of the Trustee and  appointment  of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon  acceptance of appointment by the successor  trustee as provided in Section
8.08.

Section 8.08.  Successor Trustee.

(a) Any successor  trustee  appointed as provided in Section 8.07 shall execute,
acknowledge  and  deliver  to the  Company  and to its  predecessor  trustee  an
instrument accepting such appointment  hereunder,  and thereupon the resignation
or removal of the predecessor  trustee shall become effective and such successor
trustee shall become effective and such successor  trustee,  without any further
act, deed or conveyance,  shall become fully vested with all the rights, powers,

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duties and obligations of its predecessor hereunder,  with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the
successor  trustee all Mortgage Files and related  documents and statements held
by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

(b) No successor  trustee shall accept  appointment  as provided in this Section
unless at the time of such acceptance  such successor  trustee shall be eligible
under the provisions of Section 8.06.

(c) Upon  acceptance of appointment  by a successor  trustee as provided in this
Section,  the  Company  shall  mail  notice of the  succession  of such  trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

Section 8.09.  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

Section 8.10.  Appointment of Co-Trustee or Separate Trustee.

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Fund or property securing the same may at the time be located,  the Master
Servicer and the Trustee  acting  jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act as  co-trustee  or  co-trustees,  jointly  with the  Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

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(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The

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Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

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

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

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

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

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

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

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of the  purchase  price,  release  to the Master  Servicer  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

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

(b) The Master  Servicer  shall give the  Trustee  not less than 60 days'  prior
notice of the  Distribution  Date on which the Master Servicer  anticipates that
the final distribution will be made to  Certificateholders  (whether as a result
of the  exercise by the Master  Servicer of its right to purchase  the assets of
the Trust Fund or otherwise) or on which the Master  Servicer  anticipates  that
the  Certificates  will be purchased  (as a result of the exercise by the Master
Servicer to purchase the  outstanding  Certificates).  Notice of any termination
specifying the anticipated  Final  Distribution Date (which shall be a date that
would otherwise be a Distribution  Date) upon which the  Certificateholders  may
surrender their Certificates to the Trustee (if so required by the terms hereof)
for payment of the final distribution and cancellation or notice of any purchase
of the outstanding Certificates, specifying the Distribution Date upon which the
Holders may surrender their  Certificates  to the Trustee for payment,  shall be
given promptly by the Master Servicer (if it is exercising its right to purchase
the assets of the Trust Fund or to purchase the outstanding Certificates), or by
the Trustee (in any other case) by letter to the  Certificateholders  mailed not
earlier  than the 15th day and not  later  than the 25th day of the  month  next
preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated or, in the case of the purchase by the Master Servicer of the
        outstanding  Certificates,  the Distribution Date on which such purchase
        is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates and Class M
        Certificates,  that  payment  will be made  only upon  presentation  and
        surrender  of the  Certificates  at the office or agency of the  Trustee
        therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its

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right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c)  In  the  case  of  the  Senior,  Class  M or  Class  B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master  Servicer's  election to  repurchase  the assets of the Trust Fund or the
outstanding  Certificates,  or  (ii)  if  the  Master  Servicer  elected  to  so
repurchase  the assets of the Trust  Fund or the  outstanding  Certificates,  an
amount  determined  as  follows:  (A)  with  respect  to  each  Certificate  the
outstanding  Certificate  Principal  Balance thereof,  plus Accrued  Certificate
Interest for the related  Interest  Accrual  Period  thereon and any  previously
unpaid  Accrued  Certificate  Interest,  subject  to the  priority  set forth in
Section 4.02(a), and (B) with respect to the Class R Certificates, any excess of
the amounts available for distribution (including the repurchase price specified
in  clause  (ii) of  subsection  (a) of this  Section)  over  the  total  amount
distributed under the immediately preceding clause (A).

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for cancellation,  the Trustee shall pay to the Master
Servicer  all  amounts  distributable  to the  holders  thereof  and the  Master
Servicer shall  thereafter hold such amounts until  distributed to such Holders.
No interest  shall accrue or be payable to any  Certificateholder  on any amount
held in the  escrow  account  or by the  Master  Servicer  as a  result  of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

(e) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase of the outstanding  Certificates is to
be made,  the  Trustee  shall on such date  cause  all funds in the  Certificate

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Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain outstanding hereunder.  The Master Servicer shall
be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.

(a) Each REMIC that  comprises  the Trust Fund shall be terminated in accordance
with the following additional requirements, unless (subject to Section 10.01(f))
the Trustee and the Master  Servicer have received an Opinion of Counsel  (which
Opinion of Counsel  shall not be an expense of the  Trustee)  to the effect that
the failure of each such REMIC to comply with the  requirements  of this Section
9.02 will not (i) result in the  imposition on the Trust of taxes on "prohibited
transactions,"  as described in Section 860F of the Code, or (ii) cause any such
REMIC  to fail to  qualify  as a REMIC  at any  time  that  any  Certificate  is
outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during

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        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and
appoints the Master Servicer as its attorney-in-fact to adopt a plan of complete
liquidation  for each REMIC at the expense of the Trust Fund in accordance  with
the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

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(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

(e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information  as is necessary for the  application  of any tax
relating  to the  transfer of a Class R  Certificate  to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

(f) The Master Servicer and the REMIC  Administrator shall take such actions and
shall cause each REMIC created  hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's  control and the scope
of its  duties  more  specifically  set forth  herein as shall be  necessary  or
desirable  to  maintain  the  status  of each  REMIC as a REMIC  under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code)  (either  such  event,  in the  absence  of an  Opinion  of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an

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Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

(h) The Trustee and the Master Servicer shall,  for federal income tax purposes,
maintain  books and records  with respect to each REMIC  created  hereunder on a
calendar  year and on an accrual  basis or as  otherwise  may be required by the
REMIC Provisions.

(i) Following the Startup Day, neither the Master Servicer nor the Trustee shall
accept  any  contributions  of  assets  to any REMIC  created  hereunder  unless
(subject to Section  10.01(f))  the Master  Servicer and the Trustee  shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in such REMIC will
not  cause  the  REMIC  to fail to  qualify  as a REMIC  at any  time  that  any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

(j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to Section
10.01(f)) enter into any  arrangement by which any REMIC created  hereunder will
receive a fee or other  compensation  for  services nor permit any such REMIC to
receive any income from assets other than  "qualified  mortgages"  as defined in
Section 860G(a)(3) of the Code or "permitted  investments" as defined in Section
860G(a)(5) of the Code.

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(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
would be  reduced to zero is the  Maturity  Date for each such  Certificate  and
Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.

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(c) The Master  Servicer  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the Trustee for any taxes and costs (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

Section 10.03. Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

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                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.

(a) This  Agreement or any Custodial  Agreement may be amended from time to time
by the Company, the Master Servicer and the Trustee,  without the consent of any
of the Certificateholders:

(i)     to cure any ambiguity,

(ii)    to correct or supplement any provisions herein or therein,  which may be
        inconsistent  with any other provisions  herein or therein or to correct
        any error,

(iii)to modify,  eliminate  or add to any of its  provisions  to such  extent as
     shall be necessary or desirable to maintain the  qualification of the Trust
     Fund as a REMIC at all times  that any  Certificate  is  outstanding  or to
     avoid or minimize the risk of the  imposition  of any tax on the Trust Fund
     pursuant to the Code that would be a claim against the Trust Fund, provided
     that the Trustee has  received an Opinion of Counsel to the effect that (A)
     such action is necessary or desirable to maintain such  qualification or to
     avoid or minimize the risk of the  imposition  of any such tax and (B) such
     action will not adversely  affect in any material  respect the interests of
     any Certificateholder,

(iv) to change the timing and/or  nature of deposits into the Custodial  Account
     or the  Certificate  Account or to change  the name in which the  Custodial
     Account is maintained,  provided that (A) the  Certificate  Account Deposit
     Date shall in no event be later than the  related  Distribution  Date,  (B)
     such change  shall not, as  evidenced  by an Opinion of Counsel,  adversely
     affect in any material respect the interests of any  Certificateholder  and
     (C) such change shall not result in a reduction  of the rating  assigned to
     any Class of Certificates below the lower of the then-current rating or the
     rating  assigned to such  Certificates as of the Closing Date, as evidenced
     by a letter from each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi) to make any other  provisions with respect to matters or questions  arising
     under  this  Agreement  or such  Custodial  Agreement  which  shall  not be
     materially  inconsistent  with the provisions of this  Agreement,  provided
     that such  action  shall  not,  as  evidenced  by an  Opinion  of  Counsel,
     adversely   affect  in  any   material   respect  the   interests   of  any
     Certificateholder or

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<PAGE>

(vii)to amend any  provision  herein or therein  that is not  material to any of
     the Certificateholders.

(b) This  Agreement or any Custodial  Agreement may also be amended from time to
time by the Company, the Master Servicer and the Trustee with the consent of the
Holders of  Certificates  evidencing  in the  aggregate not less than 66% of the
Percentage  Interests  of each Class of  Certificates  affected  thereby for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or such Custodial  Agreement or of modifying
in any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall:

(i)  reduce in any manner the amount of, or delay the timing of,  payments which
     are required to be  distributed on any  Certificate  without the consent of
     the Holder of such Certificate,

(ii)    reduce the aforesaid percentage of Certificates of any Class the Holders
        of which are required to consent to any such amendment, in any such case
        without  the consent of the  Holders of all  Certificates  of such Class
        then outstanding.

(c) Notwithstanding any contrary provision of this Agreement,  the Trustee shall
not  consent  to any  amendment  to this  Agreement  unless it shall  have first
received an Opinion of Counsel  (subject to Section  10.01(f) and at the expense
of the party seeking such  amendment)  to the effect that such  amendment or the
exercise of any power granted to the Master Servicer, the Company or the Trustee
in accordance with such amendment will not result in the imposition of a federal
tax on the Trust Fund or cause any REMIC created under the Series  Supplement to
fail to qualify as a REMIC at any time that any Certificate is outstanding.

(d) Promptly after the execution of any such amendment the Trustee shall furnish
written  notification  of the  substance of such  amendment to the Custodian and
each   Certificateholder.   It  shall  not  be  necessary  for  the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

(e) The Company  shall have the option,  in its sole  discretion,  to obtain and
deliver to the Trustee any corporate guaranty,  payment obligation,  irrevocable
letter of credit,  surety  bond,  insurance  policy or similar  instrument  or a
reserve fund, or any combination of the foregoing, for the purpose of protecting
the Holders of the Class B  Certificates  against any or all Realized  Losses or
other  shortfalls.  Any such instrument or fund shall be held by the Trustee for
the benefit of the Class B Certificateholders, but shall not be and shall not be
deemed to be under any  circumstances  included in the Trust Fund. To the extent
that any such  instrument or fund  constitutes a reserve fund for federal income
tax purposes,  (i) any reserve fund so established  shall be an outside  reserve

                                      107
<PAGE>

fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be
owned by the Company,  and (iii)  amounts  transferred  by the Trust Fund to any
such reserve fund shall be treated as amounts  distributed  by the Trust Fund to
the Company or any  successor,  all within the  meaning of Treasury  Regulations
Section  1.860G-2(h) as it reads as of the Cut-off Date. In connection  with the
provision of any such  instrument  or fund,  this  Agreement  and any  provision
hereof may be modified,  added to,  deleted or  otherwise  amended in any manner
that is related or incidental to such instrument or fund or the establishment or
administration thereof, such amendment to be made by written instrument executed
or consented to by the Company but without the consent of any  Certificateholder
and  without the consent of the Master  Servicer or the Trustee  being  required
unless  any such  amendment  would  impose  any  additional  obligation  on,  or
otherwise adversely affect the interests of the Senior  Certificateholders,  the
Class M  Certificateholders,  the Master Servicer or the Trustee, as applicable;
provided that the Company  obtains  (subject to Section  10.01(f)) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code and (b) any REMIC created
hereunder  to fail to  qualify  as a REMIC at any time that any  Certificate  is
outstanding.  In the event that the Company  elects to provide such  coverage in
the  form  of  a  limited  guaranty   provided  by  General  Motors   Acceptance
Corporation,  the  Company  may elect  that the text of such  amendment  to this
Agreement  shall be  substantially  in the form attached hereto as Exhibit K (in
which case  Residential  Funding's  Subordinate  Certificate  Loss Obligation as
described in such exhibit shall be established by Residential  Funding's consent
to such  amendment) and that the limited  guaranty shall be executed in the form
attached  hereto as Exhibit L, with such changes as the Company shall deem to be
appropriate;  it being understood that the Trustee has reviewed and approved the
content of such forms and that the  Trustee's  consent  or  approval  to the use
thereof is not required.

Section 11.02. Recordation of Agreement; Counterparts.

(a) To the extent  permitted by  applicable  law,  this  Agreement is subject to
recordation in all appropriate  public offices for real property  records in all
the  counties  or other  comparable  jurisdictions  in  which  any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

(b) For the purpose of facilitating  the recordation of this Agreement as herein
provided and for other purposes,  this Agreement may be executed  simultaneously
in any number of counterparts,  each of which counterparts shall be deemed to be
an  original,  and  such  counterparts  shall  constitute  but one and the  same
instrument.

                                      108
<PAGE>

Section 11.03. Limitation on Rights of Certificateholders.

(a) The  death or  incapacity  of any  Certificateholder  shall not  operate  to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal  representatives  or heirs to claim an accounting or to take any action or
proceeding  in any court for a partition  or winding up of the Trust  Fund,  nor
otherwise  affect the rights,  obligations and liabilities of any of the parties
hereto.

(b) No  Certificateholder  shall  have any right to vote  (except  as  expressly
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto,  nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third  person by reason of any action  taken by the  parties  to this  Agreement
pursuant to any provision hereof.

(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute  any suit,  action or proceeding in equity or at law upon
or under or with respect to this Agreement,  unless such Holder previously shall
have given to the  Trustee a written  notice of default  and of the  continuance
thereof, as hereinbefore  provided,  and unless also the Holders of Certificates
of any  Class  evidencing  in the  aggregate  not less  than 25% of the  related
Percentage  Interests of such Class,  shall have made  written  request upon the
Trustee to institute such action,  suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable  indemnity as it
may require against the costs,  expenses and liabilities to be incurred  therein
or  thereby,  and the  Trustee,  for 60 days after its  receipt of such  notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action,  suit or proceeding  it being  understood  and intended,  and being
expressly    covenanted   by   each    Certificateholder    with   every   other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

Section 11.04. Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

                                      109
<PAGE>

Section 11.05. Notices.

        As provided in Section 11.05 of the Series Supplement.

Section 11.06. Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

(a)     a material change or amendment to this Agreement,

(b)     the occurrence of an Event of Default,

(c)  the termination or appointment of a successor Master Servicer or Trustee or
     a change in the majority ownership of the Trustee,

(d)     the filing of any claim  under the Master  Servicer's  blanket  fidelity
        bond and the errors and omissions  insurance  policy required by Section
        3.12 or the  cancellation  or  modification  of coverage  under any such
        instrument,

(e)  the  statement  required  to be  delivered  to the Holders of each Class of
     Certificates pursuant to Section 4.03,

(f)  the statements required to be delivered pursuant to Sections 3.18 and 3.19,

(g)  a change  in the  location  of the  Custodial  Account  or the  Certificate
     Account,

(h)     the  occurrence of any monthly cash flow shortfall to the Holders of any
        Class of Certificates  resulting from the failure by the Master Servicer
        to make an Advance pursuant to Section 4.04,

(i)     the occurrence of the Final Distribution Date, and

(j)     the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

Section 11.07. Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the

                                      110
<PAGE>

remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

Section 11.08. Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

Section 11.09. Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

Section 11.10. No Petition.

               As provided in Section 11.10 of the Series Supplement.

                                      111
<PAGE>

                                    EXHIBIT A

FORM  OF  CLASS  A  CERTIFICATE,  [PRINCIPAL  ONLY/CLASS  A-P]  CERTIFICATE  AND
[INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

        [THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH RATE EQUAL TO THE INITIAL  PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED WITH NO MORE THAN $[ ] OF OID PER  [$1,000]  [$100,000]  OF [INITIAL
CERTIFICATE  PRINCIPAL BALANCE] [NOTIONAL AMOUNT], THE YIELD TO MATURITY IS [ ]%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$[  ]  PER  [$1,000]  [$100,000]  OF  [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO REPRESENTATION IS
MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT SPEED
ASSUMPTION  OR AT ANY  OTHER  RATE OR AS TO THE  CONSTANCY  OF THE  PASS-THROUGH
RATE.]

                                     A-1
<PAGE>

Certificate No. ________          [________%][Variable] Pass-Through Rate
                                  [based on a Notional Amount]
Class A-     Senior
Date of Pooling and Servicing     [Percentage Interest:________%]
Agreement and Cut-off Date:
___________ 1, ____               Aggregate Initial [Certificate Principal
                                  Balance] [[Interest Only/Class A-V] Notional
First Distribution Date:          Amount] [Subclass Notional Amount] of the
_________ 25, ____                Class A- ___ Certificates:

Master Servicer:                  [Initial] [Certificate Principal
Residential Funding               Balance] [Interest Only/Class A-V] [Subclass]
Corporation                       Notional Amount] of this Certificate:
                                  $ _______________________]
Assumed Final
Distribution Date:                CUSIP 76110F-
___________ 25, ____
                        MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES ____-___

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  A-  Certificates  with  respect  to a  Trust  Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This certifies that ____________________________ is the registered owner of
the Percentage Interest evidenced by this Certificate [(obtained by dividing the
[Initial  Certificate  Principal  Balance]  [Initial  [Interest  Only/Class A-V]
Notional  Amount] of this  Certificate  by the  aggregate  [Initial  Certificate
Principal Balance of all Class A- Certificates]  [Initial  [Interest  Only/Class
A-V] Notional Amounts of all [Interest  Only/Class A-V]  Certificates],  both as
specified  above)]  in  certain  distributions  with  respect  to the Trust Fund
consisting  primarily  of  an  interest  in  a  pool  of  conventional  one-  to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred
to below).  The Trust  Fund was  created  pursuant  to a Pooling  and  Servicing
Agreement  dated as specified  above (the  "Agreement")  among the Company,  the

                                        A-2
<PAGE>

Master Servicer and __________________, as trustee (the "Trustee"), a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  Holders of Class A-
Certificates on such Distribution Date. [The [Interest  Only/Class A-V] Notional
Amount  of  the  [Interest  Only/Class  A-V]  Certificates  as of  any  date  of
determination is equal to the aggregate Stated Principal Balance of the Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such [Interest  Only/Class A-V]  Certificates.] [The Subclass Notional Amount of
the [Interest  Only/Class A-V]-  Certificates as of any date of determination is
equal  to  the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
[Interest  Only/Class A-V]-  Certificates  immediately prior to such date.] [The
[Interest  Only/Class  A-V][-  ]  Certificates  have  no  Certificate  Principal
Balance.]

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial Certificate  Principal Balance] [Initial [Interest Only/Class
A-V] Notional Amount] [initial  Subclass Notional Amount] of this Certificate is
set forth above.] [The Certificate  Principal  Balance hereof will be reduced to
the extent of  distributions  allocable  to principal  and any  Realized  Losses
allocable hereto.]

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is

                                        A-3
<PAGE>

reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the

                                        A-4
<PAGE>

Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purposes have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        A-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_________________________],
                                              as Trustee

                                            By:
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  A-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        A-6
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY  FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN ISSUED WITH NO MORE THAN $[____] OF OID PER $[1,000] OF INITIAL CERTIFICATE
PRINCIPAL  BALANCE,  THE YIELD TO  MATURITY  IS  [_____]%  AND THE AMOUNT OF OID
ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $[____] PER $[1,000]
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.

        Any Transferee of this Certificate will be deemed to have represented by
virtue of its purchase or holding of this  Certificate (or interest herein) that
EITHER (a) such Transferee is not an investment  manager, a named fiduciary or a
trustee of any Plan) acting, directly or indirectly,  on behalf of or purchasing
any Certificate with "plan assets" of any Plan (a "plan  investor"),  (B) it has
acquired and is holding such  Certificate in reliance on Prohibited  Transaction

<PAGE>

Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by PTE
97-34, 62 Fed. Reg. 39021 (July 21, 1997),  and PTE 2000-58,  65 Fed. Reg. 67765
(November 13, 2000) (the "RFC  Exemption"),  and that it understands  that there
are certain  conditions to the availability of the RFC Exemption  including that
such Certificate  must be rated, at the time of purchase,  not lower than "BBB-"
(or its  equivalent)  by  Standard  & Poor's,  Fitch or  Moody's  or (C) (I) the
transferee is an insurance company, (II) the source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of U.S.  Department  of Labor  Prohibited  Transaction  Class  Exemption
("PTCE")  95-60),  and (iii) the  CONDITIONS  SET FORTH IN SECTIONS I AND III OF
PTCE 95-60 HAVE BEEN  SATISFIED  (EACH ENTITY THAT  SATISFIES THIS CLAUSE (C), A
"cOMPLYING INSURANCE COMPANY).

        If this  Certificate (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD BY ANY
PERSON  THAT  DOES  NOT  SATISFY  THE  CONDITIONS  DESCRIBED  IN  THE  PRECEDING
PARAGRAPH,  THEN THE LAST  preceding  Transferee  that  either (i) is not a Plan
Investor,  (II) ACQUIRED SUCH  CERTIFICATE IN COMPLIANCE WITH THE RFC EXEMPTION,
or (iiI) is a  Complying  Insurance  Company  shall be  restored,  to the extent
permitted by law, to all rights and  obligations  as  Certificate  Owner thereof
retroactive to the date of such Transfer of this Certificate.  The Trustee shall
be  under no  liability  to any  Person  for  making  any  payments  due on this
Certificate to such preceding Transferee.

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

                                        B-2
<PAGE>

Certificate No. _______                           [_______]% Pass-Through Rate

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $__________________
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $_____________________

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This certifies that  ______________________  is the registered owner of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal  Balance of all Class M-  Certificates,  both as  specified  above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set

                                        B-3

<PAGE>

forth hereafter.  To the extent not defined herein,  the capitalized  terms used
herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  In addition,  any purported  Certificate  Owner whose
acquisition or holding of this  Certificate (or interest herein) was effected in
violation  of  the  restrictions  in  Section  5.02(e)  of the  Agreement  shall
indemnify and hold harmless the Company, the Trustee,  the Master Servicer,  any
Subservicer,  and the  Trust  Fund  from and  against  any and all  liabilities,
claims,  costs  or  expenses  incurred  by  such  parties  as a  result  of such
acquisition or holding.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more

                                        B-4

<PAGE>

specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is

                                        B-5

<PAGE>

registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        B-6

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By:
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [-------------------------],
                                                  as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        B-7
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT C

                           FORM OF CLASS B CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR  CERTIFICATES
AND CLASS M CERTIFICATES [AND CLASS B-1] [CLASS B-2  CERTIFICATES]  DESCRIBED IN
THE AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE.  THE  FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S.  FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.  THE ISSUE
DATE OF THIS  CERTIFICATE  IS ___________  __, ____.  ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 100% OF THE  PREPAYMENT  SPEED  ASSUMPTION  (AS DESCRIBED IN THE
PROSPECTUS SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $[ ]
OF OID PER  $[1,000]  OF INITIAL  CERTIFICATE  PRINCIPAL  BALANCE,  THE YIELD TO
MATURITY  IS [ ]% AND THE  AMOUNT OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL
PERIOD  IS NO MORE  THAN $[ ] PER  $[1,000]  OF  INITIAL  CERTIFICATE  PRINCIPAL
BALANCE,  COMPUTED UNDER THE APPROXIMATE  METHOD. NO REPRESENTATION IS MADE THAT
THE  MORTGAGE  LOANS  WILL  PREPAY  AT A  RATE  BASED  ON THE  PREPAYMENT  SPEED
ASSUMPTION OR AT ANY OTHER RATE.

<PAGE>

Certificate No. ______                            [______]% Pass-Through Rate

Class B- ___ Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-___
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $____________________
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $__________________
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

       evidencing a percentage  interest in any  distributions  allocable to the
       Class B- Certificates with respect to the Trust Fund consisting primarily
       of a pool of conventional  one- to four-family  fixed interest rate first
       mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This  certifies that  Residential  Accredit  Loans,  Inc. is the registered
owner of the  Percentage  Interest  evidenced by this  Certificate  (obtained by
dividing the Certificate  Principal Balance of this Certificate by the aggregate
Certificate Principal Balance of all Class B-___ Certificates, both as specified
above)  in  certain  distributions  with  respect  to a  Trust  Fund  consisting
primarily of a pool of  conventional  one- to  four-family  fixed  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Accredit Loans, Inc.  (hereinafter called the "Company," which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant to a Pooling and Servicing  Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and __________________,
as trustee (the "Trustee"),  a summary of certain of the pertinent provisions of

                                        C-2

<PAGE>

which is set forth hereafter.  To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.  This Certificate
is issued under and is subject to the terms,  provisions  and  conditions of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               No transfer of this Class B Certificate  will be made unless such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by the  Agreement.  The Holder hereof  desiring to effect
such  transfer  shall,  and does hereby agree to,  indemnify  the  Trustee,  the
Company,  the Master Servicer and the Certificate  Registrar acting on behalf of
the Trustee  against  any  liability  that may result if the  transfer is not so
exempt  or is not made in  accordance  with such  Federal  and  state  laws.  In
connection  with any such transfer,  the Trustee will also require either (i) an
opinion of counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee  Retirement  Income Security Act of 1974, as
amended  ("ERISA"),  and Section 4975 of the Internal  Revenue Code (the "Code")
and stating, among other things, that the transferee's  acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation

                                        C-3
<PAGE>

letter,  in the form as described by Section  5.02(e) of the  Agreement,  either
stating that the transferee is not an employee  benefit or other plan subject to
the  prohibited  transaction  provisions of ERISA or Section 4975 of the Code (a
"Plan"), or any other person (including an investment manager, a named fiduciary
or a trustee  of any  Plan)  acting,  directly  or  indirectly,  on behalf of or
purchasing any  Certificate  with "plan assets" of any Plan, or stating that the
transferee  is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of Department of Labor Prohibited  Transaction Class Exemption  ("PTCE")
95-60),  and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Sections I and III of PTCE 95-60.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new

                                        C-4

<PAGE>

Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        C-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_____________________________],
                                                as Trustee

                                            By:
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [_______________________________],
                                                 as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        C-6

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                           DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT D

                           FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST"  IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL  SUBDIVISION  THEREOF,  ANY POSSESSION OF THE UNITED STATES, OR ANY
AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION  IF ALL OF ITS  ACTIVITIES  ARE SUBJECT TO TAX AND EXCEPT
FOR FREDDIE  MAC, A MAJORITY OF ITS BOARD OF  DIRECTORS  IS NOT SELECTED BY SUCH
GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY  OF EITHER OF THE FOREGOING,  (C) ANY ORGANIZATION
(OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS  EXEMPT  FROM THE TAX  IMPOSED  BY  CHAPTER 1 OF THE CODE  UNLESS  SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
THE TAX  IMPOSED  BY  SECTION  511 OF THE  CODE ON  UNRELATED  BUSINESS  TAXABLE
INCOME),  (D) RURAL  ELECTRIC AND  TELEPHONE  COOPERATIVES  DESCRIBED IN SECTION
1381(a)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER  SECTION
775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED  ORGANIZATION"),  OR
(F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES
CERTAIN  ADDITIONAL  CONDITIONS  RELATING  TO  THE  FINANCIAL  CONDITION  OF THE

<PAGE>

PROPOSED  TRANSFEREE.   NOTWITHSTANDING  THE  REGISTRATION  IN  THE  CERTIFICATE
REGISTER OR ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE TO A
DISQUALIFIED  ORGANIZATION  OR AN AGENT  OF A  DISQUALIFIED  ORGANIZATION,  SUCH
REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH  PERSON  SHALL  NOT BE  DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY  PURPOSE
HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No.________                           [______]% Pass-Through Rate

Class R Senior                                    Aggregate Initial Certificate
                                                  Principal Balance of the
Date of Pooling and Servicing                     Class R Certificates:
Agreement and Cut-off Date:                       $100.00
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $__________________

Master Servicer:                                  Percentage Interest:
Residential Funding Corporation                    _________________ %

Assumed Final Distribution Date:                  CUSIP 76110F-
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class R Certificates with respect to the Trust Fund consisting primarily
        of a pool of conventional  one- to four-family fixed interest rate first
        mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

                                        D-2

<PAGE>

     This certifies that  _____________________  is the registered  owner of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Initial  Certificate  Principal  Balance of this  Certificate  by the  aggregate
Initial  Certificate  Principal  Balance  of all Class R  Certificates,  both as
specified  above) in  certain  distributions  with  respect  to the  Trust  Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to

                                        D-3
<PAGE>

zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

               No transfer of this Class R  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the  transferee's  acquisition  of a Class R Certificate  will not constitute or
result in a  non-exempt  prohibited  transaction  under  Section 406 of ERISA or
Section  4975 of the  Code  or  (ii) a  representation  letter,  in the  form as
described  by the  Agreement,  stating  that the  transferee  is not an employee
benefit or other plan subject to the prohibited  transaction provisions of ERISA
or  Section  4975 of the Code (a  "Plan"),  or any other  person  (including  an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly,  on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                                        D-4

<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

                                        D-5
<PAGE>

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        D-6

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By: __________________________
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of  the  Class  R  Certificates  referred  to in the
within-mentioned Agreement.

                                            [______________________________],
                                                 as Certificate Registrar

                                            By: _____________________________
                                                 Authorized Signatory

                                        D-7
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ___________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                 EXHIBIT E

                        FORM OF SELLER/SERVICER CONTRACT

     This Seller/Servicer Contract (as may be amended, supplemented or otherwise
modified from time to time, this "Contract") is made this  _____________  day of
__________, 20__, by and between Residential Funding Corporation, its successors
and   assigns   ("Residential   Funding")   and    _____________________    (the
"Seller/Servicer,"  and,  together with Residential  Funding,  the "parties" and
each, individually, a "party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.      REPRESENTATIONS AND WARRANTIES.

a.      Reciprocal Representations and Warranties.

               The  Seller/Servicer  and Residential Funding each represents and
warrants to the other that as of the date of this Contract:

<PAGE>

(1)  Each party is duly organized,  validly existing, and in good standing under
     the laws of its jurisdiction of organization,  is qualified,  if necessary,
     to do business  and in good  standing in each  jurisdiction  in which it is
     required to be so qualified,  and has the requisite  power and authority to
     enter into this Contract and all other agreements which are contemplated by
     this  Contract  and to carry out its  obligations  hereunder  and under the
     Guides and under such other agreements.

(2)  This  Contract has been duly  authorized,  executed  and  delivered by each
     party and constitutes a valid and legally  binding  agreement of each party
     enforceable in accordance with its terms.

(3)  There is no action, proceeding or investigation pending or threatened,  and
     no basis therefor is known to either party,  that could affect the validity
     or prospective validity of this Contract.

(4)  Insofar as its capacity to carry out any obligation  under this Contract is
     concerned,  neither  party is in  violation  of any  charter,  articles  of
     incorporation,   bylaws,  mortgage,  indenture,  indebtedness,   agreement,
     instrument,  judgment,  decree, order, statute, rule or regulation and none
     of the  foregoing  adversely  affects  its  capacity  to fulfill any of its
     obligations under this Contract. Its execution of, and performance pursuant
     to, this Contract will not result in a violation of any of the foregoing.

b.      Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

<PAGE>

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

      Attention:________________________________________
      Telefacsimile Number:  (_____)___________ - _______________

9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner  provided by law. Each of the parties  further agrees not
to institute  any legal  actions or  proceedings  against the other party or any
director,  officer,  employee,  attorney,  agent or property of the other party,
arising  out of or  relating  to  this  Contract  in any  court  other  than  as
hereinabove specified in this paragraph 9.

10.     MISCELLANEOUS.

                                        E-3
<PAGE>

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

                                        E-4

<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                 SELLER/SERVICER

[Corporate Seal]

                                                       (Name of Seller/Servicer)
By:                                     By:
   --------------------------------
      (Signature)                                        (Signature)
By:                                     By:
   --------------------------------
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------
======================================= =======================================

ATTEST:                                 RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]

By:                                     By:
   --------------------------------
      (Signature)                                        (Signature)
By:                                     By:
   --------------------------------
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------

                                        E-5

<PAGE>

                                    EXHIBIT F
                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
MIN#:
Borrower Name(s):
Reason for Document Request:      (circle one)

        Mortgage Loan Prepaid in Full              Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

________________________________
Residential Funding Corporation
Authorized Signature

******************************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:          [ ]  Promissory Note
                             [ ] Primary Insurance Policy
                             [ ] Mortgage or Deed of Trust
                             [ ]  Assignment(s) of Mortgage or Deed of Trust
                             [ ]  Title Insurance Policy
                             [ ]  Other:

Name:
     ------------------------
Title:
      -----------------------
Date:
     ------------------------

<PAGE>

                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                         )
                                 )    ss.:
COUNTY OF                        )
               [NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he is [Title of Officer] of [Name of Owner] (record or beneficial  owner
of the Mortgage Asset-Backed Pass-Through Certificates, Series ____-___, Class R
(the  "Owner")),  a  [savings  institution]  [corporation]  duly  organized  and
existing under the laws of [the State of  _______________]  [the United States],
on behalf of which he makes this affidavit and agreement.

2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing  large  partnership  as of [date of  transfer]  within  the  meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code,  (ii) will endeavor to remain other than a  disqualified  organization
for so long as it retains its  ownership  interest in the Class R  Certificates,
and (iii) is acquiring the Class R  Certificates  for its own account or for the
account of another  Owner from which it has received an affidavit  and agreement
in  substantially  the same  form as this  affidavit  and  agreement.  (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States,  any state or political  subdivision
thereof,  any agency or  instrumentality  of any of the foregoing (other than an
instrumentality  all of the  activities of which are subject to tax and,  except
for the Federal  Home Loan  Mortgage  Corporation,  a majority of whose board of
directors  is not  selected  by any such  governmental  entity)  or any  foreign
government,  international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on  transfers of
Class  R  Certificates   to   disqualified   organizations   or  electing  large
partnerships,  under  the  Code,  that  applies  to all  transfers  of  Class  R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or,  with  respect to transfers to electing  large  partnerships,  on each such
partnership),  or, if such transfer is through an agent (which person includes a
broker,  nominee or middleman)  for a disqualified  organization,  on the agent;
(iii) that the person  (other than with respect to  transfers to electing  large
partnerships)  otherwise  liable for the tax shall be relieved of liability  for
the tax if the  transferee  furnishes  to such  person  an  affidavit  that  the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates  may be  "noneconomic  residual  interests"  within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes

<PAGE>

due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R  Certificates  if either the  pass-through  entity is an electing  large
partnership  under  Section 775 of the if at any time during the taxable year of
the pass-through  entity a disqualified  organization is the record holder of an
interest in such entity.  (For this purpose,  a "pass through entity" includes a
regulated  investment  company,  a real estate  investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)

5. The Owner is a citizen or  resident  of the  United  States,  a  corporation,
partnership  or other entity  created or organized in, or under the laws of, the
United  States or any  political  subdivision  thereof  (except in the case of a
partnership, to the extent provided in Treasury regulations),  or an estate that
is described in Section 7701(a)(30)(D) of the Code, or a trust that is described
in Section 7701(a)(30)(E) of the Code.

6. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

7. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

8. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

9.      The Owner's Taxpayer Identification Number is ______________________ .

10. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.

11. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax.

12.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to

                                        G-1-2

<PAGE>

and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

13. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

14. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended  ("ERISA"),  or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code"),  or an investment  manager,  named fiduciary or a
trustee of any such plan, or any other Person acting, directly or indirectly, on
behalf of or purchasing any Certificate with "plan assets" of any such plan.

                                        G-1-3

<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this _____ day of _____, 200__.

                                            [NAME OF OWNER]

                                                 [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:

______________________________
[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

               Subscribed and sworn before me this ________ day of _____, 200_.

                                                 NOTARY PUBLIC

                                            COUNTY OF
                                                     ---------------------------
                                            STATE OF
                                                    ----------------------------
                My Commission  expires the ____ day of ____, 20___.

                                        G-1-4

<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE

                                      _______________, 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, Class R

Ladies and Gentlemen:

     This  letter  is  delivered  to you in  connection  with  the  transfer  by
____________________  (the "Seller") to  _________________  (the "Purchaser") of
$______________  Initial Certificate  Principal Balance of Mortgage Asset-Backed
Pass-Through  Certificates,  Series  ____-___,  Class  R  (the  "Certificates"),
pursuant to Section 5.02 of the Pooling and  Servicing  Agreement  (the "Pooling
and Servicing  Agreement"),  dated as of ___________  1, ____ among  Residential
Accredit  Loans,   Inc.,  as  seller  (the   "Company"),   Residential   Funding
Corporation,  as  master  servicer,  and  __________________,  as  trustee  (the
"Trustee").  All terms used  herein  and not  otherwise  defined  shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

1. No purpose of the Seller  relating to the transfer of the  Certificate by the
Seller to the Purchaser is or will be to impede the  assessment or collection of
any tax.

2. The Seller  understands  that the  Purchaser has delivered to the Trustee and
the Master  Servicer a transfer  affidavit and agreement in the form attached to
the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does not know or
believe that any representation contained therein is false.

3.  The  Seller  has  at  the  time  of  the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R
Certificate  may not be respected for United States income tax purposes (and the

<PAGE>

Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.

4. The Seller has no actual knowledge that the proposed Transferee is not both a
United States Person and a Permitted Transferee.

                               Very truly yours,

                                   (Seller)

                               By:
                                  ----------------------------------------
                               Name:
                                    --------------------------------------
                               Title:
                                     -------------------------------------

                                        G-2-2

<PAGE>

                                    EXHIBIT H

                     FORM OF INVESTOR REPRESENTATION LETTER

                                                                , 20
                                    ----------------------------    ----

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     ____________________   (the   "Purchaser")   intends   to   purchase   from
____________________   (the  "Seller")   $_______________   Initial  Certificate
Principal Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series
____-___,  Class  (the  "Certificates"),  issued  pursuant  to the  Pooling  and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
___________  1, ____ among  Residential  Accredit  Loans,  Inc.,  as seller (the
"Company"),  Residential  Funding  Corporation,  as master servicer (the "Master
Servicer"),  and __________________,  as trustee (the "Trustee"). All terms used
herein  and not  otherwise  defined  shall  have the  meanings  set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents and
warrants  to, and  covenants  with,  the  Company,  the  Trustee  and the Master
Servicer that:

1.   The Purchaser  understands that (a) the Certificates have not been and will
     not be registered or qualified under the Securities Act of 1933, as amended
     (the "Act") or any state securities law, (b) the Company is not required to
     so register or qualify the Certificates, (c) the Certificates may be resold
     only if registered  and qualified  pursuant to the provisions of the Act or
     any state  securities  law, or if an exemption from such  registration  and
     qualification  is  available,  (d)  the  Pooling  and  Servicing  Agreement

<PAGE>

     contains  restrictions  regarding the transfer of the  Certificates and (e)
     the Certificates will bear a legend to the foregoing effect.

2.   The  Purchaser  is  acquiring  the  Certificates  for its own  account  for
     investment  only and not with a view to or for sale in connection  with any
     distribution  thereof  in any  manner  that  would  violate  the Act or any
     applicable state securities laws.

3.   The Purchaser is (a) a substantial,  sophisticated  institutional  investor
     having such  knowledge and  experience  in financial and business  matters,
     and, in particular,  in such matters  related to securities  similar to the
     Certificates, such that it is capable of evaluating the merits and risks of
     investment in the Certificates, (b) able to bear the economic risks of such
     an investment and (c) an "accredited  investor"  within the meaning of Rule
     501(a) promulgated pursuant to the Act.

4.   The Purchaser has been furnished with, and has had an opportunity to review
     (a) [a copy of the Private Placement Memorandum,  dated ______________,  20
     ___,  relating to the Certificates (b)] a copy of the Pooling and Servicing
     Agreement and [b] [c] such other  information  concerning the Certificates,
     the Mortgage  Loans and the Company as has been  requested by the Purchaser
     from the Company or the Seller and is relevant to the Purchaser's  decision
     to purchase the  Certificates.  The Purchaser has had any questions arising
     from such review answered by the Company or the Seller to the  satisfaction
     of the Purchaser.  [If the Purchaser did not purchase the Certificates from
     the Seller in connection with the initial  distribution of the Certificates
     and was  provided  with a copy of the  Private  Placement  Memorandum  (the
     "Memorandum")  relating to the original sale (the  "Original  Sale") of the
     Certificates  by  the  Company,   the  Purchaser   acknowledges  that  such
     Memorandum  was  provided  to it by the  Seller,  that the  Memorandum  was
     prepared by the Company solely for use in connection with the Original Sale
     and  the  Company  did  not  participate  in or  facilitate  in any way the
     purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
     Purchaser  agrees  that it will look  solely to the  Seller  and not to the
     Company with respect to any damage, liability, claim or expense arising out
     of, resulting from or in connection with (a) error or omission,  or alleged
     error or omission,  contained in the  Memorandum,  or (b) any  information,
     development or event arising after the date of the Memorandum.]

5.   The  Purchaser  has not and  will  not  nor  has it  authorized  or will it
     authorize any person to (a) offer,  pledge,  sell,  dispose of or otherwise
     transfer  any  Certificate,  any interest in any  Certificate  or any other
     similar security to any person in any manner,  (b) solicit any offer to buy
     or to accept a pledge,  disposition of other  transfer of any  Certificate,
     any interest in any  Certificate  or any other  similar  security  from any
     person in any manner,  (c) otherwise  approach or negotiate with respect to
     any  Certificate,  any  interest in any  Certificate  or any other  similar
     security with any person in any manner,  (d) make any general  solicitation
     by means of  general  advertising  or in any  other  manner or (e) take any

                                        H-2

<PAGE>

     other action,  that (as to any of (a) through (e) above) would constitute a
     distribution  of any  Certificate  under the Act,  that  would  render  the
     disposition  of any  Certificate a violation of Section 5 of the Act or any
     state  securities law, or that would require  registration or qualification
     pursuant thereto.  The Purchaser will not sell or otherwise transfer any of
     the  Certificates,  except in compliance with the provisions of the Pooling
     and Servicing Agreement.

6.      The Purchaser

(a)  is  not an  employee  benefit  or  other  plan  subject  to the  prohibited
     transaction  provisions of the Employee  Retirement  Income Security Act of
     1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of
     1986, as amended (a "Plan"),  or any other person  (including an investment
     manager,  a named  fiduciary or a trustee of any Plan) acting,  directly or
     indirectly,  on behalf of or purchasing any Certificate  with "plan assets"
     of  any  Plan  within  the  meaning  of the  Department  of  Labor  ("DOL")
     regulation at 29 C.F.R. ss.2510.3-101; or

(b)  is an insurance  company,  the source of funds to be used by it to purchase
     the  Certificates  is an "insurance  company general  account"  (within the
     meaning of DOL Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
     the  purchase  is  being  made in  reliance  upon the  availability  of the
     exemptive relief afforded under Sections I and III of PTCE 95-60.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a) or (b) above.

                                            Very truly yours,

                                            By:
                                               -------------------------------
                                            Name:
                                                 -----------------------------
                                            Title:
                                                  ----------------------------

                                        H-3

<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                       __________, 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Attention: Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     In connection with the sale by ___________  (the "Seller") to _____________
(the  "Purchaser")  of $___________  Initial  Certificate  Principal  Balance of
Mortgage Asset-Backed  Pass-Through  Certificates,  Series ____-___,  Class (the
"Certificates"),  issued  pursuant to the Pooling and Servicing  Agreement  (the
"Pooling  and  Servicing  Agreement"),  dated as of  ___________  1, ____  among
Residential Accredit Loans, Inc., as seller (the "Company"), Residential Funding
Corporation,  as  master  servicer,  and  __________________,  as  trustee  (the
"Trustee").  The  Seller  hereby  certifies,  represents  and  warrants  to, and
covenants with, the Company and the Trustee that:

               Neither  the  Seller  nor  anyone  acting on its  behalf  has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner set forth in the foregoing  sentence with respect to
any Certificate.  The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.

<PAGE>

                                            Very truly yours,

                                    (Seller)

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

                                        I-2
<PAGE>

                                    EXHIBIT J

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

             Description of Rule 144A Securities, including numbers:

               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

1. In  connection  with such  transfer  and in  accordance  with the  agreements
pursuant  to which the Rule 144A  Securities  were  issued,  the  Seller  hereby
certifies  the  following  facts:  Neither  the Seller nor anyone  acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A  Securities,  any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition  of  the  Rule  144A  Securities,  any  interest  in the  Rule  144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

2. The Buyer  warrants and represents  to, and covenants  with, the Seller,  the
Trustee  and the Master  Servicer  (as  defined  in the  Pooling  and  Servicing
Agreement (the  "Agreement"),  dated as of ___________ 1, ____ among Residential
Funding  Corporation as Master  Servicer,  Residential  Accredit Loans,  Inc. as
depositor pursuant to Section 5.02 of the Agreement and  __________________,  as
trustee, as follows:

(a)     The  Buyer  understands  that the  Rule  144A  Securities  have not been
        registered under the 1933 Act or the securities laws of any state.

(b)     The Buyer considers  itself a substantial,  sophisticated  institutional
        investor  having such knowledge and experience in financial and business
        matters  that it is  capable  of  evaluating  the  merits  and  risks of
        investment in the Rule 144A Securities.

<PAGE>

(c)     The Buyer has been  furnished  with all  information  regarding the Rule
        144A  Securities  that it has requested from the Seller,  the Trustee or
        the Servicer.

(d)  Neither the Buyer nor anyone acting on its behalf has offered, transferred,
     pledged,  sold or  otherwise  disposed  of the Rule  144A  Securities,  any
     interest in the Rule 144A  Securities or any other similar  security to, or
     solicited  any  offer  to  buy  or  accept  a  transfer,  pledge  or  other
     disposition  of the Rule 144A  Securities,  any  interest  in the Rule 144A
     Securities or any other similar  security from, or otherwise  approached or
     negotiated  with respect to the Rule 144A  Securities,  any interest in the
     Rule 144A Securities or any other similar  security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other  manner,  or taken any other action,  that would  constitute a
     distribution of the Rule 144A  Securities  under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration  pursuant thereto, nor will it act,
     nor has it  authorized  or will it  authorize  any  person to act,  in such
     manner with respect to the Rule 144A Securities.

(e)  The Buyer is a "qualified  institutional  buyer" as that term is defined in
     Rule  144A  under  the 1933 Act and has  completed  either  of the forms of
     certification  to that  effect  attached  hereto as Annex 1 or Annex 2. The
     Buyer is aware that the sale to it is being made in  reliance on Rule 144A.
     The Buyer is acquiring the Rule 144A  Securities for its own account or the
     accounts of other qualified  institutional  buyers,  understands  that such
     Rule 144A  Securities may be resold,  pledged or transferred  only (i) to a
     person  reasonably  believed  to be a  qualified  institutional  buyer that
     purchases   for  its  own  account  or  for  the  account  of  a  qualified
     institutional  buyer to whom  notice is given  that the  resale,  pledge or
     transfer  is being made in  reliance  on Rule  144A,  or (ii)  pursuant  to
     another exemption from registration under the 1933 Act.

               [3.    The Buyer

(a)     is not an  employee  benefit  or other plan  subject  to the  prohibited
        transaction provisions of the Employee Retirement Income Security Act of
        1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code
        of 1986,  as amended  (a  "Plan"),  or any other  person  (including  an
        investment  manager, a named fiduciary or a trustee of any Plan) acting,
        directly or indirectly,  on behalf of or purchasing any Certificate with
        "plan assets" of any Plan within the meaning of the  Department of Labor
        ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(b)     is an  insurance  company,  the  source  of  funds  to be  used by it to
        purchase the  Certificates  is an "insurance  company  general  account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60.]

               4. This document may be executed in one or more  counterparts and
        by the different parties hereto on separate counterparts, each of which,
        when so executed,  shall be deemed to be an original; such counterparts,
        together, shall constitute one and the same document.

                                        J-2

<PAGE>

               IN  WITNESS  WHEREOF,  each  of the  parties  has  executed  this
document as of the date set forth below.

Print Name of Seller                              Print Name of Buyer
By:                                               By:
   ------------------------------------------
   Name:                                             Name:
   Title:                                            Title:
Taxpayer Identification                           Taxpayer Identification:
No.                                               No:
   ------------------------------------------
Date:                                             Date:
     ----------------------------------------

                                        J-3

<PAGE>

                              ANNEX 1 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

1. As  indicated  below,  the  undersigned  is the  President,  Chief  Financial
Officer, Senior Vice President or other executive officer of the Buyer.

2. In  connection  with  purchases  by the  Buyer,  the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary  basis  $_____________  in  securities  (except  for the  excluded
securities  referred to below) as of the end of the Buyer's  most recent  fiscal
year (such amount being  calculated in  accordance  with Rule 144A) and (ii) the
Buyer satisfies the criteria in the category marked below.

--   Corporation,  etc. The Buyer is a corporation  (other than a bank,  savings
     and loan  association  or similar  institution),  Massachusetts  or similar
     business  trust,  partnership,  or  charitable  organization  described  in
     Section 501(c)(3) of the Internal Revenue Code.

--   Bank.  The Buyer (a) is a national  bank or banking  institution  organized
     under the laws of any State,  territory or the  District of  Columbia,  the
     business of which is substantially confined to banking and is supervised by
     the State or  territorial  banking  commission or similar  official or is a
     foreign bank or equivalent institution, and (b) has an audited net worth of
     at  least  $25,000,000  as  demonstrated  in its  latest  annual  financial
     statements, a copy of which is attached hereto.

--   Savings and Loan. The Buyer (a) is a savings and loan association, building
     and loan association,  cooperative bank,  homestead  association or similar
     institution,  which  is  supervised  and  examined  by a State  or  Federal
     authority  having  supervision  over any such  institutions or is a foreign
     savings  and loan  association  or  equivalent  institution  and (b) has an
     audited net worth of at least  $25,000,000  as  demonstrated  in its latest
     annual financial statements.

--   Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15 of
     the Securities Exchange Act of 1934.

--   Insurance  Company.  The Buyer is an insurance  company  whose  primary and
     predominant business activity is the writing of insurance or the reinsuring
     of risks  underwritten  by  insurance  companies  and which is  subject  to
     supervision by the insurance  commissioner or a similar  official or agency
     of a State or territory or the District of Columbia.

<PAGE>

--   State or Local Plan.  The Buyer is a plan  established  and maintained by a
     State, its political subdivisions,  or any agency or instrumentality of the
     State or its political subdivisions, for the benefit of its employees.

--   ERISA  Plan.  The Buyer is an employee  benefit  plan within the meaning of
     Title I of the Employee Retirement Income Security Act of 1974.

--   Investment Adviser. The Buyer is an investment adviser registered under the
     Investment Advisers Act of 1940.

--   SBIC. The Buyer is a Small Business Investment Company licensed by the U.S.
     Small  Business  Administration  under  Section  301(c) or (d) of the Small
     Business Investment Act of 1958.

--   Business  Development  Company. The Buyer is a business development company
     as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

--   Trust  Fund.  The Buyer is a trust  fund  whose  trustee is a bank or trust
     company and whose  participants  are exclusively (a) plans  established and
     maintained  by a  State,  its  political  subdivisions,  or any  agency  or
     instrumentality of the State or its political subdivisions, for the benefit
     of its employees, or (b) employee benefit plans within the meaning of Title
     I of the Employee  Retirement  Income  Security  Act of 1974,  but is not a
     trust fund that includes as participants  individual retirement accounts or
     H.R. 10 plans.

3. The term  "securities"  as used herein does not  include  (i)  securities  of
issuers that are affiliated with the Buyer,  (ii) securities that are part of an
unsold  allotment  to or  subscription  by the Buyer,  if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

4. For purposes of determining the aggregate  amount of securities  owned and/or
invested on a discretionary  basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to in
the preceding  paragraph.  Further,  in determining such aggregate  amount,  the
Buyer may have included  securities owned by subsidiaries of the Buyer, but only
if such subsidiaries are consolidated with the Buyer in its financial statements
prepared in accordance with generally accepted accounting  principles and if the
investments  of such  subsidiaries  are  managed  under the  Buyer's  direction.
However,  such  securities  were not included if the Buyer is a  majority-owned,
consolidated  subsidiary  of  another  enterprise  and the Buyer is not itself a
reporting company under the Securities Exchange Act of 1934.

5. The Buyer  acknowledges  that it is familiar  with Rule 144A and  understands
that the seller to it and other parties related to the  Certificates are relying
and will  continue to rely on the  statements  made  herein  because one or more
sales to the Buyer may be in reliance on Rule 144A.

                                        J-2

<PAGE>

                           Will the Buyer be purchasing the Rule 144A
Yes           No           Securities only for the Buyer's own account?

6. If the answer to the  foregoing  question is "no",  the Buyer agrees that, in
connection  with any purchase of securities sold to the Buyer for the account of
a third party  (including  any separate  account) in reliance on Rule 144A,  the
Buyer will only  purchase for the account of a third party that at the time is a
"qualified  institutional  buyer"  within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase  securities  for a third party
unless the Buyer has  obtained a current  representation  letter from such third
party or taken other  appropriate  steps  contemplated  by Rule 144A to conclude
that  such  third  party   independently  meets  the  definition  of  "qualified
institutional buyer" set forth in Rule 144A.

7. The Buyer will notify each of the parties to which this certification is made
of any changes in the information and conclusions  herein.  Until such notice is
given,   the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation of this certification as of the date of such purchase.

                                            Print Name of Buyer

                                            By:________________________
                                                 Name:
                                                 Title:

                                            Date: _______________________

                                        J-3

<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

8. As indicated below, the undersigned is the President, Chief Financial Officer
or  Senior  Vice  President  of the  Buyer  or,  if the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

9.  In  connection   with  purchases  by  Buyer,   the  Buyer  is  a  "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

--   The  Buyer  owned  $_________  in  securities   (other  than  the  excluded
     securities  referred  to below) as of the end of the  Buyer's  most  recent
     fiscal year (such amount being calculated in accordance with Rule 144A).

--   The Buyer is part of a Family of  Investment  Companies  which owned in the
     aggregate $ _____________ in securities (other than the excluded securities
     referred  to below) as of the end of the Buyer's  most  recent  fiscal year
     (such amount being calculated in accordance with Rule 144A).

10. The term "Family of  Investment  Companies" as used herein means two or more
registered   investment  companies  (or  series  thereof)  that  have  the  same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

11. The term  "securities"  as used herein does not  include (i)  securities  of
issuers that are affiliated  with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan  participations,  (iv)  repurchase  agreements,  (v)  securities  owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

12.  The  Buyer is  familiar  with Rule  144A and  understands  that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

                                        j-4

<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                                            Print Name of Buyer

                                            By: _____________________________
                                                 Name:
                                                      -------------------------
                                                 Title:
                                                       ------------------------

                                            IF AN ADVISER:

                                            ______________________
                                            Print Name of Buyer

                                        j-5

<PAGE>

                                    EXHIBIT K

                         [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                      LIMITED GUARANTY]

                                   ARTICLE XII

                   Subordinate Certificate Loss Coverage; Limited Guaranty

               Section 12.01.  Subordinate  Certificate  Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether it or any  Sub-Servicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer  Advances  previously made, (which will not be
Advances or Sub-Servicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Sub-Servicer  Advances  reimbursed  pursuant to
Section 4.02(a),  to the extent such Advances or Sub-Servicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

               (b)....Subject to subsection (c) below, prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c)....Demands  for payments  pursuant to this  Section  shall be
made  prior to the later of the third  Business  Day prior to each  Distribution
Date or the  related  Determination  Date by the Master  Servicer  with  written
notice thereof to the Trustee. The maximum amount that Residential Funding shall
be  required  to pay  pursuant  to this  Section on any  Distribution  Date (the
"Amount Available") shall be equal to the lesser of (X) minus the sum of (i) all

<PAGE>

previous  payments made under  subsections (a) and (b) hereof and (ii) all draws
under the Limited  Guaranty made in lieu of such payments as described  below in
subsection (d) and (Y) the then outstanding  Certificate  Principal  Balances of
the Class B Certificates, or such lower amount as may be established pursuant to
Section 12.02.  Residential  Funding's  obligations as described in this Section
are referred to herein as the "Subordinate Certificate Loss Obligation."

               (d)....The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

               (e) All payments  made by  Residential  Funding  pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

               (f)....The Company shall have the option, in its sole discretion,
to  substitute  for either or both of the Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss

                                        K-2

<PAGE>

Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument  constitutes a legal, valid and
binding  obligation  of the  substitute  guarantor  or obligor,  enforceable  in
accordance  with its terms,  and  concerning  such  other  matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

               Section  12.02.  Amendments  Relating  to the  Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supercession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supercession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

                                        K-3

<PAGE>

                                    EXHIBIT L

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                        RESIDENTIAL ACCREDIT LOANS, INC.

                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series ____-___

                                                  ___________, 200___

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

Ladies and Gentlemen:

               WHEREAS,  Residential Funding Corporation, a Delaware corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations  as  described  under  Section  12.01 of the Pooling  and  Servicing
Agreement  dated as of ___________ 1, ____ (the  "Servicing  Agreement"),  among
Residential  Accredit  Loans,  Inc.  (the  "Company"),  Residential  Funding and
__________________ (the "Trustee") as amended by Amendment No. thereto, dated as
of , with respect to the Mortgage Asset-Backed Pass-Through Certificates, Series
____-___ (the "Certificates"); and

               WHEREAS,  pursuant to Section 12.01 of the  Servicing  Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

               WHEREAS,  GMAC desires to provide certain assurances with respect
to the ability of Residential  Funding to secure sufficient funds and faithfully
to perform its Subordinate Certificate Loss Obligation;

               NOW THEREFORE,  in consideration of the premises herein contained
and  certain  other good and  valuable  consideration,  the  receipt of which is
hereby acknowledged, GMAC agrees as follows:

1.  Provision  of  Funds.  (a) GMAC  agrees to  contribute  and  deposit  in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to

<PAGE>

perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

               (b)....The  agreement set forth in the preceding clause (a) shall
be  absolute,  irrevocable  and  unconditional  and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

2. Waiver.  GMAC hereby  waives any failure or delay on the part of  Residential
Funding, the Trustee or any other person in asserting or enforcing any rights or
in making any claims or demands hereunder.  Any defective or partial exercise of
any such rights shall not preclude any other or further  exercise of that or any
other such right.  GMAC further waives demand,  presentment,  notice of default,
protest, notice of acceptance and any other notices with respect to this Limited
Guaranty,  including,  without  limitation,  those of action or nonaction on the
part of Residential Funding or the Trustee.

3.  Modification,  Amendment  and  Termination.  This  Limited  Guaranty  may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

4.  Successor.  Except as otherwise  expressly  provided  herein,  the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

5.  Governing  Law. This Limited  Guaranty  shall be governed by the laws of the
State of New York.

6.  Authorization  and Reliance.  GMAC  understands  that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

7.  Definitions.  Capitalized  terms used but not otherwise defined herein shall
have the meaning given them in the Servicing Agreement.

8.  Counterparts.  This  Limited  Guaranty  may be  executed  in any  number  of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

                                        L-2

<PAGE>

               IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to be
executed and delivered by its respective  officers  thereunto duly authorized as
of the day and year first above written.

                                            GENERAL MOTORS ACCEPTANCE
                                            CORPORATION

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

Acknowledged by:

__________________________,
    as Trustee

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

RESIDENTIAL ACCREDIT LOANS, INC.

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

                                        L-3

<PAGE>

                                    EXHIBIT M

                 FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                              _______________, 20_____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This  letter is  delivered  to you in  connection  with the  assignment  by
________________  (the  "Trustee") to  _________________  (the "Lender") of (the
"Mortgage  Loan")  pursuant  to Section  3.13(d) of the  Pooling  and  Servicing
Agreement  (the "Pooling and Servicing  Agreement"),  dated as of ___________ 1,
____  among  Residential  Accredit  Loans,  Inc.,  as  seller  (the  "Company"),
Residential Funding Corporation,  as master servicer, and the Trustee. All terms
used herein and not  otherwise  defined shall have the meanings set forth in the
Pooling and Servicing  Agreement.  The Lender hereby  certifies,  represents and
warrants to, and covenants with, the Master Servicer and the Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest on such Mortgage Loan prior to such proposed assignment; and

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
Mortgage Loan.

<PAGE>

                                            Very truly yours,

                                    (Lender)

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

                                        M-2

<PAGE>

                                    EXHIBIT N

                          FORM OF REQUEST FOR EXCHANGE

                                                              [DATE]

==================
------------------

               Re:    Residential Accredit Loans, Inc.,
                      Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___

               Residential Funding Corporation,  as the Holder of a % Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

1.  [Interest  Only/Class  A-V]-  Certificates,  corresponding  to the following
Uncertificated  REMIC  Regular  Interests:  [List numbers  corresponding  to the
related loans and Pool Strip Rates from the Mortgage Loan Schedule]. The initial
Subclass  Notional  Amount and the Initial  Pass-Through  Rate on the  [Interest
Only/Class A-V]- Certificates will be $_________ and _____%, respectively.

2. [Repeat as appropriate.]

               The  Subclasses  requested  above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

               All capitalized  terms used but not defined herein shall have the
meanings  set  forth  in  the  Pooling  and  Servicing  Agreement,  dated  as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.

                                            RESIDENTIAL FUNDING CORPORATION

                                            By: ______________________________
                                      Name:
                                     Title:

<PAGE>EXECUTION COPY

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

                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                             BANKERS TRUST COMPANY,

                                     Trustee

                               SERIES SUPPLEMENT,

                         DATED AS OF SEPTEMBER 1, 2001,

                                       TO

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

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2001-QS15

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

<PAGE>
<TABLE>
<CAPTION>

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

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

        Section 1.02.  Use of Words and Phrases............................................17

        Section 1.03.  Determination of LIBOR..............................................17

Article II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL
        ISSUANCE OF CERTIFICATES...........................................................19

        Section 2.01.   Conveyance of Mortgage Loans.
                      (See Section 2.01 of the Standard Terms).............................19

        Section 2.02.   Acceptance by Trustee.  (See Section 2.02 of the Standard
                      Terms)...............................................................19

        Section 2.03.   Representations, Warranties and Covenants of the
                      Master Servicer and the Company......................................19

        Section 2.04. Representations and Warranties of Sellers. (See Section 2.04 of
                      the Standard Terms)..................................................22

        Section 2.05. Execution and Authentication of Certificates/Issuance of
                      Certificates Evidencing Interests in REMIC I Certificates............22

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
                      Interests; Acceptance by the Trustee.................................22

        Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.............22

        Section 2.08. Purposes and Powers of the Trust (See Section 2.08 of the
                      Standard Terms)......................................................22

Article III  ADMINISTRATION AND SERVICING OF MORTGAGE LOANS................................23
        Section 3.01. Master Servicer to Act as Servicer. (See Section 3.01 of the
                      Standard Terms)......................................................23

        Section 3.02. Subservicing Agreements Between Master Servicer and
                      Subservicers; Enforcement of Subservicers' and Sellers'
                      Obligations. (See Section 3.02 of the Standard Terms)................23

        Section 3.03. Successor Subservicers. (See Section 3.03 of the Standard
                      Terms)...............................................................23

        Section 3.04. Liability of the Master Servicer. (See Section 3.04 of the
                      Standard Terms)......................................................23

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders. (See Section 3.05 of the Standard Terms) ........23

        Section 3.06. Assumption or Termination of Subservicing Agreements by
                      Trustee. (See Section 3.06 of the Standard Terms)....................23

         Section 3.07.Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                      Account .............................................................23

        Section 3.08. Subservicing Accounts; Servicing Accounts. (See Section 3.08 of
                      the Standard Terms)..................................................24

                                        i
<PAGE>

        Section 3.09. Access to Certain Documentation and  Information Regarding the
                      Mortgage Loans. (See Section 3.09 of the Standard Terms).............24

        Section 3.10. Permitted Withdrawals from the Custodial Account. (See Section
                      3.10 of the Standard Terms)..........................................24

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections
                      Thereunder. (See Section 3.11 of the Standard Terms).................24

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity
                      Coverage. (See Section 3.12 of the Standard Terms)...................24

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and
                      Modification Agreements; Certain Assignments. (See Section 3.13
                      the Standard Terms)..................................................24

        Section 3.14. Realization Upon Defaulted Mortgage Loans. (See Section 3.14 of
                      the Standard Terms)..................................................24

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files. (See Section
                      3.15 of the Standard Terms)..........................................24

        Section 3.16. Servicing and Other Compensation; Compensating Interest. (See
                      Section 3.16 of the Standard Terms)..................................24

        Section 3.17. Reports to the Trustee and the Company. (See Section 3.17 of
                      the Standard Terms)..................................................24

        Section 3.18. Annual Statement as to Compliance. (See Section 3.18 of the
                      Standard Terms)......................................................24

        Section 3.19. Annual Independent Public Accountants' Servicing Report. (See
                      Section 3.19 of the Standard Terms)..................................25

        Section 3.20. Rights of the Company in Respect of the Master Servicer. (See
                      Section 3.20 of the Standard Terms)..................................25

        Section 3.21. Administration of Buydown Funds. (See Section 3.21 of the Standard
                      Terms)...............................................................25

Article IV  PAYMENTS TO CERTIFICATEHOLDERS.................................................26
        Section 4.01. Certificate Account.  (See Section 4.01 of the Standard Terms).......26

        Section 4.02. Distributions. ......................................................26

        Section 4.03. Statements to Certificateholders.  (See Section 4.03 of the
                      Standard Terms and Exhibit Three attached hereto)....................37

        Section 4.04. Distribution of Reports to the Trustee and the Company;
                      Advances by the Master Servicer. ....................................37

        Section 4.05. Allocation of Realized Losses. ......................................37

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
                      (See Section 4.06 of the Standard Terms).............................39

                                        ii
<PAGE>

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section
                      4.07 of the Standard Terms)..........................................39

        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................39

        Section 4.09. Reserve Fund.........................................................39

Article V  THE CERTIFICATES................................................................40
        Section 5.01. The Certificates. (See Section 5.01 of the Standard Terms) ..........40

        Section 5.02. Registration of Transfer and Exchange of Certificates................40

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates. (See Section
                      5.03 of the Standard Terms)..........................................40

        Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard Terms)......40

        Section 5.05. Appointment of Paying Agent. (See Section 5.05 of the Standard
                      Terms)...............................................................40

Article VI    THE COMPANY AND THE MASTER SERVICER..........................................41

Article VII   DEFAULT......................................................................42

Article VIII  CONCERNING THE TRUSTEE.......................................................43

Article IX    TERMINATION..................................................................44

Article X      REMIC PROVISIONS............................................................45

        Section 10.01.REMIC Administration.  (See Section 10.01 of the Standard Terms).....45

        Section 10.02.Master Servicer; REMIC Administrator and Trustee
                      Indemnification.  (See Section 10.02 of the Standard Terms)..........45

        Section 10.03.Designation of REMICs................................................45

        Section 10.04.Distributions on the Uncertificated REMIC I and REMIC II
                      Regular Interests....................................................45

        Section 10.05.Compliance with Withholding Requirements.............................47

Article XI   MISCELLANEOUS PROVISIONS......................................................48

        Section 11.01.Amendment.  (See Section 11.01 of the Standard Terms)................48

        Section 11.02.Recordation of Agreement;  Counterparts.  (See Section 11.02 of
                      the Standard Terms)..................................................48

        Section 11.03.Limitation on Rights of Certificateholders.  (See Section 11.03
                      of the Standard Terms)...............................................48

        Section 11.04.Governing Laws.  (See Section 11.04 of the Standard Terms)...........48

                                        iii

<PAGE>

        Section 11.05.Notices..............................................................48

        Section 11.06.Required Notices to Rating Agency and Subservicer.  (See
                      Section 11.06 of the Standard Terms).................................49

        Section 11.07.Severability of Provisions. (See Section 11.07 of the Standard
                      Terms)...............................................................50

        Section 11.08.Supplemental Provisions for Resecuritization.  (See Section
                      11.08 of the Standard Terms).........................................50

        Section 11.09.Allocation of Voting Rights..........................................50

        Section 11.10.No Petition..........................................................50

 Article XII   CERTAIN MATTERS REGARDING THE CERTIFICATE INSURER...........................51

        Section 12.01.Rights of the Certifiate Insurer to Exercise Rights of Insured
                      Certificateholders...................................................51

        Section 12.02.Claims Upon the Certificate Policy; Certificate Insurance
                      Account..............................................................51

        Section 12.03.Effect of Payments by the Certificate Insurer; Subrogation...........52

        Section 12.04.Notices and Information to the Certifiate Insurer....................53

        Section 12.05.Trustee to Hold Certificate Policy...................................53

        Section 12.06.Ratings..............................................................53

        Section 12.07.Third Party Beneficiary..............................................53

</TABLE>

                                        iv

<PAGE>

                                    EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement Dated as of July 1, 2001
Exhibit Five:.........Planned Principal Balances
Exhibit Six:..........Targeted Principal Balances
Exhibit Seven:........Certificate Policy of MBIA Insurance Corporation

                                        v
<PAGE>

        This is a Series Supplement,  dated as of September 1, 2001 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of July 1, 2001 and attached as Exhibit Four hereto (the  "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among RESIDENTIAL  ACCREDIT LOANS, INC., as the company (together
with its permitted successors and assigns,  the "Company"),  RESIDENTIAL FUNDING
CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns, the "Master Servicer"), and BANKERS TRUST COMPANY, as Trustee (together
with its permitted successors and assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

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

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

<PAGE>

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

                               AGGREGATE
                                INITIAL                                         STANDARD &
                              CERTIFICATE                                        POOR'S/
               PASS-THROUGH    PRINCIPAL                        MATURITY       ------------     MINIMUM
 DESIGNATION      RATE         BALANCE       FEATURES1            DATE            FITCH      DENOMINATIONS2

                                              Senior/PAC/
                                               Accretion      September 25,
<S>     <C>       <C>       <C>                                   <C>                          <C>
Class A-1         5.50%     $56,094,000.00     Directed           2031           AAA/AAA       $25,000.00

Class A-2      Adjustable   $40,066,000.00    Senior/PAC/     September 25,      AAA/AAA       $25,000.00
               Rate3                         Floater/Accretion    2031
                                               Directed/
                                              Adjustable
                                                 Rate
Class A-2A     Adjustable            $0.004  Senior/Interest  September 25,      AAA/AAA     $2,000,000.00
                  Rate3                      Only/Adjustable      2031
                                             Rate/Inverse
                                                Floater
Class A-3         6.68%     $40,990,000.00   Senior/Insured/  September 25,    AAA/AAA5        $25,000.00
                                             TAC/Accretion        2031
                                               Directed
Class A-4         6.75%     $10,700,000.00   Senior/Accrual/  September 25,      AAA/AAA       $25,000.00
                                              Companion/          2031
                                               Accretion
                                               Directed
Class A-5         6.75%      $9,000,000.00   Senior/Accrual   September 25,      AAA/AAA       $25,000.00
                                                                  2031
Class A-6         6.75%     $18,621,000.00   Senior/Lockout   September 25,      AAA/AAA       $25,000.00
                                                                  2031
Class A-P         0.00%         $33,672.86     Principal      September 25,      AAA/AAA       $25,000.00
                                              Only/Senior         2031
Class A-V       Variable             $0.00     Variable       September 25,      AAA/AAA     7
               Rate6                         Strip/Interest       2031
                                              Only/Senior

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 Certifi cates, 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     INITIAL      FORMULA          MAXIMUM        MINIMUM
RATES:
 -------------------------------------------------------------------------------
  Class A-2:    2.964%         LIBOR + 0.35%            8.50%          0.35%
--------------------------------------------------------------------------------
  Class A-2A:   5.536%         8.15% -LIBOR             8.15%          0.00%

                                       2
<PAGE>

Class R-I         6.75%            $100.00   Residual/Senior  September 25,      AAA/AAA           8
                                                                  2031
Class R-II        6.75%            $100.00   Residual/Senior  September 25,      AAA/AAA           8
                                                                  2031
Class M-1         6.75%      $6,145,500.00     Mezzanine      September 25,       NA/AA        $25,000.00
                                                                  2031
Class M-2         6.75%      $1,676,000.00     Mezzanine      September 25,        NA/A       $250,000.00
                                                                  2031
Class M-3         6.75%      $744,900.00       Mezzanine      September 25,       NA/BBB      $250,000.00
                                                                  2031
Class B-1         6.75%      $931,100.00      Subordinate     September 25,       NA/BB       $250,000.00
                                                                  2031
Class B-2         6.75%      $558,700.00      Subordinate     September 25,        NA/B       $250,000.00
                                                                  2031
Class B-3         6.75%      $651,750.89      Subordinate     September 25,       NA/NA       $250,000.00

                                                                 2031
</TABLE>
__________

4    The  notional  amount of the Class A-2A  Certificates  will be equal to the
     Certificate Principal Balance of the Class A-2 Certificates.

5    The  ratings on the Class A-3  Certificates  have been  determined  without
     regard  to  the  Certificate  Policy  issued  by the  Certificate  Insurer.

6    The initial Pass-Through Rate on the Class A-V Certificates is 0.6868%.

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 $186,212,823.75.

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

                                       3
<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: Any one of the Class A-4 Accretion Termination
Date or Class A-5 Accretion Termination Date.

     Accrual  Certificates:  Any of the  Class  A-4  Certificates  or Class  A-5
Certificates.

     Accretion Directed Certificates: Any one of the Class A-1, Class A-2, Class
A-3 or Class A-4 Certificates.

     Accrual  Distribution Amount: Any one of the Class A-4 Accrual Distribution
Amount or Class A-5 Accrual Distribution Amount.

     Adjustable  Rate  Certificates:   Any  of  the  Class  A-2  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)
$120,400 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

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

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

                                       4
<PAGE>

               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  (without
giving effect to the Certificate Policy in the case of the Insured 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 (ii)  provide a
copy of such written confirmation to the Trustee and to the Certificate Insurer.

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

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled "Bankers Trust Company, as trustee, in trust for the registered holders
of  Residential  Accredit  Loans,  Inc.,  Mortgage   Asset-Backed   Pass-Through
Certificates, Series 2001-QS15" and which must be an Eligible Account.

     Certificate  Insurance Account: The account established pursuant to Section
12.02(b) of this Series Supplement.

     Certificate  Insurance Payment: Any payment made by the Certificate Insurer
with respect to any Insured Certificates under the Certificate Policy.

        Certificate  Insurer:  MBIA  Insurance  Corporation,  a stock  insurance
company  organized and created under the laws of the State of New York,  and any
successors thereto, issuer of the Certificate Policy.

        Certificate Insurer Default:  The existence and continuance of a failure
by the  Certificate  Insurer to make a payment  required  under the  Certificate
Policy in accordance with its terms.

     Certificate  Policy: The Certificate  Guaranty Insurance Policy (No. 36240)
issued by the Certificate  Insurer for the benefit of the Holders of any Insured
Certificates,  including any  endorsements  thereto,  attached hereto as Exhibit
Seven.

     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

                                       5
<PAGE>

         (ii)  in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

         (iii) the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  however,  that solely for the purpose of determining  the Certificate
Insurer's rights as subrogee to the Insured Certificateholders,  the Certificate
Principal  Balance of any Insured  Certificate shall be deemed to not be reduced
by any principal  amounts paid to the Holder thereof from Certificate  Insurance
Payments,  unless such amounts have been reimbursed to the  Certificate  Insurer
pursuant to Section 4.02(a)(xvi) or Section 4.02(e); and provided further,  that
the Certificate Principal Balance of the Class of Subordinate  Certificates with
the  Lowest  Priority  at any  given  time  shall be  calculated  to  equal  the
Percentage  Interest  evidenced by such Certificate times the excess, if any, of
(A) the then aggregate Stated  Principal  Balance of the Mortgage Loans over (B)
the then  aggregate  Certificate  Principal  Balance  of all  other  Classes  of
Certificates then outstanding.

        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-6, 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 A-4 Accretion  Termination  Date:  The earlier to occur of (i) the
Distribution  Date on which the Certificate  Principal  Balance of the Class A-3
Certificates  has been  reduced  to zero and (ii) the Credit  Support  Depletion
Date.

        Class A-5 Accretion  Termination  Date:  The earlier to occur of (i) the
Distribution Date on which 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 and
(ii) the Credit Support Depletion Date.

        Class A-4 Accrual  Distribution Amount: With respect to any Distribution
Date on or prior to the Class A-4 Accretion Termination Date, an amount equal to
the amount of the Accrued  Certificate  Interest  on the Class A-4  Certificates
that is added to the Certificate  Principal Balance thereof on such Distribution
Date pursuant to Section 4.02(h).

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

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

                                       6
<PAGE>

        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:  September 27, 2001.

     Commitment  Letter:  The letter,  dated  September  26,  2001,  between the
Certificate Insurer and the Underwriter, relating to the Certificate Policy.

     Corporate Trust Office: The principal office of the Trustee at which at any
particular  time its corporate  trust  business with respect  to this  Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2001-QS15.

        Cumulative  Insurance  Payments:  As of any time of  determination,  the
aggregate  of  all  Certificate   Insurance  Payments  previously  made  by  the
Certificate  Insurer  under the  Certificate  Policy minus the  aggregate of all
payments  previously  made  to the  Certificate  Insurer  pursuant  to  Sections
4.02(a)(xvi)  and  4.02(e)  of  this  Series  Supplement  as  reimbursement  for
Certificate Insurance Payments.

        Cut-off Date:  September 1, 2001.

        Deficiency  Amount:  With respect to the Insured  Certificates and as of
any Distribution Date, an amount equal to (a) any interest  shortfall  allocated
to the  Insured  Certificates,  except for any  Prepayment  Interest  Shortfalls
allocated  to the  Insured  Certificates  that  were not  offset  by the  Master
Servicer  and were  otherwise  covered by the Reserve  Fund,  (b) the  principal
portion of any Realized Losses allocated to the Insured Certificates and (c) the
Certificate  Principal Balance of the Insured  Certificates to the extent unpaid
on the Scheduled Final Distribution Date.

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

        Discount Net Mortgage Rate:  6.75% per annum.

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

        Eligible Funds: On any  Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate  amount of Accrued  Certificate  Interest on the Senior  Certificates,
(ii) the Senior  Principal  Distribution  Amount  (determined  without regard to

                                       7
<PAGE>

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 2.00% of the aggregate  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination and (Y) from the first to, 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
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  (without  giving  effect  to the
Certificate  Policy in the case of the Insured  Certificates) and (ii) provide a
copy of such written confirmation to the Trustee and the Certificate Insurer.

        Initial Monthly Payment Fund: $197,705, representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on October 1, 2001,  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,
$40,066,000.  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 the such Class of  Subordinate  Certificates
divided by the aggregate Stated  Principal  Balance of all the Mortgage Loans as
of the Cut-off Date as follows:

        Class M-1:  3.30%           Class B-1:  0.50%
        Class M-2:  0.90%           Class B-2:  0.30%
        Class M-3:  0.40%           Class B-3:  0.35%

                                       8
<PAGE>

        Insurance  Premium:  With  respect  to the  Certificate  Policy  and any
Distribution  Date, an amount equal to the product of one-twelfth  (1/12) of the
"Premium  Percentage"  set forth in the  Commitment  Letter and the  Certificate
Principal  Balance  of  the  Insured  Certificates  immediately  prior  to  such
Distribution Date.

        Insured Certificates: Any one of the Class A-3 Certificates.

     Insured Payment:  With respect to any Insured  Certificates,  (a) as of any
Distribution Date, any Deficiency Amount and (b) any Preference Amount.

        Interest Accrual Period:  With respect to any  Certificates  (other than
the  Floater and  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 Certificates 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.

        Lockout Certificates:  Any one of the Class A-6 Certificates.

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

        Lockout Scheduled Percentage:  For any Distribution Date occurring prior
to the Distribution  Date in October 2006, 0%, and beginning on the Distribution
Date in October 2006 and thereafter, 100%.

     Maturity  Date:  September  25, 2031,  the  Distribution  Date  immediately
following the latest scheduled maturity date of any Mortgage Loan.

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

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

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

                                       9
<PAGE>

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

(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
Inverse  Floater  Certificates,  an amount  equal to the  Certificate  Principal
Balance of the Floater  Certificates  immediately  prior to such date,  and (ii)
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.  With  respect to the  Floater  Certificates  and the initial
Interest Accrual Period, 2.964% per annum, and as to any Interest Accrual Period
thereafter,  a per annum rate equal to 0.35%  plus  LIBOR,  subject to a maximum
rate of 8.50% per annum and a minimum  rate of 0.35% per annum.  With respect to
the Inverse Floater Certificates and the initial Interest Accrual Period, 5.536%
per annum,  and as to any Interest Accrual Period  thereafter,  a per annum rate
equal to 8.15% minus  LIBOR,  subject to a maximum rate of 8.15% per annum and a
minimum  rate of 0.00% per annum.  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 0.6868% 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

                                       10
<PAGE>

with respect to the initial  Distribution  Date, at the close of business on the
Cut-off Date). The Principal Only Certificates have no Pass-Through Rate and are
not entitled to Accrued Certificate Interest.

        Planned  Principal  Balance:  With  respect  to  any of  the  Class  A-1
Certificates and Class A-2  Certificates  and any Distribution  Date, the amount
set forth in Exhibit Five opposite such date.

        Preference Amount:  As defined in the Certificate Policy.

        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 6.0% per annum of the then  outstanding  principal
balance of the  related  Mortgage  Loans in the first  month of the life of such
Mortgage  Loans and an additional  1.090909% per annum in each month  thereafter
until the twelfth  month,  and  beginning in the twelfth month and in each month
thereafter during the life of the Mortgage Loans, a constant  prepayment rate of
18.0% 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
               October 2006 (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

                                       11
<PAGE>

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

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

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

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

     Relief  Act:  The  Soldiers'  and  Sailors'  Civil  Relief Act of 1940,  as
amended, or similar legislation or regulations as in effect from time to time.

     Relief Act Shortfalls:  Shortfalls in interest  payable by a Mortgagor that
is not collectible from the Mortgagor pursuant to the Relief Act.

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

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

               (ii)   all  payments and  collections  in respect of the Mortgage
                      Loans due after the Cut-off Date as shall be on deposit in
                      the Custodial  Account or in the Certificate  Account (but
                      not in the Reserve  Fund) and  identified  as belonging to

                                       12
<PAGE>

                      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,

               (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,

               (v)  with  respect  to  the  Insured   Certificates   only,   the
                    Certificate Policy; and

               (vi)   all proceeds of clauses (i) through (v) 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).

        Reserve  Fund:  Any one or  more  segregated  trust  accounts  that  are
Eligible  Accounts,  which shall be titled "Reserve Fund, Bankers Trust Company,
as trustee for the  registered  holders of  Residential  Accredit  Loans,  Inc.,
Mortgage Asset-Backed Pass-Through Certificates, Series 2001-QS15, Class A-3."

        Reserve Fund Deposit: $5,000.

        Reserve Fund Withdrawal: As defined in Section 4.09.

        Scheduled Final Distribution Date:  September 25, 2031.

        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.

                                       13
<PAGE>

        Senior Principal Distribution Amount: As to any Distribution Date before
the  Credit  Support  Depletion  Date,  the  lesser  of (a) the  balance  of the
Available  Distribution  Amount  remaining after the distribution of all amounts
required   to  be   distributed   pursuant   to  Section   4.02(a)(i),   Section
4.02(a)(ii)(V), Section 4.02(a)(ii)(W) and Section 4.02(a)(ii)(X) of this Series
Supplement and the distribution of the Insurance Premium, 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 the
distribution  of the  Insurance  Premium  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)(xvii)  and  4.02(a)(xviii)  of this Series
Supplement.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$1,862,128  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the product of 1.00% multiplied by the outstanding  principal
balance of all Mortgage Loans on the  Distribution  Date  immediately  preceding
such anniversary and (iii) the aggregate  outstanding  principal  balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate  principal  balance as of such  anniversary and (B) the greater of (i)
the product of 0.50%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  preceding such anniversary
multiplied  by a  fraction,  the  numerator  of which is equal to the  aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of all of the Mortgage  Loans secured by Mortgaged  Properties  located in
the State of California divided by the aggregate  outstanding  principal balance
(as of the  immediately  preceding  Distribution  Date)  of all of the  Mortgage
Loans, expressed as a percentage, and the denominator of which is equal to 31.3%
(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  (without
giving effect to the Certificate Policy in the case of the Insured Certificates)

                                       14
<PAGE>

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 and the Certificate Insurer.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the  aggregate  of the  amounts  calculated  (without  giving  effect to the
related Senior  Percentages) for such  Distribution  Date under clauses (1), (2)
and (3) of Section 4.02(a)(ii)(Y)(A); (ii) such Class's pro rata share, based on
the Certificate Principal Balance of each Class of Subordinate Certificates then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)   (without   giving   effect  to  the  Senior   Accelerated
Distribution  Percentage)  to the  extent  such  collections  are not  otherwise
distributed  to the Senior  Certificates;  (iii) the  product of (x) the related
Prepayment  Distribution  Percentage  and (y)  the  aggregate  of all  Principal
Prepayments in Full received in the related  Prepayment  Period and Curtailments
received in the  preceding  calendar  month  (other  than the  related  Discount
Fraction of such Principal  Prepayments in Full and Curtailments with respect to
a Discount Mortgage Loan) to the extent not payable to the Senior  Certificates;
(iv) if such Class is the Class of  Subordinate  Certificates  with the  Highest
Priority,  any Excess  Subordinate  Principal Amount for such Distribution Date;
and (v) any amounts  described in clauses (i), (ii) and (iii) as determined  for
any previous  Distribution  Date, that remain  undistributed  to the extent that
such amounts are not  attributable  to Realized Losses which have been allocated
to a Class of  Subordinate  Certificates  minus (b) with respect to the Class of
Subordinate  Certificates  with the  Lowest  Priority,  any  Excess  Subordinate
Principal  Amount  for  such  Distribution  Date;  provided,  however,  that the
Subordinate   Principal   Distribution  Amount  for  any  Class  of  Subordinate
Certificates on any  Distribution  Date shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.

     Targeted  Principal  Balance:   With  respect  to  any  of  the  Class  A-3
Certificates  and any  Distribution  Date,  the amount set forth in Exhibit  Six
opposite such date.

        Trust Fund: The assets of REMIC I and the Reserve Fund.

        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  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.

                                       15
<PAGE>

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

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

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

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

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

<TABLE>
<CAPTION>

----------------------- --------------------------------- ------------------- -------------------
 Uncertificated REMIC   Related Classes of Certificates   Pass-Through Rate   Initial Principal
  I Regular Interest                                                               Balance
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
<S>                             <C>                       <C>                    <C>
          U             Class A-1                         5.50%                  $ 56,094,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          V             Class A-2, Class A-2A             8.50%                  $ 40,066,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          W             Class A-3                         6.68%                  $ 40,990,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          X             Class A-P                         0.00%                    $   33,672.86
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          Y             Class A-4, Class A-5, Class       6.75%                   $49,029,050.89
                        A-6, Class R-II, Class M-1,
                        Class M-2, Class M-3, Class
                        B-1, Class B-2, Class B-3
----------------------- --------------------------------- ------------------- -------------------
</TABLE>

        Uncertificated   REMIC  I   Regular   Interests   Z:  Each  of  the  952
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 952,  each  relating to the  particular

                                       16
<PAGE>

Mortgage  Loan  identified  by  such  sequential  number  on the  Mortgage  Loan
Schedule,  each having no principal  balance,  and each bearing  interest at the
respective  Pool  Strip  Rate on the Stated  Principal  Balance  of the  related
Mortgage Loan.

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

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

        Uncertificated   REMIC  II  Regular   Interests   Z:  Each  of  the  952
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1  through  952 each  relating  to the  identically
numbered  Uncertificated  REMIC I Regular  Interests Z, each having no principal
balance and bearing  interest at a rate equal to the related  Pool Strip Rate on
the Stated  Principal  Balance of the Mortgage  Loan related to the  identically
numbered   Uncertificated   REMIC  I  Regular   Interests  Z,   comprising  such
Uncertificated  REMIC  II  Regular  Interest's  pro  rata  share  of the  amount
distributed pursuant to Sections 10.04(a).

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

        Underwriter:  UBS Warburg LLC.

Section 1.02...Use of Words and Phrases.

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

        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
Bridge  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

                                       17
<PAGE>

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,  LIBOR shall be so  established by use of such 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 Floater Certificates and
Inverse  Floater  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  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, 2.614%;  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 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  Trustee'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 to any  Certificateholder  so
requesting  by  telephone  the  Pass-Through   Rates  on  each  of  the  Floater
Certificates   and  Inverse  Floater   Certificates  for  the  current  and  the
immediately preceding Interest Accrual Period.

                                       18
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

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

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

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

                                       19
<PAGE>

(vi)    No more than 0.6% of the Mortgage  Loans by aggregate  Stated  Principal
        Balance  as of the  Cut-off  Date are  secured by  Mortgaged  Properties
        located in any one zip code area in California  and no more than 0.8% 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 54.71% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  14.97% 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  1.92%
        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  14.07% 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);

                                       20
<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) One  of the  Mortgage  Loans  contains  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
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

                                       21
<PAGE>

to the  Certificateholders  or the Trustee on behalf of the  Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

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

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

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

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

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

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

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

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

                                       22
<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  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

                                       23
<PAGE>

prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan), or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; and provided, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate,  the sum of the rates at which the Servicing Fee and
the Subservicing Fee with respect to such Mortgage Loan accrues, and the rate at
which the Insurance  Premium  accrues.  In connection  with any Curtailment of a
Mortgage  Loan, the Master  Servicer,  to the extent not  inconsistent  with the
terms of the Mortgage Note and local law and  practice,  may permit the Mortgage
Loan to be  reamortized  such that the  Monthly  Payment is  recalculated  as an
amount that will fully amortize the remaining Stated  Principal  Balance thereof
by the original  Maturity Date based on the original  Mortgage  Rate;  provided,
that  such  re-amortization  shall not be  permitted  if it would  constitute  a
reissuance of the Mortgage Loan for federal income tax purposes,  except if such
reissuance is described in Treasury Regulation Section 1.860G-2(b)(3).

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

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)

                                       24
<PAGE>

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)

                                       25
<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 first to the
Certificate  Insurer the  Insurance  Premium and then,  in  accordance  with the
priorities  set  forth  below,  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, to the Certificate  Insurer,  in the case of a distribution
pursuant to Section 4.02(a)(xvi) below, the amount required to be distributed to
the  Certificate  Insurer  pursuant  to  Section   4.02(a)(xvi),   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 together with,
as to any Insured  Certificate,  any Reserve Fund Withdrawal pursuant to Section
4.09 of this Series Supplement and any Insured Payment pursuant to Section 12.02
of this Series Supplement:

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

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

               (W)  to  the  Class  A-3  Certificates,  the  Class  A-4  Accrual
          Distribution Amount;

                                       26
<PAGE>

                      (X) to the Class A-1,  Class A-2,  Class A-3 and Class A-4
        Certificates,   the  Class  A-5  Accrual  Distribution  Amount,  in  the
        following  manner  and  priority  (applied  to  reduce  the  Certificate
        Principal Balances of such Senior Certificates, as applicable);

                             (1) first, concurrently on a pro rata basis, to the
                      Class A-1 Certificates and Class A-2  Certificates,  until
                      the Certificate Principal Balance of each of the Class A-1
                      Certificates  and Class A-2  Certificates has been reduced
                      to its  respective  Planned  Principal  Balance  for  such
                      Distribution Date set forth in the table entitled "Planned
                      Principal Balances" attached as Exhibit 5;

                             (2) second,  to the Class A-3  Certificates,  until
                      the  Certificate   Principal  Balance  of  the  Class  A-3
                      Certificates  has been reduced to the  Targeted  Principal
                      Balance for such  Distribution Date set forth in the table
                      entitled "Targeted Principal Balances" attached as Exhibit
                      6;

                             (3) third, to the Class A-4 Certificates, until the
                      Certificate Principal Balance of the Class A-4 Certificate
                      has been reduced to zero;

                             (4) fourth, to the Class A-3 Certificates,  without
                      regard  to  the  Targeted   Principal   Balance  for  such
                      Distribution Date, until the Certificate Principal Balance
                      of the Class A-3 Certificate has been reduced to zero; and

                             (5) fifth, concurrently on a pro rata basis, to the
                      Class A-1 Certificates and Class A-2 Certificates, without
                      regard to their respective  Planned Principal Balances for
                      such  Distribution  Date, until the Certificate  Principal
                      Balances thereof have been reduced to zero; and

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

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

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

                                       27
<PAGE>

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

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

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

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

                                       28
<PAGE>

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

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

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

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

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

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

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

               (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

                                       29
<PAGE>

        remaining unpaid for all previous  Distribution Dates, to the extent the
        amounts  available  pursuant  to  clause  (x) of  Sections  4.02(a)(xi),
        (xiii), (xiv) and (xv) are insufficient  therefor,  applied in reduction
        of the Certificate Principal Balance of the Class M-3 Certificates;

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

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

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

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

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

               (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  Certificate  Insurer,  as  subrogee  of the Insured
        Certificateholders,  an amount  necessary to reimburse  the  Certificate
        Insurer for claims paid under the Certificate  Policy,  to the extent of
        Cumulative Insurance Payments on the Insured Certificates;

                                       30
<PAGE>

               (xvii)  to  the  Senior  Certificates,  on a pro  rata  basis  in
        accordance  with  their  respective  outstanding  Certificate  Principal
        Balances,  the portion,  if any, of the  Available  Distribution  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

               (xviii)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 such unpaid Accrued Certificate  Interest was attributable to
interest  shortfalls  relating to the failure of the Master Servicer to make any
required Advance,  or the determination by the Master Servicer that any proposed
Advance would be a  Nonrecoverable  Advance with respect to the related Mortgage
Loan where such Mortgage Loan has not yet been the subject of a Cash Liquidation
or REO Disposition or the related Liquidation  Proceeds,  Insurance Proceeds and
REO Proceeds have not yet been distributed to the Certificateholders.

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

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

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

(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

                                       31
<PAGE>

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

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

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

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

(ii)    second, the Class A-4 Accrual  Distribution  Amount shall be distributed
        to the Class A-3 Certificates,  until the Certificate  Principal Balance
        of the Class A-3 Certificates has been reduced to zero;

(iii)   third, the Class A-5 Accrual Distribution Amount shall be distributed in
        the following manner and priority:

                      (A) first, concurrently on a pro rata basis, in proportion
               to their respective  Certificate Principal Balances, to the Class
               A-1   Certificates   and  Class  A-2   Certificates,   until  the
               Certificate   Principal   Balance   of  each  of  the  Class  A-1
               Certificates  and Class A-2  Certificates has been reduced to its
               respective  Planned  Principal Balance for such Distribution Date
               set  forth in the table  entitled  "Planned  Principal  Balances"
               attached as Exhibit 5;

                      (B)  second,  to the  Class  A-3  Certificates,  until the
               Certificate  Principal  Balance of the Class A-3 Certificates has
               been  reduced  to  the  Targeted   Principal   Balance  for  such
               Distribution  Date set  forth  in the  table  entitled  "Targeted
               Principal Balances" attached as Exhibit 6;

                      (C)  third,  to the  Class  A-4  Certificates,  until  the
               Certificate  Principal  Balance of the Class A-4  Certificate has
               been reduced to zero;

                                       32
<PAGE>

                      (D) fourth, to the Class A-3 Certificates,  without regard
               to the Targeted  Principal  Balance for such  Distribution  Date,
               until  the  Certificate   Principal  Balance  of  the  Class  A-3
               Certificate has been reduced to zero; and

                      (E) fifth, concurrently on a pro rata basis, in proportion
               to their respective  Certificate Principal Balances, to the Class
               A-1  Certificates and Class A-2  Certificates,  without regard to
               their respective Planned Principal Balances for such Distribution
               Date, until the Certificate  Principal Balances thereof have been
               reduced to zero; and

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

(A)            first,  to  the  Lockout  Certificates,   until  the  Certificate
               Principal Balance of the Lockout Certificates has been reduced to
               zero, in an amount equal to the sum of the following:

(1)  the Lockout  Scheduled  Percentage  of the Lockout  Certificates'  pro rata
     share (based on the Certificate  Principal  Balance thereof relative to the
     aggregate  Certificate  Principal  Balance of all  classes of  Certificates
     (other  than  the  Class  A-P   Certificates))  of  the  aggregate  of  the
     collections described in clauses (A), (B) and (E) (to the extent clause (E)
     relates  to  clauses  (A)  and  (B))  of  Section  4.02(a)(ii)(Y),  without
     application of the Senior Percentage; and

(2)  the Lockout  Prepayment  Percentage of the Lockout  Certificates'  pro rata
     share (based on the Certificate  Principal  Balance thereof relative to the
     aggregate  Certificate  Principal  Balance of all  classes of  Certificates
     (other  than  the  Class  A-P   Certificates))  of  the  aggregate  of  the
     collections  described  in clauses  (C) and (E) (to the  extent  clause (E)
     relates to clause (C)) of Section  4.02(a)(ii)(Y),  without  application of
     the Senior Acceleration Distribution Percentage;

     provided  that,  if the  aggregate of the amounts set forth in clauses (A),
     (B), (C) and (E) of Section  4.02(a)(ii)(Y) is more than the balance of the
     Available  Distribution  Amount  remaining  after the  Accrued  Certificate
     Interest on the Senior  Certificates  (including  the Accrual  Distribution
     Amounts) and the Class A-P Distribution  Amount have been distributed,  the
     amount paid to the  Lockout  Certificates  pursuant to this clause  (iv)(A)
     shall be reduced by an amount equal to the Lockout  Certificates'  pro rata
     share (based on the Certificate  Principal  Balance thereof relative to the
     aggregate Certificate Principal Balance of the Senior Certificates) of such
     difference;

(B)  second,  after the payments of  principal  made in  accordance  with clause
     (iv)(A) above,  concurrently to the Class R-I  Certificates  and Class R-II
     Certificates,  on a pro rata  basis,  in  proportion  to  their  respective
     Certificate  Principal Balances,  until the Certificate  Principal Balances
     thereof have been reduced to zero;

                                       33
<PAGE>

(C)  third,  concurrently on a pro rata basis, in proportion to their respective
     Certificate  Principal  Balances,  after the payments of principal  made in
     accordance with clauses (iii)(A),  (iii)(E),  (iv)(A) and (iv)(B) above, to
     the  Class  A-1  Certificates  and  Class  A-2   Certificates,   until  the
     Certificate  Principal  Balance of each of the Class A-1  Certificates  and
     Class A-2 Certificates has been reduced to its respective Planned Principal
     Balance for such Distribution Date set forth in the table entitled "Planned
     Principal Balances" attached as Exhibit Five;

(D)  fourth,  after the payments of principal  made in  accordance  with clauses
     (ii),  (iii)(B),  (iii)(D) and (iv)(A)  through (iv)(C) above, to the Class
     A-3 Certificates,  until the Certificate Principal Balance of the Class A-3
     Certificates  has been reduced to the Targeted  Principal  Balance for such
     Distribution  Date set  forth in the  table  entitled  "Targeted  Principal
     Balances" attached as Exhibit Six;

(E)  fifth,  after the payments of  principal  made in  accordance  with clauses
     (iii)(C) and (iv)(A) through (iv)(D) above, to the Class A-4  Certificates,
     until the Certificate  Principal  Balance of the Class A-4 Certificates has
     been reduced to zero;

(F)  sixth,  after the payments of  principal  made in  accordance  with clauses
     (ii),  (iii)(B),  (iii)(D) and (iv)(A)  through (iv)(E) above, to the Class
     A-3 Certificates, without regard to the Targeted Principal Balance for such
     Distribution Date, until the Certificate Principal Balance of the Class A-3
     Certificates has been reduced to zero;

(G)  seventh,  after the payments of principal  made in accordance  with clauses
     (iii)(A),  (iii)(E),  (iv)(A) through (iv)(F) above,  concurrently on a pro
     rata  basis,  in  proportion  to  their  respective  Certificate  Principal
     Balances, to the Class A-1 Certificates and Class A-2 Certificates, without
     regard to their respective Planned Principal Balances for such Distribution
     Date, until the Certificate Principal Balances thereof have been reduced to
     zero;

(H)  eighth,  after the payments of principal  made in  accordance  with clauses
     (iv)(A)  through (iv)(G) above,  to the Class A-5  Certificates,  until the
     Certificate  Principal  Balance  of the  Class  A-5  Certificates  has been
     reduced to zero; and

(I)  ninth,  after the payments of  principal  made in  accordance  with clauses
     (iv)(A)  through  (iv)(H)  above,  to the Lockout  Certificates,  until the
     Certificate  Principal Balance of the Lockout Certificates has been reduced
     to zero.

Any amounts  paid under the  Certificate  Policy  pursuant  to Section  12.02 in
respect  of  principal  shall  be  distributed  to the  Holders  of the  Insured
Certificates only.

                                       34
<PAGE>

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

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

(e) In addition to the  foregoing  distributions,  with  respect to any Mortgage
Loan that was previously the subject of a Cash Liquidation or an REO Disposition
that resulted in a Realized Loss, in the event that within two years of the date
on which such Realized Loss was determined to have occurred the Master  Servicer
receives  amounts,  which the Master Servicer  reasonably  believes to represent
subsequent recoveries (net of any related liquidation  expenses),  or determines
that it holds surplus amounts previously  reserved to cover estimated  expenses,
specifically  related to such  Mortgage  Loan  (including,  but not  limited to,
recoveries in respect of the  representations and warranties made by the related
Seller pursuant to the applicable Seller's Agreement and assigned to the Trustee
pursuant to Section 2.04),  the Master Servicer shall distribute such amounts to
the applicable Certificateholders of the Class or Classes to which such Realized
Loss  was  allocated  (or to the  Certificate  Insurer,  as  subrogee  for  such
Certificateholders,  to the  extent  the  Certificate  Insurer  made an  Insured
Payment and has not yet previously  been  reimbursed in respect of such Realized
Loss),  if applicable  (with the amounts to be distributed  allocated among such
Classes (or to the Certificate Insurer) in the same proportions as such Realized
Loss was  allocated),  and within each such Class to the  Certificateholders  of
record as of the Record Date immediately preceding the date of such distribution
(or  if  such  Class  of   Certificates  is  no  longer   outstanding,   to  the
Certificateholders of record at the time that such Realized Loss was allocated);
provided that no such  distribution  to any Class of  Certificates of subsequent
recoveries  related to a Mortgage Loan shall exceed,  either  individually or in
the  aggregate  and  together  with  any  other  amounts  paid in  reimbursement
therefor,  the amount of the related  Realized  Loss that was  allocated to such
Class of Certificates. Notwithstanding the foregoing, no such distribution shall
be made with respect to the  Certificates of any Class to the extent that either
(i) such Class was protected  against the related  Realized Loss pursuant to any
instrument  or fund  established  under  Section  11.01(e) or (ii) such Class of
Certificates has been deposited into a separate trust fund or other  structuring
vehicle and separate  certificates or other instruments  representing  interests
therein  have  been  issued  in one or more  classes,  and any of such  separate
certificates  or other  instruments was protected  against the related  Realized
Loss pursuant to any limited guaranty, payment obligation, irrevocable letter of
credit,  surety bond,  insurance policy or similar instrument or a reserve fund,
or a combination  thereof.  Any amount to be so distributed  with respect to the
Certificates  of any Class shall be  distributed  by the Master  Servicer to the
Certificateholders  of record as of the Record Date  immediately  preceding  the
date of such  distribution  (i) with  respect to the  Certificates  of any Class
(other  than the  Class  A-V  Certificates),  on a pro rata  basis  based on the
Percentage  Interest  represented  by each  Certificate of such Class as of such
Record Date and (ii) with  respect to the Class A-V  Certificates,  to the Class
A-V  Certificates or any Subclass  thereof in the same proportion as the related
Realized  Loss was  allocated.  Any  amounts to be so  distributed  shall not be
remitted to or distributed from the Trust Fund, and shall constitute  subsequent
recoveries with respect to Mortgage Loans that are no longer assets of the Trust
Fund.

                                       35
<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).

(h) On each  Distribution  Date  preceding the Class A-4  Accretion  Termination
Date,  Accrued  Certificate  Interest that would otherwise be distributed to the
Class A-4 Certificates will be added to the Certificate Principal Balance of the
Class A-4 Certificates and such amount will thereafter accrue interest at a rate
of 6.75% per annum.  On the Class A-4 Accretion  Termination  Date,  the Accrued
Certificate Interest on the Class A-4 Certificates for such date will be payable
to the holders of the Class A-3  Certificates  as a  distribution  of  principal
pursuant to Section 4.02(b)(ii) until the Certificate Principal Balances thereof
have been  reduced to zero,  any such  amount  will be added to the  Certificate
Principal  Balance of the Class A-4  Certificates,  and any remaining  amount of
Accrued  Certificate  Interest  will be paid to the  holders  of the  Class  A-4
Certificates  as a  distribution  of  interest  and  will  not be  added  to the
Certificate  Principal  Balance  thereof;  provided,  however,  if the Class A-4
Accretion  Termination  Date is the Credit  Support  Depletion  Date, the entire
amount of Accrued  Certificate  Interest on the Class A-4  Certificates for such
date  will  be  payable  to the  holders  of the  Class  A-4  Certificates  as a
distribution  of  interest  and will not be added to the  Certificate  Principal
Balance thereof.

                                       36
<PAGE>

(i) On each  Distribution  Date  preceding the Class A-5  Accretion  Termination
Date,  Accrued  Certificate  Interest that would otherwise be distributed on the
Class A-5 Certificates will be added to the Certificate Principal Balance of the
Class A-5 Certificates and such amount will thereafter accrue interest at a rate
of 6.75% per annum.  On the Class A-5 Accretion  Termination  Date,  the Accrued
Certificate Interest on the Class A-5 Certificates for such date will be payable
to the holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates
as a  distribution  of  principal  pursuant  to Section  4.02(b)(iii)  until the
Certificate  Principal  Balances  thereof  have been  reduced to zero,  any such
amount  will be added to the  Certificate  Principal  Balance  of the  Class A-5
Certificates,  and any remaining amount of Accrued Certificate  Interest will be
paid to the holders of the Class A-5  Certificates as a distribution of interest
and will not be added to the Certificate  Principal  Balance thereof;  provided,
however,  if the Class A-5  Accretion  Termination  Date is the  Credit  Support
Depletion Date, the entire amount of Accrued  Certificate  Interest on the Class
A-5  Certificates  for such date will be payable to the holders of the Class A-5
Certificates  as a  distribution  of  interest  and  will  not be  added  to the
Certificate Principal Balance thereof.

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

Section 4.04.  Distribution of Reports to the Trustee and the Company;  Advances
     by the Master Servicer.

        (a) Prior to the close of business on the Determination Date, the Master
Servicer  shall  furnish a written  statement  to the Trustee,  the  Certificate
Insurer,  any  Paying  Agent and the  Company  setting  forth (i) the  Available
Distribution  Amount,  (ii)  the  amounts  required  to be  withdrawn  from  the
Custodial Account or Reserve Fund and deposited into the Certificate  Account on
the immediately succeeding Certificate Account Deposit Date and (iii) the amount
of  Cumulative  Insurance  Payments  as of such  Determination  Date;  provided,
however,  that the  Master  Servicer  shall  provide  to the  Trustee  a written
statement setting forth the portion of the Senior Principal  Distribution Amount
distributable to the Insured Certificates on any Distribution Date no later than
12:00  Noon  New  York  time on the  Business  Day  immediately  preceding  each
Determination  Date to enable the Trustee to notify the  Certificate  Insurer in
accordance with Section 12.02.

        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). (See Section 4.04(b) 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

                                       37
<PAGE>

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

        As used herein,  an  allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation shall be deemed to have occurred on such Distribution Date;  provided
that the Certificate Principal Balance of each Class of the Accrual Certificates
for  purposes of this  Section  4.05 shall be the lesser of (a) the  Certificate
Principal Balance of such Class of Accrual  Certificates as of the Closing Date,
and (b) the Certificate  Principal Balance of such Class of Accrual Certificates
as of the date of  determination.  Any  allocation of the  principal  portion of
Realized  Losses  (other  than  Debt  Service  Reductions)  to  the  Subordinate
Certificates  then  outstanding  with  the  Lowest  Priority  shall  be  made by
operation of the definition of "Certificate  Principal Balance" and by operation
of the provisions of Section  4.02(a).  Allocations of the interest  portions of
Realized Losses shall be made in proportion to the amount of Accrued Certificate
Interest and by operation of the  definition of "Accrued  Certificate  Interest"
and by  operation  of the  provisions  of Section  4.02(a).  Allocations  of the
principal  portion of Debt Service  Reductions shall be made by operation of the

                                       38
<PAGE>

provisions  of  Section  4.02(a).  All  Realized  Losses  and all  other  losses
allocated  to a Class of  Certificates  hereunder  will be  allocated  among the
Certificates of such Class in proportion to the Percentage  Interests  evidenced
thereby; provided that if any Subclasses of the Class A-V Certificates have been
issued  pursuant  to Section  5.01(c),  such  Realized  Losses and other  losses
allocated to the Class A-V Certificates shall be allocated among such Subclasses
in proportion to the respective amounts of Accrued Certificate  Interest payable
on such Distribution Date that would have resulted absent such reductions.

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

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

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

Section 4.09.  Reserve Fund.

        No later than the Closing Date,  the Trustee will establish and maintain
the Reserve  Fund.  On the Closing Date the  Underwriter  shall deposit with the
Trustee,  and the Trustee shall deposit into the Reserve Fund, cash in an amount
equal to the Reserve Fund Deposit.

        The  Master  Servicer  shall  direct  the  Trustee  in  writing  on each
Distribution Date to withdraw amounts on deposit in the Reserve Fund for deposit
into  the  Certificate  Account,  and  to  pay to  the  holders  of any  Insured
Certificates  pursuant to Section  4.02(a),  the amount of  Prepayment  Interest
Shortfalls  and  Relief  Act  Shortfalls  otherwise  allocable  to  any  Insured
Certificates  pursuant to the definition of Accrued Certificate Interest (to the
extent not offset by the Master  Servicer  pursuant  to Section  3.16(e) of this
Series  Supplement),  and to the extent of funds on deposit in the Reserve  Fund
(the amount of such  withdrawal  for any  Distribution  Date,  the "Reserve Fund
Withdrawal").

        For federal income tax purposes,  the Underwriter  shall be the owner of
the Reserve Fund and shall report all items of income,  deduction,  gain or loss
arising therefrom.  Notwithstanding anything herein to the contrary, the Reserve
Fund shall not be an asset of any REMIC.  The Reserve  Fund shall be invested in
Permitted  Investments at the direction of the Underwriter.  All income and gain
realized  from  investment  of funds  deposited  in the  Reserve  Fund  shall be
deposited  in the  Reserve  Fund for the sole use and  exclusive  benefit of the
Reserve Fund. The amount of any loss incurred in respect of any such investments
shall be deposited in the Reserve Fund by the  Underwriter  out of its own funds
immediately as realized without any right of reimbursement. The balance, if any,
remaining in the Reserve Fund on the Distribution  Date on which the Certificate
Principal  Balance  of the  Insured  Certificates  is  reduced  to zero  will be
distributed  by the Trustee to the  Underwriter.  To the extent that the Reserve
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 and (2) it shall be owned
by the  Underwriter,  all within  the  meaning  of  Section  1.860G-2(h)  of the
Treasury Regulations. The Reserve Fund may not be owned by more than one person.

                                       39
<PAGE>

ARTICLE V

                                THE CERTIFICATES

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

        Section 5.02. Registration of Transfer and Exchange of Certificates.

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

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

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

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

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

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

                                       40
<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       41
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       42
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       43
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       44
<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 (except for
the Reserve  Fund and the Initial  Monthly  Payment  Fund),  and subject to this
Agreement  (including  the  Mortgage  Loans but  excluding  the Initial  Monthly
Payment  Fund) as a REMIC  ("REMIC  I") and will make and  election to treat the
pool of assets comprised of the  Uncertificated  REMIC I Regular  Interests as a
REMIC ("REMIC II") for federal income tax purposes.

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

        The Class A-1, Class A-2,  Class A-2A,  Class A-3, Class A-4, Class A-5,
Class A-6,  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).

                                       45
<PAGE>

        (b)The  amount  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   U,  (ii)
Uncertificated  REMIC I Regular Interest V, (iii) Uncertificated REMIC I Regular
Interest  W,  (iv)   Uncertificated   REMIC  I  Regular  Interest  X  and  (vii)
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  pro-rata  according  to the  respective  amounts  of
        Uncertificated   Accrued  Interest  that  would  have  accrued  on  such
        Uncertificated  REMIC Regular II Interests for the Distribution Date for
        which such allocation is being made in the absence of such allocation;

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

               (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 V;

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

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

               (vi) Realized Losses allocated to the Class A-4, Class A-5, Class
        A-6,  Class M-1,  Class M-2,  Class M-3, Class B-1, Class B-2, Class B-3
        and Class R-II Certificates under Section 4.05 shall be deemed allocated
        to Uncertificated REMIC I Regular Interest Y; and

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

                                       46
<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  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.

                                       47
<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, the Certificate Insurer 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 2001-QS15

                                   The Trustee designates its offices located at
                                   Four Albany Street, New York, New York 10006,
                                   for  the  purposes  of  Section  8.12  of the
                                   Standard Terms
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Standard & Poor's                  55 Water Street
                                   New York, New York 10041

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

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Certificate Insurer                113 King Street
                                   Armonk, New York 10504
                                   Attention:  Insured Portfolio Management--Structured Finance
                                   (RALI Series 2001-QS15)
---------------------------------- --------------------------------------------------------------

</TABLE>

                                       48
<PAGE>

Any notice  required or permitted to be mailed to a  Certificateholder  shall be
given by first class  mail,  postage  prepaid,  at the address of such holder as
shown in the  Certificate  Register.  In each  case in  which a notice  or other
communication to the Certificate Insurer refers to a Certificate Insurer Default
or a claim under the Certificate  Policy or with respect to which failure on the
part of the Certificate Insurer to respond shall be deemed to constitute consent
or acceptance,  then a copy of such notice or other communication should also be
sent to the  attention  of the General  Counsel of the  Certificate  Insurer and
shall be marked to indicate  "URGENT  MATERIAL  ENCLOSED."  Any notice so mailed
within the time prescribed in this Agreement  shall be conclusively  presumed to
have been duly given, whether or not the Certificateholder receives such notice.

Section 11.06. Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

(a)     a material change or amendment to this Agreement,

(b)     the occurrence of an Event of Default,

(c)  the termination or appointment of a successor Master Servicer or Trustee or
     a change in the majority ownership of the Trustee,

(d)     the filing of any claim  under the Master  Servicer's  blanket  fidelity
        bond and the errors and omissions  insurance  policy required by Section
        3.12 or the  cancellation  or  modification  of coverage  under any such
        instrument,

(e)  the  statement  required  to be  delivered  to the Holders of each Class of
     Certificates pursuant to Section 4.03,

(f)  the statements required to be delivered pursuant to Sections 3.18 and 3.19,

(g)  a change  in the  location  of the  Custodial  Account  or the  Certificate
     Account,

(h)     the  occurrence of any monthly cash flow shortfall to the Holders of any
        Class of Certificates  resulting from the failure by the Master Servicer
        to make an Advance pursuant to Section 4.04,

(i)     the occurrence of the Scheduled Final Distribution Date,

(j)     the repurchase of or substitution for any Mortgage Loan, and

(k)     any Certificate Insurer Default that has not been cured.

                                       49
<PAGE>

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

Section 11.07.  Severability  of Provisions.  (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.

               97% 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,  except that the  Certificate  Insurer shall be
assigned the Voting Rights of the Insured  Certificateholders  in the absence of
any continuing  Certificate  Insurer  Default;  1% of all Voting Rights shall be
allocated among the Holders of the Class A-2A  Certificates,  in accordance with
their  respective  Percentage  Interests;  1% of  all  Voting  Rights  shall  be
allocated  among the Holders of the Class A-V  Certificates,  in accordance with
their  respective  Percentage  Interests;  0.5% of all  Voting  Rights  shall be
allocated  among the Holders of the Class R-I  Certificates,  in accordance with
their respective  Percentage  Interests;  and 0.5% of all Voting Rights shall be
allocated among the Holders of the Class R-II  Certificates,  in accordance with
their respective Percentage Interests.

Section 11.10. No Petition.

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

                                       50
<PAGE>

                                   ARTICLE XII

               CERTAIN MATTERS REGARDING THE CERTIFICATE INSURER

Section 12.01.  Rights of the Certificate  Insurer To Exercise Rights of Insured
     Certificateholders.

               By accepting  its  Certificate,  each  Insured  Certificateholder
agrees that unless a Certificate Insurer Default exists, the Certificate Insurer
shall  have the right to  exercise  all  consent,  voting,  direction  and other
control rights of the Insured  Certificateholders  under this Agreement  without
any further consent of the Insured Certificateholders.

Section 12.02.Claims Upon the Certificate Policy; Certificate Insurance Account.

        (a) If, on any Determination  Date, the Master Servicer  determines that
(i) the funds that will be on deposit in the Certificate  Account on the related
Certificate  Account  Deposit Date, to the extent  distributable  to any Insured
Certificateholders  pursuant to Section  4.02(a)(i),  together  with any Reserve
Fund Withdrawal for the related  Distribution  Date, are insufficient to pay the
full  amount  of  interest  for  the  related  Interest  Accrual  Period  on the
Certificate  Principal  Balance  of the  Insured  Certificates  at  the  related
Pass-Through Rate (net of any Prepayment  Interest  Shortfalls  allocated to the
Insured  Certificates  but only to the extent covered by the Master Servicer) on
such  Distribution  Date, (ii) the principal  portion of any Realized Losses are
allocated to the Insured  Certificates  on such  Distribution  Date or (iii) the
funds  that  will  be on  deposit  in the  Certificate  Account,  to the  extent
distributable to the Insured Certificateholders with respect to principal on the
Scheduled Final Distribution Date will be insufficient to reduce the Certificate
Principal Balance of the Insured Certificates to zero, the Master Servicer shall
deliver  to the  Trustee  not later  than  1:00  p.m.  New York City time on the
Determination  Date a certificate  signed by a Servicing  Officer  directing the
Trustee to draw on the Certificate Policy and stating the amount to be drawn and
stating the Insured Payment for each Insured Certificate,  and the Trustee shall
give notice by telephone or telecopy of the aggregate amount of such deficiency,
confirmed  in  writing  in the form set forth as  Exhibit  A to the  Certificate
Policy,  to the  Certificate  Insurer  and the Fiscal  Agent (as  defined in the
Certificate Policy), if any, at or before 12:00 noon, New York City time, on the
second  Business Day prior to such  Distribution  Date.  If,  subsequent to such
notice, and prior to payment by the Certificate Insurer pursuant to such notice,
additional amounts are deposited in the Certificate  Account,  the Trustee shall
reasonably  promptly notify the  Certificate  Insurer and withdraw the notice or
reduce the amount claimed, as appropriate.

        (b) The Trustee shall establish a separate special purpose trust account
for the  benefit of  Holders of any  Insured  Certificates  and the  Certificate
Insurer referred to herein as the "Certificate Insurance Account" over which the
Trustee shall have exclusive  control and sole right of withdrawal.  The Trustee
shall deposit any amount paid under the  Certificate  Policy in the  Certificate
Insurance  Account and  distribute  such amount only for  purposes of payment to
Holders of Insured  Certificates  of the  Insured  Payment for which a claim was
made.  Such  amount  may not be  applied  to  satisfy  any  costs,  expenses  or
liabilities of the Master Servicer,  the Trustee or the Trust Fund. Amounts paid
under the Certificate Policy shall be transferred to the Certificate  Account in
accordance with the second succeeding  paragraph and disbursed by the Trustee to

                                       51
<PAGE>

Holders of Insured  Certificates  in  accordance  with  Section  4.02 or Section
9.01(c),  as applicable.  It shall not be necessary for such payments to be made
by checks or wire  transfers  separate from the checks or wire transfers used to
pay the Insured Payment with other funds available to make such payment.

        However,  the amount of any payment of  principal  of or interest on the
Insured  Certificates  to be paid from funds  transferred  from the  Certificate
Insurance  Account  shall be noted as provided in paragraph (c) below and in the
statement  to be furnished  to Holders of the  Certificates  pursuant to Section
4.03. Funds held in the Certificate  Insurance  Account shall not be invested by
the Master Servicer, the Company or the Trustee.

        On any  Distribution  Date with  respect  to which a claim has been made
under the Certificate Policy, the amount of any funds received by the Trustee as
a result of any claim under the  Certificate  Policy,  to the extent required to
make the Insured Payment on such Distribution  Date, shall be withdrawn from the
Certificate  Insurance  Account and  deposited  in the  Certificate  Account and
applied by the Master Servicer on behalf of the Trustee, together with the other
funds to be  distributed to the Insured  Certificateholders  pursuant to Section
4.02,  directly to the payment in full of the Insured Payment due on the Insured
Certificates.  Any funds remaining in the Certificate  Insurance  Account on the
first  Business  Day  following  a  Distribution  Date shall be  remitted to the
Certificate Insurer, pursuant to the instructions of the Certificate Insurer, by
the end of such Business Day.

        (c) The Trustee shall keep a complete and accurate  record of the amount
of interest and principal paid into the Certificate Insurance Account in respect
of any Insured  Certificate  from moneys received under the Certificate  Policy.
The  Certificate  Insurer  shall  have the  right to  inspect  such  records  at
reasonable  times during  normal  business  hours upon two Business  Day's prior
notice to the Trustee.

        (d) In accordance with the terms of the Certificate Policy, any claim on
the  Certificate  Policy in respect of a Preference  Amount,  shall  require the
Trustee  to obtain a  certified  copy of the  order  requiring  the  return of a
preference  payment,  an  opinion  of counsel  satisfactory  to the  Certificate
Insurer  that  the  order  is  final  and  not  subject  to  appeal,  and  other
documentation as required by the Certificate Policy. Any such opinion of counsel
shall be provided at the sole expense of the Underwriter, in accordance with the
terms of the Commitment Letter.

      Section 12.03.Effect of Payments by the Certificate Insurer; Subrogation.

        Anything  herein to the contrary  notwithstanding,  for purposes of this
Section  12.03,  any payment  with  respect to  principal  of or interest on any
Insured Certificates which is made with monies received pursuant to the terms of
the  Certificate   Policy  shall  not  be  considered  payment  of  any  Insured
Certificates  from the Trust  Fund.  The Master  Servicer,  the  Company and the
Trustee acknowledge, and each Holder by its acceptance of an Insured Certificate
agrees,  that  without  the  need  for any  further  action  on the  part of the
Certificate  Insurer,  the Master  Servicer,  the  Company,  the  Trustee or the
Certificate  Registrar,  to the extent the  Certificate  Insurer makes payments,
directly or  indirectly,  on account of  principal of or interest on any Insured
Certificates to the Holders of such Certificates,  the Certificate  Insurer will
be fully subrogated to, and each Insured Certificateholder, the Master Servicer,

                                       52
<PAGE>

the  Company  and the  Trustee  hereby  delegate  and assign to the  Certificate
Insurer,  to the fullest extent  permitted by law, the rights of such Holders to
receive such  principal  and  interest  from the Trust Fund;  provided  that the
Certificate  Insurer shall be paid such amounts only from the sources and in the
manner explicitly provided for herein.

        The Trustee and the Master Servicer shall cooperate in all respects with
any  reasonable  request by the  Certificate  Insurer  for action to preserve or
enforce the  Certificate  Insurer's  rights or  interests  under this  Agreement
without  limiting  the  rights or  affecting  the  interests  of the  Holders as
otherwise set forth herein.

        Section 12.04.Notices and Information to the Certificate Insurer.

        (a) All notices, statements,  reports, certificates or opinions required
by this Agreement to be sent to any other party hereto,  to the Rating  Agencies
or to the Certificateholders shall also be sent to the Certificate Insurer.

        (b) The Master  Servicer shall designate a Person who shall be available
to the Certificate Insurer to provide reasonable access to information regarding
the Mortgage Loans.

        Section 12.05.Trustee to Hold Certificate Policy.

        The Trustee will hold the  Certificate  Policy in trust as agent for the
Insured  Certificateholders  for  the  purpose  of  making  claims  thereof  and
distributing the proceeds thereof. Each Insured Certificateholder,  by accepting
its  Certificate,  appoints the Trustee as  attorney-in-fact  for the purpose of
making  claims on the  Certificate  Policy.  The  Trustee  shall  surrender  the
Certificate  Policy  to  the  Certificate  Insurer  for  cancellation  upon  the
expiration of the term of the Certificate  Policy as provided in the Certificate
Policy following the retirement of any Insured Certificates.

        Section 12.06.Ratings.

        The parties  hereto agree that  references  in this  Agreement or in the
Standard   Terms  to  ratings  on  the   Certificates   or   interests   of  the
Certificateholders shall be determined without regard to the Certificate Policy.

        Section 12.07.Third Party Beneficiary.

        The Certificate Insurer shall be an express  third-party  beneficiary of
this Agreement to the extent of its express  subrogation  rights and its express
rights,  its right to receive Insurance Premiums set forth in Section 4.02(a) of
this  Agreement  and shall have the right to enforce the related  provisions  of
this Agreement as if it were a party hereto.

                                       53
<PAGE>

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

                                            RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

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

Attest:/s/ Lisa R. Lundsten
      Name:   Lisa R. Lundsten
      Title: Vice President

                                            RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By:  /s/ Lisa R. Lundsten
                                                 Name:  Lisa R. Lundsten
                                                 Title: Managing Director

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

                                            BANKERS TRUST COMPANY,
                                                 as Trustee
[Seal]

                                            By:  /s/ Stephen T. Hessler
                                                  Name: Stephen T. Hessler
                                                 Title: Vice President

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

                                       54
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 27th day of September,  2001 before me, a notary public in
and for said State,  personally appeared Randy Van Zee, known to me to be a Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                            /s/ Brian S. Bangerter
                                            Notary Public
 [Notarial Seal]

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 27th day of September,  2001 before me, a notary public in
and for said State,  personally  appeared Lisa R. Lundsten,  known to me to be a
Managing Director of Residential  Funding  Corporation,  one of the corporations
that executed the within  instrument,  and also known to me to be the person who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                            /s/ Brian S. Bangerter
                                            Notary Public
 [Notarial Seal]

<PAGE>

STATE OF
                                  )
                                  ) ss.:
COUNTY OF                         )
               On the 27th day of September,  2001 before me, a notary public in
and for said State,  personally appeared Stephen Hessler, known to me to be a[n]
Vice President of Bankers Trust Company,  the New York banking  corporation that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

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

                                            /s/ Thomas J. Baldwin
                                            Notary Public
[Notarial Seal]

<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 09/24/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 11.10.38           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2001-QS15                                 CUTOFF : 09/01/01
  POOL       : 0004539
             :
             :
  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
  ----------------------------------------------------------------------------

      4419779                              .2500
      437,883.84                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4426588                              .2500
      288,412.33                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.7500                        1.5450

      4529086                              .2500
      179,402.62                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4591154                              .2500
       63,812.94                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4617655                              .2500
       71,846.55                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4638976                              .2500
       98,955.11                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
1

      4664726                              .2500
       38,310.67                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.7500                        1.6700

      4668768                              .2500
      129,815.89                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4681445                              .2500
      369,373.09                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            6.7500                        1.7950

      4690832                              .2500
      213,103.00                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.7500                        1.6700

      4698716                              .2500
       51,889.17                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4724494                              .2500
      112,782.44                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      4762625                              .2500
      159,897.98                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      4770635                              .2500
       76,344.98                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200
1

      4771074                              .2500
      459,262.10                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4771912                              .2500
      179,036.44                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            6.7500                        1.7950

      4777960                              .2500
      288,352.53                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4783877                              .2500
      231,505.58                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4794768                              .2500
       74,124.63                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4799406                              .2500
       87,431.75                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4801410                              .2500
      164,777.82                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      4801946                              .2500
       54,888.55                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200
1

      4809868                              .2500
      108,768.54                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      4809971                              .2500
      235,219.43                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      4813377                              .2500
      167,641.98                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4818106                              .2500
      154,780.50                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4828016                              .2500
      105,371.17                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            6.7500                        1.7950

      4833116                              .2500
      303,457.65                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.7500                        1.5450

      4839414                              .2500
      239,488.54                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4844449                              .2500
      206,061.65                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200
1

      4851959                              .2500
      168,834.89                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4857017                              .2500
      274,590.54                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4861530                              .2500
       68,716.33                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      4867886                              .2500
       65,380.11                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      4869334                              .2500
      195,914.62                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4871759                              .2500
      349,002.30                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4873447                              .2500
      299,798.71                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      4877081                              .2500
      156,886.36                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450
1

      4880867                              .2500
      245,352.06                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4889239                              .2500
       81,546.27                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4895262                              .2500
      100,574.16                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4896054                              .2500
       41,369.07                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.7500                        1.5450

      4902140                              .2500
       56,470.17                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4907875                              .2500
      152,578.11                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4914990                              .2500
      223,674.71                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4916834                              .2500
      349,740.25                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1

      4917048                              .2500
      101,133.06                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.7500                        1.6700

      4922992                              .2500
       59,094.42                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4924694                              .2500
      149,921.68                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4925662                              .2500
       91,373.65                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4930706                              .2500
      267,230.46                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4934786                              .2500
      195,534.65                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4935621                              .2500
      186,741.77                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4942425                              .2500
      100,727.04                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450
1

      4945711                              .2500
      142,304.45                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      4948218                              .2500
      186,521.25                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      4948228                              .2500
      134,127.55                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      4948230                              .2500
      233,488.68                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4948244                              .2500
      129,601.64                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4948253                              .2500
      171,823.73                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4948264                              .2500
      227,457.72                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.7500                        1.0450

      4948265                              .2500
      123,701.46                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1

      4958495                              .2500
      377,350.98                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4965899                              .2500
      139,343.02                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            6.7500                        1.7950

      4969119                              .2500
      339,766.01                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4972166                              .2500
       88,710.06                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4978725                              .2500
      399,513.65                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      4979640                              .2500
       59,956.57                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4980852                              .2500
      275,795.17                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4982589                              .2500
       54,915.91                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1

      4983295                              .2500
       85,394.72                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      4983725                              .2500
      491,925.57                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4984329                              .2500
      280,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4986653                              .2500
      459,396.15                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.7500                        1.0450

      4988074                              .2500
      234,068.05                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4989884                              .2500
      171,743.90                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4997158                              .2500
      174,358.89                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4997201                              .2500
      211,222.36                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.7500                        1.0450
1

      5000403                              .2500
      125,738.15                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5005320                              .2500
       78,791.04                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5006287                              .2500
      299,831.81                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            6.7500                        1.7950

      5007661                              .2500
      111,820.35                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      5007913                              .2500
       69,919.16                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.7500                        1.6700

      5009501                              .2500
      143,900.90                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5011961                              .2500
      120,009.06                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5013631                              .2500
      216,138.40                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
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1

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1

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1

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            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5471342                              .2500
      139,500.00                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.7500                        1.2950

      5471355                              .2500
      193,685.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1

      5471360                              .2500
      272,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5471363                              .2500
      224,955.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5471366                              .2500
       77,400.00                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.7500                        1.5450

      5471370                              .2500
       47,530.00                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.7500                        1.2950

      5471386                              .2500
      248,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5471388                              .2500
      296,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5471399                              .2500
      112,500.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      5473157                              .2500
      102,929.12                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950
1

      5473158                              .2500
       98,936.88                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      5473165                              .2500
       57,864.00                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.7500                        1.2950

      5473166                              .2500
      291,804.08                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5477033                              .2500
      331,753.60                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5477038                              .2500
      464,654.90                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5477040                              .2500
      399,303.80                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5477047                              .2500
      375,747.72                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5477059                              .2500
      399,250.40                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1

      5477065                              .2500
      351,732.15                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5483340                              .2500
       87,195.77                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.7500                        1.2950

      5483386                              .2500
      266,750.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5483398                              .2500
      106,400.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5483402                              .2500
      164,512.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5483416                              .2500
       98,550.00                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.7500                        1.2950

      5483426                              .2500
      144,000.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      5483449                              .2500
       73,400.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700
1

      5483455                              .2500
       34,400.00                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.7500                        1.5450

      5483456                              .2500
       60,750.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5483464                              .2500
       36,700.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5483465                              .2500
       36,700.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5483469                              .2500
       67,500.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      5483489                              .2500
       76,000.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      5483490                              .2500
      354,500.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5483496                              .2500
       37,800.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700
1

      5483509                              .2500
      172,450.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5483543                              .2500
       87,000.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.7500                        1.0450

      5483556                              .2500
      107,200.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5483796                              .2500
      113,600.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      5484928                              .2500
      315,000.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      5490646                              .2500
      224,100.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5494346                              .2500
      146,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5494363                              .2500
       93,600.00                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.7500                        1.6700
1

      5494364                              .2500
       93,600.00                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.7500                        1.6700

      5494370                              .2500
       94,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5494373                              .2500
      313,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5494385                              .2500
      440,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5494388                              .2500
      360,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5494399                              .2500
       63,700.00                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.7500                        1.5450

      5494400                              .2500
      172,500.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5494418                              .2500
      229,500.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700
1

      5494422                              .2500
      109,800.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.7500                        1.0450

      5494425                              .2500
      168,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5494449                              .2500
       63,000.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      5494659                              .2500
      135,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5494660                              .2500
      138,200.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5506351                              .2500
      342,943.17                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      5506465                              .2500
      100,000.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      5506475                              .2500
      400,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700
1

      5506500                              .2500
      220,400.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      5506505                              .2500
      211,500.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5506523                              .2500
      145,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5506540                              .2500
      212,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5506555                              .2500
      260,000.00                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5508777                              .2500
      225,553.46                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.7500                        1.0450

      5511167                              .2500
      629,151.74                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5511202                              .2500
      294,769.86                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700
1

      5511540                              .2500
      351,230.85                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5512902                              .2500
      379,488.34                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5514860                              .2500
      636,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5516943                              .2500
       54,900.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      5516957                              .2500
      100,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5516975                              .2500
      256,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5516983                              .2500
      213,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5517009                              .2500
      207,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1

      5517014                              .2500
      344,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5517032                              .2500
      400,000.00                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.7500                        1.5450

      5517047                              .2500
      264,800.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5517075                              .2500
      120,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5517190                              .2500
      162,810.91                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5517484                              .2500
      255,231.22                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5523836                              .2500
       54,000.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      5523841                              .2500
       82,800.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200
1

      5523866                              .2500
      225,600.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.7500                        1.0450

      5523884                              .2500
       95,300.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5523887                              .2500
       77,600.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5523888                              .2500
       77,600.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5523897                              .2500
      120,000.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.7500                        1.0450

      5524348                              .2500
      311,579.90                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5524678                              .2500
       96,087.19                          .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            6.7500                        1.9200

      5524738                              .2500
      292,603.53                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200
1

      5524884                              .2500
      197,765.35                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.7500                        1.5450

      5525522                              .2500
       40,439.71                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5527081                              .2500
      298,400.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      5534221                              .2500
      139,500.00                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.7500                        1.5450

      5534261                              .2500
      368,000.00                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5543754                              .2500
      337,279.23                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.7500                        1.0450

      5544463                              .2500
      182,500.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      5551217                              .2500
      363,184.50                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1

      5555686                              .2500
      208,250.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5558289                              .2500
      226,163.58                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

  TOTAL NUMBER OF LOANS:      952
  TOTAL BALANCE........:        186,212,823.75

  RUN ON     : 09/24/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 11.10.38            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS15       FIXED SUMMARY REPORT      CUTOFF : 09/01/01
  POOL       : 0004539
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  --------------------------------------------------------------------------
  CURR NOTE RATE                        7.7662            6.7500      9.0000
  RFC NET RATE                          7.5143            6.5000      8.7500
  NET MTG RATE(INVSTR RATE)             7.4356            6.4700      8.6700
  POST STRIP RATE                       6.7488            6.4700      6.7500
  SUB SERV FEE                           .2519             .2500       .5000
  MSTR SERV FEE                          .0787             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .6868             .0000      1.9200

  TOTAL NUMBER OF LOANS:   952
  TOTAL BALANCE........:     186,212,823.75

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 09/24/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 11.10.38          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS15                                 CUTOFF : 09/01/01
  POOL       : 0004539
             :
             :
  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 #
  ______________________________________________________________________________

    4419779          147/G02             F          439,200.00         ZZ
                                         360        437,883.84          1
                                       7.500          3,070.96         80
                                       7.250          3,070.96
    CAMPBELL         CA   95008          1            04/09/01         00
    0432782977                           03           06/01/01          0
    10415902                             O            05/01/31
    0

    4426588          E84/G02             F          289,700.00         ZZ
                                         360        288,412.33          1
                                       8.625          2,253.26         95
                                       8.375          2,253.26
    CHICAGO          IL   60622          1            02/02/01         10
    0432640944                           05           03/01/01         30
    11005672                             O            02/01/31
    0

    4529086          U05/G02             F          180,000.00         ZZ
                                         360        179,402.62          3
                                       7.250          1,227.92         75
                                       7.000          1,227.92
    LOS ANGELES      CA   90022          5            03/30/01         00
    0432819456                           05           06/01/01          0
    3105486                              O            05/01/31
    0

    4591154          U62/G02             F           64,000.00         ZZ
                                         360         63,812.94          1
                                       7.625            452.99         80
                                       7.375            452.99
    DAYTONA BEACH S  FL   32127          5            04/12/01         00
    0432921815                           05           06/01/01          0
1

    2001243165                           O            05/01/31
    0

    4617655          477/G02             F           72,000.00         ZZ
                                         360         71,846.55          1
                                       7.750            515.82         80
                                       7.500            515.82
    EL MIRAGE        AZ   85335          5            05/22/01         00
    0432908416                           05           07/01/01          0
    115280                               O            06/01/31
    0

    4638976          E84/G02             F           99,300.00         ZZ
                                         360         98,955.11          1
                                       6.750            644.06         47
                                       6.500            644.06
    ANNAPOLIS        MD   21401          2            04/25/01         00
    0432830511                           05           06/01/01          0
    70306644                             O            05/01/31
    0

    4664726          G52/G02             F           38,400.00         ZZ
                                         360         38,310.67          1
                                       8.750            302.09         80
                                       8.500            302.09
    TUCSON           AZ   85714          1            04/24/01         00
    0433157658                           05           06/01/01          0
    700000026                            N            05/01/31
    0

    4668768          E11/G02             F          130,000.00         ZZ
                                         360        129,815.89          1
                                       7.750            931.34         69
                                       7.500            931.34
    JUNCTION CITY    WI   54443          5            06/18/01         00
    0432993269                           05           08/01/01          0
    1                                    O            07/01/31
    0

    4681445          601/G02             F          370,000.00         ZZ
                                         360        369,373.09          1
                                       8.875          2,943.89         83
                                       8.625          2,943.89
    BERNARDSVILLE    NJ   07924          5            05/18/01         10
    0433029436                           05           07/01/01         12
    60465408                             O            06/01/31
    0

1

    4690832          W53/G02             F          213,600.00         ZZ
                                         360        213,103.00          3
                                       8.750          1,680.39         80
                                       8.500          1,680.39
    BRONX            NY   10466          5            04/26/01         00
    0433118825                           05           06/01/01          0
    520418300                            O            05/01/31
    0

    4698716          601/G02             F           52,000.00         ZZ
                                         360         51,889.17          1
                                       7.750            372.54         80
                                       7.500            372.54
    MT VERNON        OH   43050          1            05/17/01         00
    0433154952                           05           07/01/01          0
    60553625                             O            06/01/31
    0

    4724494          994/G02             F          113,130.00         ZZ
                                         360        112,782.44          3
                                       8.500            869.87         90
                                       8.250            869.87
    MANCHESTER       NH   03103          1            03/15/01         04
    0433149200                           05           05/01/01         25
    3217936214                           N            04/01/31
    0

    4762625          A35/G02             F          160,000.00         ZZ
                                         360        159,897.98          1
                                       8.250          1,202.02         53
                                       8.000          1,202.02
    CARLE PLACE      NY   11514          5            07/17/01         00
    0433020872                           05           09/01/01          0
    1                                    O            08/01/31
    0

    4770635          601/G02             F           76,500.00         ZZ
                                         360         76,344.98          1
                                       8.000            561.33         90
                                       7.750            561.33
    BATON ROUGE      LA   70812          2            05/11/01         10
    0433114147                           05           07/01/01         25
    60580719                             O            06/01/31
    0

    4771074          G52/G02             F          460,000.00         ZZ
                                         360        459,262.10          1
                                       7.125          3,099.11         70
                                       6.875          3,099.11
1

    LAGUNA BEACH     CA   92651          2            06/06/01         00
    0433060258                           05           08/01/01          0
    8005000353                           O            07/01/31
    0

    4771912          S07/G02             F          180,000.00         ZZ
                                         360        179,036.44          3
                                       8.875          1,432.16         75
                                       8.625          1,432.16
    DENVER           CO   80206          1            02/21/01         00
    0433056579                           05           04/01/01          0
    623089                               N            03/01/31
    0

    4777960          601/G02             F          289,000.00         ZZ
                                         360        288,352.53          1
                                       7.500          2,020.73         83
                                       7.250          2,020.73
    LEBANON          TN   37090          2            05/15/01         14
    0433156320                           05           07/01/01         12
    60568706                             O            06/01/31
    0

    4783877          926/926             F          232,000.00         ZZ
                                         360        231,505.58          1
                                       7.750          1,662.08         80
                                       7.500          1,662.08
    BLUFFTON         SC   29910          2            05/17/01         00
    01048272                             03           07/01/01          0
    01048272                             O            06/01/31
    0

    4794768          601/G02             F           74,320.00         ZZ
                                         360         74,124.63          1
                                       7.875            538.88         80
                                       7.625            538.88
    COLORADO SPRING  CO   80918          1            05/16/01         00
    0433113412                           01           07/01/01          0
    60556107                             O            06/01/31
    0

    4799406          U62/G02             F           87,500.00         ZZ
                                         360         87,431.75          1
                                       7.250            596.90         70
                                       7.000            596.90
    INTERNATIONAL F  MN   56649          5            07/20/01         00
    0433042934                           05           09/01/01          0
    2001256796                           O            08/01/31
    0
1

    4801410          601/G02             F          165,000.00         ZZ
                                         360        164,777.82          1
                                       8.000          1,210.72         75
                                       7.750          1,210.72
    MARIETTA         GA   30068          1            06/04/01         00
    0433153970                           05           08/01/01          0
    60607140                             O            07/01/31
    0

    4801946          477/G02             F           55,000.00         T
                                         360         54,888.55          1
                                       8.000            403.57         25
                                       7.750            403.57
    STRAWBERRY       AZ   85544          1            05/24/01         00
    0433118577                           05           07/01/01          0
    115424                               O            06/01/31
    0

    4809868          601/G02             F          109,000.00         ZZ
                                         360        108,768.54          4
                                       8.250            818.88         80
                                       8.000            818.88
    BATON ROUGE      LA   70819          2            05/22/01         00
    0433030319                           05           07/01/01          0
    60481868                             N            06/01/31
    0

    4809971          624/G02             F          236,000.00         ZZ
                                         360        235,219.43          1
                                       7.000          1,570.11         80
                                       6.750          1,570.11
    FRIDAY HARBOR    WA   98250          5            04/04/01         00
    0432996106                           05           06/01/01          0
    39013310083F                         O            05/01/31
    0

    4813377          J40/G02             F          168,000.00         T
                                         360        167,641.98          1
                                       7.750          1,203.57         70
                                       7.500          1,203.57
    ELLIJAY          GA   30115          4            05/21/01         00
    0433048618                           05           07/01/01          0
    7710716                              O            06/01/31
    0

    4818106          964/G02             F          155,000.00         ZZ
                                         360        154,780.50          1
1

                                       7.750          1,110.44         55
                                       7.500          1,110.44
    PASO ROBLES      CA   93446          5            06/18/01         00
    0432991420                           05           08/01/01          0
    126159                               O            07/01/31
    0

    4828016          883/G02             F          105,550.00         ZZ
                                         360        105,371.17          1
                                       8.875            839.80         90
                                       8.625            839.80
    APPLETON         WI   54914          1            05/10/01         10
    0433003860                           05           07/01/01         25
    90000121                             N            06/01/31
    0

    4833116          601/G02             F          304,000.00         ZZ
                                         360        303,457.65          1
                                       8.625          2,364.49         79
                                       8.375          2,364.49
    DALY CITY        CA   94014          2            05/30/01         00
    0433023405                           05           07/01/01          0
    6064733                              O            06/01/31
    0

    4839414          664/G02             F          240,000.00         ZZ
                                         360        239,488.54          1
                                       7.750          1,719.39         75
                                       7.500          1,719.39
    HERCULES         CA   94547          5            05/24/01         00
    0433000403                           05           07/01/01          0
    8069734                              O            06/01/31
    0

    4844449          964/G02             F          206,200.00         ZZ
                                         360        206,061.65          1
                                       8.000          1,513.02         75
                                       7.750          1,513.02
    FORESTVILLE      CA   95436          5            07/16/01         00
    0433019007                           05           09/01/01          0
    126043                               N            08/01/31
    0

    4851959          E47/G02             F          169,100.00         ZZ
                                         360        168,834.89          1
                                       7.750          1,211.45         90
                                       7.500          1,211.45
    BATTLEFIELD      MO   65619          1            06/15/01         11
    0433002086                           03           08/01/01         25
1

    7362510535                           O            07/01/31
    0

    4857017          588/G02             F          275,000.00         ZZ
                                         360        274,590.54          2
                                       7.500          1,922.84         79
                                       7.250          1,922.84
    RIDGEWOOD        NJ   07450          1            06/29/01         00
    0433035375                           05           08/01/01          0
    1040763                              O            07/01/31
    0

    4861530          601/G02             F           68,800.00         ZZ
                                         360         68,716.33          1
                                       8.500            529.02         79
                                       8.250            529.02
    JOPLIN           MO   64801          2            06/20/01         00
    0433045283                           05           08/01/01          0
    60611944                             N            07/01/31
    0

    4867886          286/286             F           65,500.00         ZZ
                                         360         65,380.11          1
                                       8.500            503.64         69
                                       8.250            503.64
    GLENEDEN BEACH   OR   97388          1            05/01/01         00
    266974                               05           07/01/01          0
    266974                               O            06/01/31
    0

    4869334          286/286             F          196,500.00         ZZ
                                         360        195,914.62          1
                                       7.625          1,390.81         85
                                       7.375          1,390.81
    BELLEVUE         WA   98008          2            04/17/01         11
    9832378                              05           06/01/01         22
    9832378                              O            05/01/31
    0

    4871759          168/168             F          350,000.00         ZZ
                                         360        349,002.30          1
                                       7.750          2,507.44         77
                                       7.500          2,507.44
    SCARSDALE        NY   10583          1            04/13/01         00
    0249753014                           05           06/01/01          0
    0249753014                           O            05/01/31
    0

1

    4873447          A35/G02             F          300,000.00         ZZ
                                         360        299,798.71          1
                                       8.000          2,201.29         55
                                       7.750          2,201.29
    MALBA            NY   11357          5            07/09/01         00
    0433057395                           05           09/01/01          0
    1                                    O            08/01/31
    0

    4877081          964/G02             F          157,000.00         ZZ
                                         360        156,886.36          1
                                       7.625          1,111.24         51
                                       7.375          1,111.24
    MODESTO          CA   95356          1            07/12/01         00
    0433008893                           03           09/01/01          0
    112354                               N            08/01/31
    0

    4880867          Q59/G02             F          245,700.00         ZZ
                                         360        245,352.06          1
                                       7.750          1,760.22         90
                                       7.500          1,760.22
    TEMPLE CITY      CA   91780          5            06/11/01         11
    0432948529                           05           08/01/01         25
    303592                               O            07/01/31
    0

    4889239          076/076             F           82,000.00         ZZ
                                         360         81,546.27          1
                                       7.375            566.35         60
                                       7.125            566.35
    STEVENS POINT    WI   54481          2            04/19/01         00
    3758445                              05           06/01/01          0
    3758445                              O            05/01/31
    0

    4895262          E23/G02             F          100,800.00         ZZ
                                         360        100,574.16          1
                                       7.500            704.81         90
                                       7.250            704.81
    PHOENIX          AZ   85051          1            05/14/01         04
    0432986040                           05           07/01/01         25
    41001494                             O            06/01/31
    0

    4896054          601/G02             F           41,443.00         ZZ
                                         360         41,369.07          1
                                       8.625            322.34         95
                                       8.375            322.34
1

    GALLOWAY TOWNSH  NJ   08201          1            06/07/01         11
    0433154911                           01           07/01/01         35
    60611332                             O            06/01/31
    0

    4902140          E22/G02             F           56,700.00         ZZ
                                         360         56,470.17          1
                                       7.375            391.61         90
                                       7.125            391.61
    MOUNT CLEMENS    MI   48043          5            05/30/01         04
    0412649816                           07           07/01/01         25
    0412649816                           O            06/01/31
    0

    4907875          U05/G02             F          152,800.00         ZZ
                                         360        152,578.11          1
                                       7.625          1,081.51         80
                                       7.375          1,081.51
    DALLAS           TX   75229          5            06/08/01         00
    0433041407                           05           08/01/01          0
    3137726                              O            07/01/31
    0

    4914990          U05/G02             F          224,000.00         ZZ
                                         360        223,674.71          1
                                       7.625          1,585.46         80
                                       7.375          1,585.46
    SUGAR LAND       TX   77479          5            06/25/01         00
    0433033677                           03           08/01/01          0
    3141530                              O            07/01/31
    0

    4916834          665/G02             F          350,000.00         ZZ
                                         360        349,740.25          1
                                       7.500          2,447.25         44
                                       7.250          2,447.25
    CARMEL           CA   93922          2            07/13/01         00
    0433057155                           05           09/01/01          0
    88102031                             O            08/01/31
    0

    4917048          601/G02             F          101,250.00         ZZ
                                         360        101,133.06          4
                                       8.750            796.54         90
                                       8.500            796.54
    TAMPA            FL   33610          1            06/14/01         11
    0433154945                           05           08/01/01         25
    60643558                             N            07/01/31
    0
1

    4922992          J40/G02             F           59,200.00         ZZ
                                         360         59,094.42          1
                                       7.625            419.01         80
                                       7.375            419.01
    MOBILE           AL   36619          1            06/12/01         00
    0432991883                           05           08/01/01          0
    7714453                              O            07/01/31
    0

    4924694          E22/G02             F          150,250.00         ZZ
                                         360        149,921.68          1
                                       7.625          1,063.46         78
                                       7.375          1,063.46
    BATON ROUGE      LA   70808          2            06/01/01         00
    0412696072                           05           07/01/01          0
    0412696072                           O            06/01/31
    0

    4925662          964/G02             F           91,500.00         ZZ
                                         360         91,373.65          1
                                       7.875            663.44         75
                                       7.625            663.44
    PEORIA           AZ   85381          1            06/27/01         00
    0432990372                           05           08/01/01          0
    128553                               O            07/01/31
    0

    4930706          H58/G02             F          267,600.00         T
                                         360        267,230.46          1
                                       7.875          1,940.29         80
                                       7.625          1,940.29
    EAST LANSING     MI   48823          1            06/18/01         00
    0433159514                           05           08/01/01          0
    0000065755                           O            07/01/31
    0

    4934786          286/286             F          196,000.00         ZZ
                                         360        195,534.65          1
                                       7.500          1,370.47         80
                                       7.250          1,370.47
    WIXOM            MI   48393          2            05/07/01         00
    396242                               05           07/01/01          0
    396242                               O            06/01/31
    0

    4935621          T44/G02             F          187,000.00         ZZ
                                         360        186,741.77          1
1

                                       7.875          1,355.88         55
                                       7.625          1,355.88
    EL CERRITO       CA   94530          5            06/22/01         00
    0433130705                           05           08/01/01          0
    1014183                              N            07/01/31
    0

    4942425          U05/G02             F          100,800.00         ZZ
                                         360        100,727.04          1
                                       7.625            713.46         78
                                       7.375            713.46
    ALLEN            TX   75002          5            07/05/01         00
    0433059854                           05           09/01/01          0
    3142667                              O            08/01/31
    0

    4945711          U05/G02             F          142,400.00         ZZ
                                         360        142,304.45          1
                                       8.000          1,044.88         80
                                       7.750          1,044.88
    CONROE           TX   77385          5            07/06/01         00
    0433062775                           05           09/01/01          0
    3142841                              O            08/01/31
    0

    4948218          286/286             F          186,900.00         ZZ
                                         360        186,521.25          1
                                       8.000          1,371.41         70
                                       7.750          1,371.41
    WALLED LAKE      MI   48390          5            05/21/01         00
    394506                               05           07/01/01          0
    394506                               O            06/01/31
    0

    4948228          286/286             F          134,450.00         ZZ
                                         360        134,127.55          1
                                       8.000            986.55         80
                                       7.750            986.55
    SURPRISE         AZ   85374          1            05/16/01         00
    380610                               05           07/01/01          0
    380610                               O            06/01/31
    0

    4948230          286/286             F          234,000.00         ZZ
                                         360        233,488.68          1
                                       7.625          1,656.24         43
                                       7.375          1,656.24
    WEST TISBURY     MA   02575          5            05/24/01         00
    384816                               05           07/01/01          0
1

    384816                               O            06/01/31
    0

    4948244          286/286             F          129,900.00         ZZ
                                         360        129,601.64          1
                                       7.375            897.19         64
                                       7.125            897.19
    PHOENIX          AZ   85016          2            05/17/01         00
    9844768                              05           07/01/01          0
    9844768                              O            06/01/31
    0

    4948253          286/286             F          172,200.00         ZZ
                                         360        171,823.73          1
                                       7.625          1,218.82         70
                                       7.375          1,218.82
    ANAHEIM          CA   92804          5            05/09/01         00
    9842215                              05           07/01/01          0
    9842215                              O            06/01/31
    0

    4948264          286/286             F          228,000.00         ZZ
                                         360        227,457.72          1
                                       8.125          1,692.89         76
                                       7.875          1,692.89
    ALPHARETTA       GA   30004          2            05/23/01         00
    9852735                              05           07/01/01          0
    9852735                              O            06/01/31
    0

    4948265          286/286             F          124,000.00         ZZ
                                         360        123,701.46          1
                                       7.375            856.44         74
                                       7.125            856.44
    SANTA MARIA      CA   93454          5            05/10/01         00
    9830802                              05           07/01/01          0
    9830802                              O            06/01/31
    0

    4958495          S48/S48             F          378,400.00         ZZ
                                         360        377,350.98          1
                                       7.500          2,645.83         80
                                       7.250          2,645.83
    SONOMA           CA   95476          1            04/30/01         00
    6624558414                           05           07/01/01          0
    6624558414                           O            06/01/31
    0

1

    4965899          T44/G02             F          139,500.00         ZZ
                                         360        139,343.02          1
                                       8.875          1,109.92         90
                                       8.625          1,109.92
    TROY             MI   48083          1            06/29/01         11
    0433101599                           05           08/01/01         25
    1014584                              N            07/01/31
    0

    4969119          E23/G02             F          340,000.00         ZZ
                                         360        339,766.01          1
                                       7.875          2,465.24         80
                                       7.625          2,465.24
    WESTMINSTER      CA   92683          5            07/16/01         00
    0433039286                           05           09/01/01          0
    51005135                             O            08/01/31
    0

    4972166          K89/G02             F           88,850.00         ZZ
                                         360         88,710.06          1
                                       7.250            606.12         80
                                       7.000            606.12
    MIAMI            FL   33178          1            06/27/01         00
    0432955433                           01           08/01/01          0
    200106036                            N            07/01/31
    0

    4978725          742/G02             F          400,000.00         ZZ
                                         360        399,513.65          2
                                       8.500          3,075.65         77
                                       8.250          3,075.65
    BRONX            NY   10465          1            06/27/01         00
    0433039922                           07           08/01/01          0
    6138218                              N            07/01/31
    0

    4979640          144/144             F           60,000.00         ZZ
                                         360         59,956.57          1
                                       7.625            424.68         75
                                       7.375            424.68
    WEST SHOKAN      NY   12494          5            07/27/01         00
    160670372                            05           09/01/01          0
    160670372                            O            08/01/31
    0

    4980852          R65/G02             F          276,000.00         ZZ
                                         360        275,795.17          1
                                       7.500          1,929.83         80
                                       7.250          1,929.83
1

    PHILLIPSBURG     NJ   08865          5            07/03/01         00
    0433157690                           05           09/01/01          0
    20013006                             O            08/01/31
    0

    4982589          U62/G02             F           55,000.00         ZZ
                                         360         54,915.91          1
                                       7.375            379.87         70
                                       7.125            379.87
    CHARLOTTE        NC   28269          5            06/21/01         00
    0433054624                           05           08/01/01          0
    2001254815                           N            07/01/31
    0

    4983295          623/G02             F           85,600.00         ZZ
                                         360         85,394.72          1
                                       8.000            628.10         78
                                       7.750            628.10
    COLUMBUS         OH   43202          2            05/11/01         00
    0432904761                           05           07/01/01          0
    5354654                              O            06/01/31
    0

    4983725          G52/G02             F          492,950.00         ZZ
                                         360        491,925.57          1
                                       7.875          3,574.23         76
                                       7.625          3,574.23
    MCALLEN          TX   78504          2            05/31/01         00
    0433060167                           05           07/01/01          0
    74502509                             O            06/01/31
    0

    4984329          163/G02             F          280,000.00         T
                                         360        280,000.00          1
                                       7.625          1,981.83         58
                                       7.375          1,981.83
    NANTUCKET        MA   02554          1            08/21/01         00
    0433156874                           05           10/01/01          0
    1000309176                           O            09/01/31
    0

    4986653          F96/G02             F          460,000.00         ZZ
                                         360        459,396.15          2
                                       8.125          3,415.49         80
                                       7.875          3,415.49
    NEWPORT BEACH    CA   92663          5            06/22/01         00
    0433043999                           05           08/01/01          0
    0102042                              O            07/01/31
    0
1

    4988074          E11/G02             F          234,400.00         ZZ
                                         360        234,068.05          1
                                       7.750          1,679.27         80
                                       7.500          1,679.27
    WACONIA          MN   55387          1            06/22/01         00
    0433112133                           05           08/01/01          0
    0010001023454                        O            07/01/31
    0

    4989884          N47/G02             F          172,000.00         ZZ
                                         360        171,743.90          1
                                       7.500          1,202.65         79
                                       7.250          1,202.65
    SAN DIMAS        CA   91773          5            06/25/01         00
    0432999290                           05           08/01/01          0
    30310497                             O            07/01/31
    0

    4997158          A48/G02             F          174,600.00         ZZ
                                         360        174,358.89          1
                                       7.875          1,265.97         90
                                       7.625          1,265.97
    PASO ROBLES      CA   93446          1            06/26/01         11
    0432992568                           05           08/01/01         25
    7508010450                           O            07/01/31
    0

    4997201          H58/G02             F          211,500.00         ZZ
                                         360        211,222.36          1
                                       8.125          1,570.38         90
                                       7.875          1,570.38
    SACRAMENTO       CA   95828          1            06/08/01         01
    0433056462                           05           08/01/01         30
    0000069568                           O            07/01/31
    0

    5000403          G52/G02             F          126,000.00         ZZ
                                         360        125,738.15          2
                                       7.875            913.59         70
                                       7.625            913.59
    SANTA FE         NM   87501          5            05/31/01         00
    0433003571                           05           07/01/01          0
    5605000302                           O            06/01/31
    0

    5005320          P59/G02             F           78,900.00         ZZ
                                         360         78,791.04          2
1

                                       7.875            572.08         85
                                       7.625            572.08
    BAKERSFIELD      CA   93304          2            07/28/01         01
    0433102563                           05           08/01/01         20
    LA000702                             N            07/01/31
    0

    5006287          B28/G02             F          300,000.00         ZZ
                                         360        299,831.81          1
                                       8.875          2,386.94         90
                                       8.625          2,386.94
    DENVER           CO   80206          1            07/10/01         11
    0433042470                           01           09/01/01         25
    0105180024                           N            08/01/31
    0

    5007661          E22/G02             F          112,000.00         ZZ
                                         360        111,820.35          1
                                       7.125            754.56         78
                                       6.875            754.56
    YUKON            OK   73099          2            06/20/01         00
    0412681231                           05           08/01/01          0
    0412681231                           O            07/01/31
    0

    5007913          A33/G02             F           70,000.00         ZZ
                                         360         69,919.16          1
                                       8.750            550.69         70
                                       8.500            550.69
    WHITEHALL        OH   43215          5            06/29/01         00
    0433010451                           05           08/01/01          0
    08191066182                          N            07/01/31
    0

    5009501          F96/G02             F          144,000.00         ZZ
                                         360        143,900.90          2
                                       7.875          1,044.10         58
                                       7.625          1,044.10
    LYNDHURST TOWNS  NJ   07071          5            07/17/01         00
    0433043122                           05           09/01/01          0
    0103131                              O            08/01/31
    0

    5011961          B57/G02             F          120,175.00         ZZ
                                         360        120,009.06          1
                                       7.875            871.35         95
                                       7.625            871.35
    SANTA CLARITA    CA   91351          1            06/28/01         11
    0433061470                           01           08/01/01         30
1

    2114980                              O            07/01/31
    0

    5013631          286/286             F          216,600.00         ZZ
                                         360        216,138.40          1
                                       7.750          1,551.75         70
                                       7.500          1,551.75
    WICHITA          KS   67205          5            06/01/01         00
    272314                               03           08/01/01          0
    272314                               O            07/01/31
    0

    5013672          286/286             F          120,000.00         ZZ
                                         360        119,731.14          1
                                       7.500            839.06         52
                                       7.250            839.06
    VISTA            CA   92084          2            05/30/01         00
    9855092                              05           07/01/01          0
    9855092                              O            06/01/31
    0

    5015846          624/G02             F          230,000.00         ZZ
                                         360        229,824.99          2
                                       7.375          1,588.55         72
                                       7.125          1,588.55
    LA MESA          CA   91941          5            07/01/01         00
    0433002664                           05           09/01/01          0
    39001910103F                         O            08/01/31
    0

    5017957          F44/G02             F           91,800.00         ZZ
                                         360         91,669.99          2
                                       7.750            657.67         51
                                       7.500            657.67
    CICERO           IL   60804          5            06/29/01         00
    0433081437                           05           08/01/01          0
    220279                               O            07/01/31
    0

    5024101          E82/G02             F          207,000.00         ZZ
                                         360        206,691.80          1
                                       7.500          1,447.37         77
                                       7.250          1,447.37
    NAPLES           FL   34109          5            06/22/01         00
    0400441598                           03           08/01/01          0
    0400441598                           O            07/01/31
    0

1

    5027311          N74/G02             F           85,500.00         ZZ
                                         360         85,436.55          1
                                       7.500            597.83         72
                                       7.250            597.83
    LAWRENCEVILLE    GA   30043          5            06/29/01         00
    0432993145                           05           09/01/01          0
    0029002010                           O            08/01/31
    0

    5029227          G75/G75             F           81,900.00         ZZ
                                         300         81,544.96          1
                                       7.875            625.36         70
                                       7.625            625.36
    BROOKHAVEN       PA   19015          2            04/23/01         00
    04322551                             05           06/01/01          0
    04322551                             O            05/01/26
    0

    5029330          950/G02             F          187,600.00         ZZ
                                         360        187,347.42          4
                                       8.000          1,376.54         90
                                       7.750          1,376.54
    SUMNER           WA   98390          1            07/02/01         12
    0433041340                           05           08/01/01         25
    E2105487                             N            07/01/31
    0

    5029513          950/G02             F          187,600.00         ZZ
                                         360        187,347.42          4
                                       8.000          1,376.54         90
                                       7.750          1,376.54
    SUMNER           WA   98390          1            07/02/01         10
    0433077609                           05           08/01/01         25
    E2105486                             N            07/01/31
    0

    5032193          R53/G02             F           59,200.00         ZZ
                                         360         59,200.00          1
                                       7.625            419.01         80
                                       7.375            419.01
    QUECHEE          VT   05059          1            08/02/01         00
    0433052453                           01           10/01/01          0
    1                                    O            09/01/31
    0

    5033332          K81/G02             F          100,700.00         ZZ
                                         360        100,640.55          1
                                       8.625            783.23         95
                                       8.375            783.23
1

    PENSACOLA        FL   32503          1            07/19/01         14
    0433098423                           05           09/01/01         30
    2005251                              O            08/01/31
    0

    5033582          B28/G02             F          298,200.00         ZZ
                                         360        297,808.54          1
                                       8.125          2,214.13         60
                                       7.875          2,214.13
    DENVER           CO   80204          1            07/02/01         00
    0433067873                           06           08/01/01          0
    0104060003                           O            07/01/31
    0

    5034289          F36/G02             F          236,000.00         ZZ
                                         360        235,833.44          1
                                       7.750          1,690.73         80
                                       7.500          1,690.73
    TACOMA           WA   98467          2            07/06/01         00
    0432996932                           05           09/01/01          0
    06503844                             O            08/01/31
    0

    5036996          994/X14             F          332,000.00         ZZ
                                         360        330,954.62          1
                                       7.250          2,264.82         80
                                       7.000          2,264.82
    CORAL GABLES     FL   33146          1            04/30/01         00
    0402586382                           05           06/01/01          0
    0402586382                           O            05/01/31
    0

    5037947          356/G02             F          332,000.00         ZZ
                                         360        331,753.60          1
                                       7.500          2,321.40         80
                                       7.250          2,321.40
    HAYWARD          CA   94541          1            07/02/01         00
    0433071628                           03           09/01/01          0
    2832                                 O            08/01/31
    0

    5038560          E47/G02             F           70,000.00         T
                                         360         69,945.39          1
                                       7.250            477.53         70
                                       7.000            477.53
    SPRINGFIELD      MO   65804          1            07/03/01         00
    0433024767                           05           09/01/01          0
    7348010222                           O            08/01/31
    0
1

    5039357          E82/G02             F           97,600.00         ZZ
                                         360         97,465.22          1
                                       7.875            707.67         80
                                       7.625            707.67
    OMAHA            NE   68138          2            06/25/01         00
    0400442505                           05           08/01/01          0
    0400442505                           N            07/01/31
    0

    5041797          A48/G02             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       8.250          2,524.26         80
                                       8.000          2,524.26
    SAN JOSE         CA   95122          1            08/01/01         00
    0433087665                           05           10/01/01          0
    8511015244                           O            09/01/31
    0

    5045938          T44/G02             F          133,500.00         ZZ
                                         360        133,408.12          1
                                       7.875            967.97         71
                                       7.625            967.97
    TEHACHAPI        CA   93561          2            07/12/01         00
    0433042926                           05           09/01/01          0
    1015153                              O            08/01/31
    0

    5046663          E86/G02             F          130,000.00         ZZ
                                         360        129,768.08          1
                                       8.625          1,011.13         27
                                       8.375          1,011.13
    NORTHPORT        NY   11768          5            05/24/01         00
    0432993178                           05           07/01/01          0
    0000111214                           O            06/01/31
    0

    5049430          664/G02             F          468,000.00         ZZ
                                         360        467,661.27          3
                                       7.625          3,312.48         80
                                       7.375          3,312.48
    CHICAGO          IL   60640          5            07/20/01         00
    0433041035                           05           09/01/01          0
    0008213530                           O            08/01/31
    0

    5051409          E11/G02             F          385,000.00         ZZ
                                         360        384,714.27          1
1

                                       7.500          2,691.98         78
                                       7.250          2,691.98
    DELANO           MN   55328          2            07/05/01         00
    0432995223                           05           09/01/01          0
    0010001032471                        O            08/01/31
    0

    5051607          A35/G02             F          228,000.00         ZZ
                                         360        227,441.62          1
                                       8.500          1,753.12         95
                                       8.250          1,753.12
    LEVITTOWN        NY   11756          5            04/24/01         04
    0433071412                           05           06/01/01         30
    1                                    O            05/01/31
    0

    5053764          E22/G02             F          224,000.00         ZZ
                                         360        222,651.92          1
                                       7.375          1,547.11         80
                                       7.125          1,547.11
    ROCHELLE PARK    NJ   07662          5            06/25/01         00
    0412585200                           05           08/01/01          0
    0412585200                           O            07/01/31
    0

    5053769          E22/G02             F          240,000.00         ZZ
                                         360        239,642.67          2
                                       7.500          1,678.11         78
                                       7.250          1,678.11
    JAMAICA          NY   11427          5            06/25/01         00
    0412623670                           05           08/01/01          0
    0412623670                           O            07/01/31
    0

    5053905          E22/G02             F          123,900.00         ZZ
                                         360        123,728.90          1
                                       7.875            898.36         70
                                       7.625            898.36
    STERLING HEIGHT  MI   48310          5            06/25/01         00
    0412751661                           05           08/01/01          0
    0412751661                           O            07/01/31
    0

    5056282          964/G02             F          236,000.00         ZZ
                                         360        235,837.59          1
                                       7.875          1,711.16         80
                                       7.625          1,711.16
    SALEM            OR   97304          5            07/10/01         00
    0432999159                           05           09/01/01          0
1

    129554                               O            08/01/31
    0

    5056643          K81/G02             F           44,744.00         T
                                         360         44,716.19          1
                                       8.375            340.09         80
                                       8.125            340.09
    FT MYERS         FL   33916          1            07/19/01         00
    0433063765                           05           09/01/01          0
    2005563                              O            08/01/31
    0

    5058289          G51/G02             F          144,000.00         ZZ
                                         360        143,910.50          1
                                       8.375          1,094.50         75
                                       8.125          1,094.50
    LAKEWOOD         CO   80228          1            07/20/01         00
    0433019684                           05           09/01/01          0
    675263                               N            08/01/31
    0

    5059738          964/G02             F          380,000.00         ZZ
                                         360        379,696.12          1
                                       7.125          2,560.13         80
                                       6.875          2,560.13
    LITTLETON        CO   80120          5            07/20/01         00
    0433060290                           05           09/01/01          0
    132777                               O            08/01/31
    0

    5059858          696/G02             F          550,000.00         ZZ
                                         360        549,181.09          2
                                       7.500          3,845.68         75
                                       7.250          3,845.68
    WASHINGTON       DC   20009          5            06/25/01         00
    0432963411                           05           08/01/01          0
    22801045                             O            07/01/31
    0

    5060006          G52/G02             F          127,950.00         ZZ
                                         360        127,759.50          1
                                       7.500            894.64         80
                                       7.250            894.64
    TUCSON           AZ   85741          2            07/12/01         00
    0432972750                           05           08/01/01          0
    9900000372                           O            07/01/31
    0

1

    5061847          E22/G02             F          114,950.00         ZZ
                                         360        114,770.12          1
                                       7.250            784.16         95
                                       7.000            784.16
    CHOCTAW          OK   73020          2            06/27/01         04
    0412669251                           05           08/01/01         30
    0412669251                           O            07/01/31
    0

    5061878          E22/G02             F          208,800.00         ZZ
                                         360        208,481.26          1
                                       7.375          1,442.13         80
                                       7.125          1,442.13
    DRIPPING SPRING  TX   78620          5            06/25/01         00
    0412744054                           05           08/01/01          0
    0412744054                           O            07/01/31
    0

    5061919          E22/G02             F          172,000.00         ZZ
                                         360        171,665.71          1
                                       7.500          1,202.65         80
                                       7.250          1,202.65
    MANASSAS         VA   20109          5            06/26/01         00
    0412773913                           05           08/01/01          0
    0412773913                           O            07/01/31
    0

    5062052          253/253             F          180,000.00         ZZ
                                         360        179,879.22          1
                                       8.000          1,320.78         80
                                       7.750          1,320.78
    LAWRENCE         IN   46236          1            07/12/01         00
    972383                               05           09/01/01          0
    972383                               O            08/01/31
    0

    5062131          S11/G02             F           92,000.00         ZZ
                                         360         91,070.71          1
                                       7.625            651.17         80
                                       7.375            651.17
    SAN BERNARDINO   CA   92404          5            05/25/01         00
    0433000163                           05           07/01/01          0
    10203098                             O            06/01/31
    0

    5068866          E22/G02             F           77,600.00         ZZ
                                         360         77,484.46          1
                                       7.500            542.59         80
                                       7.250            542.59
1

    CHARLES TOWN     WV   25414          2            06/28/01         00
    0412765448                           07           08/01/01          0
    0412765448                           O            07/01/31
    0

    5068868          E22/G02             F          201,600.00         ZZ
                                         360        201,307.25          1
                                       7.625          1,426.91         80
                                       7.375          1,426.91
    HOUSTON          TX   77041          5            06/25/01         00
    0412766370                           05           08/01/01          0
    0412766370                           O            07/01/31
    0

    5068870          E22/G02             F           52,500.00         ZZ
                                         360         52,471.32          1
                                       9.000            422.43         74
                                       8.750            422.43
    MIDLAND          MI   48640          5            07/03/01         00
    0412767832                           05           09/01/01          0
    0412767832                           N            08/01/31
    0

    5070929          U62/G02             F          233,700.00         ZZ
                                         360        233,369.04          1
                                       7.750          1,674.26         95
                                       7.500          1,674.26
    LITTLETON        MA   01460          5            06/22/01         04
    0433001252                           05           08/01/01         30
    2001258247                           O            07/01/31
    0

    5071699          076/076             F          134,500.00         ZZ
                                         360        134,065.89          1
                                       7.125            906.16         69
                                       6.875            906.16
    NORTON           MA   02766          2            04/27/01         00
    4638385                              05           06/01/01          0
    4638385                              O            05/01/31
    0

    5073559          E23/G02             F           50,500.00         ZZ
                                         360         50,466.12          1
                                       8.000            370.55         63
                                       7.750            370.55
    COLORADO SPRING  CO   80916          1            07/13/01         00
    0433039641                           09           09/01/01          0
    71001857                             O            08/01/31
    0
1

    5077438          E22/G02             F          246,000.00         ZZ
                                         360        244,762.66          1
                                       7.750          1,762.37         73
                                       7.500          1,762.37
    NEW ORLEANS      LA   70117          2            06/28/01         00
    0412780942                           05           08/01/01          0
    0412780942                           O            07/01/31
    0

    5080063          944/G02             F          105,600.00         ZZ
                                         360        105,532.66          1
                                       8.250            793.34         80
                                       8.000            793.34
    PHOENIX          AZ   85027          1            07/09/01         00
    0433034006                           05           09/01/01          0
    W01062737                            O            08/01/31
    0

    5081430          742/G02             F           29,250.00         ZZ
                                         360         29,233.17          2
                                       8.750            230.11         65
                                       8.500            230.11
    ROCHESTER        NY   14621          5            07/31/01         00
    0433136835                           05           09/01/01          0
    LN6936634                            N            08/01/31
    0

    5085337          074/G02             F           69,600.00         ZZ
                                         360         69,501.42          1
                                       7.750            498.63         80
                                       7.500            498.63
    WESTON           FL   33326          1            06/21/01         00
    0432952562                           01           08/01/01          0
    1589628202                           O            07/01/31
    0

    5085356          074/G02             F           49,400.00         ZZ
                                         360         49,244.44          1
                                       7.250            337.00         95
                                       7.000            337.00
    MIAMI            FL   33139          1            04/04/01         14
    0432938090                           06           06/01/01         30
    1589552665                           O            05/01/31
    0

    5085383          074/G02             F          193,600.00         ZZ
                                         360        193,155.33          1
1

                                       7.375          1,337.15         80
                                       7.125          1,337.15
    PRINCETON        TX   75077          2            05/30/01         00
    0432934545                           05           07/01/01          0
    1563452927                           O            06/01/31
    0

    5085402          074/G02             F           88,000.00         ZZ
                                         360         87,578.82          1
                                       7.250            600.32         61
                                       7.000            600.32
    LUTZ             FL   33549          2            04/27/01         00
    0432941631                           05           06/01/01          0
    1533160365                           O            05/01/31
    0

    5085404          074/G02             F          104,000.00         ZZ
                                         360        103,845.16          1
                                       7.500            727.18         80
                                       7.250            727.18
    THE WOODLANDS    TX   77382          1            06/08/01         00
    0432934107                           01           08/01/01          0
    1532079443                           O            07/01/31
    0

    5085434          074/G02             F           68,600.00         T
                                         360         68,446.31          1
                                       7.500            479.66         70
                                       7.250            479.66
    MIAMI BEACH      FL   33140          1            05/31/01         00
    0432931798                           06           07/01/01          0
    1311403175                           O            06/01/31
    0

    5086790          U05/G02             F          126,000.00         ZZ
                                         360        126,000.00          3
                                       7.375            870.25         90
                                       7.125            870.25
    STOCKTON         CA   95205          1            08/02/01         10
    0433145000                           05           10/01/01         25
    3147672                              N            09/01/31
    0

    5087423          E22/G02             F          210,400.00         ZZ
                                         360        210,102.04          1
                                       7.750          1,507.33         80
                                       7.500          1,507.33
    GARDEN GROVE     CA   92840          2            06/26/01         00
    0412707408                           03           08/01/01          0
1

    0412707408                           O            07/01/31
    0

    5089370          601/G02             F          386,600.00         ZZ
                                         360        384,314.23          1
                                       7.750          2,769.65         68
                                       7.500          2,769.65
    AUSTIN           TX   78750          2            07/13/01         00
    0433049806                           05           09/01/01          0
    6068846                              O            08/01/31
    0

    5093999          B39/G02             F           79,000.00         ZZ
                                         360         78,949.63          1
                                       8.250            593.50         55
                                       8.000            593.50
    MINNEAPOLIS      MN   55406          5            07/13/01         00
    0433012945                           05           09/01/01          0
    20011538F                            O            08/01/31
    0

    5094299          G52/G02             F           50,000.00         ZZ
                                         360         49,968.12          1
                                       8.250            375.63         72
                                       8.000            375.63
    CHINO            CA   91710          2            07/27/01         00
    0433126117                           01           09/01/01          0
    8905001258                           N            08/01/31
    0

    5095528          R84/G02             F          368,000.00         ZZ
                                         360        367,719.99          1
                                       7.375          2,541.68         80
                                       7.125          2,541.68
    EDGEWOOD         WA   98372          5            07/13/01         00
    0433157666                           05           09/01/01          0
    WA764654                             O            08/01/31
    0

    5097213          U05/G02             F          100,000.00         ZZ
                                         360         99,927.63          1
                                       7.625            707.79         76
                                       7.375            707.79
    MAGNOLIA         TX   77354          5            07/13/01         00
    0433065612                           03           09/01/01          0
    3149055                              O            08/01/31
    0

1

    5097274          E22/G02             F           46,000.00         ZZ
                                         360         45,933.19          1
                                       7.625            325.59         71
                                       7.375            325.59
    SARALAND         AL   36571          5            07/03/01         00
    0412763468                           05           08/01/01          0
    0412763468                           O            07/01/31
    0

    5097281          E22/G02             F          245,000.00         ZZ
                                         360        244,827.08          1
                                       7.750          1,755.21         76
                                       7.500          1,755.21
    BONITA           CA   91902          1            07/03/01         00
    0412768053                           05           09/01/01          0
    0412768053                           O            08/01/31
    0

    5097532          N74/G02             F           77,900.00         ZZ
                                         360         77,843.62          1
                                       7.625            551.37         95
                                       7.375            551.37
    SUMMERVILLE      SC   29485          2            07/12/01         10
    0433031812                           05           09/01/01         30
    0029093010                           O            08/01/31
    0

    5100753          K81/G02             F          120,000.00         ZZ
                                         360        119,925.41          1
                                       8.375            912.09         80
                                       8.125            912.09
    NAPLES           FL   34103          1            07/19/01         00
    0433065075                           05           09/01/01          0
    205551                               O            08/01/31
    0

    5103352          253/253             F          142,650.00         ZZ
                                         360        142,546.75          1
                                       7.625          1,009.67         90
                                       7.375          1,009.67
    MOUNTAIN CITY    TX   78610          1            07/27/01         19
    968380                               05           09/01/01         25
    968380                               O            08/01/31
    0

    5105081          624/G02             F          153,000.00         ZZ
                                         360        152,880.65          1
                                       7.250          1,043.73         69
                                       7.000          1,043.73
1

    SAN DIEGO        CA   92105          1            07/17/01         00
    0433066958                           05           09/01/01          0
    37019910193F                         O            08/01/31
    0

    5105143          E22/G02             F          129,900.00         ZZ
                                         360        129,758.32          1
                                       7.750            930.62         90
                                       7.500            930.62
    ARLINGTON        TX   76017          1            07/10/01         04
    0412752677                           05           09/01/01         25
    0412752677                           O            08/01/31
    0

    5105966          742/G02             F          400,000.00         ZZ
                                         360        399,525.98          1
                                       8.625          3,111.16         83
                                       8.375          3,111.16
    SAUGUS           MA   01906          5            06/21/01         04
    0433103827                           05           08/01/01         12
    6363709                              O            07/01/31
    0

    5106591          S27/G02             F          207,000.00         ZZ
                                         360        206,850.17          1
                                       7.625          1,465.14         90
                                       7.375          1,465.14
    SAYREVILLE       NJ   08872          5            07/25/01         11
    0433070182                           01           09/01/01         25
    1130002846                           O            08/01/31
    0

    5107316          U62/G02             F          140,550.00         ZZ
                                         360        140,445.69          1
                                       7.500            982.75         76
                                       7.250            982.75
    TUALATIN         OR   97062          5            07/16/01         00
    0433021573                           05           09/01/01          0
    2001268786                           O            08/01/31
    0

    5107743          964/G02             F          202,400.00         ZZ
                                         360        202,257.15          1
                                       7.750          1,450.02         80
                                       7.500          1,450.02
    RANCHO CUCAMONG  CA   91730          1            07/13/01         00
    0433019023                           05           09/01/01          0
    132176                               O            08/01/31
    0
1

    5108310          A50/G02             F           64,600.00         ZZ
                                         360         63,640.42          1
                                       8.125            479.65         63
                                       7.875            479.65
    BIRMINGHAM       AL   35205          5            06/18/01         00
    0432996924                           05           08/01/01          0
    435577                               O            07/01/31
    0

    5109002          U59/G02             F           90,000.00         ZZ
                                         360         89,945.47          3
                                       8.500            692.03         79
                                       8.250            692.03
    MIDDLETOWN       NY   10940          1            08/02/01         00
    0433056868                           05           09/02/01          0
    800862057                            N            08/02/31
    0

    5109063          U05/G02             F          121,450.00         ZZ
                                         360        121,450.00          3
                                       8.500            933.85         90
                                       8.250            933.85
    HIGHLAND         CA   92410          1            08/14/01         11
    0433157344                           05           10/01/01         25
    3144935                              N            09/01/31
    0

    5109159          664/G02             F          200,000.00         ZZ
                                         360        199,546.23          1
                                       7.500          1,398.43         76
                                       7.250          1,398.43
    LOCKPORT         IL   60441          1            06/18/01         00
    0432997518                           05           08/01/01          0
    0008160616                           O            07/01/31
    0

    5113280          E23/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.375          4,489.39         69
                                       7.125          4,489.39
    MOUNTAIN VIEW    CA   94040          5            08/02/01         00
    0433067725                           05           10/01/01          0
    61001818                             O            09/01/31
    0

    5116065          975/G02             F          220,000.00         ZZ
                                         360        219,840.77          2
1

                                       7.625          1,557.15         80
                                       7.375          1,557.15
    ALHAMBRA         CA   91801          1            07/27/01         00
    0433039138                           05           09/01/01          0
    2013321                              O            08/01/31
    0

    5116214          W82/G02             F          108,900.00         ZZ
                                         360        108,832.31          1
                                       8.375            827.72         90
                                       8.125            827.72
    SMYRNA           GA   30080          5            07/16/01         10
    0433079183                           01           09/01/01         30
    9215010007335                        O            08/01/31
    0

    5117040          U62/G02             F          139,400.00         ZZ
                                         360        139,293.93          1
                                       7.375            962.80         85
                                       7.125            962.80
    KENNESAW         GA   30144          5            07/24/01         04
    0433071842                           05           09/01/01         12
    2001277498                           O            08/01/31
    0

    5122109          E22/G02             F           60,000.00         ZZ
                                         360         59,957.65          1
                                       7.750            429.85         78
                                       7.500            429.85
    BAKERSFIELD      CA   93305          5            07/06/01         00
    0412788408                           05           09/01/01          0
    0412788408                           N            08/01/31
    0

    5125179          B57/G02             F          346,750.00         ZZ
                                         360        346,492.66          1
                                       7.500          2,424.53         95
                                       7.250          2,424.53
    SYLMAR           CA   91342          1            07/26/01         10
    0433085107                           05           09/01/01         30
    2115476                              O            08/01/31
    0

    5126143          700/G02             F          400,000.00         ZZ
                                         360        399,695.63          1
                                       7.375          2,762.70         80
                                       7.125          2,762.70
    CORONA           CA   92881          1            07/27/01         00
    0433158649                           05           09/01/01          0
1

    00260741                             O            08/01/31
    0

    5126442          A52/G02             F          196,600.00         ZZ
                                         360        196,461.24          1
                                       7.750          1,408.47         95
                                       7.500          1,408.47
    SUWANEE          GA   30024          1            07/18/01         11
    0433013851                           03           09/01/01         30
    15714                                O            08/01/31
    0

    5126565          H58/G02             F          184,000.00         ZZ
                                         360        183,859.99          1
                                       7.375          1,270.84         80
                                       7.125          1,270.84
    ROSEVILLE        CA   95661          1            07/11/01         00
    0433060357                           03           09/01/01          0
    0000068763                           O            08/01/31
    0

    5126590          623/985             F          115,000.00         ZZ
                                         360        114,201.95          1
                                       7.875            833.83         58
                                       7.625            833.83
    PETOSKEY         MI   49770          5            06/04/01         00
    5340856                              05           07/01/01          0
    5340856                              O            06/01/31
    0

    5126602          623/985             F          240,000.00         ZZ
                                         360        239,560.73          1
                                       8.500          1,845.39         76
                                       8.250          1,845.39
    PETOSKEY         MI   49770          2            05/18/01         00
    5350263                              05           07/01/01          0
    5350263                              O            06/01/31
    0

    5126616          623/G02             F          130,000.00         ZZ
                                         360        129,820.49          1
                                       7.875            942.59         69
                                       7.625            942.59
    CAMP VERDE       AZ   86322          5            06/11/01         00
    0432980290                           05           08/01/01          0
    1974181                              O            07/01/31
    0

1

    5126635          623/G02             F           82,000.00         ZZ
                                         360         81,892.36          1
                                       8.125            608.85         27
                                       7.875            608.85
    DANIEL           WY   83115          5            06/19/01         00
    0432977890                           05           08/01/01          0
    1981263                              O            07/01/31
    0

    5126637          623/G02             F          189,650.00         ZZ
                                         360        189,394.63          1
                                       8.000          1,391.59         90
                                       7.750          1,391.59
    CLOVIS           CA   93612          1            06/19/01         04
    0432976231                           05           08/01/01         25
    1982131                              O            07/01/31
    0

    5126639          623/G02             F          107,250.00         ZZ
                                         360        107,107.98          1
                                       8.125            796.33         75
                                       7.875            796.33
    LINDON           UT   84042          5            06/05/01         00
    0432976652                           05           08/01/01          0
    2787061                              O            07/01/31
    0

    5126640          623/G02             F          147,000.00         ZZ
                                         360        146,762.15          1
                                       7.250          1,002.80         80
                                       7.000          1,002.80
    CEDAR CITY       UT   84720          2            06/14/01         00
    0432977833                           05           08/01/01          0
    2787188                              O            07/01/31
    0

    5126654          623/G02             F          120,000.00         ZZ
                                         360        119,583.50          1
                                       7.875            870.08         75
                                       7.625            870.08
    NORTH BRANCH     MN   55056          5            05/29/01         00
    0432976645                           05           07/01/01          0
    5354505                              O            06/01/31
    0

    5126660          623/G02             F          264,000.00         ZZ
                                         360        263,451.38          3
                                       7.875          1,914.18         80
                                       7.625          1,914.18
1

    CHICAGO          IL   60653          5            05/23/01         00
    0432981561                           05           07/01/01          0
    5357382                              O            06/01/31
    0

    5126674          623/G02             F           46,000.00         ZZ
                                         360         45,946.88          1
                                       8.750            361.88         39
                                       8.500            361.88
    ST LOUIS         MO   63123          5            06/15/01         00
    0432976546                           05           08/01/01          0
    5363097                              O            07/01/31
    0

    5126782          W53/G02             F           99,000.00         ZZ
                                         360         98,943.04          3
                                       8.750            778.84         90
                                       8.500            778.84
    NEWARK           NJ   07112          1            07/20/01         11
    0433126158                           05           09/01/01         25
    5000583700                           O            08/01/31
    0

    5126954          964/G02             F          223,800.00         ZZ
                                         360        223,629.71          1
                                       7.375          1,545.73         85
                                       7.125          1,545.73
    HENDERSON        NV   89052          2            07/24/01         10
    0433023645                           03           09/01/01         12
    135341                               O            08/01/31
    0

    5132770          E22/G02             F           59,400.00         ZZ
                                         360         59,358.08          1
                                       7.750            425.55         70
                                       7.500            425.55
    AUSTIN           TX   78745          2            07/06/01         00
    0412757163                           09           09/01/01          0
    0412757163                           O            08/01/31
    0

    5132804          E22/G02             F          125,600.00         ZZ
                                         360        125,511.36          1
                                       7.750            899.81         80
                                       7.500            899.81
    GRESHAM          OR   97030          2            07/03/01         00
    0412786709                           05           09/01/01          0
    0412786709                           O            08/01/31
    0
1

    5134247          168/168             F          204,000.00         ZZ
                                         360        203,718.30          1
                                       7.875          1,479.14         80
                                       7.625          1,479.14
    UPPER NYACK      NY   10960          1            06/27/01         00
    0059407263                           05           08/01/01          0
    0059407263                           O            07/01/31
    0

    5135806          830/G02             F          320,000.00         ZZ
                                         360        319,768.39          1
                                       7.625          2,264.94         80
                                       7.375          2,264.94
    BALTIMORE        MD   21230          5            07/21/01         00
    0433039518                           02           09/01/01          0
    PAKENHAM545742                       O            08/01/31
    0

    5138316          S64/G02             F          193,410.00         ZZ
                                         360        193,280.22          1
                                       8.000          1,419.18         90
                                       7.750          1,419.18
    NOBLESVILLE      IN   46060          1            07/20/01         11
    0433012184                           05           09/01/01         25
    P106050254                           O            08/01/31
    0

    5140872          G34/G02             F           88,800.00         ZZ
                                         360         88,800.00          1
                                       8.000            651.58         80
                                       7.750            651.58
    WAXAHACHIE       TX   75167          1            08/09/01         00
    0433150075                           05           10/01/01          0
    1                                    O            09/01/31
    0

    5141549          E22/G02             F           58,100.00         ZZ
                                         360         58,054.68          1
                                       7.250            396.34         75
                                       7.000            396.34
    EL PASO          TX   79936          5            07/12/01         00
    0412770364                           05           09/01/01          0
    0412770364                           N            08/01/31
    0

    5141669          E82/G02             F          204,300.00         ZZ
                                         360        204,155.81          1
1

                                       7.750          1,463.63         90
                                       7.500          1,463.63
    ISLIP            NY   11751          1            07/16/01         04
    0400441390                           05           09/01/01         25
    0400441390                           O            08/01/31
    0

    5142579          964/G02             F          396,150.00         ZZ
                                         360        395,856.00          1
                                       7.500          2,769.94         95
                                       7.250          2,769.94
    PASO ROBLES      CA   93446          1            07/25/01         01
    0433047388                           05           09/01/01         30
    132063                               O            08/01/31
    0

    5143315          455/G02             F          106,200.00         ZZ
                                         360        106,132.28          1
                                       8.250            797.85         90
                                       8.000            797.85
    ATLANTA          GA   30310          1            07/20/01         01
    0433115581                           05           09/01/01         25
    09001275                             N            08/01/31
    0

    5145826          K31/G02             F          179,100.00         ZZ
                                         360        178,970.37          1
                                       7.625          1,267.66         90
                                       7.375          1,267.66
    DUNWOODY         GA   30338          1            07/17/01         10
    0433015054                           05           09/01/01         25
    1015110232                           O            08/01/31
    0

    5146330          G52/G02             F          106,400.00         ZZ
                                         360        106,330.40          1
                                       8.125            790.02         80
                                       7.875            790.02
    MAGNA            UT   84044          5            07/23/01         00
    0433069739                           05           09/01/01          0
    7705000150                           O            08/01/31
    0

    5146532          U96/G02             F          288,000.00         ZZ
                                         360        287,780.86          1
                                       7.375          1,989.14         80
                                       7.125          1,989.14
    KANEOHE          HI   96744          5            07/20/01         00
    0433042645                           05           09/01/01          0
1

    10700013                             O            08/01/31
    0

    5146924          E87/G02             F          338,000.00         ZZ
                                         360        337,755.37          1
                                       7.625          2,392.34         78
                                       7.375          2,392.34
    CALABASAS        CA   91301          2            07/19/01         00
    0433047347                           05           09/01/01          0
    70003623                             O            08/01/31
    0

    5147958          N74/G02             F          163,400.00         ZZ
                                         360        163,272.53          1
                                       7.250          1,114.68         95
                                       7.000          1,114.68
    MONCKS CORNER    SC   29461          5            07/20/01         10
    0433032737                           05           09/01/01         30
    002912800                            O            08/01/31
    0

    5149932          E22/G02             F           71,000.00         ZZ
                                         360         70,947.31          1
                                       7.500            496.44         73
                                       7.250            496.44
    DESOTO           MO   63020          2            07/12/01         00
    0412710642                           05           09/01/01          0
    0412710642                           O            08/01/31
    0

    5150002          E22/G02             F           69,300.00         ZZ
                                         360         69,253.50          1
                                       8.000            508.50         90
                                       7.750            508.50
    SOUTH BEND       IN   46628          1            07/17/01         04
    0412803280                           05           09/01/01         25
    0412803280                           O            08/01/31
    0

    5150684          076/076             F           51,200.00         ZZ
                                         360         51,129.29          1
                                       7.875            371.24         80
                                       7.625            371.24
    BUSHKILL         PA   18324          1            06/07/01         00
    5244174                              05           08/01/01          0
    5244174                              O            07/01/31
    0

1

    5152146          U59/G02             F          103,920.00         ZZ
                                         360        103,783.57          1
                                       8.125            771.61         80
                                       7.875            771.61
    HART             MI   49420          1            07/24/01         00
    0433159159                           05           08/24/01          0
    800850153                            O            07/24/31
    0

    5153711          B60/G02             F          115,000.00         ZZ
                                         360        114,828.77          1
                                       7.500            804.10         61
                                       7.250            804.10
    LAFAYETTE        LA   70506          2            06/12/01         00
    0433050564                           05           08/01/01          0
    333328                               O            07/01/31
    0

    5155976          624/G02             F           56,520.00         ZZ
                                         360         56,481.10          1
                                       7.875            409.81         90
                                       7.625            409.81
    HOUSTON          TX   77084          1            07/23/01         11
    0433042793                           03           09/01/01         25
    46700110066F                         N            08/01/31
    0

    5158773          N74/G02             F          100,000.00         ZZ
                                         360         99,921.99          1
                                       7.250            682.18         69
                                       7.000            682.18
    STOKESDALE       NC   27357          1            07/23/01         00
    0433033545                           05           09/01/01          0
    0029140010                           O            08/01/31
    0

    5158862          E82/G02             F          143,000.00         ZZ
                                         360        142,885.64          1
                                       7.125            963.42         65
                                       6.875            963.42
    BROOKLYN PARK    MN   55443          2            07/16/01         00
    0400448726                           05           09/01/01          0
    3509133                              O            08/01/31
    0

    5159749          U62/G02             F          118,750.00         ZZ
                                         360        118,586.02          1
                                       7.875            861.02         95
                                       7.625            861.02
1

    WARREN           MI   48093          2            06/18/01         04
    0433016813                           05           08/01/01         30
    2001251205                           O            07/01/31
    0

    5159954          964/G02             F           96,000.00         ZZ
                                         360         95,932.24          1
                                       7.750            687.76         70
                                       7.500            687.76
    LAS VEGAS        NV   89129          1            07/24/01         00
    0433038064                           03           09/01/01          0
    134387                               N            08/01/31
    0

    5161715          700/G02             F          186,700.00         ZZ
                                         360        186,557.94          1
                                       7.375          1,289.49         80
                                       7.125          1,289.49
    MURRIETA         CA   92563          1            07/24/01         00
    0433098324                           03           09/01/01          0
    00260627                             O            08/01/31
    0

    5163424          U05/G02             F           99,000.00         ZZ
                                         360         98,940.03          4
                                       8.500            761.22         90
                                       8.250            761.22
    SOUTHBRIDGE      MA   01550          1            07/31/01         10
    0433041308                           05           09/01/01         25
    3123548                              N            08/01/31
    0

    5165710          420/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       7.250          1,746.37         80
                                       7.000          1,746.37
    HEALDSBURG       CA   95448          5            08/10/01         00
    0433136793                           03           10/01/01          0
    21101015                             O            09/01/31
    0

    5165738          830/G02             F          200,000.00         T
                                         360        199,847.82          1
                                       7.375          1,381.35         62
                                       7.125          1,381.35
    FOLSOM           CA   95630          5            07/27/01         00
    0433055795                           05           09/01/01          0
    545792                               O            08/01/31
    0
1

    5166297          E22/G02             F          150,500.00         T
                                         360        150,388.31          1
                                       7.500          1,052.32         70
                                       7.250          1,052.32
    SPOKANE          WA   99204          5            07/11/01         00
    0412771230                           05           09/01/01          0
    0412771230                           O            08/01/31
    0

    5166325          E22/G02             F           85,600.00         ZZ
                                         360         85,539.58          1
                                       7.750            613.25         75
                                       7.500            613.25
    GERTON           NC   28735          2            07/13/01         00
    0412793408                           05           09/01/01          0
    0412793408                           O            08/01/31
    0

    5168239          624/G02             F          298,000.00         ZZ
                                         360        297,778.84          1
                                       7.500          2,083.66         77
                                       7.250          2,083.66
    SIMI VALLEY      CA   93065          2            07/19/01         00
    0433054806                           05           09/01/01          0
    37011310033F                         O            08/01/31
    0

    5168582          944/G02             F          384,700.00         ZZ
                                         360        384,399.89          1
                                       7.250          2,624.34         95
                                       7.000          2,624.34
    MUKILTEO         WA   98275          1            07/25/01         01
    0433090701                           03           09/01/01         30
    W01030201                            O            08/01/31
    0

    5169048          964/G02             F          115,000.00         ZZ
                                         360        115,000.00          1
                                       7.750            823.87         80
                                       7.500            823.87
    SUTHERLIN        OR   97479          1            08/09/01         00
    0433144896                           05           10/01/01          0
    130225                               O            09/01/31
    0

    5172038          U62/G02             F          110,000.00         ZZ
                                         360        109,916.30          1
1

                                       7.375            759.74         52
                                       7.125            759.74
    MINNEAPOLIS      MN   55409          5            07/16/01         00
    0433014974                           05           09/01/01          0
    2001262739                           O            08/01/31
    0

    5176173          E22/G02             F          152,800.00         ZZ
                                         360        152,694.84          1
                                       7.875          1,107.91         80
                                       7.625          1,107.91
    RICHARDSON       TX   75080          5            07/16/01         00
    0412722316                           05           09/01/01          0
    0412722316                           O            08/01/31
    0

    5176197          E22/G02             F          216,000.00         ZZ
                                         360        215,843.67          1
                                       7.625          1,528.83         80
                                       7.375          1,528.83
    WEST NORRITON T  PA   19403          5            07/16/01         00
    0412767667                           05           09/01/01          0
    0412767667                           O            08/01/31
    0

    5176248          E22/G02             F           63,000.00         ZZ
                                         360         62,955.53          1
                                       7.750            451.34         90
                                       7.500            451.34
    MEMPHIS          TN   38127          1            07/20/01         01
    0412818494                           05           09/01/01         25
    0412818494                           N            08/01/31
    0

    5176259          E22/G02             F           70,000.00         ZZ
                                         360         69,951.83          1
                                       7.875            507.55         55
                                       7.625            507.55
    JOPLIN           MO   64804          5            07/16/01         00
    0412824732                           05           09/01/01          0
    0412824732                           O            08/01/31
    0

    5176329          H19/G02             F          135,000.00         ZZ
                                         360        135,000.00          4
                                       8.500          1,038.04         90
                                       8.250          1,038.04
    KETTERING        OH   45419          1            08/13/01         10
    0433157633                           05           10/01/01         25
1

    0002268282                           N            09/01/31
    0

    5177816          737/G02             F           97,000.00         ZZ
                                         360         96,942.73          4
                                       8.625            754.46         85
                                       8.375            754.46
    NEW ORLEANS      LA   70126          2            07/26/01         12
    0433052289                           05           09/01/01         20
    2031543                              N            08/01/31
    0

    5178772          700/G02             F          255,000.00         ZZ
                                         360        254,820.02          1
                                       7.750          1,826.85         72
                                       7.500          1,826.85
    GARDEN GROVE     CA   92840          5            07/26/01         00
    0433051372                           05           09/01/01          0
    00260624                             O            08/01/31
    0

    5179606          B28/G02             F          310,000.00         ZZ
                                         360        309,807.31          1
                                       8.375          2,356.23         80
                                       8.125          2,356.23
    SAN LEANDRO      CA   94579          1            07/26/01         00
    0433131992                           05           09/01/01          0
    01406260013                          O            08/01/31
    0

    5179813          623/G02             F           78,750.00         ZZ
                                         360         78,539.72          1
                                       7.750            564.18         75
                                       7.500            564.18
    EL CENTRO        CA   92243          1            06/22/01         00
    0433004975                           05           08/01/01          0
    1981290                              O            07/01/31
    0

    5179817          623/G02             F          250,000.00         ZZ
                                         360        249,618.37          1
                                       7.375          1,726.69         59
                                       7.125          1,726.69
    BOISE            ID   83703          5            06/29/01         00
    0433005071                           03           08/01/01          0
    2224253                              O            07/01/31
    0

1

    5179819          623/G02             F           83,900.00         ZZ
                                         360         83,795.34          1
                                       8.375            637.70         65
                                       8.125            637.70
    COMMERCE CITY    CO   80022          5            06/22/01         00
    0433005378                           05           08/01/01          0
    2787625                              O            07/01/31
    0

    5179829          623/G02             F          125,836.00         ZZ
                                         360        125,561.02          1
                                       7.625            890.66         80
                                       7.375            890.66
    CANTON           GA   30114          1            05/31/01         00
    0433006400                           03           07/01/01          0
    5357947                              O            06/01/31
    0

    5180361          369/G02             F           76,000.00         ZZ
                                         240         75,756.70          1
                                       8.500            659.55         53
                                       8.250            659.55
    WAIANAE          HI   96792          1            06/21/01         00
    0433132644                           06           08/01/01          0
    0073072852                           N            07/01/21
    0

    5180372          964/G02             F          192,950.00         ZZ
                                         360        192,813.82          1
                                       7.750          1,382.32         83
                                       7.500          1,382.32
    VANCOUVER        WA   98661          5            07/26/01         11
    0433054921                           05           09/01/01         12
    134697                               O            08/01/31
    0

    5181472          W32/G02             F          350,400.00         ZZ
                                         360        350,126.65          1
                                       7.250          2,390.35         80
                                       7.000          2,390.35
    IRVINE           CA   92606          1            07/27/01         00
    0433056504                           03           09/01/01          0
    0480705                              O            08/01/31
    0

    5181618          964/G02             F          297,000.00         ZZ
                                         360        296,768.32          1
                                       7.250          2,026.06         77
                                       7.000          2,026.06
1

    LAS VEGAS        NV   89134          5            07/26/01         00
    0433047362                           03           09/01/01          0
    136869                               O            08/01/31
    0

    5182335          U05/G02             F          332,000.00         ZZ
                                         360        331,753.61          1
                                       7.500          2,321.39         79
                                       7.250          2,321.39
    NEWHALL AREA     CA   91321          2            07/20/01         00
    0433056652                           05           09/01/01          0
    3122809                              O            08/01/31
    0

    5185082          E22/G02             F           95,000.00         ZZ
                                         360         94,936.25          1
                                       8.000            697.08         60
                                       7.750            697.08
    AUSTIN           TX   78704          5            07/16/01         00
    0412829715                           05           09/01/01          0
    0412829715                           O            08/01/31
    0

    5186344          168/168             F          200,000.00         ZZ
                                         360        199,737.47          1
                                       8.125          1,484.99         65
                                       7.875          1,484.99
    NAPLES           FL   34119          5            06/25/01         00
    0059523042                           05           08/01/01          0
    0059523042                           O            07/01/31
    0

    5188853          U62/G02             F           68,000.00         ZZ
                                         360         67,945.62          1
                                       7.125            458.13         80
                                       6.875            458.13
    SAN ANTONIO      TX   78247          5            07/26/01         00
    0433104239                           05           09/01/01          0
    2001260804                           O            08/01/31
    0

    5189866          N47/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       7.375          1,243.22         59
                                       7.125          1,243.22
    VISTA            CA   92083          5            08/01/01         00
    0433100674                           05           10/01/01          0
    30111153                             O            09/01/31
    0
1

    5191039          940/G02             F          183,750.00         ZZ
                                         360        183,629.80          1
                                       8.125          1,364.34         75
                                       7.875          1,364.34
    UPLAND           CA   91784          2            07/30/01         00
    0433085396                           05           09/01/01          0
    CP5539                               O            08/01/31
    0

    5191661          K89/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       7.875          2,088.20         80
                                       7.625          2,088.20
    MIAMI            FL   33175          1            08/03/01         00
    0433053428                           05           10/01/01          0
    200107125                            O            09/01/31
    0

    5193210          624/G02             F          175,200.00         ZZ
                                         360        175,200.00          1
                                       7.625          1,240.05         80
                                       7.375          1,240.05
    SAN DIEGO        CA   92114          5            08/01/01         00
    0433107893                           05           10/01/01          0
    37009110793F                         O            09/01/31
    0

    5194303          E22/G02             F          112,000.00         ZZ
                                         360        111,922.92          1
                                       7.875            812.08         49
                                       7.625            812.08
    KEARNEYSVILLE    WV   25430          5            07/19/01         00
    0412798894                           05           09/01/01          0
    0412798894                           O            08/01/31
    0

    5194925          E82/G02             F          127,300.00         ZZ
                                         360        127,088.89          1
                                       7.625            901.02         64
                                       7.375            901.02
    WOODLAND         CA   95695          2            07/23/01         00
    0400454005                           05           09/01/01          0
    3792616                              N            08/01/31
    0

    5194929          E82/G02             F          100,000.00         ZZ
                                         360         99,921.99          1
1

                                       7.250            682.18         49
                                       7.000            682.18
    COLORADO SPRING  CO   80919          1            07/24/01         00
    0400417457                           05           09/01/01          0
    0400417457                           O            08/01/31
    0

    5196131          994/G02             F          560,000.00         ZZ
                                         360        559,369.77          1
                                       8.875          4,455.62         70
                                       8.625          4,455.62
    NANTUCKET        MA   02554          1            06/15/01         00
    0433051703                           05           08/01/01          0
    1000309171                           N            07/01/31
    0

    5198250          G52/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       8.000            851.17         80
                                       7.750            851.17
    LOS ANGELES      CA   90033          2            08/02/01         00
    0433156940                           05           10/01/01          0
    8905001396                           O            09/01/31
    0

    5199000          U05/G02             F          183,900.00         ZZ
                                         360        183,779.71          1
                                       8.125          1,365.45         80
                                       7.875          1,365.45
    CHICAGO          IL   60607          1            08/03/01         00
    0433054269                           08           09/01/01          0
    3151663                              N            08/01/31
    0

    5200738          B60/G02             F          302,400.00         ZZ
                                         360        302,181.13          1
                                       7.625          2,140.37         80
                                       7.375          2,140.37
    SEATTLE          WA   98122          5            07/24/01         00
    0433084068                           05           09/01/01          0
    341811                               O            08/01/31
    0

    5202437          E22/G02             F          180,500.00         ZZ
                                         360        180,362.65          1
                                       7.375          1,246.67         95
                                       7.125          1,246.67
    DENVER           CO   80239          5            07/20/01         04
    0412403941                           03           09/01/01         30
1

    0412403941                           O            08/01/31
    0

    5202514          E22/G02             F          202,350.00         ZZ
                                         360        202,207.18          1
                                       7.750          1,449.66         95
                                       7.500          1,449.66
    GRANADA HILLS    CA   91344          1            07/19/01         04
    0412836942                           05           09/01/01         30
    0412836942                           O            08/01/31
    0

    5203880          964/G02             F          412,500.00         ZZ
                                         360        412,500.00          1
                                       7.500          2,884.26         72
                                       7.250          2,884.26
    ARROYO GRANDE    CA   93420          5            08/27/01         00
    0433157716                           05           10/01/01          0
    137635                               O            09/01/31
    0

    5205552          U05/G02             F          146,400.00         ZZ
                                         360        146,400.00          1
                                       7.875          1,061.50         68
                                       7.625          1,061.50
    BRIDGE CITY      TX   77611          5            08/09/01         00
    0433101177                           05           10/01/01          0
    3149454                              O            09/01/31
    0

    5206226          286/286             F          109,000.00         ZZ
                                         360        108,833.61          1
                                       7.375            752.84         64
                                       7.125            752.84
    BOISE            ID   83713          1            06/13/01         00
    9942505                              03           08/01/01          0
    9942505                              O            07/01/31
    0

    5206830          225/G02             F          110,200.00         ZZ
                                         360        109,959.44          1
                                       8.375            837.60         95
                                       8.125            837.60
    NORTH AUGUSTA    SC   29860          5            05/16/01         11
    0433031572                           05           07/01/01         30
    7268270                              O            06/01/31
    0

1

    5207354          N74/G02             F           87,780.00         ZZ
                                         240         87,780.00          1
                                       7.500            707.15         84
                                       7.250            707.15
    THOMASVILLE      NC   27360          5            07/30/01         10
    0433107521                           05           10/01/01         12
    0029165010                           O            09/01/21
    0

    5207844          286/286             F           57,800.00         ZZ
                                         360         57,733.24          1
                                       8.750            454.72         61
                                       8.500            454.72
    KETTERING        OH   45420          5            06/04/01         00
    397248                               05           08/01/01          0
    397248                               O            07/01/31
    0

    5207893          286/286             F           53,600.00         ZZ
                                         360         53,531.41          1
                                       8.250            402.68         80
                                       8.000            402.68
    KILLEEN          TX   76543          1            06/06/01         00
    339763                               05           08/01/01          0
    339763                               N            07/01/31
    0

    5207896          286/286             F          155,000.00         ZZ
                                         360        154,785.96          1
                                       7.875          1,123.86         62
                                       7.625          1,123.86
    MOUNT PROSPECT   IL   60056          5            06/06/01         00
    261236                               08           08/01/01          0
    261236                               O            07/01/31
    0

    5207897          286/286             F          105,300.00         ZZ
                                         360        105,168.64          3
                                       8.375            800.36         90
                                       8.125            800.36
    PROVIDENCE       RI   02908          1            06/11/01         11
    401459                               05           08/01/01         25
    401459                               N            07/01/31
    0

    5207900          286/286             F          121,500.00         ZZ
                                         360        121,352.26          4
                                       8.500            934.23         90
                                       8.250            934.23
1

    BURLESON         TX   76028          1            06/04/01         11
    339840                               05           08/01/01         25
    339840                               N            07/01/31
    0

    5207901          286/286             F          121,500.00         ZZ
                                         360        121,352.26          4
                                       8.500            934.23         90
                                       8.250            934.23
    BURLESON         TX   76028          1            06/04/01         21
    339841                               05           08/01/01         25
    339841                               N            07/01/31
    0

    5207902          286/286             F          121,500.00         ZZ
                                         360        121,352.26          4
                                       8.500            934.23         90
                                       8.250            934.23
    BURLESON         TX   76028          1            06/04/01         10
    339843                               05           08/01/01         25
    339843                               N            07/01/31
    0

    5207903          286/286             F           62,400.00         ZZ
                                         360         62,313.82          1
                                       7.875            452.45         80
                                       7.625            452.45
    ERIE             PA   16508          5            06/11/01         00
    375889                               05           08/01/01          0
    375889                               O            07/01/31
    0

    5207904          286/286             F           99,000.00         ZZ
                                         360         98,848.29          1
                                       8.875            787.69         90
                                       8.625            787.69
    HOLDEN           MO   64040          1            06/14/01         11
    434328                               05           08/01/01         25
    434328                               O            07/01/31
    0

    5207905          286/286             F          220,000.00         ZZ
                                         360        219,647.32          3
                                       8.500          1,691.61         80
                                       8.250          1,691.61
    BERWYN           IL   60402          1            06/11/01         00
    408131                               05           08/01/01          0
    408131                               N            07/01/31
    0
1

    5207908          286/286             F          118,500.00         ZZ
                                         360        118,293.94          1
                                       8.750            932.25         68
                                       8.500            932.25
    PHOENIX          AZ   85024          5            05/24/01         00
    313110                               05           07/01/01          0
    313110                               N            06/01/31
    0

    5207909          286/286             F          112,000.00         ZZ
                                         360        111,867.26          1
                                       8.625            871.13         80
                                       8.375            871.13
    INDIANAPOLIS     IN   46219          5            06/11/01         00
    269838                               05           08/01/01          0
    269838                               O            07/01/31
    0

    5207910          286/286             F          273,600.00         ZZ
                                         360        273,275.76          3
                                       8.625          2,128.04         80
                                       8.375          2,128.04
    BRAINTREE        MA   02184          5            06/07/01         00
    319881                               05           08/01/01          0
    319881                               O            07/01/31
    0

    5207911          286/286             F           62,250.00         ZZ
                                         360         62,115.85          1
                                       8.000            456.77         82
                                       7.750            456.77
    XENIA            OH   45385          2            06/14/01         12
    396810                               05           08/01/01         12
    396810                               N            07/01/31
    0

    5207912          286/286             F           40,000.00         ZZ
                                         360         39,954.98          1
                                       8.875            318.26         80
                                       8.625            318.26
    INDIANAPOLIS     IN   46218          2            06/06/01         00
    421911                               05           08/01/01          0
    421911                               N            07/01/31
    0

    5207916          286/286             F           64,000.00         ZZ
                                         360         63,913.83          1
1

                                       8.000            469.61         63
                                       7.750            469.61
    SHOW LOW         AZ   85901          2            06/07/01         00
    313413                               05           08/01/01          0
    313413                               N            07/01/31
    0

    5207917          286/286             F           64,000.00         ZZ
                                         360         63,913.83          1
                                       8.000            469.61         63
                                       7.750            469.61
    SHOW LOW         AZ   85901          2            06/07/01         00
    313439                               05           08/01/01          0
    313439                               N            07/01/31
    0

    5207918          286/286             F          190,000.00         ZZ
                                         360        189,724.09          1
                                       7.625          1,344.81         76
                                       7.375          1,344.81
    MORRISTOWN       NJ   07960          1            06/13/01         00
    234323                               05           08/01/01          0
    234323                               O            07/01/31
    0

    5207919          286/286             F           65,200.00         ZZ
                                         360         65,122.74          1
                                       8.625            507.12         80
                                       8.375            507.12
    WASHINGTON       DC   20009          1            06/07/01         00
    428962                               01           08/01/01          0
    428962                               N            07/01/31
    0

    5207923          286/286             F          139,410.00         ZZ
                                         360        139,231.57          1
                                       8.250          1,047.35         90
                                       8.000          1,047.35
    MANCHESTER       MO   63011          1            06/11/01         11
    433958                               05           08/01/01         25
    433958                               O            07/01/31
    0

    5207927          286/286             F          128,000.00         ZZ
                                         360        127,804.60          1
                                       7.375            884.07         80
                                       7.125            884.07
    CHICAGO          IL   60612          5            06/11/01         00
    408127                               01           08/01/01          0
1

    408127                               O            07/01/31
    0

    5207942          286/286             F           63,000.00         ZZ
                                         360         62,929.09          1
                                       8.875            501.26         90
                                       8.625            501.26
    FREEHOLD         NJ   07728          1            06/07/01         12
    400527                               05           08/01/01         25
    400527                               N            07/01/31
    0

    5207946          286/286             F          100,000.00         ZZ
                                         360         99,875.24          1
                                       8.375            760.08         79
                                       8.125            760.08
    SPRINGFIELD      MA   01129          1            06/07/01         00
    430480                               05           08/01/01          0
    430480                               O            07/01/31
    0

    5207953          286/286             F           68,000.00         ZZ
                                         360         67,738.90          1
                                       8.000            498.96         78
                                       7.750            498.96
    ELYRIA           OH   44035          5            06/04/01         00
    403195                               05           07/01/01          0
    403195                               N            06/01/31
    0

    5207958          286/286             F          202,000.00         ZZ
                                         360        201,748.01          1
                                       8.375          1,535.35         90
                                       8.125          1,535.35
    BETHPAGE         NY   11714          1            06/14/01         11
    398152                               05           08/01/01         25
    398152                               O            07/01/31
    0

    5207960          286/286             F          117,600.00         ZZ
                                         300        117,218.94          1
                                       7.875            897.94         80
                                       7.625            897.94
    OIL CITY         PA   16301          1            06/01/01         00
    395070                               05           07/01/01          0
    395070                               O            06/01/26
    0

1

    5207964          286/286             F           50,500.00         ZZ
                                         360         50,431.99          1
                                       8.000            370.56         68
                                       7.750            370.56
    ELKHART          IN   46514          2            06/06/01         00
    421771                               05           08/01/01          0
    421771                               O            07/01/31
    0

    5207966          286/286             F           33,750.00         ZZ
                                         360         33,688.22          2
                                       8.500            259.51         90
                                       8.250            259.51
    WARREN           OH   44483          1            06/01/01         11
    300806                               05           07/01/01         25
    300806                               N            06/01/31
    0

    5207978          286/286             F          136,000.00         ZZ
                                         360        135,776.51          1
                                       8.000            997.92         83
                                       7.750            997.92
    GILBERT          AZ   85233          2            06/01/01         11
    380006                               05           08/01/01         12
    380006                               O            07/01/31
    0

    5207979          286/286             F           61,200.00         ZZ
                                         360         61,131.13          4
                                       8.875            486.93         90
                                       8.625            486.93
    BATON ROUGE      LA   70820          1            06/05/01         12
    437793                               05           08/01/01         25
    437793                               N            07/01/31
    0

    5207980          286/286             F           61,200.00         ZZ
                                         360         61,131.13          4
                                       8.875            486.93         90
                                       8.625            486.93
    BATON ROUGE      LA   70820          1            06/05/01         12
    438506                               05           08/01/01         25
    438506                               N            07/01/31
    0

    5207983          286/286             F           52,500.00         ZZ
                                         360         52,419.85          1
                                       7.375            362.61         75
                                       7.125            362.61
1

    CLEVELAND        OH   44102          2            06/11/01         00
    398325                               05           08/01/01          0
    398325                               N            07/01/31
    0

    5207986          286/286             F           14,100.00         ZZ
                                         360         14,081.48          1
                                       8.125            104.70         75
                                       7.875            104.70
    HARTFORD         CT   06101          1            06/08/01         00
    381993                               01           08/01/01          0
    381993                               N            07/01/31
    0

    5207987          286/286             F           14,100.00         ZZ
                                         360         14,081.48          1
                                       8.125            104.70         75
                                       7.875            104.70
    HARTFORD         CT   06101          1            06/08/01         00
    381994                               01           08/01/01          0
    381994                               N            07/01/31
    0

    5207988          286/286             F          552,500.00         T
                                         360        551,627.37          1
                                       8.250          4,150.75         65
                                       8.000          4,150.75
    SEDONA           AZ   86336          1            06/09/01         00
    313448                               05           08/01/01          0
    313448                               O            07/01/31
    0

    5207990          286/286             F           70,000.00         ZZ
                                         360         69,917.06          2
                                       8.625            544.45         80
                                       8.375            544.45
    CICERO           IN   46034          1            06/13/01         00
    422094                               05           08/01/01          0
    422094                               N            07/01/31
    0

    5207993          286/286             F           66,750.00         ZZ
                                         360         66,668.84          1
                                       8.500            513.25         75
                                       8.250            513.25
    ALBANY           MO   64402          5            06/08/01         00
    270361                               05           08/01/01          0
    270361                               O            07/01/31
    0
1

    5207998          286/286             F          118,800.00         ZZ
                                         360        118,593.42          4
                                       8.750            934.61         90
                                       8.500            934.61
    MILWAUKEE        WI   53216          1            06/04/01         10
    260928                               05           07/01/01         25
    260928                               N            06/01/31
    0

    5208004          286/286             F          168,400.00         ZZ
                                         360        168,210.48          3
                                       8.875          1,339.87         95
                                       8.625          1,339.87
    IRVINGTON        NJ   07111          1            06/08/01         12
    9853625                              05           08/01/01         30
    9853625                              O            07/01/31
    0

    5208008          286/286             F          240,000.00         ZZ
                                         360        239,513.62          2
                                       8.000          1,761.03         68
                                       7.750          1,761.03
    SAN LEANDRO      CA   94577          5            05/29/01         00
    9846138                              05           07/01/01          0
    9846138                              O            06/01/31
    0

    5208011          286/286             F           28,800.00         ZZ
                                         360         28,749.93          2
                                       8.750            226.57         90
                                       8.500            226.57
    NORWICH          CT   06360          1            06/04/01         12
    9849966                              05           07/01/01         25
    9849966                              N            06/01/31
    0

    5208014          286/286             F          637,500.00         ZZ
                                         360        636,763.76          1
                                       8.750          5,015.22         75
                                       8.500          5,015.22
    SAN JOSE         CA   95125          1            06/01/01         00
    9854379                              05           08/01/01          0
    9854379                              O            07/01/31
    0

    5208016          286/286             F          175,500.00         ZZ
                                         360        175,292.03          4
1

                                       8.625          1,365.02         90
                                       8.375          1,365.02
    WEST VALLEY CIT  UT   84120          1            06/07/01         12
    9852795                              05           08/01/01         25
    9852795                              N            07/01/31
    0

    5208018          286/286             F          276,950.00         ZZ
                                         360        276,480.76          4
                                       8.875          2,203.54         66
                                       8.625          2,203.54
    OAKLAND          CA   94601          5            06/01/01         00
    9854407                              05           07/01/01          0
    9854407                              O            06/01/31
    0

    5208026          286/286             F          118,800.00         ZZ
                                         360        118,582.56          4
                                       8.500            913.47         90
                                       8.250            913.47
    FRESNO           CA   93702          1            05/29/01         11
    9815808                              05           07/01/01         25
    9815808                              N            06/01/31
    0

    5208028          286/286             F          400,000.00         ZZ
                                         360        399,389.39          2
                                       7.375          2,762.70         58
                                       7.125          2,762.70
    SAN FRANCISCO    CA   94122          5            06/04/01         00
    9852202                              05           08/01/01          0
    9852202                              N            07/01/31
    0

    5208924          286/286             F           71,000.00         ZZ
                                         360         70,894.27          2
                                       7.500            496.45         49
                                       7.250            496.45
    AUSTIN           TX   78758          2            06/25/01         00
    382583                               05           08/01/01          0
    382583                               N            07/01/31
    0

    5208926          286/286             F           73,000.00         ZZ
                                         360         72,890.99          2
                                       7.500            510.43         50
                                       7.250            510.43
    AUSTIN           TX   78758          2            06/25/01         00
    382586                               05           08/01/01          0
1

    382586                               N            07/01/31
    0

    5208929          286/286             F           68,500.00         ZZ
                                         360         68,403.89          3
                                       8.000            502.63         69
                                       7.750            502.63
    PHOENIX          AZ   85006          2            06/18/01         00
    313568                               05           08/01/01          0
    313568                               N            07/01/31
    0

    5208953          286/286             F          200,000.00         ZZ
                                         360        199,716.79          2
                                       7.750          1,432.82         42
                                       7.500          1,432.82
    SAN JOSE         CA   95112          5            06/06/01         00
    9857499                              05           08/01/01          0
    9857499                              N            07/01/31
    0

    5210753          964/G02             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.250          2,292.11         60
                                       7.000          2,292.11
    ATASCADERO       CA   93422          5            08/01/01         00
    0433055027                           05           10/01/01          0
    132916                               O            09/01/31
    0

    5211243          E22/G02             F          216,000.00         ZZ
                                         360        215,831.50          1
                                       7.250          1,473.50         80
                                       7.000          1,473.50
    SAN DIEGO        CA   92111          2            07/18/01         00
    0412738379                           05           09/01/01          0
    0412738379                           O            08/01/31
    0

    5211265          E22/G02             F          148,500.00         ZZ
                                         360        148,407.70          1
                                       8.375          1,128.71         90
                                       8.125          1,128.71
    DALLAS           TX   75230          1            07/24/01         04
    0412803652                           05           09/01/01         25
    0412803652                           N            08/01/31
    0

1

    5211299          E22/G02             F          125,000.00         ZZ
                                         360        124,913.97          1
                                       7.875            906.34         87
                                       7.625            906.34
    MISHAWAKA        IN   46545          1            07/26/01         01
    0412850844                           05           09/01/01         25
    0412850844                           O            08/01/31
    0

    5211305          E22/G02             F           93,575.00         ZZ
                                         360         93,508.96          1
                                       7.750            670.38         95
                                       7.500            670.38
    CONVERSE         TX   78109          1            07/26/01         01
    0412869844                           03           09/01/01         30
    0412869844                           O            08/01/31
    0

    5212036          E82/G02             F          101,500.00         ZZ
                                         360        101,413.23          1
                                       7.250            692.41         71
                                       7.000            692.41
    LAS VEGAS        NV   89128          2            07/24/01         00
    0400454955                           05           09/01/01          0
    0400454955                           O            08/01/31
    0

    5212040          E82/G02             F          146,700.00         ZZ
                                         360        146,599.04          1
                                       7.875          1,063.68         90
                                       7.625          1,063.68
    PORT ORCHARD     WA   98366          2            07/24/01         04
    0400454021                           05           09/01/01         25
    3431565                              O            08/01/31
    0

    5212042          E82/G02             F          123,000.00         ZZ
                                         360        122,910.97          1
                                       7.625            870.59         80
                                       7.375            870.59
    LAS VEGAS        NV   89123          2            07/24/01         00
    0400456190                           03           09/01/01          0
    1634334                              N            08/01/31
    0

    5212045          E82/G02             F          169,000.00         ZZ
                                         360        168,674.58          1
                                       7.500          1,181.67         80
                                       7.250          1,181.67
1

    SPRING CITY      UT   84662          2            07/25/01         00
    0400453635                           05           09/01/01          0
    0400453635                           O            08/01/31
    0

    5213618          U62/G02             F          130,800.00         ZZ
                                         360        130,702.93          1
                                       7.500            914.57         79
                                       7.250            914.57
    FRISCO           TX   75035          5            07/13/01         00
    0433017522                           05           09/01/01          0
    2001261716                           O            08/01/31
    0

    5213778          E76/G02             F          277,100.00         ZZ
                                         360        276,918.74          1
                                       8.125          2,057.46         85
                                       7.875          2,057.46
    AURORA           CO   80015          2            08/01/01         10
    0433088911                           03           09/01/01         25
    10007119                             O            08/01/31
    0

    5214178          U62/G02             F           61,500.00         ZZ
                                         360         61,450.82          1
                                       7.125            414.34         75
                                       6.875            414.34
    COLLEGE PARK     GA   30349          5            07/31/01         00
    0433074655                           07           09/01/01          0
    2001280362                           N            08/01/31
    0

    5214209          U62/G02             F           61,500.00         ZZ
                                         360         61,450.83          1
                                       7.125            414.33         75
                                       6.875            414.33
    COLLEGE PARK     GA   30349          5            07/31/01         00
    0433076817                           07           09/01/01          0
    2001280346                           N            08/01/31
    0

    5214221          964/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       7.500            769.14         71
                                       7.250            769.14
    PASO ROBLES      CA   93446          1            08/10/01         00
    0433101979                           07           10/01/01          0
    137949                               O            09/01/31
    0
1

    5214332          U05/G02             F          436,000.00         ZZ
                                         360        435,692.27          1
                                       7.750          3,123.56         80
                                       7.500          3,123.56
    SAN DIEGO        CA   92109          1            07/30/01         00
    0433096914                           01           09/01/01          0
    3151264                              O            08/01/31
    0

    5215109          Q99/G02             F          141,000.00         ZZ
                                         360        141,000.00          1
                                       7.875          1,022.35         91
                                       7.625          1,022.35
    ST LOUIS         MO   63139          2            08/07/01         14
    0433057015                           05           10/01/01         30
    488603441                            O            09/01/31
    0

    5215562          U05/G02             F          155,000.00         ZZ
                                         360        155,000.00          1
                                       7.875          1,123.86         80
                                       7.625          1,123.86
    HOUSTON          TX   77059          5            08/03/01         00
    0433142197                           03           10/01/01          0
    3150403                              O            09/01/31
    0

    5216877          950/G02             F          135,150.00         ZZ
                                         360        135,150.00          1
                                       8.375          1,027.24         80
                                       8.125          1,027.24
    TUKWILA          WA   98168          1            08/02/01         00
    0433132073                           05           10/01/01          0
    E1107097                             N            09/01/31
    0

    5219089          624/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.500          2,936.70         80
                                       7.250          2,936.70
    LOS ANGELES      CA   90025          1            07/31/01         00
    0433054871                           05           10/01/01          0
    29034711866F                         O            09/01/31
    0

    5219180          964/G02             F          119,250.00         ZZ
                                         360        119,250.00          1
1

                                       7.625            844.04         80
                                       7.375            844.04
    EUGENE           OR   97404          1            08/02/01         00
    0433087822                           05           10/01/01          0
    136062                               O            09/01/31
    0

    5219287          S11/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.375          1,899.36         71
                                       7.125          1,899.36
    HUNTINGTON BEAC  CA   92646          1            08/09/01         00
    0433155215                           05           10/01/01          0
    10203861                             O            09/01/31
    0

    5219863          E22/G02             F           28,000.00         ZZ
                                         360         27,981.68          1
                                       8.125            207.90         67
                                       7.875            207.90
    BROWNING         MT   59417          5            07/27/01         00
    0412771917                           05           09/01/01          0
    0412771917                           N            08/01/31
    0

    5219874          E22/G02             F           75,000.00         ZZ
                                         360         74,942.93          1
                                       7.375            518.01         53
                                       7.125            518.01
    SOULSBYVILLE     CA   95372          2            07/19/01         00
    0412784431                           03           09/01/01          0
    0412784431                           N            08/01/31
    0

    5219915          E22/G02             F          163,500.00         ZZ
                                         360        163,387.48          1
                                       7.875          1,185.49         65
                                       7.625          1,185.49
    LOUISVILLE       KY   40207          5            07/23/01         00
    0412825937                           05           09/01/01          0
    0412825937                           O            08/01/31
    0

    5219965          E22/G02             F          216,600.00         ZZ
                                         360        216,450.94          1
                                       7.875          1,570.50         95
                                       7.625          1,570.50
    MONT VERNON      NH   03057          1            07/27/01         01
    0412861130                           05           09/01/01         30
1

    0412861130                           O            08/01/31
    0

    5220496          225/G02             F           67,200.00         ZZ
                                         360         66,870.90          1
                                       8.000            493.09         90
                                       7.750            493.09
    DETROIT          MI   48212          2            05/24/01         12
    0433031762                           05           07/01/01         25
    7275777                              O            06/01/31
    0

    5220586          225/G02             F           67,000.00         ZZ
                                         360         66,781.14          1
                                       7.750            480.00         36
                                       7.500            480.00
    LONG BRANCH      NJ   07740          5            05/24/01         00
    0433000635                           05           07/01/01          0
    6537090                              O            06/01/31
    0

    5220807          T90/G02             F          448,000.00         ZZ
                                         360        447,396.79          1
                                       8.000          3,287.27         80
                                       7.750          3,287.27
    NEW ORLEANS      LA   70130          1            06/19/01         00
    0433042207                           05           08/01/01          0
    51141                                O            07/01/31
    0

    5222870          W53/G02             F          140,600.00         ZZ
                                         360        140,500.76          1
                                       7.750          1,007.28         71
                                       7.500          1,007.28
    RINGWOOD         NJ   07456          5            06/29/01         00
    0433086600                           05           09/01/01          0
    5500577300                           O            08/01/31
    0

    5222990          L81/G02             F          560,000.00         ZZ
                                         360        559,552.18          1
                                       7.125          3,772.82         80
                                       6.875          3,772.82
    ENCINITAS        CA   92024          2            07/11/01         00
    0433057197                           05           09/01/01          0
    012925                               O            08/01/31
    0

1

    5223448          964/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       7.875          1,073.10         58
                                       7.625          1,073.10
    NOVATO           CA   94945          1            08/08/01         00
    0433088200                           01           10/01/01          0
    137925                               N            09/01/31
    0

    5224809          624/G02             F          422,400.00         ZZ
                                         360        422,109.31          1
                                       7.875          3,062.69         80
                                       7.625          3,062.69
    MORGAN HILL      CA   95037          5            07/24/01         00
    0433048113                           09           09/01/01          0
    31001010046F                         O            08/01/31
    0

    5226841          964/G02             F          488,000.00         ZZ
                                         360        488,000.00          1
                                       7.500          3,412.17         80
                                       7.250          3,412.17
    PLAYA DEL REY    CA   90045          1            08/02/01         00
    0433050317                           05           10/01/01          0
    136728                               O            09/01/31
    0

    5228842          E22/G02             F           97,000.00         ZZ
                                         360         96,931.54          1
                                       7.750            694.92         71
                                       7.500            694.92
    NORTH PORT       FL   34287          2            07/24/01         00
    0412829384                           05           09/01/01          0
    0412829384                           O            08/01/31
    0

    5228865          E22/G02             F           95,900.00         ZZ
                                         360         95,835.65          1
                                       8.000            703.68         80
                                       7.750            703.68
    BRYAN            TX   77808          1            07/27/01         00
    0412842122                           03           09/01/01          0
    0412842122                           O            08/01/31
    0

    5229094          225/G02             F           52,400.00         ZZ
                                         360         52,332.93          1
                                       8.250            393.67         80
                                       8.000            393.67
1

    RICHMOND HILL    NY   11418          1            06/13/01         00
    0433031499                           01           08/01/01          0
    727619100                            N            07/01/31
    0

    5229117          M66/G02             F          100,000.00         ZZ
                                         360         99,936.23          1
                                       8.250            751.27         32
                                       8.000            751.27
    FURLONG          PA   18925          2            07/16/01         00
    0433041845                           05           09/01/01          0
    99999999                             O            08/01/31
    0

    5231250          H58/G02             F          520,000.00         ZZ
                                         360        519,604.17          1
                                       7.625          3,680.53         78
                                       7.375          3,680.53
    GOLD RIVER       CA   95670          2            07/16/01         00
    0433152832                           03           09/01/01          0
    0000068191                           O            08/01/31
    0

    5233418          U05/G02             F          314,000.00         ZZ
                                         360        314,000.00          1
                                       7.750          2,249.53         80
                                       7.500          2,249.53
    ESCONDIDO        CA   92026          2            08/06/01         00
    0433145638                           05           10/01/01          0
    3140381                              O            09/01/31
    0

    5234344          E47/G02             F          254,800.00         ZZ
                                         360        254,800.00          1
                                       7.625          1,803.46         80
                                       7.375          1,803.46
    CHARLOTTE        NC   28277          1            08/08/01         00
    0433132230                           03           10/01/01          0
    7339010329                           O            09/01/31
    0

    5234839          624/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       7.500          1,454.37         80
                                       7.250          1,454.37
    GONZALES         CA   93926          5            08/03/01         00
    0433086360                           05           10/01/01          0
    46100510063F                         O            09/01/31
    0
1

    5236886          964/G02             F          134,100.00         ZZ
                                         360        134,100.00          1
                                       8.125            995.69         90
                                       7.875            995.69
    LAS VEGAS        NV   89128          1            08/10/01         01
    0433088275                           05           10/01/01         25
    138829                               O            09/01/31
    0

    5237831          E22/G02             F          167,300.00         ZZ
                                         360        167,187.74          1
                                       8.000          1,227.59         95
                                       7.750          1,227.59
    SHIRLEY          NY   11967          1            07/31/01         04
    0412732406                           05           09/01/01         30
    0412732406                           O            08/01/31
    0

    5237925          E22/G02             F          140,400.00         ZZ
                                         360        140,305.79          1
                                       8.000          1,030.21         90
                                       7.750          1,030.21
    FRANKLIN PARK    IL   60131          1            07/31/01         04
    0412836157                           05           09/01/01         25
    0412836157                           O            08/01/31
    0

    5237939          E22/G02             F          204,000.00         ZZ
                                         360        203,863.12          1
                                       8.000          1,496.88         85
                                       7.750          1,496.88
    WEST PALM BEACH  FL   33401          1            07/31/01         04
    0412840662                           05           09/01/01         20
    0412840662                           N            08/01/31
    0

    5237948          E22/G02             F          198,000.00         ZZ
                                         360        197,867.15          1
                                       8.000          1,452.85        100
                                       7.750          1,452.85
    CHEYENNE         WY   82009          1            07/31/01         01
    0412842106                           05           09/01/01         35
    0412842106                           O            08/01/31
    0

    5237958          E22/G02             F           55,000.00         ZZ
                                         360         54,963.10          1
1

                                       8.000            403.57         53
                                       7.750            403.57
    CONROE           TX   77301          5            07/26/01         00
    0412845752                           05           09/01/01          0
    0412845752                           O            08/01/31
    0

    5238010          E22/G02             F           55,500.00         ZZ
                                         360         54,884.79          1
                                       7.500            388.06         89
                                       7.250            388.06
    SAN ANTONIO      TX   78247          2            07/26/01         01
    0412864845                           05           09/01/01         25
    0412864845                           O            08/01/31
    0

    5238021          E22/G02             F          162,500.00         ZZ
                                         360        162,382.39          1
                                       7.625          1,150.16         39
                                       7.375          1,150.16
    BRENTWOOD        CA   94513          1            07/27/01         00
    0412867772                           05           09/01/01          0
    0412867772                           O            08/01/31
    0

    5238022          E22/G02             F           64,600.00         ZZ
                                         360         64,555.55          1
                                       7.875            468.39         85
                                       7.625            468.39
    LAKELAND         FL   33801          5            07/26/01         01
    0412868374                           05           09/01/01         12
    0412868374                           O            08/01/31
    0

    5238131          225/G02             F           69,200.00         ZZ
                                         360         69,106.81          1
                                       8.000            507.77         80
                                       7.750            507.77
    RICHMOND HILL    NY   11379          1            06/13/01         00
    0433031127                           01           08/01/01          0
    7262363                              N            07/01/31
    0

    5238162          700/G02             F          345,600.00         ZZ
                                         360        345,373.93          3
                                       8.125          2,566.07         80
                                       7.875          2,566.07
    CULVER CITY      CA   90232          1            07/06/01         00
    0433098746                           05           09/01/01          0
1

    00259915                             O            08/01/31
    0

    5238956          E82/G02             F          244,000.00         ZZ
                                         360        243,840.39          1
                                       8.125          1,811.69         78
                                       7.875          1,811.69
    CHADDS FORD      PA   19317          5            07/24/01         00
    0400438420                           05           09/01/01          0
    0400438420                           O            08/01/31
    0

    5238960          E82/G02             F          179,000.00         ZZ
                                         360        178,888.74          4
                                       8.375          1,360.53         80
                                       8.125          1,360.53
    NEW BRUNSWICK    NJ   08901          2            08/01/01         00
    0400464244                           05           09/01/01          0
    0400464244                           N            08/01/31
    0

    5238968          E82/G02             F          113,800.00         ZZ
                                         360        113,713.41          1
                                       7.375            785.99         79
                                       7.125            785.99
    DALLAS           TX   75211          2            07/26/01         00
    0400464203                           05           09/01/01          0
    3522980                              O            08/01/31
    0

    5239379          B60/G02             F          220,000.00         ZZ
                                         360        219,840.77          1
                                       7.625          1,557.15         80
                                       7.375          1,557.15
    BUENA PARK       CA   90620          5            07/12/01         00
    0433055738                           05           09/01/01          0
    330883                               O            08/01/31
    0

    5240482          E60/G02             F          469,000.00         ZZ
                                         360        468,708.49          1
                                       8.375          3,564.74         70
                                       8.125          3,564.74
    TEMPLETON        CA   93465          1            07/17/01         00
    0433070745                           05           09/01/01          0
    513470                               N            08/01/31
    0

1

    5240577          Q59/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.875          2,465.24         80
                                       7.625          2,465.24
    CYPRESS          CA   90630          5            08/11/01         00
    0433149820                           05           10/01/01          0
    303867                               O            09/01/31
    0

    5240659          225/G02             F          240,000.00         ZZ
                                         360        239,581.00          1
                                       7.875          1,740.17         63
                                       7.625          1,740.17
    FAYETTEVILLE     GA   30214          5            06/15/01         00
    0433031374                           05           08/01/01          0
    6540948                              O            07/01/31
    0

    5241938          964/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       7.375          1,989.14         80
                                       7.125          1,989.14
    SCOTTSDALE       AZ   85331          1            08/02/01         00
    0433055589                           05           10/01/01          0
    138100                               O            09/01/31
    0

    5242249          E23/G02             F          233,100.00         ZZ
                                         360        233,100.00          1
                                       7.750          1,669.96         90
                                       7.500          1,669.96
    PALM DESERT      CA   92260          1            08/07/01         04
    0433159878                           05           10/01/01         25
    51005235                             O            09/01/31
    0

    5242389          975/G02             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       7.500          2,489.20         80
                                       7.250          2,489.20
    GARDENA          CA   90248          1            08/14/01         00
    0433144037                           03           10/01/01          0
    2013661                              O            09/01/31
    0

    5242930          964/G02             F          543,750.00         ZZ
                                         360        543,750.00          1
                                       7.375          3,755.55         75
                                       7.125          3,755.55
1

    LARKSPUR         CA   94939          1            08/06/01         00
    0433081577                           03           10/01/01          0
    400136546                            O            09/01/31
    0

    5244099          470/G02             F          114,750.00         ZZ
                                         360        114,750.00          4
                                       7.875            832.02         90
                                       7.625            832.02
    CALIFORNIA CITY  CA   93505          1            08/03/01         11
    0433135175                           05           10/01/01         30
    30010737                             N            09/01/31
    0

    5246367          E22/G02             F          100,000.00         ZZ
                                         360         99,925.79          1
                                       7.500            699.21         59
                                       7.250            699.21
    FLETCHER         NC   28732          5            07/27/01         00
    0412742678                           05           09/01/01          0
    0412742678                           O            08/01/31
    0

    5246372          E22/G02             F          220,000.00         ZZ
                                         360        219,836.73          1
                                       7.500          1,538.27         79
                                       7.250          1,538.27
    BRONX            NY   10465          5            07/27/01         00
    0412780611                           05           09/01/01          0
    0412780611                           O            08/01/31
    0

    5246387          E22/G02             F           95,960.00         ZZ
                                         360         95,895.61          1
                                       8.000            704.12         80
                                       7.750            704.12
    CORVALLIS        OR   97333          1            07/27/01         00
    0412806044                           05           09/01/01          0
    0412806044                           O            08/01/31
    0

    5246425          E22/G02             F          153,500.00         ZZ
                                         360        153,304.59          1
                                       8.375          1,166.71         68
                                       8.125          1,166.71
    COLDSPRING       TX   77331          5            07/26/01         00
    0412844748                           03           09/01/01          0
    0412844748                           O            08/01/31
    0
1

    5246432          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         80
                                       7.250          2,517.17
    FREMONT          CA   94555          5            07/25/01         00
    0412847774                           05           10/01/01          0
    0412847774                           O            09/01/31
    0

    5248377          E82/G02             F           38,150.00         ZZ
                                         360         38,126.29          1
                                       8.375            289.97         90
                                       8.125            289.97
    MOUNTAINDALE     NY   12763          1            08/02/01         04
    0400455648                           05           09/01/01         25
    0400455648                           O            08/01/31
    0

    5248384          E82/G02             F          131,700.00         ZZ
                                         360        131,607.05          1
                                       7.750            943.51         85
                                       7.500            943.51
    EAST PROVIDENCE  RI   02914          2            07/30/01         04
    0400457057                           05           09/01/01         12
    1993563                              O            08/01/31
    0

    5248785          E22/G02             F          114,000.00         ZZ
                                         360        113,917.50          1
                                       7.625            806.88         80
                                       7.375            806.88
    BOYNTON BEACH    FL   33436          1            08/01/01         00
    0412879496                           03           09/01/01          0
    0412879496                           O            08/01/31
    0

    5249503          E82/G02             F          256,000.00         ZZ
                                         360        255,823.82          1
                                       7.875          1,856.18         80
                                       7.625          1,856.18
    BLOOMFIELD HILL  MI   48304          2            08/01/01         00
    0400456257                           05           09/01/01          0
    3673512                              O            08/01/31
    0

    5249504          E82/G02             F          109,000.00         ZZ
                                         360        108,921.10          1
1

                                       7.625            771.50         85
                                       7.375            771.50
    PORTLAND         OR   97203          2            07/27/01         04
    0400462552                           05           09/01/01         12
    0400462552                           O            08/01/31
    0

    5249507          E82/G02             F          180,000.00         ZZ
                                         360        179,863.03          1
                                       7.375          1,243.22         77
                                       7.125          1,243.22
    EAST HIGHLAND    CA   92346          2            07/26/01         00
    0400456596                           05           09/01/01          0
    0400456596                           O            08/01/31
    0

    5249512          E82/G02             F          111,900.00         ZZ
                                         360        111,824.92          1
                                       8.000            821.08         80
                                       7.750            821.08
    RICHARDSON       TX   75082          2            07/31/01         00
    0400457750                           05           09/01/01          0
    3522715                              O            08/01/31
    0

    5249515          E82/G02             F           91,200.00         ZZ
                                         360         91,200.00          2
                                       7.625            645.51         71
                                       7.375            645.51
    EAST GRAND RAPI  MI   49506          2            08/02/01         00
    0400440392                           05           10/01/01          0
    0400440392                           O            09/01/31
    0

    5249800          253/253             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       7.375          2,313.77         70
                                       7.125          2,313.77
    SANTA FE         NM   87505          1            08/24/01         00
    973468                               05           10/01/01          0
    973468                               O            09/01/31
    0

    5250663          642/G02             F          250,400.00         ZZ
                                         360        250,204.66          1
                                       7.250          1,708.17         80
                                       7.000          1,708.17
    COLORADO SPRING  CO   80903          1            07/24/01         00
    0433041787                           05           09/01/01          0
1

    06190401                             O            08/01/31
    0

    5250790          623/G02             F           77,400.00         ZZ
                                         360         75,708.37          3
                                       8.750            608.91         90
                                       8.500            608.91
    IDAHO FALLS      ID   83401          1            02/22/01         10
    0433049186                           05           04/01/01         25
    1567905                              N            03/01/31
    0

    5250792          623/G02             F          400,000.00         ZZ
                                         360        399,488.11          1
                                       8.250          3,005.07         73
                                       8.000          3,005.07
    ORINDA           CA   94536          1            06/25/01         00
    0433049145                           05           08/01/01          0
    1964680                              O            07/01/31
    0

    5250802          623/G02             F          365,000.00         ZZ
                                         360        364,755.09          1
                                       8.000          2,678.24         73
                                       7.750          2,678.24
    SACRAMENTO       CA   95864          5            07/06/01         00
    0433049244                           05           09/01/01          0
    1982734                              N            08/01/31
    0

    5250811          623/G02             F          101,700.00         ZZ
                                         360        101,472.16          3
                                       7.500            711.10         90
                                       7.250            711.10
    HARTFORD         CT   06112          1            05/22/01         04
    0433049053                           05           07/01/01         25
    5344536                              N            06/01/31
    0

    5250813          623/G02             F          563,200.00         ZZ
                                         360        562,802.50          2
                                       7.750          4,034.83         80
                                       7.500          4,034.83
    CHARLESTOWN      MA   02129          1            07/18/01         00
    0433049343                           05           09/01/01          0
    5359903                              O            08/01/31
    0

1

    5250815          623/G02             F          196,650.00         ZZ
                                         360        196,518.05          3
                                       8.000          1,442.95         90
                                       7.750          1,442.95
    CHICAGO          IL   60609          1            07/18/01         10
    0433048832                           05           09/01/01         30
    5362039                              O            08/01/31
    0

    5250816          623/G02             F          344,700.00         ZZ
                                         360        344,485.75          1
                                       8.375          2,619.97         80
                                       8.125          2,619.97
    VERNON HILLS     IL   60061          2            07/05/01         00
    0433048865                           03           09/01/01          0
    5363183                              O            08/01/31
    0

    5250819          623/G02             F           85,000.00         ZZ
                                         360         83,938.48          1
                                       7.625            601.62         57
                                       7.375            601.62
    GILBERTSVILLE    KY   42044          5            07/03/01         00
    0433048915                           05           09/01/01          0
    5365988                              O            08/01/31
    0

    5251304          623/G02             F          105,750.00         ZZ
                                         360        105,607.61          1
                                       8.000            775.96         75
                                       7.750            775.96
    SACRAMENTO       CA   95826          5            06/01/01         00
    0433024569                           05           08/01/01          0
    1979340                              O            07/01/31
    0

    5251318          623/G02             F          117,000.00         ZZ
                                         360        116,834.31          1
                                       7.750            838.20         63
                                       7.500            838.20
    WEST JORDAN      UT   84088          5            06/25/01         00
    0433024486                           05           08/01/01          0
    2786205                              O            07/01/31
    0

    5251336          623/G02             F           88,500.00         ZZ
                                         360         88,270.84          1
                                       7.625            626.40         75
                                       7.375            626.40
1

    CINCINNATI       OH   45247          2            06/28/01         00
    0433024775                           05           08/01/01          0
    5358689                              O            07/01/31
    0

    5251337          623/G02             F           60,000.00         ZZ
                                         360         59,919.21          1
                                       8.000            440.26         47
                                       7.750            440.26
    MAYWOOD          IL   60153          5            06/25/01         00
    0433024742                           05           08/01/01          0
    5358693                              O            07/01/31
    0

    5251978          W82/G02             F          134,550.00         ZZ
                                         360        134,550.00          1
                                       8.250          1,010.83         90
                                       8.000          1,010.83
    PHENIX CITY      AL   36867          5            08/10/01         10
    0433153889                           05           10/01/01         25
    91000449                             O            09/01/31
    0

    5252263          A52/G02             F           79,200.00         ZZ
                                         360         79,200.00          1
                                       7.250            540.28         80
                                       7.000            540.28
    MILLEDGEVILLE    GA   31061          5            08/13/01         00
    0433122348                           05           10/01/01          0
    15850                                O            09/01/31
    0

    5253675          461/G02             F          405,000.00         ZZ
                                         360        404,691.82          1
                                       7.375          2,797.24         82
                                       7.125          2,797.24
    MISSION VIEJO    CA   92691          2            07/13/01         12
    0433077088                           05           09/01/01         12
    9030673099                           O            08/01/31
    0

    5256305          964/G02             F          484,000.00         ZZ
                                         360        484,000.00          1
                                       7.750          3,467.44         80
                                       7.500          3,467.44
    SCOTTSDALE       AZ   85254          5            08/09/01         00
    0433106853                           03           10/01/01          0
    135725                               O            09/01/31
    0
1

    5256554          A06/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       7.125          1,751.67         80
                                       6.875          1,751.67
    COMMERCE TWP     MI   48390          5            08/20/01         00
    0433156783                           29           10/01/01          0
    1000010012772                        O            09/01/31
    0

    5257932          964/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.375          2,762.70         80
                                       7.125          2,762.70
    RANCHO CORDOVA   CA   95670          5            08/17/01         00
    0433132560                           03           10/01/01          0
    117374                               O            09/01/31
    0

    5258537          E60/G02             F          278,300.00         ZZ
                                         360        278,113.26          1
                                       8.000          2,042.07         80
                                       7.750          2,042.07
    SAN DIEGO        CA   92124          1            07/13/01         00
    0433112844                           05           09/01/01          0
    525180                               O            08/01/31
    0

    5258802          964/G02             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.375          2,320.67         80
                                       7.125          2,320.67
    SAN LUIS OBISPO  CA   93401          5            08/13/01         00
    0433094380                           05           10/01/01          0
    136857                               O            09/01/31
    0

    5260056          W39/G02             F          150,000.00         ZZ
                                         360        149,899.35          1
                                       8.000          1,100.65         80
                                       7.750          1,100.65
    COVINGTON        LA   70435          5            07/20/01         00
    0433055357                           05           09/01/01          0
    991254                               O            08/01/31
    0

    5261409          K15/G02             F           70,200.00         ZZ
                                         360         70,200.00          1
1

                                       8.500            539.78         90
                                       8.250            539.78
    RUMFORD          ME   04276          5            08/09/01         11
    0433080009                           05           10/01/01         25
    000700005302716                      O            09/01/31
    0

    5261767          369/G02             F           30,050.00         ZZ
                                         360         30,050.00          1
                                       8.500            231.06         90
                                       8.250            231.06
    EL PASO          TX   79924          1            08/09/01         14
    0433152246                           03           10/01/01         25
    0073243487                           N            09/01/31
    0

    5265484          E22/G02             F          163,000.00         ZZ
                                         360        162,884.96          1
                                       7.750          1,167.75         57
                                       7.500          1,167.75
    GOSHEN           CT   06756          5            07/31/01         00
    0412663825                           05           09/01/01          0
    0412663825                           O            08/01/31
    0

    5265486          E22/G02             F           37,800.00         ZZ
                                         360         37,737.59          4
                                       9.000            304.15         90
                                       8.750            304.15
    DETROIT          MI   48214          1            05/23/01         01
    0412686388                           05           07/01/01         25
    0412686388                           N            06/01/31
    0

    5265505          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       8.375            608.06         86
                                       8.125            608.06
    CHARLESTON       SC   29407          2            08/06/01         01
    0412784985                           05           10/01/01         17
    0412784985                           N            09/01/31
    0

    5265525          E22/G02             F           58,000.00         ZZ
                                         360         57,961.09          1
                                       8.000            425.58         73
                                       7.750            425.58
    PRINCETON        TX   75407          5            07/31/01         00
    0412817124                           05           09/01/01          0
1

    0412817124                           O            08/01/31
    0

    5265527          E22/G02             F          292,500.00         ZZ
                                         360        292,282.93          1
                                       7.500          2,045.20         75
                                       7.250          2,045.20
    SAMMAMISH        WA   98074          5            07/31/01         00
    0412821241                           03           09/01/01          0
    0412821241                           O            08/01/31
    0

    5265534          E22/G02             F          340,000.00         ZZ
                                         360        339,771.87          1
                                       8.000          2,494.80         80
                                       7.750          2,494.80
    DANVILLE         CA   94506          5            07/26/01         00
    0412830333                           09           09/01/01          0
    0412830333                           O            08/01/31
    0

    5265568          E22/G02             F           95,000.00         ZZ
                                         360         94,931.25          1
                                       7.625            672.40         73
                                       7.375            672.40
    DALLAS           TX   75218          5            08/01/01         00
    0412857633                           05           09/01/01          0
    0412857633                           O            08/01/31
    0

    5265581          E22/G02             F          174,000.00         ZZ
                                         360        174,000.00          1
                                       7.750          1,246.56         80
                                       7.500          1,246.56
    DENVER           CO   80205          5            07/31/01         00
    0412864282                           05           10/01/01          0
    0412864282                           O            09/01/31
    0

    5265592          E22/G02             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       7.375          2,127.28         80
                                       7.125          2,127.28
    LIVERMORE        CA   94550          5            07/30/01         00
    0412870875                           05           10/01/01          0
    0412870875                           O            09/01/31
    0

1

    5265598          E22/G02             F           71,100.00         ZZ
                                         360         71,053.49          1
                                       8.125            527.92         90
                                       7.875            527.92
    HIALEAH GARDEN   FL   33018          1            08/06/01         04
    0412874125                           01           09/01/01         25
    0412874125                           O            08/01/31
    0

    5265686          E82/G02             F          125,100.00         ZZ
                                         360        125,100.00          1
                                       7.375            864.03         68
                                       7.125            864.03
    RENO             NV   89523          2            08/03/01         00
    0400450862                           05           10/01/01          0
    1639807                              O            09/01/31
    0

    5266203          962/G02             F           65,250.00         ZZ
                                         360         65,250.00          2
                                       8.750            513.32         90
                                       8.500            513.32
    MOORHEAD         MN   56560          1            08/10/01         04
    0433104320                           05           10/01/01         25
    2001493                              N            09/01/31
    0

    5266491          462/G02             F          183,750.00         ZZ
                                         360        183,620.31          1
                                       7.750          1,316.41         90
                                       7.500          1,316.41
    GOODYEAR         AZ   85338          1            07/19/01         11
    0433079290                           03           09/01/01         25
    0009499302                           O            08/01/31
    0

    5267475          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       7.875          1,131.11         80
                                       7.625          1,131.11
    WATERFORD        MI   48329          1            08/06/01         00
    0412807778                           29           10/01/01          0
    0412807778                           O            09/01/31
    0

    5267492          E22/G02             F          244,200.00         ZZ
                                         360        244,023.26          1
                                       7.625          1,728.43         77
                                       7.375          1,728.43
1

    DENVER           CO   80210          2            08/03/01         00
    0412834335                           05           09/01/01          0
    0412834335                           N            08/01/31
    0

    5267520          E22/G02             F          180,400.00         ZZ
                                         360        180,262.73          1
                                       7.375          1,245.98         74
                                       7.125          1,245.98
    GREAT FALLS      MT   59404          5            07/30/01         00
    0412866758                           05           09/01/01          0
    0412866758                           O            08/01/31
    0

    5267534          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       8.375            608.06         58
                                       8.125            608.06
    SAN MARCOS       TX   78666          5            08/03/01         00
    0412878126                           05           10/01/01          0
    0412878126                           N            09/01/31
    0

    5268749          K79/G02             F          340,000.00         ZZ
                                         360        339,753.92          1
                                       7.625          2,406.50         74
                                       7.375          2,406.50
    WALTHAM          MA   02453          2            07/31/01         00
    0433098811                           05           09/01/01          0
    13925                                N            08/01/31
    0

    5270043          H58/G02             F          313,500.00         ZZ
                                         360        313,500.00          1
                                       7.625          2,218.93         95
                                       7.375          2,218.93
    PORTLAND         OR   97225          1            08/14/01         01
    0433157971                           05           10/01/01         30
    0000066274                           O            09/01/31
    0

    5270151          742/G02             F           35,750.00         ZZ
                                         360         35,722.11          1
                                       7.250            243.88         75
                                       7.000            243.88
    ROME             NY   13440          1            07/27/01         00
    0433053147                           05           09/01/01          0
    6390934                              N            08/01/31
    0
1

    5270924          940/G02             F           78,750.00         ZZ
                                         360         78,750.00          3
                                       8.625            612.51         90
                                       8.375            612.51
    APPLE VALLEY     CA   92307          1            08/02/01         14
    0433074283                           05           10/01/01         25
    40010743                             N            09/01/31
    0

    5271256          624/G02             F           44,100.00         ZZ
                                         360         44,100.00          1
                                       8.500            339.09         90
                                       8.250            339.09
    JOSHUA TREE (AR  CA   92252          5            08/07/01         01
    0433098779                           05           10/01/01         25
    34083410333F                         O            09/01/31
    0

    5271370          B49/G02             F          395,500.00         ZZ
                                         360        395,220.85          1
                                       7.750          2,833.42         74
                                       7.500          2,833.42
    BAILEY           CO   80421          2            07/25/01         00
    0433046653                           05           09/01/01          0
    000170950550                         O            08/01/31
    0

    5275720          E22/G02             F          157,000.00         ZZ
                                         360        157,000.00          1
                                       7.750          1,124.77         73
                                       7.500          1,124.77
    HOUSTON          TX   77056          5            08/02/01         00
    0412426587                           05           10/01/01          0
    0412426587                           O            09/01/31
    0

    5275776          E22/G02             F          115,200.00         ZZ
                                         360        115,200.00          1
                                       8.750            906.28         80
                                       8.500            906.28
    INDIANAPOLIS     IN   46259          1            08/07/01         00
    0412856700                           05           10/01/01          0
    0412856700                           N            09/01/31
    0

    5275801          E22/G02             F           97,600.00         ZZ
                                         240         97,423.74          1
1

                                       7.500            786.26         78
                                       7.250            786.26
    PROSPER          TX   75078          5            07/31/01         00
    0412877508                           05           09/01/01          0
    0412877508                           O            08/01/21
    0

    5275803          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       8.250          1,081.82         80
                                       8.000          1,081.82
    RENO             NV   89506          5            08/01/01         00
    0412878605                           05           10/01/01          0
    0412878605                           O            09/01/31
    0

    5275887          E82/G02             F          338,400.00         ZZ
                                         360        338,400.00          1
                                       7.750          2,424.34         80
                                       7.500          2,424.34
    EL DORADO HILLS  CA   95762          5            08/02/01         00
    0400459137                           05           10/01/01          0
    0400459137                           O            09/01/31
    0

    5276124          H76/G02             F          208,250.00         ZZ
                                         360        208,250.00          1
                                       7.875          1,509.96         85
                                       7.625          1,509.96
    JAMAICA          NY   11419          5            08/14/01         01
    0433097359                           05           10/01/01         12
    2001395541                           O            09/01/31
    0

    5277265          M82/G02             F          137,500.00         ZZ
                                         360        137,500.00          1
                                       8.375          1,045.10         95
                                       8.125          1,045.10
    ATLANTA          GA   30205          1            08/10/01         12
    0433118262                           01           10/01/01         30
    10052                                O            09/01/31
    0

    5279623          U05/G02             F          273,000.00         ZZ
                                         360        273,000.00          4
                                       7.875          1,979.44         70
                                       7.625          1,979.44
    WHEAT RIDGE      CO   80033          2            08/14/01         00
    0433129574                           05           10/01/01          0
1

    3149933                              N            09/01/31
    0

    5279769          664/G02             F          224,000.00         ZZ
                                         360        223,579.36          1
                                       8.375          1,702.57         80
                                       8.125          1,702.57
    WEST HILLS AREA  CA   91307          5            05/25/01         00
    0433039005                           05           07/01/01          0
    0008124075                           O            06/01/31
    0

    5280084          U05/G02             F          103,400.00         ZZ
                                         360        103,400.00          4
                                       8.500            795.06         95
                                       8.250            795.06
    WASHINGTON       DC   20018          1            08/20/01         01
    0433129764                           05           10/01/01         30
    3149141                              O            09/01/31
    0

    5280504          U62/G02             F           85,400.00         ZZ
                                         360         85,400.00          1
                                       7.750            611.82         75
                                       7.500            611.82
    VERONA           NJ   07044          5            08/13/01         00
    0433106515                           01           10/01/01          0
    2001265930                           O            09/01/31
    0

    5280750          964/G02             F          112,500.00         ZZ
                                         360        112,420.60          3
                                       7.750            805.96         90
                                       7.500            805.96
    FLORENCE         CO   81226          1            07/27/01         01
    0433145802                           05           09/01/01         25
    135839                               N            08/01/31
    0

    5284725          624/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         80
                                       7.250          2,517.17
    UPLAND           CA   91784          5            08/10/01         00
    0433131927                           05           10/01/01          0
    34900111636F                         O            09/01/31
    0

1

    5284839          944/G02             F          400,000.00         ZZ
                                         360        400,000.00          2
                                       8.000          2,935.06         74
                                       7.750          2,935.06
    SAN JOSE         CA   95148          5            08/17/01         00
    0433159811                           05           10/01/01          0
    W01061571                            O            09/01/31
    0

    5285618          168/168             F          255,000.00         ZZ
                                         360        254,841.51          2
                                       8.375          1,938.18         68
                                       8.125          1,938.18
    STATEN ISLAND    NY   10304          5            07/03/01         00
    0059404019                           05           09/01/01          0
    0059404019                           O            08/01/31
    0

    5285676          168/168             F           61,000.00         ZZ
                                         360         60,956.95          1
                                       7.750            437.01         88
                                       7.500            437.01
    ROTTERDAM        NY   12306          1            07/13/01         10
    0059572418                           05           09/01/01         25
    0059572418                           O            08/01/31
    0

    5285687          758/G02             F          121,500.00         ZZ
                                         360        121,356.03          4
                                       8.625            945.01         90
                                       8.375            945.01
    BRYAN            TX   77802          1            06/01/01         14
    0433052750                           05           08/01/01         25
    200287                               N            07/01/31
    0

    5285834          964/G02             F          360,000.00         ZZ
                                         360        359,745.92          3
                                       7.750          2,579.08         80
                                       7.500          2,579.08
    SEATTLE          WA   98109          1            07/30/01         00
    0433038254                           05           09/01/01          0
    133626                               O            08/01/31
    0

    5287825          E22/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       7.250          1,391.64         80
                                       7.000          1,391.64
1

    BLUFFTON         SC   29910          1            08/08/01         00
    0412792608                           03           10/01/01          0
    0412792608                           O            09/01/31
    0

    5287828          E22/G02             F           69,000.00         ZZ
                                         360         69,000.00          1
                                       7.375            476.57         53
                                       7.125            476.57
    AURORA           CO   80010          5            08/03/01         00
    0412801235                           05           10/01/01          0
    0412801235                           O            09/01/31
    0

    5287848          E22/G02             F          156,750.00         ZZ
                                         360        156,750.00          1
                                       7.375          1,082.63         95
                                       7.125          1,082.63
    MIAMI            FL   33165          5            08/03/01         04
    0412845364                           05           10/01/01         30
    0412845364                           O            09/01/31
    0

    5287857          E22/G02             F           39,600.00         ZZ
                                         360         39,600.00          1
                                       8.250            297.50         90
                                       8.000            297.50
    CLEBURNE         TX   76031          1            08/08/01         01
    0412860256                           05           10/01/01         25
    0412860256                           N            09/01/31
    0

    5287877          E22/G02             F          227,200.00         ZZ
                                         360        227,200.00          1
                                       7.125          1,530.69         80
                                       6.875          1,530.69
    FLORENCE         AL   35633          5            08/03/01         00
    0412877631                           05           10/01/01          0
    0412877631                           O            09/01/31
    0

    5287881          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.375            552.54         50
                                       7.125            552.54
    THORNTON         CO   80229          5            08/03/01         00
    0412884264                           05           10/01/01          0
    0412884264                           O            09/01/31
    0
1

    5287890          E22/G02             F          350,000.00         T
                                         360        350,000.00          1
                                       7.500          2,447.25         59
                                       7.250          2,447.25
    MARBLE FALLS     TX   78654          5            08/08/01         00
    0412892960                           05           10/01/01          0
    0412892960                           O            09/01/31
    0

    5287891          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       7.500          1,006.87         62
                                       7.250          1,006.87
    PEMBROKE PINES   FL   33029          5            08/03/01         00
    0412893588                           03           10/01/01          0
    0412893588                           O            09/01/31
    0

    5288141          601/G02             F           58,500.00         ZZ
                                         360         58,432.44          1
                                       8.750            460.22         65
                                       8.500            460.22
    GAITHERSBURG     MD   20879          5            06/06/01         00
    0433052966                           01           08/01/01          0
    60565959                             N            07/01/31
    0

    5290261          E23/G02             F          234,000.00         ZZ
                                         360        234,000.00          1
                                       7.750          1,676.40         80
                                       7.500          1,676.40
    BURBANK          CA   91505          1            08/14/01         00
    0433159852                           05           10/01/01          0
    51006400                             O            09/01/31
    0

    5293480          A06/G02             F          395,000.00         ZZ
                                         360        394,714.11          1
                                       7.625          2,795.79         71
                                       7.375          2,795.79
    GROSSE POINTE P  MI   48224          5            07/31/01         00
    0433100823                           05           09/01/01          0
    1PENNEFATHER                         O            08/01/31
    0

    5295441          A46/G02             F          308,000.00         ZZ
                                         360        308,000.00          1
1

                                       7.250          2,101.11         80
                                       7.000          2,101.11
    HOUSTON          TX   77058          1            08/14/01         00
    0433108404                           03           10/01/01          0
    0296763                              O            09/01/31
    0

    5296022          T29/G02             F           64,890.00         ZZ
                                         360         64,890.00          4
                                       8.625            504.71         90
                                       8.375            504.71
    PASCO            WA   99301          1            08/02/01         01
    0433147683                           05           10/01/01         25
    1230218                              N            09/01/31
    0

    5298325          E22/G02             F           94,400.00         ZZ
                                         360         94,400.00          2
                                       8.625            734.23         89
                                       8.375            734.23
    KENNER           LA   70065          2            08/09/01         04
    0412605388                           05           10/01/01         25
    0412605388                           N            09/01/31
    0

    5298328          E22/G02             F          515,000.00         ZZ
                                         360        515,000.00          1
                                       7.375          3,556.98         74
                                       7.125          3,556.98
    PLEASANTON       CA   94566          5            08/02/01         00
    0412730376                           05           10/01/01          0
    0412730376                           O            09/01/31
    0

    5298333          E22/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       8.750            991.24         90
                                       8.500            991.24
    NORTH BRANFORD   CT   06471          1            08/09/01         04
    0412779860                           05           10/01/01         25
    0412779860                           O            09/01/31
    0

    5298357          E22/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       8.000          2,113.24         80
                                       7.750          2,113.24
    DALLAS           TX   75218          5            08/03/01         00
    0412855975                           03           10/01/01          0
1

    0412855975                           O            09/01/31
    0

    5298358          E22/G02             F           44,000.00         ZZ
                                         360         44,000.00          1
                                       8.000            322.86         80
                                       7.750            322.86
    MANCHESTER TOWN  NJ   08759          1            08/09/01         00
    0412856437                           09           10/01/01          0
    0412856437                           O            09/01/31
    0

    5298364          E22/G02             F           37,000.00         ZZ
                                         360         37,000.00          1
                                       7.875            268.28        100
                                       7.625            268.28
    STERLING         CO   80751          1            08/09/01         04
    0412872004                           05           10/01/01         40
    0412872004                           O            09/01/31
    0

    5298381          E22/G02             F           41,400.00         ZZ
                                         360         41,400.00          2
                                       8.875            329.40         90
                                       8.625            329.40
    MEADVILLE        PA   16335          1            08/09/01         04
    0412901928                           05           10/01/01         25
    0412901928                           N            09/01/31
    0

    5298383          E22/G02             F           29,000.00         ZZ
                                         360         29,000.00          1
                                       8.250            217.87         23
                                       8.000            217.87
    EAST BRUNSWICK   NJ   08816          1            08/09/01         00
    0412910366                           05           10/01/01          0
    0412910366                           O            09/01/31
    0

    5298390          601/G02             F          159,600.00         ZZ
                                         360        159,157.09          1
                                       7.375          1,102.32         70
                                       7.125          1,102.32
    ROGERS           MN   55374          2            06/20/01         00
    0433050093                           05           08/01/01          0
    6065214                              O            07/01/31
    0

1

    5298542          964/G02             F          211,200.00         ZZ
                                         360        211,043.26          1
                                       7.500          1,476.74         80
                                       7.250          1,476.74
    DENVER           CO   80231          1            08/03/01         00
    0433057551                           01           09/01/01          0
    133398                               O            08/01/31
    0

    5298611          U62/G02             F           71,500.00         ZZ
                                         360         71,449.54          1
                                       7.750            512.23        100
                                       7.500            512.23
    KEARNEY          NE   68845          1            07/23/01         04
    0433055316                           05           09/01/01         35
    2001251199                           O            08/01/31
    0

    5300659          664/G02             F          308,600.00         ZZ
                                         360        308,600.00          1
                                       8.500          2,372.87         95
                                       8.250          2,372.87
    JEFFERSONTON     VA   22724          1            08/17/01         01
    0433157450                           03           10/01/01         30
    0008287856                           O            09/01/31
    0

    5301967          T90/G02             F          382,500.00         ZZ
                                         360        382,500.00          1
                                       7.875          2,773.39         90
                                       7.625          2,773.39
    LITTLE MOUNTAIN  SC   29075          5            08/15/01         11
    0433157732                           05           10/01/01         25
    552910                               O            09/01/31
    0

    5302785          601/G02             F          134,400.00         ZZ
                                         360        134,007.15          1
                                       7.625            951.28         80
                                       7.375            951.28
    BREMEN           GA   30110          1            05/03/01         00
    0433113453                           05           06/01/01          0
    60547411                             O            05/01/31
    0

    5302985          964/G02             F          202,050.00         ZZ
                                         360        202,050.00          1
                                       7.625          1,430.10         90
                                       7.375          1,430.10
1

    PORTLAND         OR   97211          1            08/21/01         01
    0433127685                           05           10/01/01         25
    133336                               O            09/01/31
    0

    5303409          601/G02             F          200,850.00         ZZ
                                         360        200,388.66          1
                                       7.375          1,387.23         80
                                       7.125          1,387.23
    BERKLEY          MA   02779          1            06/05/01         00
    0433154002                           05           07/01/01          0
    60596814                             O            06/01/31
    0

    5304784          Q99/G02             F          275,500.00         ZZ
                                         360        275,319.78          1
                                       8.125          2,045.58         95
                                       7.875          2,045.58
    SANTA ANNA       CA   92705          5            08/24/01         14
    0433159233                           05           09/29/01         35
    1                                    O            08/29/31
    0

    5305715          601/G02             F          118,150.00         ZZ
                                         360        110,783.94          4
                                       8.250            887.63         85
                                       8.000            887.63
    ALBUQUERQUE      NM   87110          1            03/23/01         14
    0433050762                           05           05/01/01         12
    60427887                             N            04/01/31
    0

    5307371          253/253             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       7.750          1,203.57         80
                                       7.500          1,203.57
    BOULDER          CO   80301          1            08/15/01         00
    978344                               01           10/01/01          0
    978344                               N            09/01/31
    0

    5308431          964/G02             F          289,000.00         ZZ
                                         360        289,000.00          1
                                       7.875          2,095.45         80
                                       7.625          2,095.45
    BAINBRIDGE IS    WA   98110          2            08/16/01         00
    0433125911                           05           10/01/01          0
    137907                               N            09/01/31
    0
1

    5308821          E22/G02             F           55,800.00         ZZ
                                         360         55,800.00          1
                                       8.500            429.05         90
                                       8.250            429.05
    DELRAY BEACH     FL   33444          1            08/10/01         01
    0412767790                           05           10/01/01         25
    0412767790                           N            09/01/31
    0

    5308850          E22/G02             F           64,850.00         ZZ
                                         360         64,850.00          1
                                       7.875            470.21         90
                                       7.625            470.21
    LINCOLN PARK     MI   48146          1            08/10/01         01
    0412841199                           05           10/01/01         25
    0412841199                           N            09/01/31
    0

    5308865          E22/G02             F           93,000.00         ZZ
                                         360         93,000.00          1
                                       8.500            715.09         78
                                       8.250            715.09
    SALTER PATH      NC   28575          2            08/06/01         00
    0412854507                           05           10/01/01          0
    0412854507                           O            09/01/31
    0

    5308879          E22/G02             F          116,100.00         ZZ
                                         360        116,100.00          4
                                       8.125            862.04         90
                                       7.875            862.04
    PENSACOLA        FL   32534          1            08/10/01         01
    0412869075                           05           10/01/01         25
    0412869075                           N            09/01/31
    0

    5308890          E22/G02             F           36,100.00         ZZ
                                         360         36,100.00          1
                                       8.750            284.00         95
                                       8.500            284.00
    HOUSTON          TX   77039          1            08/10/01         01
    0412883274                           09           10/01/01         30
    0412883274                           O            09/01/31
    0

    5308905          E22/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
1

                                       7.750          3,582.06         80
                                       7.500          3,582.06
    PAGOSA SPRINGS   CO   81147          5            08/06/01         00
    0412895120                           05           10/01/01          0
    0412895120                           O            09/01/31
    0

    5308912          E22/G02             F          127,500.00         ZZ
                                         360        127,500.00          1
                                       8.250            957.86         75
                                       8.000            957.86
    CINCINNATI       OH   45224          5            08/10/01         00
    0412897712                           05           10/01/01          0
    0412897712                           N            09/01/31
    0

    5308918          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       8.250            676.14         70
                                       8.000            676.14
    CINCINNATI       OH   45224          5            08/10/01         00
    0412907032                           05           10/01/01          0
    0412907032                           N            09/01/31
    0

    5309029          E82/G02             F          201,600.00         ZZ
                                         360        201,600.00          1
                                       7.375          1,392.40         90
                                       7.125          1,392.40
    CARROLLTON       TX   75006          1            08/10/01         04
    0400449872                           09           10/01/01         25
    0400449872                           O            09/01/31
    0

    5309146          601/G02             F           32,800.00         ZZ
                                         360         32,781.13          1
                                       8.750            258.04         70
                                       8.500            258.04
    MANCHESTER       PA   17345          1            07/27/01         00
    0433084852                           07           09/01/01          0
    60707239                             N            08/01/31
    0

    5310321          E23/G02             F          175,000.00         ZZ
                                         360        175,000.00          2
                                       7.750          1,253.72         90
                                       7.500          1,253.72
    ROSEMEAD         CA   91770          1            08/24/01         04
    0433159829                           05           10/01/01         25
1

    51006607                             O            09/01/31
    0

    5310576          A06/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.875          2,175.21         79
                                       7.625          2,175.21
    STERLING HEIGHT  MI   48314          5            08/21/01         00
    0433159894                           05           10/01/01          0
    1ROSE                                O            09/01/31
    0

    5310587          N47/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
                                       7.250            798.15         57
                                       7.000            798.15
    MARINA           CA   93933          1            08/24/01         00
    0433155330                           09           10/01/01          0
    20111555                             O            09/01/31
    0

    5317257          U62/G02             F           61,500.00         ZZ
                                         360         61,450.82          1
                                       7.125            414.34         75
                                       6.875            414.34
    COLLEGE PARK     GA   30349          2            07/31/01         00
    0433074242                           07           09/01/01          0
    2001280328                           N            08/01/31
    0

    5319176          E22/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       7.625          1,443.90         80
                                       7.375          1,443.90
    CANBY            OR   97013          2            08/07/01         00
    0412667529                           05           10/01/01          0
    0412667529                           O            09/01/31
    0

    5319180          E22/G02             F          134,000.00         ZZ
                                         360        134,000.00          1
                                       8.375          1,018.50         80
                                       8.125          1,018.50
    CANBY            OR   97013          5            08/07/01         00
    0412746968                           05           10/01/01          0
    0412746968                           N            09/01/31
    0

1

    5319183          E22/G02             F          378,400.00         ZZ
                                         360        378,400.00          1
                                       7.500          2,645.83         80
                                       7.250          2,645.83
    SOUTH PASADENA   CA   91030          5            08/02/01         00
    0412794877                           05           10/01/01          0
    0412794877                           O            09/01/31
    0

    5319185          E22/G02             F          108,800.00         ZZ
                                         360        108,800.00          1
                                       8.000            798.34         80
                                       7.750            798.34
    PLANO            TX   75075          5            08/08/01         00
    0412796302                           05           10/01/01          0
    0412796302                           O            09/01/31
    0

    5319189          E22/G02             F          597,750.00         ZZ
                                         360        597,750.00          1
                                       7.625          4,230.84         75
                                       7.375          4,230.84
    DISCOVERY BAY    CA   94514          5            08/03/01         00
    0412806606                           05           10/01/01          0
    0412806606                           O            09/01/31
    0

    5319192          E22/G02             F          106,950.00         ZZ
                                         360        106,950.00          1
                                       7.625            756.99         85
                                       7.375            756.99
    GREAT FALLS      MT   59404          2            08/08/01         01
    0412812075                           05           10/01/01         12
    0412812075                           O            09/01/31
    0

    5319200          E22/G02             F          174,000.00         ZZ
                                         360        174,000.00          1
                                       7.875          1,261.62         47
                                       7.625          1,261.62
    AUSTIN           TX   78756          5            08/08/01         00
    0412824609                           05           10/01/01          0
    0412824609                           O            09/01/31
    0

    5319210          E22/G02             F          110,250.00         ZZ
                                         360        110,250.00          1
                                       8.875            877.20         94
                                       8.625            877.20
1

    HUBER HEIGHTS    OH   45424          5            08/08/01         04
    0412842031                           05           10/01/01         30
    0412842031                           O            09/01/31
    0

    5319237          E22/G02             F          142,400.00         ZZ
                                         360        142,400.00          1
                                       7.750          1,020.17         80
                                       7.500          1,020.17
    FT. LAUDERDALE   FL   33308          2            08/07/01         00
    0412869687                           05           10/01/01          0
    0412869687                           O            09/01/31
    0

    5319238          E22/G02             F          173,500.00         ZZ
                                         240        173,500.00          1
                                       7.250          1,371.30         90
                                       7.000          1,371.30
    WOODLAND         CA   95776          5            08/06/01         01
    0412870586                           05           10/01/01         25
    0412870586                           O            09/01/21
    0

    5319243          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       8.000            733.76         80
                                       7.750            733.76
    ALBUQUERQUE      NM   87105          2            08/07/01         00
    0412876716                           07           10/01/01          0
    0412876716                           N            09/01/31
    0

    5319246          E22/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       7.250          2,564.98         80
                                       7.000          2,564.98
    SAN FRANCISCO    CA   94122          1            08/06/01         00
    0412877672                           05           10/01/01          0
    0412877672                           O            09/01/31
    0

    5319247          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       8.000            733.76         80
                                       7.750            733.76
    ALBUQUERQUE      NM   87105          2            08/07/01         00
    0412877771                           07           10/01/01          0
    0412877771                           N            09/01/31
    0
1

    5319251          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       8.000            733.76         80
                                       7.750            733.76
    ALBUQUERQUE      NM   84120          2            08/07/01         00
    0412878076                           07           10/01/01          0
    0412878076                           N            09/01/31
    0

    5319259          E22/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       7.750          1,253.72         77
                                       7.500          1,253.72
    EDISON           NJ   08817          5            08/07/01         00
    0412885923                           05           10/01/01          0
    0412885923                           O            09/01/31
    0

    5319265          E22/G02             F           36,000.00         ZZ
                                         360         36,000.00          1
                                       8.875            286.43         90
                                       8.625            286.43
    BAXTER           KY   40806          5            08/08/01         10
    0412892150                           05           10/01/01         25
    0412892150                           O            09/01/31
    0

    5319268          E22/G02             F          103,500.00         ZZ
                                         360        103,500.00          1
                                       8.250            777.56         90
                                       8.000            777.56
    HIALEAH          FL   33055          2            08/08/01         01
    0412893976                           05           10/01/01         25
    0412893976                           O            09/01/31
    0

    5319360          E82/G02             F          119,700.00         ZZ
                                         360        119,700.00          1
                                       9.000            963.13         95
                                       8.750            963.13
    BIRMINGHAM       AL   35205          5            08/10/01         04
    0400462842                           05           10/01/01         30
    0400462842                           O            09/01/31
    0

    5320268          883/G02             F           38,500.00         ZZ
                                         360         38,476.67          1
1

                                       8.500            296.04         70
                                       8.250            296.04
    MEMPHIS          TN   38122          5            07/27/01         00
    0433104353                           05           09/01/01          0
    70000646                             N            08/01/31
    0

    5338476          G75/G75             F          136,800.00         ZZ
                                         360        136,698.47          4
                                       7.500            956.53         95
                                       7.250            956.53
    PAWTUCKET        RI   02860          5            07/05/01         12
    04370704                             05           09/01/01         30
    04370704                             O            08/01/31
    0

    5338482          G75/G75             F           93,600.00         ZZ
                                         360         93,541.82          1
                                       8.375            711.43         80
                                       8.125            711.43
    GRANVILLE        MA   01034          1            07/20/01         00
    04367961                             05           09/01/01          0
    04367961                             O            08/01/31
    0

    5338483          G75/G75             F          118,700.00         ZZ
                                         360        118,605.07          1
                                       7.125            799.71         80
                                       6.875            799.71
    GREER            SC   29650          1            07/23/01         00
    04358950                             03           09/01/01          0
    04358950                             O            08/01/31
    0

    5338485          G75/G75             F          193,200.00         ZZ
                                         360        192,933.20          1
                                       7.875          1,400.84         80
                                       7.625          1,400.84
    WEDDINGTON       NC   28104          1            06/26/01         00
    04347731                             05           08/01/01          0
    04347731                             O            07/01/31
    0

    5340590          286/G02             F           68,400.00         ZZ
                                         360         68,400.00          1
                                       8.625            532.01         90
                                       8.375            532.01
    FREEHOLD         NJ   07728          1            08/03/01         12
    0433157468                           05           10/01/01         25
1

    0000499850                           N            09/01/31
    0

    5341673          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.500          1,922.84         77
                                       7.250          1,922.84
    COLORADO SPRING  CO   80915          2            08/09/01         00
    0412811093                           05           10/01/01          0
    0412811093                           O            09/01/31
    0

    5341684          E22/G02             F           55,050.00         ZZ
                                         360         55,050.00          1
                                       7.875            399.15         33
                                       7.625            399.15
    AUSTIN           TX   78704          5            08/08/01         00
    0412837395                           05           10/01/01          0
    0412837395                           O            09/01/31
    0

    5341689          E22/G02             F          386,000.00         ZZ
                                         360        386,000.00          1
                                       8.000          2,832.33         90
                                       7.750          2,832.33
    NORTHRIDGE       CA   91326          2            08/02/01         04
    0412849952                           05           10/01/01         25
    0412849952                           O            09/01/31
    0

    5341696          E22/G02             F          136,800.00         ZZ
                                         360        136,800.00          1
                                       7.750            980.05         80
                                       7.500            980.05
    WAXAHACHIE       TX   75165          5            08/07/01         00
    0412864340                           05           10/01/01          0
    0412864340                           O            09/01/31
    0

    5341698          E22/G02             F          175,200.00         ZZ
                                         360        175,200.00          1
                                       7.875          1,270.32         80
                                       7.625          1,270.32
    HOUSTON          TX   77024          5            08/09/01         00
    0412873242                           09           10/01/01          0
    0412873242                           O            09/01/31
    0

1

    5341705          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.875          2,175.21         79
                                       7.625          2,175.21
    DALLAS           TX   75225          5            08/09/01         00
    0412881476                           05           10/01/01          0
    0412881476                           O            09/01/31
    0

    5341710          E22/G02             F          297,000.00         ZZ
                                         360        297,000.00          1
                                       8.000          2,179.28         90
                                       7.750          2,179.28
    OCEANSIDE        CA   92056          5            08/07/01         04
    0412884553                           03           10/01/01         25
    0412884553                           O            09/01/31
    0

    5341725          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.875            870.08         80
                                       7.625            870.08
    WATERFORD        MI   48329          5            08/09/01         00
    0412897944                           05           10/01/01          0
    0412897944                           O            09/01/31
    0

    5341735          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       8.625            700.01         75
                                       8.375            700.01
    LEBANON          OR   97355          5            08/10/01         00
    0412912107                           05           10/01/01          0
    0412912107                           N            09/01/31
    0

    5342431          944/G02             F          590,000.00         ZZ
                                         360        589,143.23          1
                                       7.625          4,175.99         75
                                       7.375          4,175.99
    APTOS            CA   95003          5            06/01/01         00
    0433101524                           05           08/01/01          0
    W01053127                            O            07/01/31
    0

    5343485          L60/F27             F          204,000.00         ZZ
                                         360        203,711.11          1
                                       7.750          1,461.48         80
                                       7.500          1,461.48
1

    KING             NC   27021          2            05/29/01         00
    6610621927                           05           08/01/01          0
    6610621927                           O            07/01/31
    0

    5343486          L60/F27             F          263,200.00         ZZ
                                         360        262,836.55          1
                                       7.875          1,908.38         80
                                       7.625          1,908.38
    TAYLORS          SC   29687          1            06/18/01         00
    6610753572                           05           08/01/01          0
    6610753572                           O            07/01/31
    0

    5343509          L60/F27             F          211,000.00         ZZ
                                         360        210,677.91          1
                                       7.375          1,457.32         80
                                       7.125          1,457.32
    PITTSBURGH       PA   15241          5            05/31/01         00
    6960169504                           05           08/01/01          0
    6960169504                           O            07/01/31
    0

    5343512          L60/F27             F          133,520.00         ZZ
                                         360        133,129.73          1
                                       7.625            945.05         80
                                       7.375            945.05
    GREAT MILLS      MD   20634          1            04/27/01         00
    6990352818                           05           06/01/01          0
    6990352818                           O            05/01/31
    0

    5343515          L60/F27             F           43,050.00         T
                                         360         42,850.50          1
                                       7.375            297.34         70
                                       7.125            297.34
    LAKE LURE        NC   28746          2            05/25/01         00
    6610669245                           05           07/01/01          0
    6610669245                           O            06/01/31
    0

    5343518          L60/F27             F          230,992.00         ZZ
                                         360        230,420.64          1
                                       7.000          1,536.80         80
                                       6.750          1,536.80
    STAFFORD         VA   22554          1            05/09/01         00
    6920015806                           03           07/01/01          0
    6920015806                           O            06/01/31
    0
1

    5343522          L60/F27             F          487,500.00         ZZ
                                         360        485,488.98          1
                                       7.000          3,243.35         75
                                       6.750          3,243.35
    DURHAM           NC   27712          2            05/23/01         00
    6610681652                           03           07/01/01          0
    6610681652                           O            06/01/31
    0

    5343524          L60/F27             F          600,000.00         ZZ
                                         360        598,621.91          1
                                       7.375          4,144.05         34
                                       7.125          4,144.05
    FLETCHER         NC   28732          5            05/23/01         00
    6610629316                           05           07/01/01          0
    6610629316                           O            06/01/31
    0

    5343537          L60/F27             F           81,600.00         ZZ
                                         360         81,412.58          1
                                       7.375            563.59         80
                                       7.125            563.59
    COLUMBUS         GA   31907          5            05/21/01         00
    6960118853                           05           07/01/01          0
    6960118853                           O            06/01/31
    0

    5343545          L60/F27             F          420,000.00         ZZ
                                         360        418,935.38          1
                                       6.875          2,759.10         69
                                       6.625          2,759.10
    SPRINGFIELD      VA   22153          1            05/07/01         00
    6920005541                           03           07/01/01          0
    6920005541                           O            06/01/31
    0

    5343573          L60/F27             F          550,800.00         ZZ
                                         360        549,534.91          1
                                       7.375          3,804.24         75
                                       7.125          3,804.24
    OWINGS MILLS     MD   21117          2            05/23/01         00
    6920066079                           05           07/01/01          0
    6920066079                           O            06/01/31
    0

    5343583          L60/F27             F          512,000.00         ZZ
                                         360        510,387.83          1
1

                                       7.250          3,492.74         80
                                       7.000          3,492.74
    ROCKVILLE        MD   20853          5            04/06/01         00
    6990341352                           03           06/01/01          0
    6990341352                           O            05/01/31
    0

    5343589          L60/F27             F          460,000.00         ZZ
                                         360        458,943.45          1
                                       7.375          3,177.11         80
                                       7.125          3,177.11
    STONE MOUNTAIN   GA   30087          2            05/25/01         00
    6610732958                           05           07/01/01          0
    6610732958                           O            06/01/31
    0

    5343595          L60/F27             F          232,000.00         ZZ
                                         360        231,149.71          1
                                       7.625          1,642.08         80
                                       7.375          1,642.08
    MAYSVILLE        GA   30558          1            04/02/01         00
    6990340038                           03           05/01/01          0
    6990340038                           O            04/01/31
    0

    5343609          L60/F27             F          438,500.00         ZZ
                                         360        437,517.58          1
                                       7.500          3,066.06         70
                                       7.250          3,066.06
    DAVIDSON         NC   28036          5            05/25/01         00
    6960172866                           05           07/01/01          0
    6960172866                           O            06/01/31
    0

    5343612          L60/F27             F          463,400.00         ZZ
                                         360        462,361.81          1
                                       7.500          3,240.16         70
                                       7.250          3,240.16
    GEORGETOWN       SC   29440          2            05/03/01         00
    6610669539                           03           07/01/01          0
    6610669539                           O            06/01/31
    0

    5343620          L60/F27             F          584,000.00         ZZ
                                         360        582,691.63          1
                                       7.500          4,083.41         80
                                       7.250          4,083.41
    CHAPEL HILL      NC   27514          5            05/04/01         00
    6610640832                           03           07/01/01          0
1

    6610640832                           O            06/01/31
    0

    5343627          L60/F27             F           75,000.00         ZZ
                                         360         28,604.44          1
                                       7.500            524.41         46
                                       7.250            524.41
    WAYNESVILLE      NC   28786          1            04/09/01         00
    6990322560                           05           06/01/01          0
    6990322560                           O            05/01/31
    0

    5343643          L60/F27             F          149,050.00         ZZ
                                         360        148,579.24          1
                                       7.250          1,016.78         75
                                       7.000          1,016.78
    FLORENCE         SC   29505          2            04/25/01         00
    6610660418                           05           06/01/01          0
    6610660418                           O            05/01/31
    0

    5343644          L60/F27             F          153,750.00         ZZ
                                         360        153,277.71          1
                                       7.375          1,061.91         75
                                       7.125          1,061.91
    RURAL HALL       NC   27045          5            04/18/01         00
    6610644366                           05           06/01/01          0
    6610644366                           O            05/01/31
    0

    5343651          L60/F27             F          188,000.00         ZZ
                                         360        187,450.52          1
                                       7.625          1,330.65         61
                                       7.375          1,330.65
    SNELLVILLE       GA   30039          5            04/25/01         00
    6960060138                           05           06/01/01          0
    6960060138                           O            05/01/31
    0

    5343654          L60/F27             F          190,500.00         ZZ
                                         360        189,624.60          1
                                       7.625          1,348.35         72
                                       7.375          1,348.35
    BULLOCK          NC   27507          2            05/16/01         00
    6610704636                           05           07/01/01          0
    6610704636                           O            06/01/31
    0

1

    5343671          L60/F27             F          310,000.00         ZZ
                                         360        308,863.81          1
                                       7.625          2,194.16         56
                                       7.375          2,194.16
    GAINESVILLE      GA   30506          5            03/20/01         00
    6990310090                           05           05/01/01          0
    6990310090                           O            04/01/31
    0

    5343685          L60/F27             F          331,000.00         ZZ
                                         360        330,181.29          1
                                       7.000          2,202.15         64
                                       6.750          2,202.15
    SPRINGFIELD      VA   22153          1            05/10/01         00
    6920087874                           05           07/01/01          0
    6920087874                           O            06/01/31
    0

    5343708          L60/F27             F          380,000.00         ZZ
                                         360        378,572.16          1
                                       7.500          2,657.02         80
                                       7.250          2,657.02
    CHEVY CHASE      MD   20815          1            03/29/01         00
    6990317877                           05           05/01/01          0
    6990317877                           O            04/01/31
    0

    5343719          L60/F27             F          401,250.00         ZZ
                                         360        399,986.57          1
                                       7.250          2,737.23         75
                                       7.000          2,737.23
    CHARLOTTE        NC   28226          1            04/27/01         00
    6610689203                           03           06/01/01          0
    6610689203                           O            05/01/31
    0

    5343729          L60/F27             F          420,800.00         ZZ
                                         360        419,179.24          1
                                       7.375          2,906.36         80
                                       7.125          2,906.36
    VIRGINIA BEACH   VA   23452          2            03/26/01         00
    6990318377                           05           05/01/01          0
    6990318377                           O            04/01/31
    0

    5343744          L60/F27             F          470,000.00         T
                                         360        468,557.80          1
                                       7.750          3,367.14         80
                                       7.500          3,367.14
1

    PAWLEYS ISLAND   SC   29585          1            04/13/01         00
    6610677159                           08           06/01/01          0
    6610677159                           O            05/01/31
    0

    5343745          L60/F27             F          475,000.00         ZZ
                                         360        473,428.89          1
                                       7.000          3,160.19         27
                                       6.750          3,160.19
    ST. MICHAELS     MD   21663          2            04/11/01         00
    6990343126                           05           06/01/01          0
    6990343126                           O            05/01/31
    0

    5343755          L60/F27             F          510,000.00         ZZ
                                         360        508,394.13          1
                                       7.250          3,479.10         75
                                       7.000          3,479.10
    CHAPEL HILL      NC   27514          1            04/30/01         00
    6610684562                           05           06/01/01          0
    6610684562                           O            05/01/31
    0

    5343775          L60/F27             F          650,000.00         ZZ
                                         360        648,003.29          1
                                       7.375          4,489.39         75
                                       7.125          4,489.39
    SIMPSONVILLE     SC   29681          2            04/30/01         00
    6960115897                           05           06/01/01          0
    6960115897                           O            05/01/31
    0

    5345717          A06/G02             F          105,600.00         ZZ
                                         360        105,600.00          1
                                       8.000            774.86         80
                                       7.750            774.86
    DEARBORN         MI   48124          1            08/20/01         00
    0433122504                           05           10/01/01          0
    021000020104465                      O            09/01/31
    0

    5345920          944/G02             F          250,000.00         ZZ
                                         360        249,588.95          1
                                       7.000          1,663.26         65
                                       6.750          1,663.26
    MILPITAS         CA   95035          2            06/15/01         00
    0433101508                           03           08/01/01          0
    W01022281                            O            07/01/31
    0
1

    5346658          964/G02             F          272,000.00         ZZ
                                         360        272,000.00          1
                                       7.375          1,878.64         80
                                       7.125          1,878.64
    SOUTH LAKE TAHO  CA   96150          1            08/17/01         00
    0433112117                           05           10/01/01          0
    135564                               O            09/01/31
    0

    5353410          E22/G02             F           88,400.00         ZZ
                                         360         88,400.00          1
                                       7.750            633.31         85
                                       7.500            633.31
    SAN ANTONIO      TX   78238          1            08/10/01         01
    0412800658                           03           10/01/01         12
    0412800658                           O            09/01/31
    0

    5353419          E22/G02             F           64,500.00         ZZ
                                         240         64,500.00          2
                                       8.500            559.75         95
                                       8.250            559.75
    SAINT LOUIS      MO   63108          2            08/10/01         04
    0412841603                           05           10/01/01         30
    0412841603                           O            09/01/21
    0

    5353434          E22/G02             F          212,400.00         ZZ
                                         360        212,400.00          1
                                       7.750          1,521.66         90
                                       7.500          1,521.66
    MIAMI LAKES      FL   33016          1            08/15/01         04
    0412858227                           03           10/01/01         25
    0412858227                           O            09/01/31
    0

    5353436          E22/G02             F          154,850.00         ZZ
                                         360        154,850.00          1
                                       7.875          1,122.77         95
                                       7.625          1,122.77
    GENEVA           IL   60134          5            08/10/01         04
    0412861718                           05           10/01/01         30
    0412861718                           O            09/01/31
    0

    5353442          E22/G02             F          196,200.00         ZZ
                                         360        196,200.00          1
1

                                       7.375          1,355.10         90
                                       7.125          1,355.10
    UKIAH            CA   95482          5            08/07/01         04
    0412865420                           05           10/01/01         25
    0412865420                           O            09/01/31
    0

    5353444          E22/G02             F          516,000.00         ZZ
                                         360        516,000.00          1
                                       7.500          3,607.95         80
                                       7.250          3,607.95
    SAN DIEGO        CA   92120          5            08/07/01         00
    0412866113                           05           10/01/01          0
    0412866113                           O            09/01/31
    0

    5353480          E22/G02             F           62,000.00         ZZ
                                         360         62,000.00          1
                                       7.875            449.54         79
                                       7.625            449.54
    HOUSTON          TX   77084          2            08/10/01         00
    0412900375                           03           10/01/01          0
    0412900375                           O            09/01/31
    0

    5353482          E22/G02             F           70,200.00         ZZ
                                         360         70,200.00          3
                                       8.250            527.39         90
                                       8.000            527.39
    CHARLOTTE        NC   28216          1            08/14/01         10
    0412901555                           05           10/01/01         25
    0412901555                           N            09/01/31
    0

    5353483          E22/G02             F           73,800.00         ZZ
                                         360         73,800.00          2
                                       8.000            541.52         90
                                       7.750            541.52
    CHARLOTTE        NC   28216          1            08/14/01         10
    0412901563                           05           10/01/01         25
    0412901563                           N            09/01/31
    0

    5353488          E22/G02             F          114,750.00         ZZ
                                         360        114,750.00          1
                                       8.125            852.02         85
                                       7.875            852.02
    MARGATE          FL   33063          2            08/10/01         04
    0412903387                           05           10/01/01         12
1

    0412903387                           O            09/01/31
    0

    5353508          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.500          1,118.74         80
                                       7.250          1,118.74
    AURORA           CO   80011          5            08/10/01         00
    0412912255                           05           10/01/01          0
    0412912255                           O            09/01/31
    0

    5353603          944/G02             F          368,000.00         ZZ
                                         360        367,133.55          1
                                       7.250          2,510.41         80
                                       7.000          2,510.41
    PLEASANT HILL    CA   94523          5            05/15/01         00
    0433101557                           05           07/01/01          0
    W01021762                            O            06/01/31
    0

    5356278          U05/G02             F          256,500.00         ZZ
                                         360        256,500.00          3
                                       8.250          1,927.00         90
                                       8.000          1,927.00
    DALLAS           TX   75214          1            08/27/01         10
    0433159928                           05           10/01/01         25
    3162309                              N            09/01/31
    0

    5358406          964/G02             F          178,500.00         ZZ
                                         360        178,500.00          1
                                       7.625          1,263.41         85
                                       7.375          1,263.41
    PHOENIX          AZ   85048          2            08/22/01         01
    0433150315                           05           10/01/01         12
    127919                               N            09/01/31
    0

    5360533          642/G02             F           41,800.00         ZZ
                                         360         41,800.00          1
                                       7.625            295.86         95
                                       7.375            295.86
    BIRMINGHAM       AL   35207          5            08/09/01         10
    0433075546                           05           10/01/01         30
    08103501                             O            09/01/31
    0

1

    5361159          G52/G02             F          344,156.00         ZZ
                                         360        343,017.67          1
                                       7.000          2,289.68         95
                                       6.750          2,289.68
    MURRIETA         CA   92563          1            04/26/01         10
    0433085362                           03           06/01/01         30
    80502035                             O            05/01/31
    0

    5362051          G52/G02             F           40,000.00         ZZ
                                         360         39,968.01          1
                                       7.125            269.49         37
                                       6.875            269.49
    RIO RANCHO       NM   87124          5            07/25/01         00
    0433106788                           05           09/01/01          0
    5605000739                           O            08/01/31
    0

    5363203          E22/G02             F           31,850.00         ZZ
                                         360         31,850.00          1
                                       8.625            247.73         65
                                       8.375            247.73
    COLORADO SPRING  CO   80915          5            08/16/01         00
    0412849812                           01           10/01/01          0
    0412849812                           N            09/01/31
    0

    5363208          E22/G02             F          115,200.00         ZZ
                                         360        115,200.00          1
                                       8.250            865.46         90
                                       8.000            865.46
    PARADISE TOWNSH  MI   49644          1            08/16/01         04
    0412876799                           05           10/01/01         30
    0412876799                           O            09/01/31
    0

    5363210          E22/G02             F           31,200.00         ZZ
                                         360         31,200.00          1
                                       8.750            245.45         80
                                       8.500            245.45
    ATLANTA          GA   30311          1            08/16/01         00
    0412877201                           01           10/01/01          0
    0412877201                           N            09/01/31
    0

    5363221          E22/G02             F          134,100.00         ZZ
                                         360        134,100.00          1
                                       7.875            972.32         90
                                       7.625            972.32
1

    PORTLAND         OR   97219          1            08/13/01         04
    0412897316                           05           10/01/01         25
    0412897316                           O            09/01/31
    0

    5363225          E22/G02             F          126,900.00         ZZ
                                         360        126,900.00          1
                                       8.125            942.23         90
                                       7.875            942.23
    FORT COLLINS     CO   80525          1            08/16/01         04
    0412901126                           01           10/01/01         25
    0412901126                           O            09/01/31
    0

    5363226          E22/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.375          2,624.57         80
                                       7.125          2,624.57
    MILLBRAE         CA   94030          1            08/09/01         00
    0412901357                           05           10/01/01          0
    0412901357                           O            09/01/31
    0

    5363232          E22/G02             F           66,975.00         ZZ
                                         360         66,975.00          1
                                       8.500            514.98         95
                                       8.250            514.98
    AURORA           CO   80017          1            08/16/01         01
    0412914053                           01           10/01/01         30
    0412914053                           O            09/01/31
    0

    5363247          E22/G02             F           70,800.00         ZZ
                                         360         70,800.00          1
                                       7.500            495.04         80
                                       7.250            495.04
    MARSHALL         MO   65340          1            08/16/01         00
    0412929275                           05           10/01/01          0
    0412929275                           O            09/01/31
    0

    5365432          624/G02             F          215,700.00         ZZ
                                         360        215,700.00          1
                                       7.375          1,489.79         72
                                       7.125          1,489.79
    SANTA MARIA      CA   93455          5            08/21/01         00
    0433157799                           05           10/01/01          0
    72017910083F                         O            09/01/31
    0
1

    5368928          A35/A35             F          309,600.00         ZZ
                                         360        309,600.00          1
                                       7.750          2,218.01         80
                                       7.500          2,218.01
    BROOKLYN         NY   11234          1            08/21/01         00
    1                                    05           10/01/01          0
    1                                    O            09/01/31
    0

    5369040          A52/G02             F          158,300.00         ZZ
                                         360        158,300.00          2
                                       7.625          1,120.44         90
                                       7.375          1,120.44
    NORCROSS         GA   30093          1            08/22/01         11
    0433157351                           05           10/01/01         25
    15958                                O            09/01/31
    0

    5369246          E82/G02             F           37,350.00         ZZ
                                         360         37,350.00          1
                                       8.500            287.19         90
                                       8.250            287.19
    GREER            SC   29650          1            08/17/01         04
    0400466496                           05           10/01/01         25
    0400466496                           N            09/01/31
    0

    5369248          E82/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.750            644.77         72
                                       7.500            644.77
    ACWORTH          GA   30102          5            08/13/01         00
    0400450185                           05           10/01/01          0
    0400450185                           O            09/01/31
    0

    5370210          E60/G02             F          235,000.00         T
                                         360        235,000.00          1
                                       8.250          1,765.48         60
                                       8.000          1,765.48
    PISMO BEACH      CA   93448          1            08/13/01         00
    0433103272                           01           10/01/01          0
    513811                               O            09/01/31
    0

    5370338          601/G02             F           47,300.00         ZZ
                                         360         47,245.38          1
1

                                       8.750            372.11         72
                                       8.500            372.11
    JOPLIN           MO   64801          2            06/20/01         00
    0433056520                           05           08/01/01          0
    60611977                             N            07/01/31
    0

    5371046          168/168             F           47,400.00         ZZ
                                         360         47,400.00          2
                                       8.625            368.67         90
                                       8.375            368.67
    BUFFALO          NY   14215          1            08/02/01         04
    0059382678                           05           10/01/01         25
    0059382678                           N            09/01/31
    0

    5372296          964/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.625            707.79         23
                                       7.375            707.79
    SAN LUIS OBISPO  CA   93401          5            08/27/01         00
    0433158078                           05           10/01/01          0
    140949                               O            09/01/31
    0

    5372445          964/G02             F          146,000.00         ZZ
                                         360        146,000.00          1
                                       7.625          1,033.38         80
                                       7.375          1,033.38
    PETALUMA         CA   95843          1            08/23/01         00
    0433128113                           05           10/01/01          0
    127201                               N            09/01/31
    0

    5373786          E22/G02             F          251,200.00         ZZ
                                         360        251,200.00          1
                                       7.750          1,799.63         80
                                       7.500          1,799.63
    LOS ANGELES      CA   90039          5            08/09/01         00
    0412717902                           05           10/01/01          0
    0412717902                           O            09/01/31
    0

    5373787          E22/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       7.750            895.52         54
                                       7.500            895.52
    RONKONKOMA       NY   11779          1            08/17/01         00
    0412738536                           05           10/01/01          0
1

    0412738536                           O            09/01/31
    0

    5373788          E22/G02             F           94,500.00         ZZ
                                         360         94,500.00          3
                                       8.750            743.43         90
                                       8.500            743.43
    NEWARK           NJ   07112          1            08/17/01         04
    0412755084                           05           10/01/01         25
    0412755084                           N            09/01/31
    0

    5373809          E22/G02             F           31,500.00         ZZ
                                         360         31,500.00          4
                                       8.750            247.81         90
                                       8.500            247.81
    OMAHA            NE   68110          1            08/17/01         01
    0412854267                           05           10/01/01         25
    0412854267                           N            09/01/31
    0

    5373827          E22/G02             F           30,400.00         ZZ
                                         360         30,400.00          1
                                       8.500            233.75         80
                                       8.250            233.75
    NASHVILLE        TN   37207          1            08/17/01         00
    0412882144                           01           10/01/01          0
    0412882144                           O            09/01/31
    0

    5373831          E22/G02             F           35,200.00         ZZ
                                         360         35,200.00          1
                                       8.250            264.45         80
                                       8.000            264.45
    MEMPHIS          TN   38109          5            08/13/01         00
    0412887325                           05           10/01/01          0
    0412887325                           O            09/01/31
    0

    5373836          E22/G02             F          106,400.00         ZZ
                                         360        106,400.00          2
                                       8.000            780.73         95
                                       7.750            780.73
    SUMMIT ARGO      IL   60501          1            08/17/01         04
    0412891335                           05           10/01/01         30
    0412891335                           O            09/01/31
    0

1

    5373837          E22/G02             F          160,800.00         ZZ
                                         360        160,800.00          1
                                       8.625          1,250.69         75
                                       8.375          1,250.69
    VACAVILLE        CA   95688          5            08/10/01         00
    0412892333                           05           10/01/01          0
    0412892333                           O            09/01/31
    0

    5373844          E22/G02             F          155,250.00         ZZ
                                         360        155,250.00          3
                                       8.250          1,166.34         90
                                       8.000          1,166.34
    NASHUA           NH   03060          1            08/17/01         01
    0412901852                           05           10/01/01         25
    0412901852                           N            09/01/31
    0

    5373845          E22/G02             F           71,073.00         ZZ
                                         360         71,073.00          1
                                       7.875            515.33         90
                                       7.625            515.33
    NORTH PORT       FL   34287          1            08/15/01         04
    0412902421                           03           10/01/01         25
    0412902421                           O            09/01/31
    0

    5373848          E22/G02             F          140,400.00         ZZ
                                         360        140,400.00          1
                                       8.500          1,079.55         90
                                       8.250          1,079.55
    WOODBRIDGE       VA   22192          2            08/17/01         04
    0412904047                           01           10/01/01         25
    0412904047                           N            09/01/31
    0

    5373854          E22/G02             F           44,000.00         ZZ
                                         360         44,000.00          1
                                       8.500            338.32        100
                                       8.250            338.32
    WEST OSSIPEE     NH   03890          1            08/16/01         04
    0412906232                           05           10/01/01         35
    0412906232                           O            09/01/31
    0

    5373855          E22/G02             F           51,800.00         ZZ
                                         360         51,800.00          1
                                       8.750            407.51         23
                                       8.500            407.51
1

    COLUMBIA         MD   21044          5            08/13/01         00
    0412906307                           03           10/01/01          0
    0412906307                           O            09/01/31
    0

    5373866          E22/G02             F           69,750.00         ZZ
                                         360         69,750.00          1
                                       8.000            511.80         90
                                       7.750            511.80
    BRICK            NJ   08724          1            08/17/01         04
    0412915985                           01           10/01/01         25
    0412915985                           O            09/01/31
    0

    5373879          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       7.625            934.29         79
                                       7.375            934.29
    MIDDLETON        ID   83644          5            08/09/01         00
    0412922494                           05           10/01/01          0
    0412922494                           O            09/01/31
    0

    5373883          E22/G02             F          270,500.00         ZZ
                                         360        270,500.00          1
                                       8.625          2,103.92         90
                                       8.375          2,103.92
    CHICAGO          IL   60605          1            08/16/01         04
    0412923393                           06           10/01/01         25
    0412923393                           N            09/01/31
    0

    5373889          E22/G02             F          174,050.00         ZZ
                                         360        174,050.00          1
                                       8.500          1,338.29         90
                                       8.250          1,338.29
    SUGAR LAND       TX   77479          1            08/17/01         01
    0412927113                           03           10/01/01         30
    0412927113                           O            09/01/31
    0

    5373890          E22/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
                                       8.000            495.29         75
                                       7.750            495.29
    MARIETTA         GA   30008          5            08/17/01         00
    0412928301                           05           10/01/01          0
    0412928301                           N            09/01/31
    0
1

    5373891          E22/G02             F           68,250.00         ZZ
                                         360         68,250.00          1
                                       8.000            500.79         75
                                       7.750            500.79
    MARIETTA         GA   30008          5            08/17/01         00
    0412928467                           05           10/01/01          0
    0412928467                           N            09/01/31
    0

    5373893          E22/G02             F           97,200.00         ZZ
                                         360         97,200.00          1
                                       8.500            747.38         90
                                       8.250            747.38
    HUMBLE           TX   77346          1            08/16/01         04
    0412929424                           03           10/01/01         25
    0412929424                           N            09/01/31
    0

    5373894          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          2
                                       8.000          1,056.62         90
                                       7.750          1,056.62
    SACRAMENTO       CA   95828          1            08/14/01         01
    0412931289                           05           10/01/01         25
    0412931289                           N            09/01/31
    0

    5373902          E22/G02             F           87,920.00         ZZ
                                         360         87,920.00          1
                                       7.750            629.87         80
                                       7.500            629.87
    GRAND JUNCTION   CO   81503          1            08/17/01         00
    0412947376                           05           10/01/01          0
    0412947376                           N            09/01/31
    0

    5374021          601/G02             F           68,800.00         ZZ
                                         360         68,716.33          1
                                       8.500            529.02         79
                                       8.250            529.02
    JOPLIN           MO   64801          2            06/30/01         00
    0433056496                           05           08/01/01          0
    60611951                             N            07/01/31
    0

    5374261          623/G02             F          188,000.00         ZZ
                                         360        187,227.44          1
1

                                       7.500          1,314.53         80
                                       7.250          1,314.53
    SAN MARCOS       CA   92069          1            03/20/01         00
    0433109592                           05           05/01/01          0
    1960247                              O            04/01/31
    0

    5374265          623/G02             F          103,200.00         ZZ
                                         360        103,089.91          1
                                       8.375            784.40         80
                                       8.125            784.40
    OCEANSIDE        CA   92057          1            07/20/01         00
    0433108750                           01           09/01/01          0
    1982873                              O            08/01/31
    0

    5374268          623/G02             F          133,600.00         ZZ
                                         360        133,505.70          1
                                       7.750            957.13         80
                                       7.500            957.13
    BEAVERTON        OR   97008          2            07/24/01         00
    0433108776                           05           09/01/01          0
    1983851                              O            08/01/31
    0

    5377009          950/G02             F          104,000.00         ZZ
                                         360        103,933.68          1
                                       8.250            781.32         48
                                       8.000            781.32
    KENT             WA   98042          2            07/24/01         00
    0433130200                           05           09/01/01          0
    2107547                              O            08/01/31
    0

    5377646          286/286             F           94,500.00         ZZ
                                         360         94,369.49          1
                                       7.875            685.20         90
                                       7.625            685.20
    TEMPE            AZ   85283          1            06/26/01         12
    313463                               05           08/01/01         25
    313463                               N            07/01/31
    0

    5377671          286/286             F           92,250.00         ZZ
                                         360         92,140.67          1
                                       8.625            717.52         90
                                       8.375            717.52
    WEST MILFORD     NJ   07480          1            06/27/01         11
    253984                               05           08/01/01         25
1

    253984                               O            07/01/31
    0

    5377676          286/286             F           99,000.00         ZZ
                                         360         98,882.66          3
                                       8.625            770.02         90
                                       8.375            770.02
    MESA             AZ   85203          1            06/15/01         12
    313337                               05           08/01/01         25
    313337                               N            07/01/31
    0

    5377685          286/286             F          100,000.00         ZZ
                                         360         99,937.84          1
                                       8.375            760.08         53
                                       8.125            760.08
    RESTON           VA   22194          5            07/10/01         00
    418303                               01           09/01/01          0
    418303                               N            08/01/31
    0

    5377690          286/286             F           66,000.00         ZZ
                                         360         65,919.74          4
                                       8.500            507.49         84
                                       8.250            507.49
    CLEVELAND        OH   44112          2            06/25/01         10
    403761                               05           08/01/01         25
    403761                               N            07/01/31
    0

    5377717          286/286             F           55,250.00         ZZ
                                         360         55,182.81          2
                                       8.500            424.83         58
                                       8.250            424.83
    ORLANDO          FL   32805          5            07/03/01         00
    411756                               05           08/01/01          0
    411756                               N            07/01/31
    0

    5377721          286/286             F           83,250.00         ZZ
                                         360         83,199.56          1
                                       8.500            640.13         75
                                       8.250            640.13
    STONE MOUNTAIN   GA   30088          5            07/06/01         00
    345466                               05           09/01/01          0
    345466                               N            08/01/31
    0

1

    5377722          286/286             F           23,400.00         ZZ
                                         360         23,387.21          1
                                       9.000            188.29         90
                                       8.750            188.29
    WOODLYNNE        NJ   08107          1            07/05/01         11
    401347                               05           09/01/01         25
    401347                               N            08/01/31
    0

    5377732          286/286             F          106,200.00         ZZ
                                         360        106,074.13          4
                                       8.625            826.02         90
                                       8.375            826.02
    PHOENIX          AZ   85029          1            06/29/01         12
    313307                               05           08/01/01         25
    313307                               N            07/01/31
    0

    5377734          286/286             F           40,500.00         ZZ
                                         360         40,469.94          1
                                       7.500            283.19         90
                                       7.250            283.19
    ALLIANCE         OH   44601          1            07/11/01         12
    416313                               05           09/01/01         25
    416313                               N            08/01/31
    0

    5377738          286/286             F           55,500.00         ZZ
                                         360         55,432.51          1
                                       8.500            426.75         75
                                       8.250            426.75
    CLEVELAND        OH   44108          5            06/28/01         00
    146273                               05           08/01/01          0
    146273                               N            07/01/31
    0

    5377745          286/286             F           40,500.00         ZZ
                                         360         40,454.41          1
                                       8.875            322.24         90
                                       8.625            322.24
    CAPE GIRARDEAU   MO   63701          1            06/15/01         11
    433804                               05           08/01/01         25
    433804                               N            07/01/31
    0

    5377751          286/286             F          172,000.00         ZZ
                                         360        171,785.43          1
                                       8.375          1,307.33         89
                                       8.125          1,307.33
1

    PHOENIX          AZ   85254          2            06/19/01         12
    313462                               05           08/01/01         25
    313462                               O            07/01/31
    0

    5377761          286/286             F           44,100.00         ZZ
                                         360         44,047.73          2
                                       8.625            343.01         90
                                       8.375            343.01
    PORTSMOUTH       OH   45662          1            06/29/01         10
    401610                               05           08/01/01         25
    401610                               N            07/01/31
    0

    5377777          286/286             F          195,000.00         ZZ
                                         360        194,716.83          1
                                       7.625          1,380.20         75
                                       7.375          1,380.20
    GILBERT          AZ   85234          2            06/28/01         00
    313523                               05           08/01/01          0
    313523                               O            07/01/31
    0

    5377783          286/286             F           40,500.00         ZZ
                                         360         40,454.41          1
                                       8.875            322.24         75
                                       8.625            322.24
    TALLAHASSEE      FL   32303          5            06/25/01         00
    411173                               05           08/01/01          0
    411173                               N            07/01/31
    0

    5377784          286/286             F           61,000.00         ZZ
                                         360         60,915.75          1
                                       7.875            442.30         90
                                       7.625            442.30
    MCDONOUGH        GA   30253          1            06/28/01         11
    427026                               05           08/01/01         25
    427026                               O            07/01/31
    0

    5377792          286/286             F          162,892.00         ZZ
                                         360        162,667.04          1
                                       7.875          1,181.09         80
                                       7.625          1,181.09
    ROSELLE          IL   60172          1            06/29/01         00
    408564                               08           08/01/01          0
    408564                               O            07/01/31
    0
1

    5377800          286/286             F           52,000.00         ZZ
                                         360         51,965.11          2
                                       8.000            381.56         80
                                       7.750            381.56
    TOLEDO           OH   43612          1            07/06/01         00
    452591                               05           09/01/01          0
    452591                               N            08/01/31
    0

    5377812          286/286             F           52,000.00         ZZ
                                         360         51,967.68          1
                                       8.375            395.24         80
                                       8.125            395.24
    GARLAND          TX   75040          1            07/11/01         00
    340167                               05           09/01/01          0
    340167                               N            08/01/31
    0

    5377816          286/286             F           42,300.00         ZZ
                                         360         42,249.86          2
                                       8.625            329.01         90
                                       8.375            329.01
    INDIANAPOLIS     IN   46226          1            06/21/01         11
    422154                               05           08/01/01         25
    422154                               N            07/01/31
    0

    5377824          286/286             F           99,900.00         ZZ
                                         360         99,775.37          2
                                       8.375            759.32         90
                                       8.125            759.32
    SAYREVILLE       NJ   08872          1            06/25/01         11
    179134                               05           08/01/01         25
    179134                               N            07/01/31
    0

    5377832          286/286             F           37,350.00         ZZ
                                         360         37,306.85          1
                                       8.750            293.84         90
                                       8.500            293.84
    HOMESTEAD        FL   33032          1            06/20/01         01
    315956                               01           08/01/01         25
    315956                               N            07/01/31
    0

    5377837          286/286             F           26,910.00         ZZ
                                         360         26,875.56          1
1

                                       8.250            202.17         90
                                       8.000            202.17
    ANDERSON         IN   46016          1            07/06/01         12
    441989                               05           08/01/01         25
    441989                               N            07/01/31
    0

    5377855          286/286             F          100,000.00         ZZ
                                         360         99,872.02          3
                                       8.250            751.27         38
                                       8.000            751.27
    SEATTLE          WA   98103          5            06/20/01         00
    9867085                              05           08/01/01          0
    9867085                              N            07/01/31
    0

    5377857          286/286             F           60,900.00         ZZ
                                         360         60,866.73          1
                                       9.000            490.02         70
                                       8.750            490.02
    HINSDALE         IL   60523          1            07/11/01         00
    9865624                              01           09/01/01          0
    9865624                              N            08/01/31
    0

    5377869          286/286             F          225,000.00         ZZ
                                         360        224,689.28          2
                                       7.875          1,631.41         90
                                       7.625          1,631.41
    BUENA PARK       CA   90621          1            06/13/01         10
    9861910                              05           08/01/01         25
    9861910                              O            07/01/31
    0

    5377893          286/286             F          105,700.00         ZZ
                                         360        105,542.62          1
                                       7.500            739.07         58
                                       7.250            739.07
    TUMWATER         WA   98512          5            06/21/01         00
    9855852                              05           08/01/01          0
    9855852                              N            07/01/31
    0

    5377904          286/286             F          525,000.00         ZZ
                                         360        524,218.30          1
                                       7.500          3,670.88         79
                                       7.250          3,670.88
    RIVERSIDE        CA   92506          5            06/21/01         00
    9859646                              05           08/01/01          0
1

    9859646                              O            07/01/31
    0

    5378691          076/076             F          263,700.00         ZZ
                                         360        262,857.78          4
                                       8.500          2,027.62         90
                                       8.250          2,027.62
    BRYN MAWR        PA   19010          1            03/30/01         12
    4341795                              05           05/01/01         25
    4341795                              N            04/01/31
    0

    5378692          076/076             F          139,400.00         ZZ
                                         360        139,049.78          4
                                       8.375          1,059.54         90
                                       8.125          1,059.54
    BOOTHWYN         PA   19061          1            04/30/01         10
    4521023                              05           06/01/01         25
    4521023                              N            05/01/31
    0

    5378698          076/076             F           69,450.00         ZZ
                                         360         69,294.42          1
                                       7.500            485.60         77
                                       7.250            485.60
    POCATELLO        ID   83201          2            05/01/01         00
    5286493                              05           07/01/01          0
    5286493                              O            06/01/31
    0

    5378702          076/076             F          226,100.00         ZZ
                                         360        225,959.47          3
                                       8.375          1,718.52         95
                                       8.125          1,718.52
    PATERSON         NJ   07514          1            07/09/01         12
    5545744                              05           09/01/01         30
    5545744                              O            08/01/31
    0

    5378717          076/076             F          320,000.00         ZZ
                                         360        319,762.51          1
                                       7.500          2,237.49         79
                                       7.250          2,237.49
    CHICAGO          IL   60015          2            07/16/01         00
    5178823                              05           09/01/01          0
    5178823                              O            08/01/31
    0

1

    5378718          076/076             F          350,000.00         ZZ
                                         360        349,765.15          1
                                       8.000          2,568.18         74
                                       7.750          2,568.18
    DIX HILLS        NY   11746          2            06/27/01         00
    5184694                              05           09/01/01          0
    5184694                              O            08/01/31
    0

    5378723          076/076             F          437,000.00         ZZ
                                         360        436,495.33          1
                                       8.750          3,437.88         60
                                       8.500          3,437.88
    HIGHLAND PARK    IL   60035          2            06/29/01         00
    5323904                              05           08/01/01          0
    5323904                              O            07/01/31
    0

    5379073          994/994             F          406,000.00         ZZ
                                         360        405,741.11          1
                                       8.250          3,050.14         70
                                       8.000          3,050.14
    LOS ANGELES      CA   90034          5            07/19/01         00
    218433070                            05           09/01/01          0
    218433070                            O            08/01/31
    0

    5379353          994/994             F          378,750.00         ZZ
                                         360        378,508.49          1
                                       8.250          2,845.42         75
                                       8.000          2,845.42
    ORANGEVALE       CA   95662          5            07/13/01         00
    218530727                            05           09/01/01          0
    218530727                            O            08/01/31
    0

    5380769          944/G02             F          289,700.00         T
                                         360        289,700.00          1
                                       8.250          2,176.42         95
                                       8.000          2,176.42
    MAMMOTH LAKES    CA   93546          1            08/23/01         04
    0433159803                           01           10/01/01         30
    W01071698                            O            09/01/31
    0

    5382672          624/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       7.500          1,258.59         24
                                       7.250          1,258.59
1

    ARROYO GRANDE    CA   93420          5            08/22/01         00
    0433154689                           05           10/01/01          0
    72014611873F                         O            09/01/31
    0

    5384922          E22/G02             F          272,000.00         ZZ
                                         360        271,584.79          1
                                       7.375          1,878.64         80
                                       7.125          1,878.64
    RED BANK         NJ   07701          1            06/29/01         00
    0412807182                           05           08/01/01          0
    0412807182                           O            07/01/31
    0

    5384941          E22/G02             F          229,693.00         ZZ
                                         360        229,693.00          1
                                       7.875          1,665.43         77
                                       7.625          1,665.43
    AMARILLO         TX   79121          5            08/14/01         00
    0412850406                           05           10/01/01          0
    0412850406                           O            09/01/31
    0

    5384949          E22/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       7.750          1,318.20         90
                                       7.500          1,318.20
    LIVONIA          MI   48154          2            08/15/01         01
    0412858466                           05           10/01/01         25
    0412858466                           O            09/01/31
    0

    5384950          E22/G02             F           44,000.00         ZZ
                                         360         44,000.00          1
                                       8.500            338.32         80
                                       8.250            338.32
    BRANCH           AR   72948          1            08/20/01         00
    0412858854                           05           10/01/01          0
    0412858854                           O            09/01/31
    0

    5384957          E22/G02             F           94,600.00         ZZ
                                         360         94,600.00          1
                                       7.250            645.34         63
                                       7.000            645.34
    ALBUQUERQUE      NM   87111          2            08/15/01         00
    0412867269                           05           10/01/01          0
    0412867269                           O            09/01/31
    0
1

    5384978          E22/G02             F          194,300.00         ZZ
                                         360        194,300.00          2
                                       8.750          1,528.56         74
                                       8.500          1,528.56
    EDGEWATER        CO   80229          5            08/20/01         00
    0412888463                           05           10/01/01          0
    0412888463                           N            09/01/31
    0

    5384979          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.375            690.68         43
                                       7.125            690.68
    FORT WORTH       TX   76132          5            08/15/01         00
    0412891012                           05           10/01/01          0
    0412891012                           O            09/01/31
    0

    5384985          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       7.625          1,274.03         60
                                       7.375          1,274.03
    BRONX            NY   10466          5            08/14/01         00
    0412893034                           05           10/01/01          0
    0412893034                           O            09/01/31
    0

    5384995          E22/G02             F           93,500.00         ZZ
                                         360         93,500.00          1
                                       8.500            718.93         85
                                       8.250            718.93
    HENDERSONVILLE   NC   28792          2            08/20/01         10
    0412897993                           27           10/01/01         12
    0412897993                           O            09/01/31
    0

    5385009          E22/G02             F           27,900.00         ZZ
                                         360         27,900.00          3
                                       8.375            212.06         90
                                       8.125            212.06
    NEW ORLEANS      LA   70117          1            08/20/01         04
    0412907628                           05           10/01/01         25
    0412907628                           N            09/01/31
    0

    5385016          E22/G02             F           43,000.00         ZZ
                                         360         43,000.00          1
1

                                       8.250            323.04         65
                                       8.000            323.04
    INDIANAPOLIS     IN   46222          5            08/14/01         00
    0412912099                           05           10/01/01          0
    0412912099                           O            09/01/31
    0

    5385019          E22/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       7.875          1,363.13         80
                                       7.625          1,363.13
    VALLEJO          CA   94591          2            08/13/01         00
    0412913089                           05           10/01/01          0
    0412913089                           O            09/01/31
    0

    5385038          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       7.750          1,174.92         80
                                       7.500          1,174.92
    AUSTIN           TX   78748          5            08/14/01         00
    0412925422                           03           10/01/01          0
    0412925422                           O            09/01/31
    0

    5385040          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       7.875          1,189.11         85
                                       7.625          1,189.11
    GAINESVILLE      VA   20155          5            08/15/01         01
    0412927170                           07           10/01/01         17
    0412927170                           O            09/01/31
    0

    5385047          E22/G02             F          208,125.00         ZZ
                                         360        208,125.00          1
                                       7.750          1,491.03         75
                                       7.500          1,491.03
    ROCKWALL         TX   75087          1            08/20/01         00
    0412931099                           05           10/01/01          0
    0412931099                           O            09/01/31
    0

    5385074          E82/G02             F          100,200.00         ZZ
                                         360        100,200.00          1
                                       7.375            692.06         63
                                       7.125            692.06
    DARTMOUTH        MA   02747          2            08/17/01         00
    0400465191                           05           10/01/01          0
1

    0400465837                           O            09/01/31
    0

    5385076          E82/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.875          2,900.28         54
                                       7.625          2,900.28
    BOULDER          CO   80304          5            08/17/01         00
    0400454633                           03           10/01/01          0
    0400454633                           O            09/01/31
    0

    5388974          E76/G02             F          155,920.00         ZZ
                                         360        155,920.00          1
                                       7.875          1,130.53         80
                                       7.625          1,130.53
    COLORADO SPRING  CO   80918          1            08/16/01         00
    0433116662                           05           10/01/01          0
    10007341                             O            09/01/31
    0

    5392327          964/G02             F          243,000.00         ZZ
                                         360        243,000.00          1
                                       7.125          1,637.14         83
                                       6.875          1,637.14
    GRASS VALLEY     CA   95949          2            08/24/01         04
    0433158250                           05           10/01/01         12
    137984                               O            09/01/31
    0

    5395587          E22/G02             F          296,000.00         ZZ
                                         360        296,000.00          1
                                       8.000          2,171.94         80
                                       7.750          2,171.94
    HOUSTON          TX   77007          5            08/13/01         00
    0412823536                           05           10/01/01          0
    0412823536                           O            09/01/31
    0

    5395588          E22/G02             F          187,200.00         ZZ
                                         360        187,200.00          4
                                       8.625          1,456.02         90
                                       8.375          1,456.02
    BELLE CHASE      LA   70037          1            08/21/01         04
    0412827388                           05           10/01/01         25
    0412827388                           N            09/01/31
    0

1

    5395616          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       7.875            978.84         90
                                       7.625            978.84
    VISTA            CA   92084          5            08/08/01         04
    0412881930                           05           10/01/01         25
    0412881930                           O            09/01/31
    0

    5396361          601/G02             F          272,000.00         ZZ
                                         360        272,000.00          1
                                       8.500          2,091.45         80
                                       8.250          2,091.45
    HICKSVILLE       NY   11801          1            08/14/01         00
    0433067113                           05           10/01/01          0
    60608346                             O            09/01/31
    0

    5400114          E84/G02             F          464,000.00         ZZ
                                         360        463,664.17          1
                                       7.625          3,284.16         80
                                       7.375          3,284.16
    OAK PARK         IL   60302          1            07/31/01         00
    0433140407                           05           09/01/01          0
    11304319                             O            08/01/31
    0

    5400280          E84/G02             F          310,000.00         ZZ
                                         360        309,769.94          1
                                       7.500          2,167.56         57
                                       7.250          2,167.56
    SAN JOSE         CA   95130          5            07/19/01         00
    0433140621                           05           09/01/01          0
    72910216                             O            08/01/31
    0

    5401072          E84/G02             F          400,000.00         ZZ
                                         360        399,717.68          1
                                       7.750          2,865.65         80
                                       7.500          2,865.65
    SHERWOOD         OR   97140          1            07/16/01         00
    0433105947                           05           09/01/01          0
    60106683                             O            08/01/31
    0

    5401658          K15/G02             F           81,000.00         ZZ
                                         360         81,000.00          1
                                       8.375            615.66         90
                                       8.125            615.66
1

    MUSKEGON         MI   49445          5            08/27/01         11
    0433159605                           05           10/01/01         25
    035905304040                         O            09/01/31
    0

    5403212          U62/G02             F          429,500.00         ZZ
                                         360        429,500.00          1
                                       7.500          3,003.13         89
                                       7.250          3,003.13
    SAN JOSE         CA   95131          2            08/25/01         04
    0433159837                           05           10/01/01         25
    2001284247                           O            09/01/31
    0

    5403492          E84/G02             F          400,000.00         ZZ
                                         360        399,389.39          1
                                       7.375          2,762.70         89
                                       7.125          2,762.70
    BETHESDA         MD   20814          5            06/22/01         10
    0433125382                           05           08/01/01         25
    65110650                             O            07/01/31
    0

    5405306          696/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       7.625          1,472.21         80
                                       7.375          1,472.21
    VIENNA           VA   22181          1            08/17/01         00
    0433102571                           03           10/01/01          0
    22801147                             O            09/01/31
    0

    5405362          E84/G02             F          400,000.00         ZZ
                                         360        399,687.96          1
                                       7.250          2,728.71         80
                                       7.000          2,728.71
    LAGRANGE PARK    IL   60526          1            07/30/01         00
    0433103504                           05           09/01/01          0
    11007795                             O            08/01/31
    0

    5405381          E84/G02             F          431,200.00         ZZ
                                         360        430,879.99          1
                                       7.500          3,015.01         77
                                       7.250          3,015.01
    SANTA ROSA       CA   95405          5            07/26/01         00
    0433115763                           05           09/01/01          0
    11008215                             O            08/01/31
    0
1

    5407385          E22/G02             F          443,000.00         ZZ
                                         360        443,000.00          1
                                       7.375          3,059.69         74
                                       7.125          3,059.69
    SAN JOSE         CA   95148          5            08/10/01         00
    0412535783                           05           10/01/01          0
    0412535783                           O            09/01/31
    0

    5407386          E22/G02             F          142,300.00         ZZ
                                         360        142,300.00          1
                                       7.125            958.70         73
                                       6.875            958.70
    GRANBURY         TX   76048          2            08/17/01         00
    0412625956                           05           10/01/01          0
    0412625956                           O            09/01/31
    0

    5407392          E22/G02             F          255,000.00         ZZ
                                         360        255,000.00          1
                                       7.750          1,826.85         80
                                       7.500          1,826.85
    SANTA BARBARA    CA   93105          5            08/09/01         00
    0412816266                           05           10/01/01          0
    0412816266                           O            09/01/31
    0

    5407395          E22/G02             F           60,750.00         ZZ
                                         360         60,750.00          2
                                       8.750            477.92         90
                                       8.500            477.92
    SALISBURY        NC   28144          1            08/22/01         10
    0412825721                           05           10/01/01         25
    0412825721                           N            09/01/31
    0

    5407396          E22/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       7.500          1,594.21         80
                                       7.250          1,594.21
    GRANBURY         TX   76048          5            08/17/01         00
    0412825838                           05           10/01/01          0
    0412825838                           O            09/01/31
    0

    5407400          E22/G02             F           45,500.00         ZZ
                                         360         45,500.00          1
1

                                       8.625            353.89         80
                                       8.375            353.89
    GREENWOOD        SC   29646          2            08/17/01         00
    0412833519                           05           10/01/01          0
    0412833519                           N            09/01/31
    0

    5407401          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       7.250            927.76         51
                                       7.000            927.76
    NORTHRIDGE       CA   91324          5            08/10/01         00
    0412834962                           05           10/01/01          0
    0412834962                           O            09/01/31
    0

    5407404          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       8.500            415.21         73
                                       8.250            415.21
    ASHEVILLE        NC   28803          2            08/22/01         00
    0412852329                           05           10/01/01          0
    0412852329                           N            09/01/31
    0

    5407406          E22/G02             F          390,400.00         ZZ
                                         360        390,400.00          1
                                       7.750          2,796.87         80
                                       7.500          2,796.87
    DALLAS           TX   75218          5            08/17/01         00
    0412861163                           05           10/01/01          0
    0412861163                           O            09/01/31
    0

    5407410          E22/G02             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       7.750          2,471.62         73
                                       7.500          2,471.62
    SAN FRANCISCO    CA   94170          5            08/13/01         00
    0412866857                           05           10/01/01          0
    0412866857                           O            09/01/31
    0

    5407411          E22/G02             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.625          2,654.23         69
                                       7.375          2,654.23
    ISLETON          CA   95641          5            08/17/01         00
    0412867129                           05           10/01/01          0
1

    0412867129                           O            09/01/31
    0

    5407412          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       7.875            797.58         77
                                       7.625            797.58
    AUSTIN           TX   78727          5            08/17/01         00
    0412867343                           05           10/01/01          0
    0412867343                           O            09/01/31
    0

    5407418          E22/G02             F          214,200.00         ZZ
                                         360        214,200.00          1
                                       7.500          1,497.72         80
                                       7.250          1,497.72
    COLORADO SPRING  CO   80920          5            08/17/01         04
    0412877300                           05           10/01/01         12
    0412877300                           O            09/01/31
    0

    5407431          E22/G02             F           84,000.00         ZZ
                                         360         84,000.00          4
                                       8.625            653.34         80
                                       8.375            653.34
    NEW ORLEANS      LA   70117          2            08/22/01         00
    0412894362                           05           10/01/01          0
    0412894362                           N            09/01/31
    0

    5407438          E22/G02             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       7.875          3,480.33         75
                                       7.625          3,480.33
    WALNUT CREEK     CA   94598          5            08/15/01         00
    0412900318                           05           10/01/01          0
    0412900318                           O            09/01/31
    0

    5407451          E22/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.625          3,538.97         77
                                       7.375          3,538.97
    DARIEN           IL   60561          5            08/17/01         00
    0412912958                           05           10/01/01          0
    0412912958                           O            09/01/31
    0

1

    5407458          E22/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.875          2,755.26         80
                                       7.625          2,755.26
    WOODLAND HILLS   CA   91367          5            08/13/01         00
    0412915530                           05           10/01/01          0
    0412915530                           O            09/01/31
    0

    5407462          E22/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.875          2,697.26         80
                                       7.625          2,697.26
    TRACY            CA   95376          5            08/14/01         00
    0412917619                           03           10/01/01          0
    0412917619                           O            09/01/31
    0

    5407464          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       8.250            871.47         75
                                       8.000            871.47
    ATLANTA          GA   30316          5            08/22/01         00
    0412918807                           05           10/01/01          0
    0412918807                           N            09/01/31
    0

    5407475          E22/G02             F           99,270.00         ZZ
                                         360         99,270.00          1
                                       8.500            763.30         90
                                       8.250            763.30
    PEMBROKE PINES   FL   33026          1            08/22/01         01
    0412926305                           09           10/01/01         25
    0412926305                           O            09/01/31
    0

    5407483          E22/G02             F          156,750.00         ZZ
                                         360        156,750.00          3
                                       8.625          1,219.19         95
                                       8.375          1,219.19
    NORTH PLAINFIEL  NJ   07060          1            08/22/01         04
    0412930729                           05           10/01/01         30
    0412930729                           O            09/01/31
    0

    5407486          E22/G02             F          369,750.00         ZZ
                                         360        369,750.00          1
                                       7.250          2,522.35         85
                                       7.000          2,522.35
1

    FEDERAL WAY      WA   98003          5            08/16/01         04
    0412933244                           03           10/01/01         12
    0412933244                           O            09/01/31
    0

    5407492          E22/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       7.750          1,891.33         80
                                       7.500          1,891.33
    DALLAS           TX   75248          5            08/17/01         00
    0412945842                           05           10/01/01          0
    0412945842                           O            09/01/31
    0

    5407608          E82/G02             F          653,300.00         ZZ
                                         360        653,300.00          1
                                       7.875          4,736.88         69
                                       7.625          4,736.88
    BRECKENRIDGE     CO   80424          2            08/15/01         00
    0400468088                           05           10/01/01          0
    0400468088                           O            09/01/31
    0

    5407730          J95/J95             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       8.000          4,109.09         42
                                       7.750          4,109.09
    KILL DEVIL HILL  NC   27948          2            08/23/01         00
    18691758                             05           10/01/01          0
    18691758                             N            09/01/31
    0

    5409443          T29/G02             F           76,500.00         ZZ
                                         360         76,500.00          4
                                       8.500            588.22         90
                                       8.250            588.22
    PHOENIX          AZ   85009          1            08/03/01         04
    0433149580                           05           10/01/01         25
    1200461                              N            09/01/31
    0

    5412504          196/G02             F           93,000.00         T
                                         360         92,930.98          1
                                       7.500            650.27         41
                                       7.250            650.27
    FT COLLINS       CO   80526          1            07/17/01         00
    0433110046                           05           09/01/01          0
    1304665                              O            08/01/31
    0
1

    5412511          196/G02             F          196,000.00         ZZ
                                         360        195,858.14          2
                                       7.625          1,387.28         80
                                       7.375          1,387.28
    LAWNDALE         CA   90260          2            07/02/01         00
    0433110160                           05           09/01/01          0
    1421145                              O            08/01/31
    0

    5412541          196/G02             F           60,000.00         ZZ
                                         360         59,955.47          1
                                       7.500            419.53         59
                                       7.250            419.53
    EDMOND           OK   73003          1            07/13/01         00
    0433109345                           03           09/01/01          0
    1429126                              O            08/01/31
    0

    5412549          196/G02             F           92,500.00         ZZ
                                         360         92,429.61          1
                                       7.375            638.88         62
                                       7.125            638.88
    LOS ANGELES      CA   90047          2            07/24/01         00
    0433107562                           05           09/01/01          0
    1433163                              O            08/01/31
    0

    5413133          588/G02             F          311,200.00         ZZ
                                         360        311,200.00          1
                                       8.375          2,365.34         80
                                       8.125          2,365.34
    ARLINGTON        VA   22203          1            08/13/01         00
    0433125473                           05           10/01/01          0
    1046772                              O            09/01/31
    0

    5414306          624/G02             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       7.750          2,471.62         64
                                       7.500          2,471.62
    TAHOE CITY       CA   96145          5            08/27/01         00
    0433156668                           05           10/01/01          0
    36800511426F                         O            09/01/31
    0

    5415405          E22/G02             F           68,400.00         ZZ
                                         360         68,400.00          1
1

                                       8.625            532.01         90
                                       8.375            532.01
    BOYNTON BEACH    FL   33435          1            08/23/01         01
    0412795841                           03           10/01/01         25
    0412795841                           N            09/01/31
    0

    5415406          E22/G02             F           51,000.00         ZZ
                                         360         51,000.00          1
                                       8.750            401.22         60
                                       8.500            401.22
    CHANNELVIEW      TX   77530          5            08/08/01         00
    0412803553                           03           10/01/01          0
    0412803553                           N            09/01/31
    0

    5415408          E22/G02             F           77,000.00         ZZ
                                         360         77,000.00          1
                                       8.750            605.76         60
                                       8.500            605.76
    HOUSTON          TX   77017          5            08/08/01         00
    0412813644                           05           10/01/01          0
    0412813644                           N            09/01/31
    0

    5415451          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.875          2,610.25         90
                                       7.625          2,610.25
    LOS ANGELES      CA   90041          5            08/15/01         04
    0412920340                           05           10/01/01         25
    0412920340                           O            09/01/31
    0

    5415892          U62/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       7.625          1,358.96         80
                                       7.375          1,358.96
    STOCKTON         CA   95206          5            08/09/01         00
    0433106564                           05           10/01/01          0
    2001273114                           O            09/01/31
    0

    5421142          405/405             F          448,000.00         ZZ
                                         360        447,659.10          1
                                       7.375          3,094.23         80
                                       6.875          3,094.23
    SANTA BARBARA    CA   93103          1            07/30/01         00
    0017575754                           05           09/01/01          0
1

    0017575754                           O            08/01/31
    0

    5421165          405/405             F          540,000.00         ZZ
                                         360        539,599.24          1
                                       7.500          3,775.76         75
                                       7.000          3,775.76
    LOS ANGELES      CA   91364          1            07/25/01         00
    0017612326                           05           09/01/01          0
    0017612326                           O            08/01/31
    0

    5421173          405/405             F          442,500.00         ZZ
                                         360        442,154.81          1
                                       7.250          3,018.63         75
                                       6.750          3,018.63
    NORTHRIDGE       CA   91326          1            07/24/01         00
    0017629080                           05           09/01/01          0
    0017629080                           O            08/01/31
    0

    5427981          E22/G02             F          274,300.00         ZZ
                                         360        274,300.00          1
                                       7.875          1,988.87         80
                                       7.625          1,988.87
    MELBOURNE        FL   32935          1            08/24/01         00
    0412773525                           05           10/01/01          0
    0412773525                           O            09/01/31
    0

    5427985          E22/G02             F          520,000.00         T
                                         360        520,000.00          1
                                       7.875          3,770.36         80
                                       7.625          3,770.36
    GRASS VALLEY     CA   95945          1            08/15/01         00
    0412816985                           05           10/01/01          0
    0412816985                           O            09/01/31
    0

    5428023          E22/G02             F          349,600.00         ZZ
                                         360        349,600.00          1
                                       7.875          2,534.84         80
                                       7.625          2,534.84
    ANTIOCH          CA   94509          1            08/14/01         00
    0412894271                           05           10/01/01          0
    0412894271                           O            09/01/31
    0

1

    5428025          E22/G02             F           84,150.00         ZZ
                                         360         84,150.00          1
                                       8.250            632.19         90
                                       8.000            632.19
    JUPITER          FL   33458          1            08/23/01         04
    0412895195                           09           10/01/01         25
    0412895195                           N            09/01/31
    0

    5428027          E22/G02             F          270,000.00         ZZ
                                         360        270,000.00          2
                                       8.125          2,004.74         72
                                       7.875          2,004.74
    MEDFORD          MA   02155          5            08/20/01         00
    0412897811                           05           10/01/01          0
    0412897811                           O            09/01/31
    0

    5428035          E22/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       7.750            548.06         90
                                       7.500            548.06
    CORCORAN         CA   93212          2            08/13/01         01
    0412908147                           05           10/01/01         25
    0412908147                           O            09/01/31
    0

    5428062          E22/G02             F          140,250.00         ZZ
                                         360        140,250.00          1
                                       7.750          1,004.77         70
                                       7.500          1,004.77
    SEATTLE          WA   98133          1            08/15/01         00
    0412929846                           05           10/01/01          0
    0412929846                           N            09/01/31
    0

    5428069          E22/G02             F           32,400.00         ZZ
                                         360         32,400.00          2
                                       8.625            252.00         90
                                       8.375            252.00
    MARRERO          LA   70072          1            08/24/01         04
    0412932766                           05           10/01/01         25
    0412932766                           O            09/01/31
    0

    5428075          E22/G02             F          273,000.00         ZZ
                                         360        273,000.00          1
                                       7.250          1,862.34         80
                                       7.000          1,862.34
1

    PLACERVILLE      CA   95667          5            08/16/01         00
    0412935470                           05           10/01/01          0
    0412935470                           O            09/01/31
    0

    5428201          E82/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
                                       8.000            410.91         70
                                       7.750            410.91
    FERNDALE         MI   48220          2            08/22/01         00
    0400454864                           05           10/01/01          0
    4025112                              N            09/01/31
    0

    5428202          E82/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.875            580.06         84
                                       7.625            580.06
    FERNDALE         MI   48220          2            08/22/01         04
    0400454732                           05           10/01/01         20
    1994724                              N            09/01/31
    0

    5428203          E82/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       7.625            778.57         82
                                       7.375            778.57
    FERNDALE         MI   48220          2            08/22/01         04
    0400460994                           05           10/01/01         20
    2833132                              N            09/01/31
    0

    5428206          E82/G02             F          174,000.00         ZZ
                                         360        174,000.00          1
                                       7.375          1,201.77         60
                                       7.125          1,201.77
    ALEXANDRIA       VA   22301          2            08/21/01         00
    0400466587                           07           10/01/01          0
    0400466587                           O            09/01/31
    0

    5428217          E82/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       8.000          1,650.97         78
                                       7.750          1,650.97
    FORT COLLINS     CO   80528          5            08/20/01         00
    0400468039                           03           10/01/01          0
    0400468039                           O            09/01/31
    0
1

    5430713          Q99/G02             F          327,000.00         ZZ
                                         360        327,000.00          1
                                       7.625          2,314.49         68
                                       7.375          2,314.49
    MABELTON         GA   30126          2            08/24/01         00
    0433122769                           05           10/01/01          0
    1                                    O            09/01/31
    0

    5437283          964/G02             F          213,000.00         ZZ
                                         360        213,000.00          1
                                       7.625          1,507.60         76
                                       7.375          1,507.60
    PORTLAND         OR   97229          2            08/29/01         00
    0433140100                           05           10/01/01          0
    139953                               N            09/01/31
    0

    5439044          E22/G02             F          530,000.00         ZZ
                                         360        530,000.00          1
                                       7.875          3,842.87         45
                                       7.625          3,842.87
    STATELINE        NV   89449          5            08/17/01         00
    0412812752                           05           10/01/01          0
    0412812752                           O            09/01/31
    0

    5439052          E22/G02             F           28,000.00         ZZ
                                         360         28,000.00          1
                                       9.000            225.29         78
                                       8.750            225.29
    BRENT            AL   35034          5            08/22/01         00
    0412831604                           05           10/01/01          0
    0412831604                           O            09/01/31
    0

    5439063          E22/G02             F          212,500.00         ZZ
                                         360        212,500.00          1
                                       7.500          1,485.83         85
                                       7.250          1,485.83
    GOODLAND TOWNSH  MI   48444          2            08/21/01         01
    0412859936                           05           10/01/01         12
    0412859936                           O            09/01/31
    0

    5439115          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
1

                                       7.750            967.16         90
                                       7.500            967.16
    SANFORD          FL   32771          5            08/22/01         04
    0412916264                           05           10/01/01         25
    0412916264                           O            09/01/31
    0

    5439131          E22/G02             F          157,250.00         ZZ
                                         360        157,250.00          1
                                       8.500          1,209.12         85
                                       8.250          1,209.12
    CENTER MORICHES  NY   11934          1            08/27/01         04
    0412923823                           05           10/01/01         12
    0412923823                           O            09/01/31
    0

    5439146          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.750            716.41         80
                                       7.500            716.41
    HENDERSON        NV   89015          1            08/16/01         00
    0412931065                           05           10/01/01          0
    0412931065                           N            09/01/31
    0

    5439147          E22/G02             F          191,250.00         ZZ
                                         360        191,250.00          1
                                       7.500          1,337.25         85
                                       7.250          1,337.25
    BOYNTON BEACH    FL   33436          5            08/21/01         04
    0412931354                           03           10/01/01         12
    0412931354                           O            09/01/31
    0

    5439170          E22/G02             F           77,600.00         ZZ
                                         360         77,600.00          1
                                       8.625            603.56         80
                                       8.375            603.56
    HARVEY           LA   70058          2            08/27/01         00
    0412949729                           05           10/01/01          0
    0412949729                           N            09/01/31
    0

    5448761          696/G02             F          387,500.00         ZZ
                                         360        387,500.00          1
                                       7.375          2,676.37         69
                                       7.125          2,676.37
    WASHINGTON       DC   20037          1            08/23/01         00
    0433107513                           08           10/01/01          0
1

    24400108                             N            09/01/31
    0

    5450323          U28/G02             F           95,920.00         ZZ
                                         360         95,920.00          1
                                       7.625            678.92         80
                                       7.375            678.92
    RALEIGH          NC   27603          1            08/17/01         00
    0433103140                           01           10/01/01          0
    BURTON                               N            09/01/31
    0

    5450502          E22/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       7.500          1,202.65         80
                                       7.250          1,202.65
    SANTA ROSA       CA   95404          5            08/17/01         00
    0412719536                           05           10/01/01          0
    0412719536                           O            09/01/31
    0

    5450515          E22/G02             F          271,600.00         ZZ
                                         360        271,600.00          1
                                       7.500          1,899.07         80
                                       7.250          1,899.07
    GRANADA HILLS A  CA   91344          1            08/21/01         00
    0412863656                           05           10/01/01          0
    0412863656                           O            09/01/31
    0

    5450516          E22/G02             F          169,000.00         ZZ
                                         360        169,000.00          1
                                       8.125          1,254.82         72
                                       7.875          1,254.82
    RIO RANCHO       NM   87124          2            08/23/01         00
    0412865966                           05           10/01/01          0
    0412865966                           N            09/01/31
    0

    5450523          E22/G02             F           76,700.00         ZZ
                                         360         76,700.00          1
                                       7.375            529.75         66
                                       7.125            529.75
    LAKE DALLAS      TX   75065          2            08/23/01         00
    0412882524                           05           10/01/01          0
    0412882524                           O            09/01/31
    0

1

    5450545          E22/G02             F          221,400.00         ZZ
                                         360        221,400.00          4
                                       8.375          1,682.80         90
                                       8.125          1,682.80
    CARMICHAEL       CA   95608          1            08/14/01         01
    0412913105                           05           10/01/01         25
    0412913105                           N            09/01/31
    0

    5450552          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
                                       7.000          1,410.44         80
                                       6.750          1,410.44
    UNIVERSITY PLAC  WA   98467          5            08/14/01         00
    0412916652                           03           10/01/01          0
    0412916652                           O            09/01/31
    0

    5450554          E22/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       7.875          1,218.12         70
                                       7.625          1,218.12
    SAN DIEGO        CA   92109          1            08/20/01         00
    0412917635                           01           10/01/01          0
    0412917635                           N            09/01/31
    0

    5450559          E22/G02             F           97,750.00         ZZ
                                         360         97,750.00          1
                                       8.500            751.61         66
                                       8.250            751.61
    TUSCOLA TOWNSHI  MI   48768          5            08/23/01         04
    0412922726                           05           10/01/01         12
    0412922726                           O            09/01/31
    0

    5450585          E22/G02             F          374,250.00         ZZ
                                         360        374,250.00          1
                                       7.750          2,681.17         75
                                       7.500          2,681.17
    MOORPARK         CA   93021          1            08/22/01         00
    0412933616                           03           10/01/01          0
    0412933616                           O            09/01/31
    0

    5450592          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          2
                                       7.750          2,507.44         74
                                       7.500          2,507.44
1

    WOBURN           MA   01801          5            08/23/01         00
    0412943839                           05           10/01/01          0
    0412943839                           O            09/01/31
    0

    5450595          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.250          1,091.48         80
                                       7.000          1,091.48
    SAN ANTONIO      TX   78229          5            08/23/01         00
    0412947970                           07           10/01/01          0
    0412947970                           O            09/01/31
    0

    5450600          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          2
                                       8.375            752.47         77
                                       8.125            752.47
    SEBASTIAN        FL   32958          2            08/28/01         00
    0412951782                           05           10/01/01          0
    0412951782                           N            09/01/31
    0

    5450601          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          2
                                       8.375            752.47         80
                                       8.125            752.47
    SEBASTIAN        FL   32958          2            08/28/01         00
    0412951899                           05           10/01/01          0
    0412951899                           N            09/01/31
    0

    5450603          E22/G02             F          127,000.00         ZZ
                                         360        127,000.00          3
                                       8.750            999.11         90
                                       8.500            999.11
    AURORA           IL   60505          1            08/28/01         04
    0412953010                           05           10/01/01         25
    0412953010                           N            09/01/31
    0

    5450611          E22/G02             F          115,200.00         ZZ
                                         360        115,200.00          1
                                       7.750            825.31         27
                                       7.500            825.31
    GRANTS PASS      OR   97526          1            08/22/01         00
    0412963258                           05           10/01/01          0
    0412963258                           O            09/01/31
    0
1

    5452125          B57/G02             F          176,800.00         ZZ
                                         360        176,800.00          1
                                       7.375          1,221.11         80
                                       7.125          1,221.11
    LOS ANGELES      CA   91335          1            08/09/01         00
    0433135704                           05           10/01/01          0
    2115523                              O            09/01/31
    0

    5459402          E22/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       7.500          1,734.05         80
                                       7.250          1,734.05
    MOBILE           AL   36695          5            08/24/01         00
    0412877292                           05           10/01/01          0
    0412877292                           O            09/01/31
    0

    5459441          E22/G02             F          106,720.00         ZZ
                                         360        106,720.00          1
                                       7.625            755.36         80
                                       7.375            755.36
    LIBERTY          MO   64068          1            08/29/01         00
    0412921041                           05           10/01/01          0
    0412921041                           O            09/01/31
    0

    5459451          E22/G02             F           72,800.00         ZZ
                                         360         72,800.00          2
                                       8.625            566.23         90
                                       8.375            566.23
    DETROIT          MI   48224          1            08/29/01         01
    0412928079                           05           10/01/01         25
    0412928079                           N            09/01/31
    0

    5459454          E22/G02             F          356,250.00         ZZ
                                         360        356,250.00          4
                                       7.875          2,583.06         95
                                       7.625          2,583.06
    QUINCY           MA   02169          1            08/29/01         01
    0412930794                           05           10/01/01         30
    0412930794                           O            09/01/31
    0

    5459496          E22/G02             F          632,000.00         ZZ
                                         360        632,000.00          1
1

                                       7.750          4,527.73         80
                                       7.500          4,527.73
    DALLAS           TX   75225          5            08/24/01         00
    0412952517                           05           10/01/01          0
    0412952517                           O            09/01/31
    0

    5459525          E22/G02             F          155,000.00         ZZ
                                         360        155,000.00          1
                                       7.750          1,110.44         64
                                       7.500          1,110.44
    LIVINGSTON       NJ   07039          5            08/24/01         00
    0412990178                           05           10/01/01          0
    0412990178                           O            09/01/31
    0

    5461171          E82/G02             F           66,800.00         ZZ
                                         360         66,800.00          1
                                       8.500            513.63         78
                                       8.250            513.63
    TOCCOA           GA   30577          2            08/30/01         00
    0400469599                           05           10/01/01          0
    0400469599                           N            09/01/31
    0

    5461805          S11/G02             F          357,600.00         ZZ
                                         360        357,600.00          1
                                       7.750          2,561.89         80
                                       7.500          2,561.89
    ALISO VIEJO      CA   92656          5            08/13/01         00
    0433159902                           03           10/01/01          0
    10203908                             O            09/01/31
    0

    5461898          623/G02             F          336,750.00         ZZ
                                         360        336,022.41          1
                                       7.250          2,297.23         75
                                       7.000          2,297.23
    GILROY           CA   95020          1            06/19/01         00
    0433145315                           05           08/01/01          0
    1980374                              O            07/01/31
    0

    5461899          623/G02             F          224,400.00         ZZ
                                         360        224,040.03          1
                                       7.125          1,511.83         80
                                       6.875          1,511.83
    IRVINE           CA   92604          1            06/18/01         00
    0433144987                           03           08/01/01          0
1

    1980785                              O            07/01/31
    0

    5461907          623/G02             F          178,000.00         ZZ
                                         360        177,874.36          1
                                       7.750          1,275.22         68
                                       7.500          1,275.22
    SAN DIEGO        CA   92115          5            07/27/01         00
    0433145224                           05           09/01/01          0
    1983041                              O            08/01/31
    0

    5461918          623/G02             F          272,000.00         ZZ
                                         360        271,787.81          1
                                       7.250          1,855.52         80
                                       7.000          1,855.52
    FRESNO           CA   93727          1            07/24/01         00
    0433145331                           05           09/01/01          0
    1984310                              O            08/01/31
    0

    5461930          623/G02             F          163,600.00         T
                                         360        163,434.82          2
                                       8.250          1,229.08         80
                                       8.000          1,229.08
    CENTRAL POINT    OR   97502          1            07/18/01         00
    0433145158                           05           09/01/01          0
    1984996                              O            08/01/31
    0

    5461931          623/G02             F          356,000.00         ZZ
                                         360        355,593.55          1
                                       7.375          2,458.80         80
                                       7.125          2,458.80
    SAN JOSE         CA   95123          5            07/25/01         00
    0433145448                           05           09/01/01          0
    1985308                              O            08/01/31
    0

    5461944          623/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       7.750          1,253.72         50
                                       7.500          1,253.72
    CONCORD          CA   94521          1            08/07/01         00
    0433144888                           03           10/01/01          0
    1986106                              O            09/01/31
    0

1

    5461951          623/G02             F          182,967.00         ZZ
                                         360        182,827.77          1
                                       7.375          1,263.71         80
                                       7.125          1,263.71
    LATHROP          CA   95330          1            07/26/01         00
    0433144813                           05           09/01/01          0
    1986465                              O            08/01/31
    0

    5461961          623/G02             F          595,000.00         T
                                         360        594,630.17          1
                                       8.375          4,522.43         75
                                       8.125          4,522.43
    COPPEROPOLIS     CA   95228          5            07/25/01         00
    0433145513                           05           09/01/01          0
    1986990                              O            08/01/31
    0

    5461965          623/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.000          2,528.15         80
                                       6.750          2,528.15
    DENVER           CO   80219          5            08/09/01         00
    0433139169                           05           10/01/01          0
    1987418                              O            09/01/31
    0

    5461968          623/G02             F          127,089.00         ZZ
                                         360        127,089.00          1
                                       8.250            954.78         90
                                       8.000            954.78
    ENGLEWOOD        CO   80111          1            08/13/01         10
    0433145075                           01           10/01/01         25
    1987775                              O            09/01/31
    0

    5461981          623/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       8.750            786.70         50
                                       8.500            786.70
    SANDY            UT   84092          5            08/02/01         00
    0433142924                           05           10/01/01          0
    2790973                              O            09/01/31
    0

    5461990          623/G02             F          271,150.00         ZZ
                                         360        270,953.75          1
                                       7.625          1,919.18         80
                                       7.375          1,919.18
1

    GAITHERSBURG     MD   20878          1            07/27/01         00
    0433143724                           03           09/01/01          0
    5321638                              O            08/01/31
    0

    5462004          623/G02             F          126,000.00         ZZ
                                         360        125,826.01          3
                                       7.875            913.59         90
                                       7.625            913.59
    MANCHESTER       NH   03102          1            06/28/01         04
    0433143807                           05           08/01/01         25
    5353651                              O            07/01/31
    0

    5462010          623/G02             F          104,250.00         ZZ
                                         360        104,186.85          1
                                       8.500            801.59         45
                                       8.250            801.59
    NASHVILLE        TN   37205          5            07/17/01         00
    0433142817                           05           09/01/01          0
    5357866                              O            08/01/31
    0

    5462015          623/G02             F          120,000.00         ZZ
                                         360        119,825.75          1
                                       7.625            849.35         75
                                       7.375            849.35
    MARIETTA         GA   30066          5            06/07/01         00
    0433142502                           05           08/01/01          0
    5360450                              O            07/01/31
    0

    5462024          623/G02             F           48,100.00         ZZ
                                         360         48,072.33          1
                                       8.750            378.40         65
                                       8.500            378.40
    NEWLAND          NC   28657          5            07/09/01         00
    0433142494                           03           09/01/01          0
    5362098                              N            08/01/31
    0

    5462025          623/G02             F           87,300.00         ZZ
                                         360         87,196.55          1
                                       8.625            679.01         90
                                       8.375            679.01
    SIMSBURY         CT   06070          1            06/29/01         11
    0433143757                           01           08/01/01         25
    5362106                              N            07/01/31
    0
1

    5462028          623/G02             F          308,000.00         ZZ
                                         360        307,765.64          1
                                       7.375          2,127.28         80
                                       7.125          2,127.28
    PACIFIC          MO   63069          5            07/27/01         00
    0433145679                           05           09/01/01          0
    5362216                              O            08/01/31
    0

    5462037          623/G02             F           87,000.00         ZZ
                                         360         86,938.59          1
                                       7.750            623.28         79
                                       7.500            623.28
    CAPE CORAL       FL   33914          2            08/02/01         00
    0433143690                           05           09/01/01          0
    5364294                              O            08/01/31
    0

    5462040          623/G02             F          335,000.00         ZZ
                                         360        334,763.56          1
                                       7.750          2,399.98         42
                                       7.500          2,399.98
    DANVERS          MA   01923          5            07/12/01         00
    0433143708                           05           09/01/01          0
    5365172                              O            08/01/31
    0

    5462046          623/G02             F          201,600.00         ZZ
                                         360        201,600.00          1
                                       8.375          1,532.31         80
                                       8.125          1,532.31
    FENTON           MI   48430          5            08/06/01         00
    0433144151                           05           10/01/01          0
    5365725                              O            09/01/31
    0

    5462051          623/G02             F          103,425.00         ZZ
                                         360        103,425.00          1
                                       8.125            767.93         75
                                       7.875            767.93
    ENFIELD          CT   06082          1            08/14/01         00
    0433144227                           05           10/01/01          0
    5365929                              O            09/01/31
    0

    5462063          623/G02             F          202,500.00         ZZ
                                         360        202,357.08          1
1

                                       7.750          1,450.73         78
                                       7.500          1,450.73
    LOUISVILLE       KY   40222          2            07/17/01         00
    0433144359                           05           09/01/01          0
    5367490                              O            08/01/31
    0

    5462067          623/G02             F           86,000.00         ZZ
                                         360         86,000.00          1
                                       8.250            646.09         42
                                       8.000            646.09
    LAKELAND         FL   33813          5            08/03/01         00
    0433145760                           03           10/01/01          0
    5368193                              O            09/01/31
    0

    5462082          623/G02             F           81,500.00         ZZ
                                         360         81,500.00          1
                                       8.000            598.02         76
                                       7.750            598.02
    CAPE CORAL       FL   33990          1            08/03/01         00
    0433144490                           05           10/01/01          0
    5369521                              O            09/01/31
    0

    5462088          623/G02             F           60,750.00         T
                                         360         60,708.19          1
                                       7.875            440.48         75
                                       7.625            440.48
    STATESBORO       GA   30458          1            08/03/01         00
    0433144524                           05           09/01/01          0
    5370373                              O            08/01/31
    0

    5462093          623/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
                                       8.750            393.35         36
                                       8.500            393.35
    FAIRFAX          VA   22033          5            08/03/01         00
    0433144573                           01           10/01/01          0
    5371063                              O            09/01/31
    0

    5462285          E82/G02             F          181,750.00         ZZ
                                         360        181,750.00          1
                                       7.375          1,255.30         68
                                       7.125          1,255.30
    HACIENDA HEIGHT  CA   91745          2            08/23/01         00
    0400464541                           05           10/01/01          0
1

    0400464541                           O            09/01/31
    0

    5462609          G52/G02             F          110,400.00         ZZ
                                         360        110,336.48          1
                                       8.750            868.52         80
                                       8.500            868.52
    SAN ANTONIO      TX   78217          2            07/30/01         00
    0433159415                           03           09/01/01          0
    74504557                             N            08/01/31
    0

    5468475          L60/L60             F           45,000.00         ZZ
                                         360         44,934.01          1
                                       7.625            318.51         57
                                       7.375            318.51
    SALISBURY        NC   28146          1            06/28/01         00
    6990389940                           05           08/01/01          0
    6990389940                           O            07/01/31
    0

    5468480          L60/L60             F           80,400.00         ZZ
                                         360         80,283.25          1
                                       7.625            569.07         80
                                       7.375            569.07
    OWINGS MILLS     MD   21117          1            06/27/01         00
    6920107581                           01           08/01/01          0
    6920107581                           O            07/01/31
    0

    5468495          L60/L60             F          159,300.00         ZZ
                                         360        158,671.09          1
                                       7.250          1,086.71         51
                                       7.000          1,086.71
    CHESAPEAKE       VA   23322          2            03/28/01         00
    6920030953                           05           05/01/01          0
    6920030953                           O            04/01/31
    0

    5468500          L60/L60             F          200,000.00         ZZ
                                         360        199,349.14          1
                                       7.500          1,398.43         80
                                       7.250          1,398.43
    CONYERS          GA   30013          2            05/23/01         00
    6610726192                           05           07/01/01          0
    6610726192                           O            06/01/31
    0

1

    5468501          L60/L60             F          199,500.00         T
                                         360        199,359.20          1
                                       7.750          1,429.24         70
                                       7.500          1,429.24
    STELLA           NC   28582          2            07/19/01         00
    6610724750                           05           09/01/01          0
    6610724750                           O            08/01/31
    0

    5468502          L60/L60             F          210,000.00         T
                                         360        209,679.42          1
                                       7.375          1,450.42         70
                                       7.125          1,450.42
    CALIFORNIA       MD   20619          1            06/28/01         00
    6920082155                           05           08/01/01          0
    6920082155                           O            07/01/31
    0

    5468506          L60/L60             F          250,500.00         ZZ
                                         360        250,145.26          1
                                       7.750          1,794.61         74
                                       7.500          1,794.61
    KURE BEACH       NC   28449          1            06/29/01         00
    6610491918                           05           08/01/01          0
    6610491918                           O            07/01/31
    0

    5468511          L60/L60             F          298,750.00         ZZ
                                         360        298,528.29          1
                                       7.500          2,088.90         70
                                       7.250          2,088.90
    ORIENTAL         NC   28571          2            07/19/01         00
    6610493562                           05           09/01/01          0
    6610493562                           O            08/01/31
    0

    5468514          L60/L60             F          300,000.00         ZZ
                                         360        299,616.08          1
                                       8.250          2,253.80         80
                                       7.996          2,253.80
    GREENVILLE       NC   27858          2            06/27/01         00
    6610714992                           05           08/01/01          0
    6610714992                           N            07/01/31
    0

    5468519          L60/L60             F          304,000.00         ZZ
                                         360        303,762.85          1
                                       7.250          2,073.82         80
                                       7.000          2,073.82
1

    VIRGINIA BEACH   VA   23451          5            07/18/01         00
    6920118745                           05           09/01/01          0
    6920118745                           O            08/01/31
    0

    5468522          L60/L60             F          308,000.00         ZZ
                                         360        307,447.05          1
                                       7.375          2,127.28         80
                                       7.125          2,127.28
    ALEXANDRIA       VA   22312          5            06/08/01         00
    6960157808                           05           08/01/01          0
    6960157808                           O            07/01/31
    0

    5468526          L60/L60             F          310,000.00         ZZ
                                         360        309,305.50          1
                                       7.500          2,167.56         62
                                       7.250          2,167.56
    ATLANTA          GA   30308          5            05/07/01         00
    6990361418                           05           07/01/01          0
    6990361418                           O            06/01/31
    0

    5468533          L60/L60             F          316,000.00         ZZ
                                         360        315,053.09          1
                                       7.500          2,209.52         85
                                       7.250          2,209.52
    MC CORMICK       SC   29835          2            04/05/01         12
    6960121501                           05           06/01/01         12
    6960121501                           O            05/01/31
    0

    5468547          L60/L60             F          342,000.00         ZZ
                                         360        341,477.93          1
                                       7.375          2,362.11         95
                                       7.125          2,362.11
    PEACHTREE CITY   GA   30269          1            06/18/01         12
    6610741655                           05           08/01/01         30
    6610741655                           O            07/01/31
    0

    5468549          L60/L60             F          349,000.00         ZZ
                                         360        348,467.24          1
                                       7.375          2,410.46         66
                                       7.125          2,410.46
    CHAPEL HILL      NC   27514          1            06/11/01         00
    6610713848                           05           08/01/01          0
    6610713848                           O            07/01/31
    0
1

    5468573          L60/L60             F          411,950.00         ZZ
                                         360        411,381.14          1
                                       7.875          2,986.92         75
                                       7.625          2,986.92
    MANDEVILLE       LA   70448          5            06/06/01         00
    6960180435                           05           08/01/01          0
    6960180435                           O            07/01/31
    0

    5468577          L60/L60             F          430,000.00         ZZ
                                         360        429,680.88          1
                                       7.500          3,006.62         68
                                       7.250          3,006.62
    ANNAPOLIS        MD   21405          5            07/05/01         00
    6960192891                           05           09/01/01          0
    6960192891                           O            08/01/31
    0

    5468579          L60/L60             F          432,000.00         ZZ
                                         360        431,066.95          1
                                       7.875          3,132.30         80
                                       7.625          3,132.30
    FAYETTEVILLE     NC   28303          1            06/15/01         00
    6610645796                           05           08/01/01          0
    6610645796                           O            07/01/31
    0

    5468583          L60/L60             F          435,000.00         ZZ
                                         360        433,622.94          1
                                       7.500          3,041.58         37
                                       7.250          3,041.58
    MYRTLE BEACH     SC   29572          2            05/15/01         00
    6610660639                           05           07/01/01          0
    6610660639                           O            06/01/31
    0

    5468584          L60/L60             F          440,000.00         ZZ
                                         360        439,689.46          1
                                       7.750          3,152.21         66
                                       7.500          3,152.21
    RALEIGH          NC   27614          2            07/20/01         00
    6610509922                           03           09/01/01          0
    6610509922                           O            08/01/31
    0

    5468593          L60/L60             F          463,000.00         ZZ
                                         360        462,656.39          1
1

                                       7.500          3,237.36         54
                                       7.250          3,237.36
    BALD HEAD ISLAN  NC   28461          2            08/01/01         00
    6610489557                           05           09/01/01          0
    6610489557                           O            08/01/31
    0

    5468595          L60/L60             F          466,500.00         ZZ
                                         360        465,480.62          1
                                       7.625          3,301.86         75
                                       7.375          3,301.86
    RALEIGH          NC   27615          1            05/29/01         00
    6610675040                           03           07/01/01          0
    6610675040                           O            06/01/31
    0

    5468596          L60/L60             F          476,000.00         ZZ
                                         360        475,308.77          1
                                       7.625          3,369.10         80
                                       7.375          3,369.10
    CHARLESTON       SC   29401          1            06/18/01         00
    6960183248                           05           08/01/01          0
    6960183248                           O            07/01/31
    0

    5468598          L60/L60             F          480,000.00         ZZ
                                         360        478,812.75          1
                                       7.000          3,193.45         60
                                       6.750          3,193.45
    RUXTON           MD   21204          2            05/25/01         00
    6990343533                           05           07/01/01          0
    6990343533                           O            06/01/31
    0

    5468600          L60/L60             F          480,000.00         ZZ
                                         360        479,302.97          1
                                       7.625          3,397.41         80
                                       7.375          3,397.41
    LITHONIA         GA   30058          5            06/25/01         00
    6610743232                           05           08/01/01          0
    6610743232                           O            07/01/31
    0

    5468604          L60/L60             F          496,000.00         ZZ
                                         360        495,315.08          1
                                       7.875          3,596.34         80
                                       7.625          3,596.34
    ANNAPOLIS        MD   21403          1            06/15/01         00
    6990364948                           01           08/01/01          0
1

    6990364948                           O            07/01/31
    0

    5468613          L60/L60             F          525,000.00         ZZ
                                         360        524,198.59          1
                                       7.375          3,626.04         75
                                       7.125          3,626.04
    WINSTON SALEM    NC   27101          5            06/04/01         00
    6610745154                           05           08/01/01          0
    6610745154                           O            07/01/31
    0

    5468614          L60/L60             F          525,000.00         ZZ
                                         360        524,198.59          1
                                       7.375          3,626.04         75
                                       7.125          3,626.04
    CHAPEL HILL      NC   27516          5            06/04/01         00
    6610680583                           05           08/01/01          0
    6610680583                           O            07/01/31
    0

    5468616          L60/L60             F          527,550.00         ZZ
                                         240        525,609.16          1
                                       7.375          4,209.68         71
                                       7.125          4,209.68
    GREENSBORO       NC   27408          5            06/15/01         00
    6610707740                           05           08/01/01          0
    6610707740                           O            07/01/21
    0

    5468625          L60/L60             F          599,350.00         ZZ
                                         355        599,350.00          1
                                       7.375          4,155.57         80
                                       7.125          4,155.57
    ASHEVILLE        NC   28803          2            08/06/01         00
    6610318876                           05           10/01/01          0
    6610318876                           O            04/01/31
    0

    5468626          L60/L60             F          640,000.00         ZZ
                                         360        636,958.81          1
                                       7.250          4,365.93         80
                                       7.000          4,365.93
    SUWANEE          GA   30024          2            02/22/01         00
    6990303221                           03           04/01/01          0
    6990303221                           O            03/01/31
    0

1

    5468630          L60/L60             F          800,000.00         ZZ
                                         360        794,218.78          1
                                       7.875          5,800.56         79
                                       7.625          5,800.56
    GREENSBORO       NC   27455          1            06/05/01         00
    6610653489                           03           08/01/01          0
    6610653489                           O            07/01/31
    0

    5471296          E22/G02             F          182,400.00         ZZ
                                         360        182,400.00          3
                                       8.125          1,354.31         95
                                       7.875          1,354.31
    PATERSON         NJ   07524          1            08/30/01         04
    0412852683                           05           10/01/01         30
    0412852683                           O            09/01/31
    0

    5471300          E22/G02             F          253,600.00         ZZ
                                         360        253,600.00          1
                                       7.375          1,751.55         80
                                       7.125          1,751.55
    LAKE FOREST      CA   92630          5            08/17/01         00
    0412858151                           05           10/01/01          0
    0412858151                           O            09/01/31
    0

    5471302          E22/G02             F           49,950.00         ZZ
                                         360         49,950.00          1
                                       8.750            392.96         89
                                       8.500            392.96
    DALLAS           TX   75227          1            08/22/01         04
    0412860355                           07           10/01/01         25
    0412860355                           N            09/01/31
    0

    5471326          E22/G02             F          103,000.00         ZZ
                                         360        103,000.00          1
                                       7.875            746.82         69
                                       7.625            746.82
    LOVELAND         CO   80537          5            08/30/01         00
    0412911687                           05           10/01/01          0
    0412911687                           N            09/01/31
    0

    5471340          E22/G02             F          524,000.00         ZZ
                                         360        524,000.00          1
                                       7.625          3,708.84         80
                                       7.375          3,708.84
1

    SIMI VALLEY      CA   93065          5            08/16/01         00
    0412926917                           05           10/01/01          0
    0412926917                           O            09/01/31
    0

    5471342          E22/G02             F          139,500.00         ZZ
                                         360        139,500.00          3
                                       8.375          1,060.30         90
                                       8.125          1,060.30
    CHICAGO          IL   60615          1            08/30/01         04
    0412928350                           05           10/01/01         25
    0412928350                           N            09/01/31
    0

    5471355          E22/G02             F          193,685.00         ZZ
                                         360        193,685.00          1
                                       7.500          1,354.27         73
                                       7.250          1,354.27
    RENO             NV   89511          1            08/20/01         00
    0412938979                           03           10/01/01          0
    0412938979                           O            09/01/31
    0

    5471360          E22/G02             F          272,000.00         ZZ
                                         360        272,000.00          1
                                       7.750          1,948.64         64
                                       7.500          1,948.64
    FARMINGTON HILL  MI   48331          1            08/30/01         00
    0412941965                           05           10/01/01          0
    0412941965                           O            09/01/31
    0

    5471363          E22/G02             F          224,955.00         ZZ
                                         360        224,955.00          1
                                       8.000          1,650.64         90
                                       7.750          1,650.64
    HERCULES         CA   94547          1            08/21/01         01
    0412943920                           01           10/01/01         30
    0412943920                           O            09/01/31
    0

    5471366          E22/G02             F           77,400.00         ZZ
                                         360         77,400.00          3
                                       8.625            602.01         90
                                       8.375            602.01
    OMAHA            NE   68132          2            08/30/01         04
    0412947608                           05           10/01/01         25
    0412947608                           N            09/01/31
    0
1

    5471370          E22/G02             F           47,530.00         ZZ
                                         360         47,530.00          1
                                       8.375            361.26         70
                                       8.125            361.26
    COLORADO SPRING  CO   80915          1            08/30/01         00
    0412947996                           01           10/01/01          0
    0412947996                           N            09/01/31
    0

    5471386          E22/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       7.500          1,734.05         80
                                       7.250          1,734.05
    MISSION VIEJO    CA   92691          1            08/23/01         00
    0412965717                           05           10/01/01          0
    0412965717                           O            09/01/31
    0

    5471388          E22/G02             F          296,000.00         ZZ
                                         360        296,000.00          1
                                       8.000          2,171.94         76
                                       7.750          2,171.94
    OREM             UT   84058          1            08/24/01         00
    0412969099                           05           10/01/01          0
    0412969099                           O            09/01/31
    0

    5471399          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          4
                                       8.500            865.03         90
                                       8.250            865.03
    MARRERO          LA   70072          1            08/30/01         04
    0412982761                           05           10/01/01         25
    0412982761                           N            09/01/31
    0

    5473157          076/076             F          103,000.00         ZZ
                                         360        102,929.12          1
                                       7.875            746.82         76
                                       7.625            746.82
    LINCOLN          NE   68516          1            07/13/01         00
    5555763                              05           09/01/01          0
    5555763                              O            08/01/31
    0

    5473158          076/076             F           99,000.00         T
                                         360         98,936.88          1
1

                                       8.250            743.75         60
                                       8.000            743.75
    BANGOR           MI   49013          5            07/17/01         00
    5556384                              05           09/01/01          0
    5556384                              O            08/01/31
    0

    5473165          076/076             F           57,900.00         T
                                         360         57,864.00          1
                                       8.375            440.09         80
                                       8.125            440.09
    NAPLES           ME   04055          1            07/30/01         00
    5639693                              05           09/01/01          0
    5639693                              O            08/01/31
    0

    5473166          076/076             F          292,000.00         ZZ
                                         360        291,804.08          1
                                       8.000          2,142.59         80
                                       7.750          2,142.59
    FORT WORTH       TX   76107          1            07/19/01         00
    5652045                              05           09/01/01          0
    5652045                              O            08/01/31
    0

    5477033          286/286             F          332,000.00         ZZ
                                         360        331,753.60          1
                                       7.500          2,321.40         80
                                       7.250          2,321.40
    NEW MONMOUTH     NJ   07748          5            07/13/01         00
    456685                               05           09/01/01          0
    456685                               O            08/01/31
    0

    5477038          286/286             F          465,000.00         ZZ
                                         360        464,654.90          1
                                       7.500          3,251.35         80
                                       7.250          3,251.35
    LADERA RANCH     CA   92694          1            07/13/01         00
    425440                               03           09/01/01          0
    425440                               O            08/01/31
    0

    5477040          286/286             F          400,000.00         ZZ
                                         360        399,303.80          1
                                       7.500          2,796.86         80
                                       7.250          2,796.86
    SANTA BARBARA    CA   93109          5            06/23/01         00
    9824403                              05           08/01/01          0
1

    9824403                              O            07/01/31
    0

    5477047          286/286             F          376,000.00         ZZ
                                         360        375,747.72          1
                                       8.000          2,758.95         80
                                       7.750          2,758.95
    ENCINITAS        CA   92024          5            07/06/01         00
    9855796                              05           09/01/01          0
    9855796                              O            08/01/31
    0

    5477059          286/286             F          400,000.00         ZZ
                                         360        399,250.40          1
                                       7.375          2,762.70         80
                                       7.125          2,762.70
    SAN JOSE         CA   95139          1            06/28/01         00
    9867532                              05           08/01/01          0
    9867532                              O            07/01/31
    0

    5477065          286/286             F          352,000.00         ZZ
                                         360        351,732.15          1
                                       7.375          2,431.18         80
                                       7.125          2,431.18
    MILPITAS         CA   95035          5            07/11/01         00
    9871209                              05           09/01/01          0
    9871209                              O            08/01/31
    0

    5483340          E22/G02             F           87,250.00         ZZ
                                         360         87,195.77          1
                                       8.375            663.16         90
                                       8.125            663.16
    BRANSON          MO   65616          2            07/26/01         04
    0412768723                           05           09/01/01         25
    0412768723                           O            08/01/31
    0

    5483386          E22/G02             F          266,750.00         ZZ
                                         360        266,750.00          1
                                       7.250          1,819.71         78
                                       7.000          1,819.71
    NEWARK           TX   76071          2            08/31/01         00
    0412898777                           05           10/01/01          0
    0412898777                           O            09/01/31
    0

1

    5483398          E22/G02             F          106,400.00         ZZ
                                         360        106,400.00          1
                                       7.875            771.47         80
                                       7.625            771.47
    VISALIA          CA   93277          2            08/21/01         00
    0412908576                           05           10/01/01          0
    0412908576                           N            09/01/31
    0

    5483402          E22/G02             F          164,512.00         ZZ
                                         360        164,512.00          1
                                       7.875          1,192.83         80
                                       7.625          1,192.83
    SOUTH BRUNSWICK  NJ   07054          1            08/31/01         00
    0412910101                           05           10/01/01          0
    0412910101                           O            09/01/31
    0

    5483416          E22/G02             F           98,550.00         ZZ
                                         360         98,550.00          1
                                       8.375            749.05         90
                                       8.125            749.05
    CRYSTAL LAKE     IL   60014          1            09/04/01         04
    0412920399                           05           10/01/01         25
    0412920399                           N            09/01/31
    0

    5483426          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       8.500          1,107.24         89
                                       8.250          1,107.24
    KEARNEY          NE   68847          1            08/31/01         04
    0412925232                           05           10/01/01         30
    0412925232                           O            09/01/31
    0

    5483449          E22/G02             F           73,400.00         ZZ
                                         360         73,400.00          4
                                       8.250            551.43         90
                                       8.000            551.43
    CAVE SPRING      GA   30124          1            08/31/01         01
    0412935793                           05           10/01/01         25
    0412935793                           N            09/01/31
    0

    5483455          E22/G02             F           34,400.00         ZZ
                                         360         34,400.00          1
                                       8.625            267.56         80
                                       8.375            267.56
1

    DALLAS           TX   75220          1            08/31/01         00
    0412938904                           01           10/01/01          0
    0412938904                           N            09/01/31
    0

    5483456          E22/G02             F           60,750.00         ZZ
                                         360         60,750.00          1
                                       7.875            440.48         90
                                       7.625            440.48
    NOBLESVILLE      IN   46060          1            08/31/01         01
    0412939191                           05           10/01/01         25
    0412939191                           N            09/01/31
    0

    5483464          E22/G02             F           36,700.00         ZZ
                                         360         36,700.00          2
                                       7.875            266.10         90
                                       7.625            266.10
    CAVE SPRING      GA   30124          1            08/31/01         01
    0412941411                           05           10/01/01         25
    0412941411                           N            09/01/31
    0

    5483465          E22/G02             F           36,700.00         ZZ
                                         360         36,700.00          2
                                       7.875            266.10         90
                                       7.625            266.10
    CAVE SPRING      GA   30124          1            08/31/01         01
    0412941502                           05           10/01/01         25
    0412941502                           N            09/01/31
    0

    5483469          E22/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
                                       8.250            507.10         90
                                       8.000            507.10
    WINTER PARK      FL   32792          1            08/31/01         01
    0412943813                           09           10/01/01         25
    0412943813                           N            09/01/31
    0

    5483489          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          4
                                       8.500            584.37         32
                                       8.250            584.37
    CARSON CITY      NV   89703          1            08/27/01         00
    0412953697                           05           10/01/01          0
    0412953697                           N            09/01/31
    0
1

    5483490          E22/G02             F          354,500.00         ZZ
                                         360        354,500.00          1
                                       7.875          2,570.37         63
                                       7.625          2,570.37
    EDMOND           OK   73003          5            08/27/01         00
    0412953838                           03           10/01/01          0
    0412953838                           O            09/01/31
    0

    5483496          E22/G02             F           37,800.00         ZZ
                                         360         37,800.00          1
                                       8.250            283.98         90
                                       8.000            283.98
    ALEXANDRIA       AL   36250          1            08/31/01         01
    0412955718                           05           10/01/01         25
    0412955718                           N            09/01/31
    0

    5483509          E22/G02             F          172,450.00         ZZ
                                         360        172,450.00          1
                                       7.625          1,220.59         80
                                       7.375          1,220.59
    ANTELOPE         CA   95843          1            08/24/01         00
    0412958407                           05           10/01/01          0
    0412958407                           O            09/01/31
    0

    5483543          E22/G02             F           87,000.00         ZZ
                                         360         87,000.00          1
                                       8.125            645.97         75
                                       7.875            645.97
    SHOSHONE         ID   83352          1            08/27/01         00
    0412970501                           05           10/01/01          0
    0412970501                           O            09/01/31
    0

    5483556          E22/G02             F          107,200.00         ZZ
                                         360        107,200.00          1
                                       7.500            749.56         80
                                       7.250            749.56
    BROKEN ARROW     OK   74012          1            08/31/01         00
    0412973745                           03           10/01/01          0
    0412973745                           O            09/01/31
    0

    5483796          950/G02             F          113,600.00         ZZ
                                         360        113,600.00          1
1

                                       8.250            853.44         80
                                       8.000            853.44
    PORTLAND         OR   97212          1            08/16/01         00
    0433157021                           05           10/01/01          0
    E9104031                             N            09/01/31
    0

    5484928          964/G02             F          315,000.00         ZZ
                                         360        315,000.00          3
                                       8.500          2,422.08         90
                                       8.250          2,422.08
    AURORA           CO   80011          1            08/22/01         01
    0433155124                           05           10/01/01         25
    137434                               N            09/01/31
    0

    5490646          E82/G02             F          224,100.00         ZZ
                                         360        224,100.00          1
                                       7.375          1,547.80         78
                                       7.125          1,547.80
    HARLINGEN        TX   78552          2            08/27/01         00
    0400444089                           05           10/01/01          0
    0400444089                           O            09/01/31
    0

    5494346          E22/G02             F          146,000.00         ZZ
                                         360        146,000.00          1
                                       7.750          1,045.96         62
                                       7.500          1,045.96
    CLARKSTON        MI   48348          1            08/31/01         00
    0412850281                           05           10/01/01          0
    0412850281                           O            09/01/31
    0

    5494363          E22/G02             F           93,600.00         ZZ
                                         360         93,600.00          4
                                       8.750            736.35         90
                                       8.500            736.35
    KENNEWICK        WA   99336          1            08/29/01         04
    0412904344                           05           10/01/01         25
    0412904344                           N            09/01/31
    0

    5494364          E22/G02             F           93,600.00         ZZ
                                         360         93,600.00          4
                                       8.750            736.35         90
                                       8.500            736.35
    KENNEWICK        WA   99336          1            08/29/01         04
    0412904401                           05           10/01/01         25
1

    0412904401                           N            09/01/31
    0

    5494370          E22/G02             F           94,000.00         ZZ
                                         360         94,000.00          1
                                       7.500            657.26         76
                                       7.250            657.26
    LAKES WALES      FL   33853          2            08/29/01         00
    0412913170                           03           10/01/01          0
    0412913170                           O            09/01/31
    0

    5494373          E22/G02             F          313,000.00         ZZ
                                         360        313,000.00          1
                                       7.375          2,161.81         90
                                       7.125          2,161.81
    WAKEFIELD        MA   01880          5            08/29/01         04
    0412916975                           05           10/01/01         25
    0412916975                           O            09/01/31
    0

    5494385          E22/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       7.250          3,001.58         79
                                       7.000          3,001.58
    TERRELL HILLS    TX   78209          5            08/29/01         00
    0412929549                           05           10/01/01          0
    0412929549                           O            09/01/31
    0

    5494388          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         80
                                       7.250          2,517.17
    SAN DIEGO        CA   92129          5            08/27/01         00
    0412934796                           05           10/01/01          0
    0412934796                           O            09/01/31
    0

    5494399          E22/G02             F           63,700.00         ZZ
                                         360         63,700.00          1
                                       8.625            495.45         75
                                       8.375            495.45
    RICHARDSON       TX   75080          5            08/24/01         00
    0412948234                           01           10/01/01          0
    0412948234                           O            09/01/31
    0

1

    5494400          E22/G02             F          172,500.00         ZZ
                                         360        172,500.00          1
                                       7.750          1,235.81         46
                                       7.500          1,235.81
    BAYSIDE          NY   11361          5            08/29/01         00
    0412948796                           05           10/01/01          0
    0412948796                           O            09/01/31
    0

    5494418          E22/G02             F          229,500.00         ZZ
                                         360        229,500.00          1
                                       7.250          1,565.59         85
                                       7.000          1,565.59
    NEW ORLEANS      LA   70124          2            08/30/01         04
    0412964843                           05           10/01/01         12
    0412964843                           O            09/01/31
    0

    5494422          E22/G02             F          109,800.00         ZZ
                                         360        109,800.00          1
                                       8.125            815.26         90
                                       7.875            815.26
    OKLAHOMA CITY    OK   73159          5            08/28/01         04
    0412968919                           05           10/01/01         25
    0412968919                           O            09/01/31
    0

    5494425          E22/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       7.500          1,174.68         80
                                       7.250          1,174.68
    PLANO            TX   75024          5            08/28/01         00
    0412972820                           05           10/01/01          0
    0412972820                           O            09/01/31
    0

    5494449          E22/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
                                       8.250            473.30         90
                                       8.000            473.30
    ROSEVILLE        MI   48066          1            09/04/01         04
    0412989261                           05           10/01/01         25
    0412989261                           N            09/01/31
    0

    5494659          E82/G02             F          135,000.00         ZZ
                                         360        135,000.00          3
                                       7.750            967.16         79
                                       7.500            967.16
1

    COLLEGE PARK     GA   30349          2            09/06/01         00
    0400474516                           05           10/01/01          0
    0400474516                           N            09/01/31
    0

    5494660          E82/G02             F          138,200.00         ZZ
                                         360        138,200.00          3
                                       7.750            990.08         80
                                       7.500            990.08
    COLLEGE PARK     GA   30349          2            09/06/01         00
    0400474524                           05           10/01/01          0
    0400474524                           N            09/01/31
    0

    5506351          944/G02             F          344,000.00         ZZ
                                         360        342,943.17          1
                                       8.500          2,645.07         80
                                       8.250          2,645.07
    FT LAUDERDALE    FL   33308          1            03/30/01         00
    0433140977                           06           05/01/01          0
    W88014411                            O            04/01/31
    0

    5506465          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       8.250            751.27         84
                                       8.000            751.27
    TAMPA            FL   33613          2            08/21/01         04
    0412842700                           05           10/01/01         12
    0412842700                           O            09/01/31
    0

    5506475          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.750          2,865.65         77
                                       7.500          2,865.65
    TRACY            CA   95304          1            08/24/01         00
    0412895708                           05           10/01/01          0
    0412895708                           O            09/01/31
    0

    5506500          E22/G02             F          220,400.00         ZZ
                                         360        220,400.00          1
                                       8.500          1,694.69         75
                                       8.250          1,694.69
    BATON ROUGE      LA   70809          2            09/05/01         00
    0412929986                           05           10/01/01          0
    0412929986                           N            09/01/31
    0
1

    5506505          E22/G02             F          211,500.00         ZZ
                                         360        211,500.00          1
                                       7.750          1,515.21         90
                                       7.500          1,515.21
    SAMMAMISH        WA   98052          2            08/21/01         04
    0412936544                           05           10/01/01         25
    0412936544                           O            09/01/31
    0

    5506523          E22/G02             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       7.250            989.16         44
                                       7.000            989.16
    SANTA ROSA       CA   95409          2            08/27/01         00
    0412960841                           05           10/01/01          0
    0412960841                           N            09/01/31
    0

    5506540          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
                                       7.500          1,482.33         80
                                       7.250          1,482.33
    AUSTIN           TX   78734          5            08/30/01         00
    0412978868                           05           10/01/01          0
    0412978868                           O            09/01/31
    0

    5506555          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       7.000          1,729.79         79
                                       6.750          1,729.79
    DURANGO          CO   81301          5            08/30/01         00
    0412996316                           05           10/01/01          0
    0412996316                           O            09/01/31
    0

    5508777          944/G02             F          225,900.00         ZZ
                                         360        225,553.46          1
                                       8.125          1,677.31         90
                                       7.875          1,677.31
    SEATTLE          WA   98103          5            06/25/01         10
    0433142338                           05           08/01/01         25
    W01030421                            O            07/01/31
    0

    5511167          225/G02             F          630,000.00         ZZ
                                         360        629,151.74          1
1

                                       8.000          4,622.72         70
                                       7.750          4,622.72
    LONG BRANCH      NJ   07740          1            06/28/01         00
    0433139995                           05           08/01/01          0
    6537216                              O            07/01/31
    0

    5511202          225/G02             F          295,000.00         ZZ
                                         360        294,769.86          1
                                       7.250          2,012.43         80
                                       7.000          2,012.43
    TORRENCE         CA   90503          1            06/28/01         00
    0433141611                           05           09/01/01          0
    7281496                              O            08/01/31
    0

    5511540          225/G02             F          352,000.00         ZZ
                                         360        351,230.85          1
                                       7.625          2,491.43         80
                                       7.375          2,491.43
    LAS VEGAS        NV   89129          1            05/24/01         00
    0433141595                           03           07/01/01          0
    7274760                              O            06/01/31
    0

    5512902          225/G02             F          380,000.00         ZZ
                                         360        379,488.34          1
                                       8.000          2,788.31         80
                                       7.750          2,788.31
    DENNIS           MA   02638          1            06/28/01         00
    0433141801                           05           08/01/01          0
    7271565                              O            07/01/31
    0

    5514860          964/G02             F          636,000.00         ZZ
                                         360        636,000.00          1
                                       7.250          4,338.64         80
                                       7.000          4,338.64
    GRANITE BAY      CA   95746          1            08/23/01         00
    0433149614                           03           10/01/01          0
    141300                               O            09/01/31
    0

    5516943          E22/G02             F           54,900.00         ZZ
                                         360         54,900.00          1
                                       8.500            422.13         90
                                       8.250            422.13
    MATTAWA          WA   99349          1            08/28/01         11
    0412865917                           05           10/01/01         25
1

    0412865917                           N            09/01/31
    0

    5516957          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.375            690.68         18
                                       7.125            690.68
    FAIRFAX          CA   94930          5            08/23/01         00
    0412901290                           05           10/01/01          0
    0412901290                           O            09/01/31
    0

    5516975          E22/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       7.625          1,811.95         95
                                       7.375          1,811.95
    BILLERICA        MA   01821          5            08/31/01         04
    0412934416                           05           10/01/01         30
    0412934416                           O            09/01/31
    0

    5516983          E22/G02             F          213,000.00         ZZ
                                         360        213,000.00          1
                                       7.750          1,525.96         22
                                       7.500          1,525.96
    BOLINAS          CA   94924          5            08/27/01         00
    0412939779                           05           10/01/01          0
    0412939779                           O            09/01/31
    0

    5517009          E22/G02             F          207,000.00         ZZ
                                         360        207,000.00          1
                                       7.375          1,429.70         85
                                       7.125          1,429.70
    FORESTHILL       CA   95631          5            08/28/01         01
    0412954794                           05           10/01/01         12
    0412954794                           O            09/01/31
    0

    5517014          E22/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       7.500          2,405.30         80
                                       7.250          2,405.30
    DALY CITY        CA   94015          5            08/29/01         00
    0412959017                           05           10/01/01          0
    0412959017                           O            09/01/31
    0

1

    5517032          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       8.625          3,111.16         65
                                       8.375          3,111.16
    CHICAGO          IL   60607          5            08/31/01         00
    0412968711                           08           10/01/01          0
    0412968711                           O            09/01/31
    0

    5517047          E22/G02             F          264,800.00         ZZ
                                         360        264,800.00          1
                                       7.250          1,806.40         80
                                       7.000          1,806.40
    AUSTIN           TX   78726          5            08/30/01         00
    0412976169                           03           10/01/01          0
    0412976169                           O            09/01/31
    0

    5517075          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.500            839.06         80
                                       7.250            839.06
    BOCA RATON       FL   33428          1            09/06/01         00
    0412995565                           03           10/01/01          0
    0412995565                           N            09/01/31
    0

    5517190          225/G02             F          163,150.00         ZZ
                                         360        162,810.91          1
                                       7.875          1,182.96         65
                                       7.625          1,182.96
    CHICAGO          IL   60634          1            05/25/01         00
    0433141074                           05           07/01/01          0
    7265400                              O            06/01/31
    0

    5517484          225/G02             F          256,000.00         ZZ
                                         360        255,231.22          1
                                       7.875          1,856.18         80
                                       7.625          1,856.18
    HAWTHORNE        CA   90250          2            06/20/01         00
    0433142700                           05           08/01/01          0
    7272408                              O            07/01/31
    0

    5523836          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       8.500            415.21         90
                                       8.250            415.21
1

    JACKSONVILLE     FL   32244          1            09/07/01         01
    0412774960                           07           10/01/01         30
    0412774960                           O            09/01/31
    0

    5523841          E22/G02             F           82,800.00         ZZ
                                         360         82,800.00          1
                                       8.500            636.66         90
                                       8.250            636.66
    INKSTER          MI   48141          1            08/22/01         04
    0412855611                           05           10/01/01         25
    0412855611                           N            09/01/31
    0

    5523866          E22/G02             F          225,600.00         ZZ
                                         360        225,600.00          1
                                       8.125          1,675.07         80
                                       7.875          1,675.07
    ROYSE CITY       TX   75189          5            08/31/01         00
    0412939126                           05           10/01/01          0
    0412939126                           O            09/01/31
    0

    5523884          E22/G02             F           95,300.00         ZZ
                                         360         95,300.00          1
                                       7.750            682.74         90
                                       7.500            682.74
    BROKEN ARROW     OK   74012          1            08/31/01         01
    0412955262                           05           10/01/01         25
    0412955262                           N            09/01/31
    0

    5523887          E22/G02             F           77,600.00         ZZ
                                         360         77,600.00          2
                                       8.000            569.40         90
                                       7.750            569.40
    BRYAN            TX   77803          1            09/05/01         04
    0412967176                           05           10/01/01         25
    0412961716                           N            09/01/31
    0

    5523888          E22/G02             F           77,600.00         ZZ
                                         360         77,600.00          2
                                       8.000            569.40         90
                                       7.750            569.40
    BRYAN            TX   77803          1            08/31/01         04
    0412961849                           05           10/01/01         25
    0412961849                           N            09/01/31
    0
1

    5523897          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       8.125            891.00         91
                                       7.875            891.00
    WATERFORD        MI   48328          1            09/07/01         11
    0412970253                           01           10/01/01         30
    0412970253                           O            09/01/31
    0

    5524348          225/G02             F          312,000.00         ZZ
                                         360        311,579.90          1
                                       8.000          2,289.35         90
                                       7.750          2,289.35
    SLEEPY HOLLOW    IL   60118          2            07/03/01         27
    0433142783                           05           08/01/01         25
    7281445                              O            07/01/31
    0

    5524678          225/G02             F           96,300.00         ZZ
                                         360         96,087.19          4
                                       9.000            774.86         90
                                       8.750            774.86
    MILWAUKEE        WI   53218          1            04/20/01         27
    0433141306                           05           06/01/01         25
    7263045                              N            05/01/31
    0

    5524738          225/G02             F          292,800.00         ZZ
                                         360        292,603.53          1
                                       8.000          2,148.47         80
                                       7.750          2,148.47
    YONKERS          NY   10708          1            07/11/01         00
    0433141892                           05           09/01/01          0
    7281643                              O            08/01/31
    0

    5524884          225/G02             F          198,000.00         ZZ
                                         360        197,765.35          4
                                       8.625          1,540.03         89
                                       8.375          1,540.03
    AURORA           CO   80010          1            06/21/01         11
    0433141272                           05           08/01/01         25
    7276660                              N            07/01/31
    0

    5525522          225/G02             F           40,500.00         ZZ
                                         360         40,439.71          1
1

                                       7.500            283.18         90
                                       7.250            283.18
    BUNEA VISTA      VA   24416          1            06/29/01         14
    0433141561                           05           08/01/01         25
    6539708                              O            07/01/31
    0

    5527081          964/G02             F          298,400.00         ZZ
                                         360        298,400.00          1
                                       7.125          2,010.38         80
                                       6.875          2,010.38
    KALAMA           WA   98625          1            08/22/01         00
    0433137742                           05           10/01/01          0
    135648                               O            09/01/31
    0

    5534221          E22/G02             F          139,500.00         ZZ
                                         360        139,500.00          1
                                       8.625          1,085.02         90
                                       8.375          1,085.02
    MIAMI BEACH      FL   33141          1            09/10/01         04
    0412943292                           05           10/01/01         25
    0412943292                           N            09/01/31
    0

    5534261          E22/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.000          2,448.31         80
                                       6.750          2,448.31
    CLAREMONT        CA   91711          5            08/28/01         00
    0412976201                           05           10/01/01          0
    0412976201                           O            09/01/31
    0

    5543754          E22/G02             F          337,500.00         ZZ
                                         360        337,279.23          1
                                       8.125          2,505.93         74
                                       7.875          2,505.93
    GLENWOOD SPRING  CO   81601          5            08/24/01         00
    0412936221                           05           09/01/01          0
    0412936221                           O            08/01/31
    0

    5544463          964/G02             F          182,500.00         ZZ
                                         360        182,500.00          4
                                       8.250          1,371.06         69
                                       8.000          1,371.06
    FOLSOM           CA   95630          5            08/23/01         00
    0433157245                           05           10/01/01          0
1

    140752                               N            09/01/31
    0

    5551217          944/G02             F          364,000.00         ZZ
                                         360        363,184.50          1
                                       7.500          2,545.15         73
                                       7.250          2,545.15
    CLAYTON          CA   94517          5            05/25/01         00
    0433148780                           03           07/01/01          0
    W01053115                            O            06/01/31
    0

    5555686          E22/G02             F          208,250.00         ZZ
                                         360        208,250.00          1
                                       7.750          1,491.93         85
                                       7.500          1,491.93
    GERMANTOWN       TN   38139          5            09/06/01         10
    0412954927                           05           10/01/01         25
    0412954927                           O            09/01/31
    0

    5558289          944/G02             F          226,500.00         ZZ
                                         360        226,163.58          1
                                       7.500          1,583.73         70
                                       7.250          1,583.73
    CONCORD          CA   94521          5            06/05/01         00
    0433157781                           05           08/01/01          0
    W01053110                            O            07/01/31
    0

   TOTAL NUMBER OF LOANS   :        952

   TOTAL ORIGINAL BALANCE  :   186,446,812.00

   TOTAL PRINCIPAL BALANCE :   186,212,823.75

   TOTAL ORIGINAL P+I      :     1,339,410.61

   TOTAL CURRENT P+I       :     1,339,410.61

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

<PAGE>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

Loan Number Current Balance Net Mortgage Rate   Discount Fraction   PO Balance
4638976 " $98,955.11 "  0.0647  0.041481481     " $4,104.80 "
5343545 " $418,935.38 " 0.06595 0.022962963     " $9,620.00 "
5534261 " $368,000.00 " 0.0672  0.004444444     " $1,635.56 "
5506555 " $260,000.00 " 0.0672  0.004444444     " $1,155.56 "
5468598 " $478,812.75 " 0.0672  0.004444444     " $2,128.06 "
5461965 " $380,000.00 " 0.0672  0.004444444     " $1,688.89 "
5450552 " $212,000.00 " 0.0672  0.004444444      $942.22
5421173 " $442,154.81 " 0.0672  0.004444444     " $1,965.13 "
5361159 " $343,017.67 " 0.0672  0.004444444     " $1,524.52 "
5345920 " $249,588.95 " 0.0672  0.004444444     " $1,109.28 "
5343745 " $473,428.89 " 0.0672  0.004444444     " $2,104.13 "
5343685 " $330,181.29 " 0.0672  0.004444444     " $1,467.47 "
5343522 " $485,488.98 " 0.0672  0.004444444     " $2,157.73 "
5343518 " $230,420.64 " 0.0672  0.004444444     " $1,024.09 "
4809971 " $235,219.43 " 0.0672  0.004444444     " $1,045.42 "

        " $5,006,203.90 "                       " $33,672.86 "

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

(i) (a) the amount of such distribution to the  Certificateholders of such Class
applied  to  reduce  the  Certificate  Principal  Balance  thereof,  and (b) the
aggregate amount included therein representing Principal Prepayments;

(ii) the amount of such  distribution  to Holders of such Class of  Certificates
allocable to interest;

(iii) if the  distribution  to the Holders of such Class of Certificates is less
than the full amount that would be  distributable  to such Holders if there were
sufficient funds available therefor, the amount of the shortfall;

(iv) the amount of any Advance by the Master Servicer pursuant to Section 4.04;

(v) the number and Pool Stated  Principal  Balance of the  Mortgage  Loans after
giving effect to the distribution of principal on such Distribution Date;

(vi) the aggregate  Certificate  Principal Balance of each Class of Certificates
and each of the Senior Percentage and Subordinate Class Percentage, after giving
effect  to  the  amounts  distributed  on  such  Distribution  Date,  separately
identifying any reduction  thereof due to Realized Losses other than pursuant to
an actual distribution of principal;

(vii) the  related  Subordinate  Principal  Distribution  Amount and  Prepayment
Distribution Percentage, if applicable;

(viii) on the basis of the most recent reports furnished to it by Sub-Servicers,
the  number  and  aggregate  principal  balances  of  Mortgage  Loans  that  are
Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number
and aggregate principal balance of Mortgage Loans that are in foreclosure;

(ix)  the  number,  aggregate  principal  balance  and  book  value  of any  REO
Properties;

(x) the aggregate  Accrued  Certificate  Interest  remaining unpaid, if any, for
each Class of Certificates, after giving effect to the distribution made on such
Distribution Date;

(xi) the Special  Hazard Amount,  Fraud Loss Amount and Bankruptcy  Amount as of
the close of business on such  Distribution Date and a description of any change
in the calculation of such amounts;

(xii) the weighted  average Pool Strip Rate for such  Distribution  Date and the
Pass-Through  Rate with respect to the Class A-V Certificates and each Subclass,
if any, thereof;

(xiii) the  Pass-Through  Rates on the Floater  Certificates and Inverse Floater
Certificates for such Distribution Date,  separately  identifying LIBOR for such
Distribution Date;

<PAGE>

(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,  Class A-4 Accretion
Termination Date and Class A-5 Accretion Termination 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;

(xxi) the weighted  average  Mortgage  Rates of the Mortgage  Loans after giving
effect to the amounts distributed on such Distribution Date;

(xxii) the  Insured  Payment  for such  Distribution  Date,  and the  respective
portions allocable to principal and interest for the Insured Certificates;

(xxiii) the Reserve Fund Withdrawal for such Distribution Date; and

(xxiv)  the  amount  of  any  Certificate   Insurance   Payments  made  on  such
Distribution  Date,  the  amount  of  any  reimbursement  payment  made  to  the
Certificate  Insurer on such Distribution Date pursuant to Section  4.02(a)(xvi)
and the amount of Cumulative  Insurance Payments after giving effect to any such
Certificate   Insurance  Payment  or  any  such  reimbursement  payment  to  the
Certificate Insurer.

        In the case of  information  furnished  pursuant to clauses (i) and (ii)
above,  the amounts shall be expressed as a dollar amount per Certificate with a
$1,000 denomination.

        The   Trustee's   internet   website   will   initially  be  located  at
http://www-apps.gis.deutsche-bank.com/invr.  Assistance in using the website can
be  obtained  by  calling  the  Trustee's  Shareholder  Relations  desk at (800)
735-7777.  To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF JULY 1, 2001

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of July 1, 2001

                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates

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

<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            PAGE

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01. Definitions...........................................................2

        Section 1.02. Use of Words and Phrases.............................................30

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........31

        Section 2.01. Conveyance of Mortgage Loans.........................................31

        Section 2.02. Acceptance by Trustee................................................36

        Section 2.03. Representations, Warranties and Covenants of the Master
               Servicer
               and the Company.............................................................38

        Section 2.04. Representations and Warranties of Sellers............................40

        Section 2.05. Execution and Authentication of Certificates/Issuance of
               Certificates Evidencing Interests in REMIC I Certificates...................41

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
               Interests; Acceptance by the Trustee........................................42

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............42

        Section 2.08. Purposes and Powers of the Trust.....................................42

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................43

        Section 3.01. Master Servicer to Act as Servicer...................................43

        Section 3.02. Subservicing Agreements Between Master Servicer and
               Subservicers; Enforcement of Subservicers' and Sellers' Obligations.........44

        Section 3.03. Successor Subservicers...............................................45

        Section 3.04. Liability of the Master Servicer.....................................46

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
               Certificateholders..........................................................46

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee........
               46

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to
               Custodial Account...........................................................47

        Section 3.08. Subservicing Accounts; Servicing Accounts............................49

        Section 3.09. Access to Certain Documentation and  Information Regarding the
               Mortgage Loans..............................................................50

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................51

                                    i
<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections
               Thereunder..................................................................53

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity
               Coverage....................................................................53

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and
               Modification Agreements; Certain Assignments................................55

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................57

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................60

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............62

        Section 3.17. Reports to the Trustee and the Company...............................63

        Section 3.18. Annual Statement as to Compliance....................................63

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............63

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............64

        Section 3.21. Administration of Buydown Funds......................................64

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................66

        Section 4.01. Certificate Account..................................................66

        Section 4.02. Distributions........................................................66

        Section 4.03. Statements to Certificateholders.....................................66

        Section 4.04. Distribution of Reports to the Trustee and  the Company;
               Advances by the Master Servicer.............................................67

        Section 4.05. Allocation of Realized Losses........................................69

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69

        Section 4.08. Surety Bond..........................................................69

Article V         THE CERTIFICATES.........................................................71

        Section 5.01. The Certificates.....................................................71

        Section 5.02. Registration of Transfer and Exchange of Certificates................73

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78

        Section 5.04. Persons Deemed Owners................................................79

        Section 5.05. Appointment of Paying Agent..........................................79

                                       ii
<PAGE>

Article VI        THE COMPANY AND THE MASTER SERVICER......................................80

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........80

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer;
               Assignment of Rights and Delegation of Duties by Master Servicer............80

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer
               and Others....................................................................
               81

        Section 6.04. Company and Master Servicer Not to Resign............................82

Article VII       DEFAULT..................................................................83

        Section 7.01. Events of Default....................................................83

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................85

        Section 7.03. Notification to Certificateholders...................................86

        Section 7.04. Waiver of Events of Default..........................................86

Article VIII      CONCERNING THE TRUSTEE...................................................87

        Section 8.01. Duties of Trustee....................................................87

        Section 8.02. Certain Matters Affecting the Trustee................................88

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................90

        Section 8.04. Trustee May Own Certificates.........................................90

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses;
               Indemnification.............................................................90

        Section 8.06. Eligibility Requirements for Trustee.................................91

        Section 8.07. Resignation and Removal of the Trustee...............................91

        Section 8.08. Successor Trustee....................................................92

        Section 8.09. Merger or Consolidation of Trustee...................................93

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................93

        Section 8.11. Appointment of Custodians............................................94

        Section 8.12. Appointment of Office or Agency......................................94

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................96

        Section 9.01. Optional  Purchase by the Master Servicer of All Certificates;
               Termination Upon Purchase by the Master Servicer or Liquidation of All
               Mortgage Loans..............................................................96

                                     iii
<PAGE>

        Section 9.02. Additional Termination Requirements..................................99

        Section 9.03. Termination of Multiple REMICs......................................100

Article X         REMIC PROVISIONS........................................................101

        Section 10.01.REMIC Administration................................................101

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....104

        Section 10.03.Designation of REMIC(s).............................................105

Article XI        MISCELLANEOUS PROVISIONS................................................106

        Section 11.01.Amendment...........................................................106

        Section 11.02.Recordation of Agreement; Counterparts..............................108

        Section 11.03.Limitation on Rights of Certificateholders..........................109

        Section 11.04.Governing Law.......................................................109

        Section 11.05.Notices.............................................................110

        Section 11.06.Required Notices to Rating Agency and Subservicer...................110

        Section 11.07.Severability of Provisions..........................................110

        Section 11.08.Supplemental Provisions for Resecuritization........................111

        Section 11.09.Allocation of Voting Rights.........................................111

        Section 11.10.No Petition.........................................................111

                                        iv
<PAGE>

                                    EXHIBITS

Exhibit A:            Form of Class A Certificate
Exhibit B:            Form of Class M Certificate
Exhibit C:            Form of Class B Certificate
Exhibit D:            Form of Class R Certificate
Exhibit E:            Form of Seller/Servicer Contract
Exhibit F:            Forms of Request for Release
Exhibit G-1:          Form of Transfer Affidavit and Agreement
Exhibit G-2:          Form of Transferor Certificate
Exhibit H:            Form of Investor Representation Letter
Exhibit I:            Form of Transferor Representation Letter
Exhibit J:            Form of Rule 144A Investment Representation Letter
Exhibit K:            Text of Amendment to Pooling and Servicing Agreement Pursuant to
                      Section 11.01(e) for a Limited Guaranty
Exhibit L:            Form of Limited Guaranty
Exhibit M:            Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:            Request for Exchange Form

</TABLE>

                                        v
<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of July 1, 2001 (the "Standard  Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or  "Agreement"),  among  RESIDENTIAL  ACCREDIT  LOANS,  INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and assigns,  the "Master  Servicer"),  and the trustee named in the
applicable  Series  Supplement  (together  with  its  permitted  successors  and
assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  asset-backed  pass-through
certificates  (collectively,  the  "Certificates"),   to  be  issued  under  the
Agreement in multiple  classes,  which in the aggregate will evidence the entire
beneficial ownership interest in the Mortgage Loans.

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

                                       1
<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

         (ii)  the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard  Losses,  Excess Fraud Losses,  Excess  Bankruptcy
               Losses and  Extraordinary  Losses) not allocated solely to one or
               more specific Classes of Certificates pursuant to Section 4.05,

         (iii) the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO  Property or (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

                                       2
<PAGE>

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

                                       3
<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds, Curtailments,  Mortgage Loan purchases
made  pursuant  to  Section  2.02,   2.03,   2.04  or  4.07  and  Mortgage  Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding month in accordance  with Section  3.07(b)),
and Principal  Prepayments in Full made after the related Prepayment Period, and
(ii) payments which represent  early receipt of scheduled  payments of principal
and interest due on a date or dates subsequent to the related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the

                                       4
<PAGE>

immediately preceding  Determination Date and amounts deposited in the Custodial
Account in connection  with the  substitution of Qualified  Substitute  Mortgage
Loans,  (ii)  the  amount  of any  Advance  made  on the  immediately  preceding
Certificate  Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related  Certificate  Account Deposit Date pursuant to the second
paragraph  of Section  3.12(a),  (iv) any amount  deposited  in the  Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw  from the  Custodial  Account or the  Certificate  Account
pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to
the Surety Bond in respect of such  Distribution  Date and (vii) the proceeds of
any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of
the close of business on the  immediately  preceding  Determination  Date of (w)
aggregate Foreclosure Profits, (x) the Amount Held for Future Distribution,  and
(y) amounts  permitted to be withdrawn by the Master Servicer from the Custodial
Account  in  respect  of  the  Mortgage  Loans  pursuant  to  clauses  (ii)-(x),
inclusive,  of Section 3.10(a).  Such amount shall be determined  separately for
each  Loan  Group.  Additionally,  with  respect  to any  Mortgage  Pool that is
comprised of two or more Loan Groups,  if on any Distribution  Date Compensating
Interest  provided  pursuant  to this  Section  3.16(e) is less than  Prepayment
Interest  Shortfalls incurred on the Mortgage Loans in connection with Principal
Prepayments  in Full and  Curtailments  made in the prior calendar  month,  such
Compensating  Interest  shall  be  allocated  on such  Distribution  Date to the
Available  Distribution  Amount  for each  Loan  Group  on a pro  rata  basis in
accordance with the respective  amounts of such Prepayment  Interest  Shortfalls
incurred  on  the  Mortgage  Loans  in  such  Loan  Group  in  respect  of  such
Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

                                       5
<PAGE>

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

     Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

          (i)  the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

                                       6
<PAGE>

         (ii)  in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

         (iii) the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

     Class A-P Certificate:  Any one of the  Certificates  designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

                                       7
<PAGE>

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

                                       8
<PAGE>

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.
        ---------

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

                                       9
<PAGE>

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date: As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a corporation if all of its  activities  are subject to tax and,  except for the
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and

                                       10
<PAGE>

"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate

                                       11
<PAGE>

Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

(a)     losses that are of the type that would be covered by the  fidelity  bond
        and the errors and omissions  insurance policy required to be maintained
        pursuant to Section 3.12(b) but are in excess of the coverage maintained
        thereunder;

(b)     nuclear reaction or nuclear radiation or radioactive contamination,  all
        whether  controlled or uncontrolled,  and whether such loss be direct or
        indirect,  proximate  or  remote  or be in whole or in part  caused  by,
        contributed to or aggravated by a peril covered by the definition of the
        term "Special Hazard Loss";

(c)     hostile or warlike action in time of peace or war,  including  action in
        hindering,  combating  or  defending  against  an actual,  impending  or
        expected attack:

1.   by any  government  or  sovereign  power,  de jure or de  facto,  or by any
     authority maintaining or using military, naval or air forces; or

2.      by military, naval or air forces; or

3.      by an agent of any such government, power, authority or forces;

(d)  any weapon of war employing atomic fission or radioactive  force whether in
     time of peace or war; or

(e)     insurrection,  rebellion, revolution, civil war, usurped power or action
        taken by  governmental  authority in  hindering,  combating or defending
        against such an occurrence,  seizure or destruction  under quarantine or
        customs  regulations,  confiscation by order of any government or public
        authority; or risks of contraband or illegal transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

                                       12
<PAGE>

     FASIT:  A "financial  asset  securitization  investment  trust"  within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch, Inc. or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates  then  outstanding  with  the  earliest  priority  for
payments pursuant to Section 4.02(a),  in the following order:  Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

                                       13
<PAGE>

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

     Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        Interim Certification:  As defined in Section 2.02.

        International Borrower: In connection with any Mortgage Loan, a borrower
who  is (a) a  United  States  citizen  employed  in a  foreign  country,  (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged

                                       14
<PAGE>

Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02 (a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

                                       15
<PAGE>

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

        Moody's:  Moody's Investors Service, Inc., or its successor in interest.

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     Mortgage Pool: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     Mortgage  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

                                       16
<PAGE>

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As  to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

                                       17
<PAGE>

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

(i)  obligations  of or  guaranteed  as to principal  and interest by the United
     States or any agency or  instrumentality  thereof when such obligations are
     backed by the full faith and credit of the United States;

(ii) repurchase  agreements on obligations  specified in clause (i) maturing not
     more than one month from the date of acquisition thereof, provided that the
     unsecured  obligations of the party agreeing to repurchase such obligations
     are at the time  rated by each  Rating  Agency  in its  highest  short-term
     rating available;

(iii)federal funds,  certificates of deposit, demand deposits, time deposits and
     bankers'  acceptances  (which  shall each have an original  maturity of not
     more than 90 days and,  in the case of  bankers'  acceptances,  shall in no
     event  have an  original  maturity  of more  than 365  days or a  remaining
     maturity of more than 30 days)  denominated in United States dollars of any
     U.S. depository institution or trust company incorporated under the laws of
     the  United  States or any state  thereof  or of any  domestic  branch of a
     foreign  depository  institution or trust  company;  provided that the debt
     obligations  of such  depository  institution  or trust company (or, if the
     only  Rating  Agency is  Standard  & Poor's,  in the case of the  principal
     depository  institution in a depository  institution holding company,  debt
     obligations of the depository  institution  holding company) at the date of
     acquisition  thereof  have been rated by each Rating  Agency in its highest
     short-term rating available;  and provided further that, if the only Rating
     Agency is  Standard & Poor's and if the  depository  or trust  company is a
     principal  subsidiary of a bank holding company and the debt obligations of
     such subsidiary are not separately  rated,  the applicable  rating shall be
     that of the bank  holding  company;  and,  provided  further  that,  if the
     original maturity of such short-term  obligations of a domestic branch of a
     foreign  depository  institution or trust company shall exceed 30 days, the
     short-term rating of such institution shall be A-1+ in the case of Standard
     & Poor's if Standard & Poor's is the Rating Agency;

(iv) commercial paper and demand notes (having  original  maturities of not more
     than 365 days) of any corporation incorporated under the laws of the United
     States or any state thereof which on the date of acquisition has been rated
     by each Rating Agency in its highest short-term rating available;  provided
     that such commercial paper shall have a remaining maturity of not more than
     30 days;

                                       18
<PAGE>

(v)  a money  market  fund or a qualified  investment  fund rated by each Rating
     Agency in its highest long-term rating available; and

(vi) other  obligations or securities  that are acceptable to each Rating Agency
     as a Permitted Investment hereunder and will not reduce the rating assigned
     to any Class of  Certificates  by such Rating Agency below the lower of the
     then-current  rating or the rating assigned to such  Certificates as of the
     Closing Date by such Rating Agency, as evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description  pledged by Combined  Collateral LLC as security in
respect of any Realized  Losses in connection  with such Mortgage Loan up to the
Pledged Amount for such Mortgage Loan, and any related collateral, or such other
collateral as may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

                                       19
<PAGE>

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
in which that  Distribution  Date occurs and ending on the 15th day of the month
in which such Distribution Date occurs.

     Primary  Insurance  Policy:   Each  primary  policy  of  mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

     Principal  Only  Certificates:  A Class of  Certificates  not  entitled  to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

                                       20
<PAGE>

     Program  Guide:  Collectively,  the Client Guide and the Servicer Guide for
Residential Funding's Expanded Criteria Mortgage Program.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi)   have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated

                                       21
<PAGE>

pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

          (a)  as to which a Cash  Liquidation or REO  Disposition has occurred,
               an amount (not less than zero) equal to (i) the Stated  Principal
               Balance of the Mortgage  Loan (or REO Property) as of the date of
               Cash Liquidation or REO Disposition,  plus (ii) interest (and REO
               Imputed  Interest,  if any) at the Net Mortgage Rate from the Due
               Date  as  to  which   interest  was  last  paid  or  advanced  to
               Certificateholders  up to the Due Date in the Due Period  related
               to the  Distribution  Date on which  such  Realized  Loss will be
               allocated  pursuant  to  Section  4.05  on the  Stated  Principal
               Balance  of such  Mortgage  Loan  (or REO  Property)  outstanding
               during  each  Due  Period  that  such  interest  was not  paid or
               advanced,  minus (iii) the proceeds,  if any, received during the
               month  in  which  such  Cash  Liquidation  (or  REO  Disposition)
               occurred,  to the extent applied as recoveries of interest at the
               Net Mortgage Rate and to principal of the Mortgage  Loan,  net of
               the portion  thereof  reimbursable  to the Master Servicer or any
               Subservicer  with  respect to related  Advances or expenses as to
               which  the  Master   Servicer  or   Subservicer  is  entitled  to
               reimbursement  thereunder  but  which  have not  been  previously
               reimbursed,

        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, and (ii) any
               such amount with  respect to a Monthly  Payment that was or would
               have been due in the  month  immediately  following  the month in
               which  a  Principal  Prepayment  or the  Purchase  Price  of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

                                       22
<PAGE>

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

                                       23
<PAGE>

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Seller: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

                                       24
<PAGE>

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)     for any  Distribution  Date after the 60th  Distribution  Date but on or
        prior to the 72nd  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 70% of the related  Subordinate  Percentage
        for such Distribution Date;

(ii)    for any  Distribution  Date after the 72nd  Distribution  Date but on or
        prior to the 84th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 60% of the related  Subordinate  Percentage
        for such Distribution Date;

(iii)   for any  Distribution  Date after the 84th  Distribution  Date but on or
        prior to the 96th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 40% of the related  Subordinate  Percentage
        for such Distribution Date;

(iv)    for any  Distribution  Date after the 96th  Distribution  Date but on or
        prior to the 108th  Distribution Date, the related Senior Percentage for
        such  Distribution Date plus 20% of the related  Subordinate  Percentage
        for such Distribution Date; and

(v)  for any  Distribution  Date  thereafter,  the  Senior  Percentage  for such
     Distribution Date;

provided, however,

        (i) that any scheduled reduction to the Senior Accelerated  Distribution
Percentage  described above shall not occur as of any  Distribution  Date unless
either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

                (b)(1)  the  outstanding  principal  balance of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

                                       25
<PAGE>

        (ii) that for any  Distribution  Date on which the Senior  Percentage is
greater  than  the  Senior  Percentage  as  of  the  Closing  Date,  the  Senior
Accelerated  Distribution  Percentage for such  Distribution Date shall be 100%,
or,  if the  Mortgage  Pool is  comprised  of two or more Loan  Groups,  for any
Distribution  Date on which the weighted  average of the Senior  Percentages for
each Loan Group,  weighted on the basis of the Stated Principal  Balances of the
Mortgage  Loans in the related Loan Group,  exceeds the weighted  average of the
initial Senior Percentages  (calculated on such basis) for each Loan Group, each
of the Senior  Accelerated  Distribution  Percentages for such Distribution Date
will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage: As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

     Series: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

                                       26
<PAGE>

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the

                                       27
<PAGE>

Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond

                                       28
<PAGE>

covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

(i)  the Mortgage Loans and the related  Mortgage Files and collateral  securing
     such Mortgage Loans,

(ii)    all payments on and  collections  in respect of the  Mortgage  Loans due
        after the Cut-off Date as shall be on deposit in the  Custodial  Account
        or in the  Certificate  Account and identified as belonging to the Trust
        Fund,   including  the  proceeds  from  the  liquidation  of  Additional
        Collateral for any Additional  Collateral Loan or Pledged Assets for any
        Pledged Asset Loan, but not including  amounts on deposit in the Initial
        Monthly Payment Fund,

(iii)   property that secured a Mortgage Loan and that has been acquired for the
        benefit  of the  Certificateholders  by  foreclosure  or deed in lieu of
        foreclosure,

(iv)    the hazard insurance  policies and Primary Insurance  Policies,  if any,
        the Pledged  Assets with  respect to each  Pledged  Asset Loan,  and the
        interest  in the Surety  Bond  transferred  to the  Trustee  pursuant to
        Section 2.01, and

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

                                       29
<PAGE>

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

Section 1.02.  Use of Words and Phrases.

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

                                       30
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01.  Conveyance of Mortgage Loans.

(a) The Company,  concurrently  with the  execution  and delivery  hereof,  does
hereby assign to the Trustee without recourse all the right,  title and interest
of the  Company  in and  to the  Mortgage  Loans,  including  all  interest  and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).  In connection  with such transfer and  assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

(b) In connection with such  assignment,  except as set forth in Section 2.01(c)
and subject to Section  2.01(d)  below,  the Company does hereby deliver to, and
deposit with, the Trustee,  or to and with one or more  Custodians,  as the duly
appointed  agent or  agents  of the  Trustee  for such  purpose,  the  following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee,  and showing an unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    The  original  Mortgage,  noting the presence of the MIN of the Mortgage
        Loan and language indicating that the Mortgage Loan is a MOM Loan if the
        Mortgage  Loan is a MOM  Loan,  with  evidence  of  recording  indicated
        thereon or a copy of the Mortgage with  evidence of recording  indicated
        thereon;

(iii)   Unless  the  Mortgage  Loan is  registered  on the  MERS(R)  System,  an
        original  Assignment  of the  Mortgage to the Trustee  with  evidence of
        recording  indicated  thereon or a copy of such assignment with evidence
        of recording indicated thereon;

(iv)    The original recorded  assignment or assignments of the Mortgage showing
        an  unbroken  chain of title from the  originator  thereof to the Person
        assigning  it to the  Trustee  (or to  MERS,  if the  Mortgage  Loan  is
        registered on the MERS(R)  System and noting the presence of a MIN) with
        evidence of recordation noted thereon or attached thereto,  or a copy of
        such  assignment  or  assignments  of  the  Mortgage  with  evidence  of
        recording indicated thereon; and

(v)     The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Mortgage Loan or a copy of each
        modification, assumption agreement or preferred loan agreement.

                                       31
<PAGE>

        and (II) with respect to each Cooperative Loan so assigned:

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee  and showing an  unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    A counterpart of the Cooperative Lease and the Assignment of Proprietary
        Lease  to  the  originator  of the  Cooperative  Loan  with  intervening
        assignments  showing an unbroken chain of title from such  originator to
        the Trustee;

(iii)   The related  Cooperative  Stock  Certificate,  representing  the related
        Cooperative  Stock  pledged  with  respect  to  such  Cooperative  Loan,
        together  with an  undated  stock  power (or other  similar  instrument)
        executed in blank;

(iv) The original  recognition  agreement by the Cooperative of the interests of
     the mortgagee with respect to the related Cooperative Loan;

(v)     The Security Agreement;

(vi)    Copies of the original UCC-1 financing  statement,  and any continuation
        statements,  filed by the originator of such Cooperative Loan as secured
        party, each with evidence of recording thereof,  evidencing the interest
        of the  originator  under the Security  Agreement and the  Assignment of
        Proprietary Lease;

(vii)   Copies  of  the  filed  UCC-3   assignments  of  the  security  interest
        referenced in clause (vi) above showing an unbroken  chain of title from
        the originator to the Trustee,  each with evidence of recording thereof,
        evidencing the interest of the originator  under the Security  Agreement
        and the Assignment of Proprietary Lease;

(viii)  An executed assignment of the interest of the originator in the Security
        Agreement, Assignment of Proprietary Lease and the recognition agreement
        referenced in clause (iv) above, showing an unbroken chain of title from
        the originator to the Trustee;

(ix)    The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Cooperative Loan; and

(x)     A duly completed UCC-1 financing  statement  showing the Master Servicer
        as debtor,  the Company as secured party and the Trustee as assignee and
        a duly completed UCC-1 financing statement showing the Company as debtor
        and the Trustee as secured party,  each in a form sufficient for filing,
        evidencing the interest of such debtors in the Cooperative Loans.

(c) The Company may, in lieu of  delivering  the original of the  documents  set
forth in Section  2.01(b)(I)(ii),  (iii), (iv) and (v) and Section  (b)(II)(ii),

                                       32
<PAGE>

(iv), (vii), (ix) and (x) (or copies thereof as permitted by Section 2.01(b)) to
the Trustee or the Custodian or Custodians, deliver such documents to the Master
Servicer, and the Master Servicer shall hold such documents in trust for the use
and benefit of all present and future  Certificateholders  until such time as is
set forth in the next  sentence.  Within  thirty  Business  Days  following  the
earlier  of (i)  the  receipt  of the  original  of  all  of  the  documents  or
instruments set forth in Section 2.01(b)(I)(ii), (iii), (iv) and (v) and Section
(b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted by such
Section)  for any  Mortgage  Loan and (ii) a written  request by the  Trustee to
deliver those  documents  with respect to any or all of the Mortgage  Loans then
being held by the Master Servicer,  the Master Servicer shall deliver a complete
set of such documents to the Trustee or the Custodian or Custodians that are the
duly appointed agent or agents of the Trustee.

(d)  Notwithstanding  the provisions of Section 2.01(c),  in connection with any
Mortgage Loan, if the Company  cannot deliver the original of the Mortgage,  any
assignment,  modification,  assumption agreement or preferred loan agreement (or
copy thereof as permitted by Section 2.01(b)) with evidence of recording thereon
concurrently  with the execution and delivery of this Agreement because of (i) a
delay caused by the public  recording  office where such  Mortgage,  assignment,
modification,  assumption  agreement or preferred loan agreement as the case may
be,  has been  delivered  for  recordation,  or (ii) a delay in the  receipt  of
certain information  necessary to prepare the related  assignments,  the Company
shall  deliver  or  cause  to be  delivered  to the  Trustee  or the  respective
Custodian  a  copy  of  such  Mortgage,  assignment,  modification,   assumption
agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage

                                       33
<PAGE>

in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

(e) Residential  Funding hereby assigns to the Trustee its security  interest in
and to any Additional Collateral or Pledged Assets, its right to receive amounts
due or to become due in respect of any  Additional  Collateral or Pledged Assets
pursuant to the related  Subservicing  Agreement  and its rights as  beneficiary
under the Surety  Bond in  respect  of any  Additional  Collateral  Loans.  With
respect to any  Additional  Collateral  Loan or Pledged Asset Loan,  Residential
Funding  shall  cause to be filed in the  appropriate  recording  office a UCC-3
statement  giving notice of the assignment of the related  security  interest to
the Trust Fund and shall  thereafter  cause the timely  filing of all  necessary
continuation statements with regard to such financing statements.

(f) It is  intended  that the  conveyance  by the  Company to the Trustee of the
Mortgage  Loans as provided for in this  Section 2.01 be and the  Uncertificated
REMIC Regular Interests,  if any (as provided for in Section 2.06), be construed
as a  sale  by the  Company  to  the  Trustee  of the  Mortgage  Loans  and  any
Uncertificated    REMIC    Regular    Interests   for   the   benefit   of   the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company.  Nonetheless,  (a) this Agreement is intended to be and hereby is a
security  agreement  within  the  meaning  of  Articles  8 and 9 of the New York
Uniform  Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction; (b) the conveyance provided for in Section 2.01 shall be deemed to
be,  and hereby  is,  (1) a grant by the  Company  to the  Trustee of a security
interest in all of the  Company's  right  (including  the power to convey  title
thereto), title and interest, whether now owned or hereafter acquired, in and to
any and all general intangibles,  payment intangibles,  accounts, chattel paper,
instruments, documents, money, deposit accounts, certificates of deposit, goods,
letters of credit,  advices of credit and investment property and other property
of whatever kind or description  now existing or hereafter  acquired  consisting
of,  arising from or relating to any of the following:  (A) the Mortgage  Loans,

                                       34
<PAGE>

including (i) with respect to each Cooperative  Loan, the related Mortgage Note,
Security   Agreement,   Assignment  of  Proprietary  Lease,   Cooperative  Stock
Certificate and Cooperative Lease, (ii) with respect to each Mortgage Loan other
than a Cooperative  Loan, the related Mortgage Note and Mortgage,  and (iii) any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof,  (C) any Uncertificated REMIC Regular Interests and (D) all proceeds of
the  conversion,   voluntary  or  involuntary,   of  the  foregoing  into  cash,
instruments,  securities or other  property,  including  without  limitation all
amounts  from time to time held or  invested in the  Certificate  Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property  and (2) an  assignment  by the Company to the Trustee of any  security
interest in any and all of Residential  Funding's right  (including the power to
convey  title  thereto),  title and  interest,  whether  now owned or  hereafter
acquired, in and to the property described in the foregoing clauses (1)(A), (B),
(C) and (D)  granted by  Residential  Funding  to the  Company  pursuant  to the
Assignment  Agreement;  (c) the possession by the Trustee,  the Custodian or any
other agent of the Trustee of Mortgage  Notes or such other items of property as
constitute instruments, money, payment intangibles, negotiable documents, goods,
deposit accounts,  letters of credit,  advices of credit,  investment  property,
certificated  securities or chattel paper shall be deemed to be  "possession  by
the secured party," or possession by a purchaser or a person  designated by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable  jurisdiction as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 thereof);  and (d) notifications to persons holding such
property,  and  acknowledgments,  receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of
any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

                                       35
<PAGE>

(g) The Master  Servicer  hereby  acknowledges  the receipt by it of the Initial
Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial  Monthly
Payment Fund in the  Custodial  Account and shall  include such Initial  Monthly
Payment Fund in the Available  Distribution Amount for the initial  Distribution
Date.  Notwithstanding  anything  herein to the  contrary,  the Initial  Monthly
Payment Fund shall not be an asset of any REMIC.  To the extent that the Initial
Monthly Payment Fund constitutes a reserve fund for federal income tax purposes,
(1) it shall be an outside  reserve  fund and not an asset of any REMIC,  (2) it
shall be owned by the Seller  and (3)  amounts  transferred  by any REMIC to the
Initial  Monthly  Payment Fund shall be treated as  transferred to the Seller or
any  successor,  all within the meaning of Section  1.860G-2(h)  of the Treasury
Regulations.

(h) The Company agrees that the sale of each Pledged Asset Loan pursuant to this
Agreement will also constitute the assignment, sale, setting-over,  transfer and
conveyance  to the  Trustee,  without  recourse  (but  subject to the  Company's
covenants,  representations and warranties specifically provided herein), of all
of the Company's  obligations and all of the Company's right, title and interest
in, to and under,  whether now  existing or  hereafter  acquired as owner of the
Mortgage  Loan  with  respect  to  any  and  all  money,  securities,   security
entitlements,  accounts, general intangibles, payment intangibles,  instruments,
documents, deposit accounts, certificates of deposit, commodities contracts, and
other  investment  property and other  property of whatever kind or  description
consisting of, arising from or related to (i) the Assigned  Contracts,  (ii) all
rights,  powers and remedies of the Company as owner of such Mortgage Loan under
or in connection with the Assigned Contracts, whether arising under the terms of
such Assigned  Contracts,  by statute, at law or in equity, or otherwise arising
out of any default by the  Mortgagor  under or in  connection  with the Assigned
Contracts,  including  all rights to exercise  any election or option or to make
any  decision  or  determination  or to give or  receive  any  notice,  consent,
approval  or  waiver  thereunder,  (iii)  the  Pledged  Amounts  and all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or other  distributions  of cash or other  property that secures a Pledged Asset
Loan, (iv) all documents,  books and records concerning the foregoing (including
all  computer  programs,  tapes,  disks and related  items  containing  any such
information) and (v) all insurance proceeds (including proceeds from the Federal
Deposit Insurance Corporation or the Securities Investor Protection  Corporation
or any other insurance company) of any of the foregoing or replacements  thereof
or substitutions therefor, proceeds of proceeds and the conversion, voluntary or
involuntary,  of any thereof.  The  foregoing  transfer,  sale,  assignment  and
conveyance does not constitute and is not intended to result in the creation, or
an assumption  by the Trustee,  of any  obligation of the Company,  or any other
person  in  connection  with the  Pledged  Assets  or  under  any  agreement  or
instrument  relating thereto,  including any obligation to the Mortgagor,  other
than as owner of the Mortgage Loan.

Section 2.02.  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section

                                       36
<PAGE>

2.01(b)(i)  above  (except  that for  purposes of such  acknowledgement  only, a
Mortgage  Note may be endorsed in blank) and declares that it, or a Custodian as
its  agent,  holds  and  will  hold  such  documents  and  the  other  documents
constituting a part of the Mortgage Files delivered to it, or a Custodian as its
agent, and the rights of Residential Funding with respect to any Pledged Assets,
Additional  Collateral  and the Surety Bond assigned to the Trustee  pursuant to
Section  2.01,  in trust  for the use and  benefit  of all  present  and  future
Certificateholders.  The Trustee or Custodian (such Custodian being so obligated
under a Custodial Agreement) agrees, for the benefit of  Certificateholders,  to
review each Mortgage File delivered to it pursuant to Section  2.01(b) within 45
days  after  the  Closing  Date  to  ascertain   that  all  required   documents
(specifically as set forth in Section 2.01(b)), have been executed and received,
and that such documents  relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented, that have been conveyed to it, and to deliver to
the Trustee a certificate (the "Interim  Certification")  to the effect that all
documents  required to be delivered  pursuant to Section 2.01(b) above have been
executed  and  received and that such  documents  relate to the  Mortgage  Loans
identified on the Mortgage Loan Schedule,  except for any  exceptions  listed on
Schedule A attached to such Interim Certification. Upon delivery of the Mortgage
Files by the  Company or the Master  Servicer,  the  Trustee  shall  acknowledge
receipt (or, with respect to Mortgage  Loans  subject to a Custodial  Agreement,
and based  solely upon a receipt or  certification  executed  by the  Custodian,
receipt by the respective  Custodian as the duly appointed agent of the Trustee)
of the documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the

                                       37
<PAGE>

Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

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

(a) The Master  Servicer  hereby  represents and warrants to the Trustee for the
benefit of the Certificateholders that:

(i)     The Master Servicer is a corporation  duly organized,  validly  existing
        and in good standing under the laws governing its creation and existence
        and is or will be in compliance with the laws of each state in which any
        Mortgaged  Property  is located to the  extent  necessary  to ensure the
        enforceability  of each Mortgage  Loan in  accordance  with the terms of
        this Agreement;

(ii)    The execution and delivery of this Agreement by the Master  Servicer and
        its performance and compliance with the terms of this Agreement will not
        violate the Master Servicer's  Certificate of Incorporation or Bylaws or
        constitute a material  default (or an event which,  with notice or lapse
        of time, or both, would constitute a material  default) under, or result
        in the  material  breach of, any material  contract,  agreement or other
        instrument  to which  the  Master  Servicer  is a party or which  may be
        applicable to the Master Servicer or any of its assets;

(iii)   This Agreement,  assuming due  authorization,  execution and delivery by
        the  Trustee and the  Company,  constitutes  a valid,  legal and binding
        obligation of the Master Servicer,  enforceable against it in accordance
        with the terms  hereof  subject to  applicable  bankruptcy,  insolvency,
        reorganization,  moratorium and other laws affecting the  enforcement of
        creditors'  rights  generally  and  to  general  principles  of  equity,
        regardless of whether such  enforcement is considered in a proceeding in
        equity or at law;

(iv)    The  Master  Servicer  is not in  default  with  respect to any order or
        decree of any court or any order,  regulation  or demand of any federal,
        state,  municipal  or  governmental  agency,  which  default  might have
        consequences  that would  materially and adversely  affect the condition
        (financial  or  other)  or  operations  of the  Master  Servicer  or its
        properties or might have  consequences  that would materially  adversely
        affect its performance hereunder;

                                       38
<PAGE>

(v)     No  litigation  is  pending  or,  to the best of the  Master  Servicer's
        knowledge,  threatened  against the Master Servicer which would prohibit
        its entering into this  Agreement or performing  its  obligations  under
        this Agreement;

(vi)    The  Master  Servicer  will  comply  in  all  material  respects  in the
        performance of this Agreement with all reasonable rules and requirements
        of each insurer under each Required Insurance Policy;

(vii)   No  information,  certificate  of an  officer,  statement  furnished  in
        writing or report delivered to the Company, any Affiliate of the Company
        or the Trustee by the Master  Servicer  will,  to the  knowledge  of the
        Master Servicer, contain any untrue statement of a material fact or omit
        a  material  fact  necessary  to  make  the  information,   certificate,
        statement or report not misleading;

(viii)  The Master  Servicer has examined each  existing,  and will examine each
        new,  Subservicing  Agreement  and is or will be familiar with the terms
        thereof.  The terms of each  existing  Subservicing  Agreement  and each
        designated Subservicer are acceptable to the Master Servicer and any new
        Subservicing Agreements will comply with the provisions of Section 3.02;
        and

(ix)    The  Master  Servicer  is a member  of MERS in good  standing,  and will
        comply in all material respects with the rules and procedures of MERS in
        connection  with the servicing of the Mortgage Loans that are registered
        with MERS.

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

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

(b)  Representations and warranties relating to the Mortgage Loans are set forth
in Section 2.03(b) of the Series Supplement.

                                       39
<PAGE>

Section 2.04.  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment of the Mortgage in recordable  form, if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the

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<PAGE>

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

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

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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

               As provided in Section 2.05 of the Series Supplement.

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<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.

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<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master Servicer to Act as Servicer.

(a) The Master  Servicer  shall  service and  administer  the Mortgage  Loans in
accordance  with the terms of this Agreement and the  respective  Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain,  the  taking  of a  deed  in  lieu  of  foreclosure,  the  commencement,
prosecution  or  completion  of  judicial  or  non-judicial   foreclosure,   the
conveyance of a Mortgaged  Property to the related  Insurer,  the acquisition of
any property  acquired by  foreclosure  or deed in lieu of  foreclosure,  or the
management,  marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure  with respect to the Mortgage Loans and with respect
to the Mortgaged  Properties.  The Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or  re-recording  of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing  or becoming unable to continue  operations in connection with the
MERS System,  it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the  Trustee,  then any related  expenses  shall be  reimbursable  to the Master
Servicer.  Notwithstanding the foregoing, subject to Section 3.07(a), the Master
Servicer  shall not permit any  modification  with respect to any Mortgage  Loan
that would both  constitute a sale or exchange of such  Mortgage Loan within the
meaning  of  Section  1001 of the  Code  and any  proposed,  temporary  or final
regulations  promulgated  thereunder  (other than in connection  with a proposed
conveyance  or  assumption  of such Mortgage Loan that is treated as a Principal
Prepayment  in Full  pursuant  to Section  3.13(d)  hereof)  and cause any REMIC

                                       43
<PAGE>

formed under the Series Supplement to fail to qualify as a REMIC under the Code.
The Trustee  shall  furnish the Master  Servicer with any powers of attorney and
other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in accordance  with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee,  obtain credit  information in the form
of a "credit score" from a credit repository.

(b) All costs incurred by the Master  Servicer or by  Subservicers  in effecting
the timely payment of taxes and  assessments  on the  properties  subject to the
Mortgage Loans shall not, for the purpose of calculating  monthly  distributions
to the  Certificateholders,  be added to the  amount  owing  under  the  related
Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so permit,
and  such  costs  shall  be  recoverable  to the  extent  permitted  by  Section
3.10(a)(ii).

(c) The Master Servicer may enter into one or more agreements in connection with
the offering of pass-through certificates evidencing interests in one or more of
the  Certificates  providing  for the payment by the Master  Servicer of amounts
received by the Master Servicer as servicing compensation hereunder and required
to cover certain  Prepayment  Interest  Shortfalls on the Mortgage Loans,  which
payment  obligation  will  thereafter be an  obligation  of the Master  Servicer
hereunder.

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations.

(a) The Master Servicer may continue in effect  Subservicing  Agreements entered
into by Residential Funding and Subservicers prior to the execution and delivery
of  this  Agreement,  and  may  enter  into  new  Subservicing  Agreements  with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer

                                       44
<PAGE>

may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

(b) As part of its servicing activities hereunder,  the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts  to  enforce  the  obligations  of each  Subservicer  under the  related
Subservicing  Agreement and of each Seller under the related Seller's  Agreement
insofar as the  Company's  rights with respect to Seller's  obligation  has been
assigned to the Trustee hereunder, to the extent that the non-performance of any
such Seller's  obligation would have a material and adverse effect on a Mortgage
Loan, including,  without limitation, the obligation to purchase a Mortgage Loan
on account of  defective  documentation,  as described  in Section  2.02,  or on
account of a breach of a  representation  or  warranty,  as described in Section
2.04. Such enforcement,  including, without limitation, the legal prosecution of
claims,  termination  of  Subservicing  Agreements  or Seller's  Agreements,  as
appropriate,  and the pursuit of other  appropriate  remedies,  shall be in such
form and carried  out to such an extent and at such time as the Master  Servicer
would employ in its good faith business  judgment and which are normal and usual
in its general mortgage servicing activities.  The Master Servicer shall pay the
costs of such enforcement at its own expense,  and shall be reimbursed  therefor
only (i) from a general recovery  resulting from such enforcement to the extent,
if any,  that such  recovery  exceeds  all amounts due in respect of the related
Mortgage Loan or (ii) from a specific  recovery of costs,  expenses or attorneys
fees against the party against whom such  enforcement is directed.  For purposes
of clarification  only, the parties agree that the foregoing is not intended to,
and does not,  limit the  ability of the Master  Servicer to be  reimbursed  for
expenses  that are incurred in  connection  with the  enforcement  of a Seller's
obligations  (insofar  as the  Company's  rights with  respect to such  Seller's
obligations  have been assigned to the Trustee  hereunder) and are  reimbursable
pursuant to Section 3.10(a)(viii).

Section 3.03.  Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,

                                       45
<PAGE>

in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

Section 3.04.  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

Section 3.05.  No Contractual Relationship Between Subservicer and
                      Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

Section 3.06.  Assumption or Termination of Subservicing Agreements by Trustee.

(a) If the Master Servicer shall for any reason no longer be the master servicer
(including by reason of an Event of Default),  the Trustee,  its designee or its
successor shall thereupon assume all of the rights and obligations of the Master
Servicer under each Subservicing  Agreement that may have been entered into. The
Trustee,  its designee or the successor servicer for the Trustee shall be deemed
to have  assumed  all of the  Master  Servicer's  interest  therein  and to have
replaced  the Master  Servicer as a party to the  Subservicing  Agreement to the
same extent as if the  Subservicing  Agreement had been assigned to the assuming
party  except  that the Master  Servicer  shall not  thereby be  relieved of any
liability or obligations under the Subservicing Agreement.

(b) The Master Servicer shall, upon request of the Trustee but at the expense of
the Master  Servicer,  deliver to the assuming  party all  documents and records
relating  to each  Subservicing  Agreement  and the  Mortgage  Loans  then being
serviced and an accounting of amounts collected and held by it and otherwise use
its  best  efforts  to  effect  the  orderly  and  efficient  transfer  of  each
Subservicing Agreement to the assuming party.

                                       46
<PAGE>

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

(a) The Master  Servicer shall make  reasonable  efforts to collect all payments
called for under the terms and provisions of the Mortgage  Loans,  and shall, to
the extent such procedures shall be consistent with this Agreement and the terms
and provisions of any related Primary Insurance  Policy,  follow such collection
procedures as it would employ in its good faith business  judgment and which are
normal and usual in its general mortgage servicing  activities.  Consistent with
the  foregoing,  the Master  Servicer may in its  discretion  (i) waive any late
payment charge or any prepayment  charge or penalty  interest in connection with
the  prepayment of a Mortgage Loan and (ii) extend the Due Date for payments due
on a Mortgage Loan in accordance with the Program Guide; provided, however, that
the Master Servicer shall first determine that any such waiver or extension will
not impair the coverage of any related  Primary  Insurance  Policy or materially
adversely  affect  the lien of the  related  Mortgage.  In the event of any such
arrangement,  the Master  Servicer  shall make  timely  advances  on the related
Mortgage Loan during the scheduled  period in accordance  with the  amortization
schedule of such  Mortgage Loan without  modification  thereof by reason of such
arrangements  unless  otherwise  agreed  to by the  Holders  of the  Classes  of
Certificates affected thereby;  provided,  however, that no such extension shall
be made if any such advance would be a Nonrecoverable  Advance.  Consistent with
the terms of this Agreement,  the Master Servicer may also waive, modify or vary
any  term  of any  Mortgage  Loan  or  consent  to the  postponement  of  strict
compliance with any such term or in any manner grant indulgence to any Mortgagor
if  in  the  Master   Servicer's   determination   such  waiver,   modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); provided,  however, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,
including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan), or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; and provided, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate and the sum of the rates at which the  Servicing  Fee
and the  Subservicing  Fee  with  respect  to such  Mortgage  Loan  accrues.  In
connection with any Curtailment of a Mortgage Loan, the Master Servicer,  to the
extent not  inconsistent  with the terms of the Mortgage  Note and local law and
practice,  may permit the Mortgage Loan to be reamortized  such that the Monthly
Payment is  recalculated  as an amount that will fully  amortize  the  remaining
Stated  Principal  Balance  thereof by the original  Maturity  Date based on the
original  Mortgage  Rate;  provided,  that  such  re-amortization  shall  not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income  tax  purposes,  except  if such  reissuance  is  described  in  Treasury
Regulation Section 1.860G-2(b)(3).

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

                                       47
<PAGE>

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

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

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

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.03,  2.04  or  4.07  and  all  amounts  required  to be  deposited  in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

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

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

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

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

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

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

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(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

(c) The Master  Servicer  shall use its best  efforts  to cause the  institution
maintaining the Custodial  Account to invest the funds in the Custodial  Account
attributable to the Mortgage Loans in Permitted  Investments  which shall mature
not later than the  Certificate  Account Deposit Date next following the date of
such investment (with the exception of the Amount Held for Future  Distribution)
and which shall not be sold or disposed of prior to their maturities. All income
and gain  realized  from any such  investment  shall be for the  benefit  of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal  or order from time to time.  The amount of any  losses  incurred  in
respect of any such  investments  attributable  to the  investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds  immediately as realized  without any right
of reimbursement.

(d) The Master  Servicer shall give notice to the Trustee and the Company of any
change  in the  location  of the  Custodial  Account  and  the  location  of the
Certificate Account prior to the use thereof.

Section 3.08.  Subservicing Accounts; Servicing Accounts.

(a) In those cases where a Subservicer  is servicing a Mortgage Loan pursuant to
a  Subservicing  Agreement,  the Master  Servicer  shall cause the  Subservicer,
pursuant to the  Subservicing  Agreement,  to establish and maintain one or more
Subservicing  Accounts which shall be an Eligible Account or, if such account is
not an Eligible Account, shall generally satisfy the requirements of the Program
Guide and be otherwise acceptable to the Master Servicer and each Rating Agency.
The  Subservicer  will be  required  thereby  to deposit  into the  Subservicing
Account  on a daily  basis  all  proceeds  of  Mortgage  Loans  received  by the
Subservicer,  less its Subservicing Fees and unreimbursed advances and expenses,
to the extent  permitted  by the  Subservicing  Agreement.  If the  Subservicing
Account is not an Eligible Account,  the Master Servicer shall be deemed to have
received such monies upon receipt  thereof by the  Subservicer.  The Subservicer
shall not be  required  to  deposit  in the  Subservicing  Account  payments  or
collections  in the nature of  prepayment  charges or late charges or assumption
fees.  On or before the date  specified  in the Program  Guide,  but in no event
later  than  the  Determination  Date,  the  Master  Servicer  shall  cause  the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

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<PAGE>

(b)  The  Subservicer  may  also  be  required,  pursuant  to  the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).

(c) In addition to the Custodial Account and the Certificate Account, the Master
Servicer  shall  for any  Nonsubserviced  Mortgage  Loan,  and  shall  cause the
Subservicers  for Subserviced  Mortgage Loans to,  establish and maintain one or
more Servicing  Accounts and deposit and retain therein all collections from the
Mortgagors   (or  advances  from   Subservicers)   for  the  payment  of  taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

(d) The Master Servicer shall advance the payments  referred to in the preceding
subsection  that  are not  timely  paid by the  Mortgagors  or  advanced  by the
Subservicers  on the date when the tax,  premium  or other  cost for which  such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

Section 3.09.  Access to Certain Documentation and
                      Information Regarding the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable

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<PAGE>

request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

Section 3.10.  Permitted Withdrawals from the Custodial Account.

(a) The  Master  Servicer  may,  from  time to time  as  provided  herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

(i)  to make  deposits  into the  Certificate  Account in the amounts and in the
     manner provided for in Section 4.01;

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     advances or expenses made pursuant to Sections 3.01,  3.07(a),  3.08, 3.11,
     3.12(a),  3.14 and 4.04 or otherwise  reimbursable pursuant to the terms of
     this Agreement,  such withdrawal right being limited to amounts received on
     particular  Mortgage  Loans  (including,  for this  purpose,  REO Proceeds,
     Insurance Proceeds,  Liquidation Proceeds and proceeds from the purchase of
     a  Mortgage  Loan  pursuant  to Section  2.02,  2.03,  2.04 or 4.07)  which
     represent  (A) Late  Collections  of  Monthly  Payments  for which any such
     advance was made in the case of Subservicer  Advances or Advances  pursuant
     to  Section  4.04 and (B)  recoveries  of  amounts in respect of which such
     advances were made in the case of Servicing Advances;

(iii)to pay to itself or the related  Subservicer (if not previously retained by
     such  Subservicer)  out of each payment  received by the Master Servicer on
     account of interest on a Mortgage Loan as contemplated by Sections 3.14 and
     3.16, an amount equal to that  remaining  portion of any such payment as to
     interest (but not in excess of the Servicing Fee and the Subservicing  Fee,
     if not  previously  retained)  which,  when  deducted,  will  result in the
     remaining  amount of such interest  being interest at the Net Mortgage Rate
     (or Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan) on
     the amount specified in the  amortization  schedule of the related Mortgage
     Loan as the  principal  balance  thereof  at the  beginning  of the  period
     respecting which such interest was paid after giving effect to any previous
     Curtailments;

(iv)    to pay to itself as additional  servicing  compensation  any interest or
        investment  income  earned on funds and other  property  deposited in or
        credited  to the  Custodial  Account  that it is  entitled  to  withdraw
        pursuant to Section 3.07(c);

(v)     to pay to itself as additional  servicing  compensation  any Foreclosure
        Profits,  any amounts remitted by Subservicers as interest in respect of
        Curtailments  pursuant to Section  3.08(b),  and any  amounts  paid by a
        Mortgagor in connection  with a Principal  Prepayment in Full in respect
        of  interest  for any  period  during the  calendar  month in which such
        Principal   Prepayment   in   Full   is  to  be   distributed   to   the
        Certificateholders;

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<PAGE>

(vi)    to pay to itself,  a Subservicer,  a Seller,  Residential  Funding,  the
        Company  or any  other  appropriate  Person,  as the case  may be,  with
        respect to each  Mortgage Loan or property  acquired in respect  thereof
        that has been  purchased  or otherwise  transferred  pursuant to Section
        2.02,  2.03,  2.04, 4.07 or 9.01, all amounts  received  thereon and not
        required to be distributed to the  Certificateholders  as of the date on
        which  the  related  Stated  Principal  Balance  or  Purchase  Price  is
        determined;

(vii)   to reimburse  itself or the related  Subservicer for any  Nonrecoverable
        Advance  or  Advances  in  the  manner  and to the  extent  provided  in
        subsection (c) below, any Advance made in connection with a modification
        of a Mortgage  Loan that is in default or, in the judgment of the Master
        Servicer, default is reasonably foreseeable pursuant to Section 3.07(a),
        to  the  extent  the  amount  of  the  Advance  has  been  added  to the
        outstanding  principal  balance of the  Mortgage  Loan,  or any  Advance
        reimbursable to the Master Servicer pursuant to Section 4.02(a);

(viii)  to  reimburse  itself  or  the  Company  for  expenses  incurred  by and
        reimbursable to it or the Company  pursuant to Sections  3.01(a),  3.11,
        3.13,  3.14(c),  6.03,  10.01  or  otherwise,   or  in  connection  with
        enforcing,   in  accordance   with  this   Agreement,   any  repurchase,
        substitution or indemnification  obligation of any Seller (other than an
        Affiliate of the Company) pursuant to the related Seller's Agreement;

(ix)    to reimburse itself for Servicing  Advances  expended by it (a) pursuant
        to Section  3.14 in good faith in  connection  with the  restoration  of
        property  damaged by an Uninsured  Cause, and (b) in connection with the
        liquidation  of a Mortgage Loan or disposition of an REO Property to the
        extent not otherwise reimbursed pursuant to clause (ii) or (viii) above;
        and

(x)  to withdraw  any amount  deposited  in the  Custodial  Account that was not
     required to be deposited therein pursuant to Section 3.07.

(b) Since, in connection with withdrawals  pursuant to clauses (ii),  (iii), (v)
and (vi), the Master Servicer's entitlement thereto is limited to collections or
other  recoveries on the related  Mortgage Loan, the Master  Servicer shall keep
and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for
the purpose of justifying any withdrawal from the Custodial  Account pursuant to
such clauses.

(c) The Master  Servicer  shall be entitled to  reimburse  itself or the related
Subservicer  for any advance made in respect of a Mortgage  Loan that the Master
Servicer  determines  to be a  Nonrecoverable  Advance  by  withdrawal  from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

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<PAGE>

Section 3.11.  Maintenance of the Primary Insurance
                      Policies; Collections Thereunder.

(a) The Master  Servicer shall not take, or permit any  Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy  of any  loss  which,  but for the  actions  of the  Master  Servicer  or
Subservicer,  would have been  covered  thereunder.  To the extent  coverage  is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

(b) In  connection  with its  activities  as  administrator  and servicer of the
Mortgage  Loans,  the Master  Servicer agrees to present or to cause the related
Subservicer to present,  on behalf of the Master Servicer,  the Subservicer,  if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and,  in this  regard,  to take or cause to be taken such  reasonable  action as
shall be  necessary  to permit  recovery  under any Primary  Insurance  Policies
respecting  defaulted  Mortgage  Loans.  Pursuant to Section 3.07, any Insurance
Proceeds  collected  by or  remitted  to the Master  Servicer  under any Primary
Insurance  Policies  shall be deposited  in the  Custodial  Account,  subject to
withdrawal pursuant to Section 3.10.

Section 3.12.  Maintenance of Fire Insurance and
                      Omissions and Fidelity Coverage.

(a) The Master  Servicer  shall cause to be  maintained  for each  Mortgage Loan
(other than a Cooperative  Loan) fire  insurance  with  extended  coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;

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<PAGE>

provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

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<PAGE>

(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect  throughout the term of this Agreement a blanket  fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities  under this Agreement.  The amount of coverage
shall be at least equal to the coverage  that would be required by Fannie Mae or
Freddie Mac,  whichever is greater,  with respect to the Master  Servicer if the
Master Servicer were servicing and  administering  the Mortgage Loans for Fannie
Mae or Freddie  Mac.  In the event that any such bond or policy  ceases to be in
effect, the Master Servicer shall obtain a comparable replacement bond or policy
from an issuer or insurer, as the case may be, meeting the requirements, if any,
of the  Program  Guide and  acceptable  to the  Company.  Coverage of the Master
Servicer under a policy or bond obtained by an Affiliate of the Master  Servicer
and  providing the coverage  required by this Section  3.12(b) shall satisfy the
requirements of this Section 3.12(b).

Section 3.13.  Enforcement of Due-on-Sale Clauses; Assumption and
                      Modification Agreements; Certain Assignments.

(a) When any  Mortgaged  Property  is  conveyed  by the  Mortgagor,  the  Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

(i)     the  Master  Servicer  shall not be deemed to be in  default  under this
        Section 3.13(a) by reason of any transfer or assumption which the Master
        Servicer is restricted by law from preventing; and

(ii)    if the Master Servicer  determines that it is reasonably likely that any
        Mortgagor will bring,  or if any Mortgagor  does bring,  legal action to
        declare invalid or otherwise avoid  enforcement of a due-on-sale  clause
        contained in any Mortgage Note or Mortgage,  the Master  Servicer  shall
        not be  required to enforce the  due-on-sale  clause or to contest  such
        action.

(b) Subject to the Master  Servicer's duty to enforce any due-on-sale  clause to
the  extent  set  forth in  Section  3.13(a),  in any case in which a  Mortgaged
Property  is to be conveyed  to a Person by a  Mortgagor,  and such Person is to
enter into an assumption or modification agreement or supplement to the Mortgage
Note  or  Mortgage  which  requires  the  signature  of  the  Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant

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<PAGE>

modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction  involving  the  assumption  or transfer (A) the Mortgage  Loan will
continue  to be secured by a first  mortgage  lien  pursuant to the terms of the
Mortgage,  (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies,  (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest  rate on the  Mortgage  Loan) will be altered  nor will the term of the
Mortgage  Loan be  changed  and (E) if the  seller/transferor  of the  Mortgaged
Property is to be released  from  liability on the Mortgage  Loan,  such release
will  not  (based  on  the  Master   Servicer's  or  Subservicer's   good  faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.

(c) The Master Servicer or the related Subservicer, as the case may be, shall be
entitled  to approve a request  from a  Mortgagor  for a partial  release of the
related  Mortgaged  Property,  the  granting of an easement  thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

(d) Subject to any other applicable terms and conditions of this Agreement,  the
Trustee and Master  Servicer  shall be entitled to approve an assignment in lieu
of  satisfaction  with respect to any Mortgage  Loan,  provided the obligee with
respect to such Mortgage Loan  following such proposed  assignment  provides the
Trustee and Master  Servicer  with a "Lender  Certification  for  Assignment  of
Mortgage  Loan" in the form attached  hereto as Exhibit M, in form and substance

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<PAGE>

satisfactory to the Trustee and Master  Servicer,  providing the following:  (i)
that the substance of the assignment is, and is intended to be, a refinancing of
such  Mortgage;  (ii) that the Mortgage Loan  following the proposed  assignment
will have a rate of  interest at least 0.25  percent  below or above the rate of
interest on such Mortgage Loan prior to such proposed assignment; and (iii) that
such  assignment  is at the request of the borrower  under the related  Mortgage
Loan. Upon approval of an assignment in lieu of satisfaction with respect to any
Mortgage Loan, the Master  Servicer shall receive cash in an amount equal to the
unpaid  principal  balance of and accrued interest on such Mortgage Loan and the
Master  Servicer shall treat such amount as a Principal  Prepayment in Full with
respect to such Mortgage Loan for all purposes hereof.

Section 3.14.  Realization Upon Defaulted Mortgage Loans.

(a) The Master  Servicer shall  foreclose upon or otherwise  comparably  convert
(which may include an REO Acquisition) the ownership of properties securing such
of the  Mortgage  Loans as come into and  continue in default and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant  to  Section  3.07.  In  connection  with  such  foreclosure  or  other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds,  Insurance Proceeds,  or REO Proceeds  (respecting which it shall have
priority for purposes of  withdrawals  from the  Custodial  Account  pursuant to
Section 3.10, whether or not such expenses and charges are actually  recoverable
from related Liquidation Proceeds,  Insurance Proceeds or REO Proceeds).  In the
event of such a determination  by the Master  Servicer  pursuant to this Section
3.14(a),  the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10.

               In addition to the foregoing,  the Master  Servicer shall use its
best  reasonable  efforts to realize upon any Additional  Collateral for such of
the Additional  Collateral  Loans as come into and continue in default and as to
which no  satisfactory  arrangements  can be made for  collection  of delinquent
payments pursuant to Section 3.07;  provided that the Master Servicer shall not,
on behalf of the Trustee,  obtain title to any such  Additional  Collateral as a
result of or in lieu of the  disposition  thereof  or  otherwise;  and  provided
further  that (i) the Master  Servicer  shall not proceed  with  respect to such
Additional  Collateral  in any manner  that would  impair the ability to recover
against the  related  Mortgaged  Property,  and (ii) the Master  Servicer  shall
proceed with any REO Acquisition in a manner that preserves the ability to apply
the  proceeds  of such  Additional  Collateral  against  amounts  owed under the
defaulted  Mortgage Loan. Any proceeds realized from such Additional  Collateral
(other than amounts to be released to the Mortgagor or the related  guarantor in
accordance  with  procedures  that the Master Servicer would follow in servicing

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<PAGE>

loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and
conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               Concurrently  with the foregoing,  the Master Servicer may pursue
any  remedies  that  may  be  available  in  connection   with  a  breach  of  a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections  2.03 and 2.04.  However,  the Master  Servicer is not required to
continue to pursue both  foreclosure  (or similar  remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation  and
warranty if the Master Servicer determines in its reasonable discretion that one
such  remedy is more likely to result in a greater  recovery as to the  Mortgage
Loan. Upon the occurrence of a Cash  Liquidation or REO  Disposition,  following
the deposit in the  Custodial  Account of all  Insurance  Proceeds,  Liquidation
Proceeds and other  payments and  recoveries  referred to in the  definition  of
"Cash  Liquidation"  or "REO  Disposition,"  as applicable,  upon receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without recourse, as shall be necessary to vest in the Master Servicer
or its designee,  as the case may be, the related  Mortgage Loan, and thereafter

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<PAGE>

such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the
foregoing or any other  provision of this  Agreement,  in the Master  Servicer's
sole discretion  with respect to any defaulted  Mortgage Loan or REO Property as
to either of the following provisions, (i) a Cash Liquidation or REO Disposition
may be deemed to have  occurred if  substantially  all  amounts  expected by the
Master Servicer to be received in connection with the related defaulted Mortgage
Loan or REO Property have been  received,  and (ii) for purposes of  determining
the amount of any Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any
other  unscheduled  collections  or the amount of any Realized  Loss, the Master
Servicer may take into account minimal amounts of additional  receipts  expected
to be received or any estimated  additional  liquidation expenses expected to be
incurred in connection with the related defaulted Mortgage Loan or REO Property.

(b) If title to any  Mortgaged  Property is acquired by the Trust Fund as an REO
Property  by  foreclosure  or by  deed  in  lieu  of  foreclosure,  the  deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

(c) If the Trust Fund  acquires  any REO  Property as  aforesaid or otherwise in
connection  with a default or imminent  default on a Mortgage  Loan,  the Master
Servicer on behalf of the Trust Fund shall  dispose of such REO Property as soon
as   practicable,   giving   due   consideration   to  the   interests   of  the
Certificateholders,  but in all cases  within three full years after the taxable
year of its acquisition by the Trust Fund for purposes of Section  860G(a)(8) of
the Code (or such shorter  period as may be  necessary  under  applicable  state
(including  any state in which such  property  is located)  law to maintain  the
status of any portion of any REMIC formed under the Series Supplement as a REMIC
under  applicable state law and avoid taxes resulting from such property failing
to be foreclosure property under applicable state law) or, at the expense of the
Trust Fund, request, more than 60 days before the day on which such grace period
would  otherwise  expire,  an extension  of such grace period  unless the Master
Servicer  (subject  to Section  10.01(f))  obtains for the Trustee an Opinion of
Counsel,  addressed to the Trustee and the Master  Servicer,  to the effect that
the  holding by the Trust Fund of such REO  Property  subsequent  to such period
will not  result in the  imposition  of taxes on  "prohibited  transactions"  as
defined in Section  860F of the Code or cause any REMIC  formed under the Series
Supplement to fail to qualify as a REMIC (for federal (or any  applicable  State
or  local)  income  tax  purposes)  at  any  time  that  any   Certificates  are
outstanding, in which case the Trust Fund may continue to hold such REO Property
(subject to any  conditions  contained in such  Opinion of Counsel).  The Master
Servicer shall be entitled to be reimbursed  from the Custodial  Account for any
costs  incurred in  obtaining  such  Opinion of Counsel,  as provided in Section
3.10.  Notwithstanding  any other provision of this  Agreement,  no REO Property

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<PAGE>

acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant
to any terms  that  would (i) cause  such REO  Property  to fail to  qualify  as
"foreclosure  property" within the meaning of Section  860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO  Property,  including any taxes imposed by reason of
Section 860G(c) of the Code,  unless the Master Servicer has agreed to indemnify
and hold  harmless  the Trust Fund with  respect to the  imposition  of any such
taxes.

(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property)(provided that, if
such  recovery is of an amount  previously  allocated  to one or more Classes of
Certificates  as a Realized Loss,  such recovery  shall be allocated  among such
Classes in the same  proportions as the allocation of such Realized  Losses and,
if any such Class of  Certificates  to which such Realized Loss was allocated is
no longer  outstanding,  such  subsequent  recovery  shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
fourth,  to all Servicing Fees and Subservicing  Fees payable therefrom (and the
Master  Servicer and the Subservicer  shall have no claims for any  deficiencies
with  respect to such fees which  result  from the  foregoing  allocation);  and
fifth, to Foreclosure Profits.

(e) In the event of a default on a Mortgage  Loan one or more of whose  obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure  (together,  "foreclosure")  in respect of such
Mortgage Loan, the Master Servicer will cause  compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.

Section 3.15.  Trustee to Cooperate; Release of Mortgage Files.

(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master  Servicer of a  notification  that payment in full will be
escrowed in a manner  customary  for such  purposes,  the Master  Servicer  will
immediately  notify the Trustee (if it holds the related  Mortgage  File) or the
Custodian by a certification of a Servicing Officer (which  certification  shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the forms attached hereto as Exhibit F, or, in the case
of the Custodian,  an electronic  request in a form acceptable to the Custodian,
requesting  delivery to it of the Mortgage  File.  Within two  Business  Days of
receipt of such certification and request,  the Trustee shall release,  or cause
the Custodian to release, the related Mortgage File to the Master Servicer.  The

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<PAGE>

Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
request for  reconveyance,  deed of  reconveyance  or release or satisfaction of
mortgage or such  instrument  releasing the lien of the Mortgage,  together with
the Mortgage Note with, as appropriate, written evidence of cancellation thereon
and to cause the removal  from the  registration  on the MERS(R)  System of such
Mortgage  and to  execute  and  deliver,  on  behalf  of  the  Trustee  and  the
Certificateholders  or any of them, any and all  instruments of  satisfaction or
cancellation or of partial or full release.  No expenses  incurred in connection
with any instrument of satisfaction or deed of reconveyance  shall be chargeable
to the Custodial Account or the Certificate Account.

(b) From time to time as is appropriate  for the servicing or foreclosure of any
Mortgage Loan, the Master  Servicer shall deliver to the Custodian,  with a copy
to the Trustee, a certificate of a Servicing Officer substantially in one of the
forms  attached  as  Exhibit F  hereto,  or,  in the case of the  Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

(c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and
deliver to the Master Servicer, if necessary, any court pleadings,  requests for
trustee's sale or other documents necessary to the foreclosure or trustee's sale
in respect of a  Mortgaged  Property  or to any legal  action  brought to obtain
judgment  against any  Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment,  or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise  available at law or in equity.  Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
shall deliver to the Trustee a  certificate  of a Servicing  Officer  requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such  documents or pleadings  are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required  Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage,  except  for the  termination  of such a lien upon  completion  of the
foreclosure or trustee's sale.

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Section 3.16.  Servicing and Other Compensation; Compensating Interest.

(a) The Master Servicer, as compensation for its activities hereunder,  shall be
entitled  to receive  on each  Distribution  Date the  amounts  provided  for by
clauses  (iii),  (iv),  (v) and (vi) of Section  3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

(b)  Additional  servicing  compensation  in the  form  of  prepayment  charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

(c) The Master  Servicer  shall be  required  to pay,  or cause to be paid,  all
expenses  incurred by it in connection with its servicing  activities  hereunder
(including  payment of premiums for the Primary Insurance  Policies,  if any, to
the extent such premiums are not required to be paid by the related  Mortgagors,
and the fees and  expenses of the Trustee  and any  Custodian)  and shall not be
entitled to reimbursement  therefor except as specifically  provided in Sections
3.10 and 3.14.

(d) The Master  Servicer's  right to receive  servicing  compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its   responsibilities  and  obligations  of  the  Master  Servicer  under  this
Agreement.

(e)  Notwithstanding  any  other  provision  herein,  the  amount  of  servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii), and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled pursuant to Section  3.10(a)(iii),  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

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Section 3.17.  Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

Section 3.18.  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate Insurer on or before March 31 of each year, beginning with the first
March 31 that occurs at least six months  after the Cut-off  Date,  an Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master  Servicer  has  complied in all  material  respects  with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage Bankers and has fulfilled all of its material  obligations  relating to
this Agreement in all material  respects  throughout such year, or, if there has
been material  noncompliance  with such servicing  standards or a default in the
fulfillment  in all material  respects of any such  obligation  relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each  Subservicer  has  complied  in all  material  respects  with  the  minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers and has  fulfilled all of its material  obligations  under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

Section 3.19.  Annual Independent Public Accountants' Servicing Report.

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements

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for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

Section 3.20.  Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

Section 3.21.  Administration of Buydown Funds

(a) With respect to any Buydown  Mortgage  Loan, the  Subservicer  has deposited
Buydown Funds in an account that satisfies the  requirements  for a Subservicing
Account  (the  "Buydown   Account").   The  Master   Servicer  shall  cause  the
Subservicing  Agreement to require  that upon receipt from the  Mortgagor of the
amount due on a Due Date for each Buydown  Mortgage Loan, the  Subservicer  will
withdraw from the Buydown Account the  predetermined  amount that, when added to
the amount due on such date from the Mortgagor,  equals the full Monthly Payment
and  transmit  that  amount in  accordance  with the  terms of the  Subservicing
Agreement to the Master  Servicer  together with the related payment made by the
Mortgagor or advanced by the Subservicer.

(b) If the  Mortgagor  on a  Buydown  Mortgage  Loan  prepays  such  loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in

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the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

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                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.

(a) The Master  Servicer on behalf of the Trustee shall establish and maintain a
Certificate  Account in which the Master Servicer shall cause to be deposited on
behalf of the Trustee on or before 2:00 P.M.  New York time on each  Certificate
Account  Deposit Date by wire transfer of immediately  available funds an amount
equal to the sum of (i) any Advance for the immediately succeeding  Distribution
Date,  (ii) any amount  required  to be  deposited  in the  Certificate  Account
pursuant to Section  3.12(a),  (iii) any amount  required to be deposited in the
Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount
required  to be  paid  pursuant  to  Section  9.01  and (v)  all  other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

(b) The Trustee shall, upon written request from the Master Servicer,  invest or
cause the institution maintaining the Certificate Account to invest the funds in
the Certificate Account in Permitted  Investments  designated in the name of the
Trustee for the  benefit of the  Certificateholders,  which  shall  mature or be
payable  on  demand  not  later  than  the  Business  Day  next   preceding  the
Distribution  Date next following the date of such  investment  (except that (i)
any  investment  in the  institution  with  which  the  Certificate  Account  is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

Section 4.02.  Distributions.

                      As provided in Section 4.02 of the Series Supplement.

Section 4.03.  Statements to Certificateholders.

     (a) Concurrently with each distribution  charged to the Certificate Account
and with respect to each  Distribution Date the Master Servicer shall forward to
the Trustee and the Trustee  shall either  forward by mail or make  available to
each Holder and the Company,  via the Trustee's  internet  website,  a statement
(and at its option,  any additional  files containing the same information in an
alternative  format) setting forth information as to each Class of Certificates,
the  Mortgage  Pool and, if the  Mortgage  Pool is comprised of two or more Loan
Groups,  each Loan Group, to the extent applicable.  This statement will include
the information set forth in an exhibit to the Series  Supplement.  Such exhibit

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shall set forth the Trustee's  internet  website  address  together with a phone
number.  The Trustee  shall mail to each  Holder  that  requests a paper copy by
telephone  a paper  copy via first  class  mail.  The  Trustee  may  modify  the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master Servicer.

     (b) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare,  or cause to be prepared,  and shall forward,
or cause to be  forwarded,  to each Person who at any time  during the  calendar
year was the  Holder  of a  Certificate,  other  than a Class R  Certificate,  a
statement  containing the  information  set forth in clauses (i) and (ii) of the
exhibit to the Series Supplement  referred to in subsection (a) above aggregated
for such calendar year or applicable  portion  thereof  during which such Person
was a Certificateholder.  Such obligation of the Master Servicer shall be deemed
to have been satisfied to the extent that substantially  comparable  information
shall be provided by the Master  Servicer  pursuant to any  requirements  of the
Code.

     (c) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare,  or cause to be prepared,  and shall forward,
or cause to be  forwarded,  to each Person who at any time  during the  calendar
year  was the  Holder  of a Class R  Certificate,  a  statement  containing  the
applicable  distribution  information  provided  pursuant to this  Section  4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

     (d) Upon the written request of any Certificateholder, the Master Servicer,
as   soon   as   reasonably   practicable,    shall   provide   the   requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

Section               4.04.  Distribution  of  Reports  to the  Trustee  and the
                      Company; Advances by the Master Servicer.

(a)  Prior to the  close of  business  on the  Determination  Date,  the  Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

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(b) On or before 2:00 P.M.  New York time on each  Certificate  Account  Deposit
Date, the Master  Servicer shall either (i) deposit in the  Certificate  Account
from its own funds, or funds received therefor from the Subservicers,  an amount
equal to the  Advances  to be made by the  Master  Servicer  in  respect  of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with

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Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

Section 4.05.  Allocation of Realized Losses.

     As provided in Section 4.05 of the Series Supplement.

Section 4.06.  Reports of Foreclosures and Abandonment of Mortgaged Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

Section 4.07.  Optional Purchase of Defaulted Mortgage Loans.

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however,  the Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

Section 4.08.  Surety Bond.

(a) If a Required  Surety  Payment is payable  pursuant  to the Surety Bond with
respect to any Additional  Collateral  Loan, the Master Servicer shall so notify
the Trustee as soon as reasonably  practicable  and the Trustee  shall  promptly
complete  the notice in the form of  Attachment  1 to the Surety  Bond and shall
promptly submit such notice to the Surety as a claim for a Required Surety.  The

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Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

(b) Upon receipt of a Required  Surety  Payment from the Surety on behalf of the
Holders of Certificates,  the Trustee shall deposit such Required Surety Payment
in the Certificate Account and shall distribute such Required Surety Payment, or
the proceeds thereof, in accordance with the provisions of Section 4.02.
(c) The  Trustee  shall (i)  receive  as  attorney-in-fact  of each  Holder of a
Certificate  any Required  Surety  Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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                                   ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law

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and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

(c) From time to time  Residential  Funding,  as the initial Holder of the Class
A-V  Certificates,  may  exchange  such  Holder's  Class  A-V  Certificates  for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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Section 5.02.  Registration of Transfer and Exchange of Certificates.

(a) The  Trustee  shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in  accordance  with the  provisions  of Section 8.12 a
Certificate Register in which, subject to such reasonable  regulations as it may
prescribe, the Trustee shall provide for the registration of Certificates and of
transfers  and  exchanges of  Certificates  as herein  provided.  The Trustee is
initially  appointed  Certificate  Registrar  for  the  purpose  of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

(b) Upon surrender for registration of transfer of any Certificate at any office
or agency of the Trustee  maintained  for such purpose  pursuant to Section 8.12
and,  in the  case  of any  Class  M,  Class  B or  Class  R  Certificate,  upon
satisfaction  of the conditions  set forth below,  the Trustee shall execute and
the Certificate  Registrar shall  authenticate  and deliver,  in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

(c) At the option of the  Certificateholders,  Certificates may be exchanged for
other Certificates of authorized denominations of a like Class (or Subclass) and
aggregate  Percentage  Interest,  upon  surrender  of  the  Certificates  to  be
exchanged  at any such  office  or  agency.  Whenever  any  Certificates  are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

(d) No transfer,  sale,  pledge or other  disposition  of a Class B  Certificate
shall be made unless such transfer,  sale, pledge or other disposition is exempt
from the  registration  requirements  of the Securities Act of 1933, as amended,
and any applicable  state securities laws or is made in accordance with said Act
and laws.  In the event that a transfer of a Class B  Certificate  is to be made
either (i)(A) the Trustee shall require a written Opinion of Counsel  acceptable
to and in form and  substance  satisfactory  to the Trustee and the Company that
such transfer may be made pursuant to an exemption,  describing  the  applicable
exemption  and the  basis  therefor,  from  said Act and  laws or is being  made
pursuant to said Act and laws,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company  or the Master  Servicer  (except  that,  if such
transfer is made by the Company or the Master Servicer or any Affiliate thereof,
the Company or the Master  Servicer  shall  provide  such  Opinion of Counsel at
their own  expense);  provided that such Opinion of Counsel will not be required
in connection with the initial  transfer of any such  Certificate by the Company
or any  Affiliate  thereof to the Company or an Affiliate of the Company and (B)
the Trustee shall require the  transferee  to execute a  representation  letter,
substantially in the form of Exhibit H hereto, and the Trustee shall require the
transferor  to execute a  representation  letter,  substantially  in the form of

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Exhibit I hereto,  each acceptable to and in form and substance  satisfactory to
the Company and the Trustee  certifying to the Company and the Trustee the facts
surrounding such transfer,  which representation letters shall not be an expense
of the Trustee, the Company or the Master Servicer; provided, however, that such
representation  letters will not be required in connection  with any transfer of
any such  Certificate by the Company or any Affiliate  thereof to the Company or
an Affiliate of the Company,  and the Trustee shall be entitled to  conclusively
rely upon a representation  (which, upon the request of the Trustee,  shall be a
written representation) from the Company, of the status of such transferee as an
Affiliate  of  the  Company  or  (ii)  the  prospective  transferee  of  such  a
Certificate shall be required to provide the Trustee, the Company and the Master
Servicer  with an  investment  letter  substantially  in the form of  Exhibit  J
attached hereto (or such other form as the Company in its sole discretion  deems
acceptable), which investment letter shall not be an expense of the Trustee, the
Company or the Master Servicer,  and which investment  letter states that, among
other  things,  such  transferee  (A) is a  "qualified  institutional  buyer" as
defined  under Rule 144A,  acting for its own  account or the  accounts of other
"qualified  institutional  buyers" as defined under Rule 144A,  and (B) is aware
that the proposed  transferor intends to rely on the exemption from registration
requirements  under the  Securities  Act of 1933,  as amended,  provided by Rule
144A. The Holder of any such  Certificate  desiring to effect any such transfer,
sale, pledge or other disposition shall, and does hereby agree to, indemnify the
Trustee, the Company, the Master Servicer and the Certificate  Registrar against
any liability that may result if the transfer, sale, pledge or other disposition
is not so exempt or is not made in accordance with such federal and state laws.

     (e)  (i) In the case of any Class B or Class R  Certificate  presented  for
          registration  in the name of any Person,  either (A) the Trustee shall
          require an Opinion of Counsel  acceptable to and in form and substance
          satisfactory  to the Trustee,  the Company and the Master  Servicer to
          the  effect  that the  purchase  or holding of such Class B or Class R
          Certificate is permissible  under  applicable law, will not constitute
          or result in any non-exempt  prohibited  transaction under Section 406
          of the Employee  Retirement  Income  Security Act of 1974,  as amended
          ("ERISA"),  or Section 4975 of the Code (or  comparable  provisions of
          any  subsequent  enactments),  and will not subject the  Trustee,  the
          Company  or  the  Master  Servicer  to  any  obligation  or  liability
          (including  obligations or liabilities  under ERISA or Section 4975 of
          the Code) in addition to those  undertaken  in this  Agreement,  which
          Opinion of Counsel shall not be an expense of the Trustee, the Company
          or the Master  Servicer  or (B) the  prospective  Transferee  shall be
          required to provide the Trustee,  the Company and the Master  Servicer
          with a  certification  to the  effect  set forth in  paragraph  six of
          Exhibit H (with  respect  to any  Class B  Certificate)  or  paragraph
          fourteen  of Exhibit  G-1 (with  respect to any Class R  Certificate),
          which  the  Trustee  may  rely  upon   without   further   inquiry  or
          investigation,  or such other  certifications  as the Trustee may deem
          desirable or necessary in order to establish  that such  Transferee or
          the Person in whose name such  registration is requested either (a) is
          not an employee  benefit plan or other plan subject to the  prohibited
          transaction  provisions  of ERISA or Section 4975 of the Code,  or any
          Person  (including  an  investment  manager,  a named  fiduciary  or a
          trustee of any such plan) who is using "plan  assets" of any such plan
          to effect such  acquisition  (each,  a "Plan  Investor") or (b) in the
          case  of  any  Class  B  Certificate,  the  following  conditions  are
          satisfied:  (i) such  Transferee  is an  insurance  company,  (ii) the
          source of funds used to purchase or hold such Certificate (or interest
          therein) is an "insurance company general account" (as defined in U.S.

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<PAGE>

          Department of Labor Prohibited  Transaction  Class Exemption  ("PTCE")
          95-60,  and (iii) the  conditions  set forth in  Sections I and III of
          PTCE 95-60 have been satisfied (each entity that satisfies this clause
          (b), a "Complying Insurance Company").

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
               have  represented  by virtue of its  purchase  or holding of such
               Certificate (or interest therein) that either (a) such Transferee
               is not a Plan  Investor,  (b) it has acquired and is holding such
               Certificate  in  reliance  on  Prohibited  Transaction  Exemption
               ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by
               PTE 97-34,  62 Fed. Reg. 39021 (July 21, 1997),  and PTE 2000-58,
               65 Fed. Reg. 67765 (November 13, 2000) (the "RFC Exemption"), and
               that it  understands  that there are  certain  conditions  to the
               availability of the RFC Exemption including that such Certificate
               must be rated, at the time of purchase, not lower than "BBB-" (or
               its  equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c)
               such Transferee is a Complying Insurance Company.

               (iii) (A) If any Class M Certificate (or any interest therein) is
               acquired  or  held  by any  Person  that  does  not  satisfy  the
               conditions  described  in  paragraph  (ii)  above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

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

(f) (i) Each Person who has or who acquires any Ownership  Interest in a Class R
Certificate  shall be deemed by the  acceptance or acquisition of such Ownership
Interest  to have  agreed to be bound by the  following  provisions  and to have
irrevocably  authorized the Trustee or its designee under clause  (iii)(A) below
to deliver  payments  to a Person  other than such Person and to  negotiate  the
terms of any  mandatory  sale under  clause  (iii)(B)  below and to execute  all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

(A)  Each  Person  holding or  acquiring  any  Ownership  Interest  in a Class R
     Certificate  shall be a Permitted  Transferee and shall promptly notify the
     Trustee of any  change or  impending  change in its  status as a  Permitted
     Transferee.

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<PAGE>

(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

(C)            Notwithstanding   the  delivery  of  a  Transfer   Affidavit  and
               Agreement by a proposed  Transferee  under clause (B) above, if a
               Responsible  Officer  of the  Trustee  who is  assigned  to  this
               Agreement has actual  knowledge  that the proposed  Transferee is
               not a Permitted Transferee,  no Transfer of an Ownership Interest
               in a Class R  Certificate  to such proposed  Transferee  shall be
               effected.

(D)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class  R  Certificate  shall  agree  (x) to  require  a  Transfer
               Affidavit and Agreement from any other Person to whom such Person
               attempts  to  transfer  its  Ownership  Interest  in  a  Class  R
               Certificate and (y) not to transfer its Ownership Interest unless
               it provides a  certificate  to the  Trustee in the form  attached
               hereto as Exhibit G-2.

(E)            Each Person holding or acquiring an Ownership Interest in a Class
               R  Certificate,  by  purchasing  an  Ownership  Interest  in such
               Certificate, agrees to give the Trustee written notice that it is
               a "pass-through  interest holder" within the meaning of Temporary
               Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon
               acquiring an Ownership  Interest in a Class R Certificate,  if it
               is, or is holding an Ownership  Interest in a Class R Certificate
               on behalf of, a "pass-through interest holder."

(ii)    The Trustee will register the Transfer of any Class R  Certificate  only
        if it shall have  received  the  Transfer  Affidavit  and  Agreement,  a
        certificate of the Holder  requesting such transfer in the form attached
        hereto as Exhibit G-2 and all of such other documents as shall have been
        reasonably  required by the Trustee as a condition to such registration.
        Transfers of the Class R Certificates  to Non-United  States Persons and
        Disqualified  Organizations  (as  defined in Section  860E(e)(5)  of the
        Code) are prohibited.

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<PAGE>

(iii)(A) If any  Disqualified  Organization  shall  become a holder of a Class R
     Certificate,   then  the  last  preceding  Permitted  Transferee  shall  be
     restored,  to the extent permitted by law, to all rights and obligations as
     Holder thereof  retroactive to the date of registration of such Transfer of
     such Class R  Certificate.  If a  Non-United  States  Person shall become a
     holder of a Class R  Certificate,  then the last  preceding  United  States
     Person shall be restored, to the extent permitted by law, to all rights and
     obligations as Holder thereof  retroactive to the date of  registration  of
     such  Transfer  of such Class R  Certificate.  If a  transfer  of a Class R
     Certificate  is   disregarded   pursuant  to  the  provisions  of  Treasury
     Regulations  Section 1.860E-1 or Section 1.860G-3,  then the last preceding
     Permitted Transferee shall be restored,  to the extent permitted by law, to
     all rights and  obligations  as Holder  thereof  retroactive to the date of
     registration  of such  Transfer  of such Class R  Certificate.  The Trustee
     shall be under no liability to any Person for any  registration of Transfer
     of a Class R  Certificate  that is in fact not  permitted  by this  Section
     5.02(f) or for making any  payments due on such  Certificate  to the holder
     thereof or for taking any other  action with  respect to such holder  under
     the provisions of this Agreement.

(B)  If any purported  Transferee shall become a Holder of a Class R Certificate
     in violation of the  restrictions in this Section 5.02(f) and to the extent
     that the retroactive  restoration of the rights of the Holder of such Class
     R  Certificate  as  described  in clause  (iii)(A)  above shall be invalid,
     illegal or  unenforceable,  then the Master  Servicer shall have the right,
     without  notice  to  the  holder  or any  prior  holder  of  such  Class  R
     Certificate,  to sell such Class R Certificate  to a purchaser  selected by
     the Master Servicer on such terms as the Master  Servicer may choose.  Such
     purported  Transferee  shall  promptly  endorse  and  deliver  each Class R
     Certificate in accordance  with the  instructions  of the Master  Servicer.
     Such  purchaser may be the Master  Servicer  itself or any Affiliate of the
     Master Servicer.  The proceeds of such sale, net of the commissions  (which
     may include  commissions payable to the Master Servicer or its Affiliates),
     expenses and taxes due, if any, will be remitted by the Master  Servicer to
     such purported Transferee.  The terms and conditions of any sale under this
     clause  (iii)(B)  shall be determined in the sole  discretion of the Master
     Servicer,  and the Master Servicer shall not be liable to any Person having
     an Ownership  Interest in a Class R Certificate as a result of its exercise
     of such discretion.

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified

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<PAGE>

     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

(v)     The  provisions  of this Section  5.02(f) set forth prior to this clause
        (v) may be modified,  added to or eliminated,  provided that there shall
        have been delivered to the Trustee the following:

(A)  written  notification  from  each  Rating  Agency  to the  effect  that the
     modification,  addition to or elimination of such provisions will not cause
     such Rating Agency to downgrade its  then-current  ratings,  if any, of any
     Class of the Senior, Class M or Class B Certificates below the lower of the
     then-current  rating or the rating assigned to such  Certificates as of the
     Closing Date by such Rating Agency; and

(B)  subject  to  Section  10.01(f),  an  Officers'  Certificate  of the  Master
     Servicer  stating  that the  Master  Servicer  has  received  an Opinion of
     Counsel, in form and substance  satisfactory to the Master Servicer, to the
     effect that such  modification,  addition to or absence of such  provisions
     will not cause any portion of any REMIC formed under the Series  Supplement
     to cease to  qualify  as a REMIC and will not cause (x) any  portion of any
     REMIC formed under the Series  Supplement to be subject to an  entity-level
     tax caused by the Transfer of any Class R Certificate to a Person that is a
     Disqualified  Organization or (y) a Certificateholder  or another Person to
     be  subject to a  REMIC-related  tax  caused by the  Transfer  of a Class R
     Certificate to a Person that is not a Permitted Transferee.

(g) No service charge shall be made for any transfer or exchange of Certificates
of any Class,  but the Trustee may require  payment of a sum sufficient to cover
any tax or  governmental  charge  that may be  imposed  in  connection  with any
transfer or exchange of Certificates.

(h) All Certificates surrendered for transfer and exchange shall be destroyed by
the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the

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Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

Section 5.04.  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

Section 5.05.  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

Section 6.02.  Merger or  Consolidation  of the Company or the Master  Servicer;
     Assignment of Rights and Delegation of Duties by Master Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of Fannie Mae or Freddie
Mac; and  provided  further that each Rating  Agency's  ratings,  if any, of the
Senior,  Class M or Class B  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's
rating of the Classes of Certificates that have been rated in effect immediately

                                       80
<PAGE>

prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

Section 6.03.  Limitation on Liability of the Company,
                      the Master Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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Section 6.04.  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

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                                  ARTICLE VII

                                     DEFAULT

Section 7.01.  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

(i)  the Master  Servicer shall fail to distribute or cause to be distributed to
     the Holders of  Certificates of any Class any  distribution  required to be
     made under the terms of the  Certificates  of such Class and this Agreement
     and, in either case, such failure shall continue unremedied for a period of
     5 days after the date upon which written notice of such failure,  requiring
     such failure to be remedied,  shall have been given to the Master  Servicer
     by the  Trustee or the Company or to the Master  Servicer,  the Company and
     the  Trustee  by the  Holders  of  Certificates  of such  Class  evidencing
     Percentage Interests aggregating not less than 25%; or

(ii) the Master  Servicer  shall  fail to  observe  or  perform in any  material
     respect any other of the  covenants or agreements on the part of the Master
     Servicer  contained in the  Certificates  of any Class or in this Agreement
     and such failure shall continue  unremedied for a period of 30 days (except
     that such  number of days  shall be 15 in the case of a failure  to pay the
     premium for any Required  Insurance Policy) after the date on which written
     notice of such failure,  requiring the same to be remedied, shall have been
     given to the  Master  Servicer  by the  Trustee or the  Company,  or to the
     Master Servicer, the Company and the Trustee by the Holders of Certificates
     of  any  Class  evidencing,  in the  case  of any  such  Class,  Percentage
     Interests aggregating not less than 25%; or

(iii)   a decree or order of a court or agency or supervisory  authority  having
        jurisdiction in the premises in an involuntary case under any present or
        future  federal  or  state  bankruptcy,  insolvency  or  similar  law or
        appointing a conservator  or receiver or  liquidator in any  insolvency,
        readjustment  of debt,  marshalling of assets and liabilities or similar
        proceedings,  or for the winding-up or liquidation of its affairs, shall
        have been entered  against the Master  Servicer and such decree or order
        shall have remained in force undischarged or unstayed for a period of 60
        days; or

(iv)    the Master Servicer shall consent to the appointment of a conservator or
        receiver  or  liquidator  in  any  insolvency,   readjustment  of  debt,
        marshalling of assets and  liabilities,  or similar  proceedings  of, or
        relating  to,  the  Master  Servicer  or  of,  or  relating  to,  all or
        substantially all of the property of the Master Servicer; or

(v)     the Master  Servicer  shall  admit in writing its  inability  to pay its
        debts  generally as they become due,  file a petition to take  advantage
        of, or commence a voluntary  case under,  any  applicable  insolvency or
        reorganization  statute,  make  an  assignment  for the  benefit  of its
        creditors, or voluntarily suspend payment of its obligations; or

(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

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        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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Section 7.02.  Trustee or Company to Act; Appointment of Successor.

(a) On and after the time the Master  Servicer  receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which  is  also  a  Fannie  Mae-  or  Freddie  Mac-approved  mortgage  servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the  Master  Servicer  hereunder  in the  assumption  of all or any  part of the
responsibilities,  duties  or  liabilities  of the  Master  Servicer  hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall become  successor to the Master Servicer and shall act in such capacity as
hereinabove  provided.  In connection with such appointment and assumption,  the
Trustee may make such arrangements for the compensation of such successor out of
payments on  Mortgage  Loans as it and such  successor  shall  agree;  provided,
however,  that no such  compensation  shall be in excess of that  permitted  the
initial Master Servicer hereunder.  The Company,  the Trustee, the Custodian and
such successor shall take such action,  consistent with this Agreement, as shall
be  necessary to  effectuate  any such  succession.  The  Servicing  Fee for any
successor  Master  Servicer  appointed  pursuant  to this  Section  7.02 will be
lowered with respect to those Mortgage Loans, if any, where the Subservicing Fee
accrues at a rate of less than  0.20% per annum in the event that the  successor
Master  Servicer  is  not  servicing  such  Mortgage  Loans  directly  and it is
necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum in
order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate

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with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

Section 7.03.  Notification to Certificateholders.

(a) Upon any such  termination  or  appointment  of a  successor  to the  Master
Servicer,   the  Trustee  shall  give  prompt  written  notice  thereof  to  the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

(b) Within 60 days after the  occurrence  of any Event of  Default,  the Trustee
shall transmit by mail to all Holders of Certificates  notice of each such Event
of Default  hereunder  known to the Trustee,  unless such Event of Default shall
have been cured or waived.

Section 7.04.  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c) No  provision  of this  Agreement  shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct; provided, however, that:

(i)  Prior to the  occurrence  of an Event of  Default,  and after the curing or
     waiver of all such Events of Default  which may have  occurred,  the duties
     and  obligations  of the Trustee shall be determined  solely by the express
     provisions  of this  Agreement,  the Trustee shall not be liable except for
     the  performance  of such duties and  obligations as are  specifically  set
     forth in this Agreement,  no implied covenants or obligations shall be read
     into this Agreement against the Trustee and, in the absence of bad faith on
     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the  correctness of the opinions  expressed  therein,
     upon any  certificates or opinions  furnished to the Trustee by the Company

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     or the Master  Servicer  and which on their  face,  do not  contradict  the
     requirements of this Agreement;

(ii)    The Trustee shall not be personally liable for an error of judgment made
        in good faith by a Responsible  Officer or  Responsible  Officers of the
        Trustee,  unless it shall be proved that the Trustee  was  negligent  in
        ascertaining the pertinent facts;

(iii)   The Trustee  shall not be  personally  liable with respect to any action
        taken, suffered or omitted to be taken by it in good faith in accordance
        with  the   direction  of   Certificateholders   of  any  Class  holding
        Certificates  which  evidence,  as to such Class,  Percentage  Interests
        aggregating  not  less  than 25% as to the  time,  method  and  place of
        conducting any proceeding  for any remedy  available to the Trustee,  or
        exercising  any trust or power  conferred  upon the Trustee,  under this
        Agreement;

(iv)    The Trustee  shall not be charged with  knowledge of any default  (other
        than a default in payment to the  Trustee)  specified in clauses (i) and
        (ii) of Section 7.01 or an Event of Default  under clauses  (iii),  (iv)
        and (v) of Section  7.01  unless a  Responsible  Officer of the  Trustee
        assigned to and working in the  Corporate  Trust Office  obtains  actual
        knowledge  of such  failure  or event or the  Trustee  receives  written
        notice of such failure or event at its  Corporate  Trust Office from the
        Master Servicer, the Company or any Certificateholder; and

(v)     Except to the extent  provided in Section  7.02,  no  provision  in this
        Agreement  shall  require  the  Trustee  to expend or risk its own funds
        (including,  without limitation, the making of any Advance) or otherwise
        incur any personal financial  liability in the performance of any of its
        duties as Trustee hereunder,  or in the exercise of any of its rights or
        powers, if the Trustee shall have reasonable  grounds for believing that
        repayment of funds or adequate  indemnity against such risk or liability
        is not reasonably assured to it.

(d) The Trustee shall timely pay, from its own funds,  the amount of any and all
federal,  state and local  taxes  imposed  on the  Trust  Fund or its  assets or
transactions including, without limitation, (A) "prohibited transaction" penalty
taxes as defined in Section 860F of the Code,  if, when and as the same shall be
due and payable,  (B) any tax on contributions to a REMIC after the Closing Date
imposed  by  Section  860G(d)  of the Code and (C) any tax on "net  income  from
foreclosure  property"  as defined in Section  860G(c) of the Code,  but only if
such taxes  arise out of a breach by the Trustee of its  obligations  hereunder,
which breach constitutes negligence or willful misconduct of the Trustee.

Section 8.02.  Certain Matters Affecting the Trustee.

(a)     Except as otherwise provided in Section 8.01:

(i)     The Trustee may rely and shall be protected in acting or refraining from
        acting  upon  any  resolution,  Officers'  Certificate,  certificate  of
        auditors  or any  other  certificate,  statement,  instrument,  opinion,
        report, notice, request,  consent, order, appraisal, bond or other paper
        or  document  believed  by it to be genuine  and to have been  signed or
        presented by the proper party or parties;

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<PAGE>

(ii)    The Trustee may consult with counsel and any Opinion of Counsel shall be
        full and complete  authorization and protection in respect of any action
        taken or  suffered  or  omitted  by it  hereunder  in good  faith and in
        accordance with such Opinion of Counsel;

(iii)The Trustee  shall be under no  obligation to exercise any of the trusts or
     powers vested in it by this  Agreement or to  institute,  conduct or defend
     any  litigation  hereunder or in relation  hereto at the request,  order or
     direction of any of the  Certificateholders,  pursuant to the provisions of
     this Agreement,  unless such  Certificateholders  shall have offered to the
     Trustee  reasonable  security or indemnity against the costs,  expenses and
     liabilities  which may be incurred  therein or thereby;  nothing  contained
     herein  shall,  however,  relieve the Trustee of the  obligation,  upon the
     occurrence of an Event of Default (which has not been cured or waived),  to
     exercise such of the rights and powers vested in it by this Agreement,  and
     to use the same  degree  of care and skill in their  exercise  as a prudent
     investor  would exercise or use under the  circumstances  in the conduct of
     such investor's own affairs;

(iv)    The  Trustee  shall  not be  personally  liable  for any  action  taken,
        suffered  or  omitted  by it in  good  faith  and  believed  by it to be
        authorized or within the  discretion or rights or powers  conferred upon
        it by this Agreement;

(v)  Prior to the  occurrence  of an Event of  Default  hereunder  and after the
     curing or waiver of all  Events of  Default  which may have  occurred,  the
     Trustee  shall  not be bound to make any  investigation  into the  facts or
     matters  stated  in any  resolution,  certificate,  statement,  instrument,
     opinion,  report, notice, request,  consent, order, approval, bond or other
     paper or  document,  unless  requested  in  writing  so to do by Holders of
     Certificates  of  any  Class  evidencing,  as  to  such  Class,  Percentage
     Interests,  aggregating not less than 50%; provided,  however,  that if the
     payment within a reasonable  time to the Trustee of the costs,  expenses or
     liabilities likely to be incurred by it in the making of such investigation
     is, in the opinion of the Trustee, not reasonably assured to the Trustee by
     the security afforded to it by the terms of this Agreement, the Trustee may
     require  reasonable  indemnity  against  such  expense  or  liability  as a
     condition  to  so  proceeding.   The  reasonable   expense  of  every  such
     examination  shall be paid by the Master  Servicer,  if an Event of Default
     shall   have   occurred   and  is   continuing,   and   otherwise   by  the
     Certificateholder requesting the investigation;

(vi)    The Trustee may execute any of the trusts or powers hereunder or perform
        any  duties  hereunder  either  directly  or by  or  through  agents  or
        attorneys; and

(vii)To the extent  authorized  under the Code and the  regulations  promulgated
     thereunder,  each  Holder  of a  Class  R  Certificate  hereby  irrevocably
     appoints and authorizes the Trustee to be its attorney-in-fact for purposes
     of  signing  any Tax  Returns  required  to be filed on behalf of the Trust
     Fund. The Trustee shall sign on behalf of the Trust Fund and deliver to the
     Master Servicer in a timely manner any Tax Returns prepared by or on behalf
     of the Master  Servicer  that the Trustee is required to sign as determined
     by the Master Servicer pursuant to applicable  federal,  state or local tax
     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

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(b) Following the issuance of the Certificates, the Trustee shall not accept any
contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it
shall have obtained or been  furnished  with an Opinion of Counsel to the effect
that such  contribution will not (i) cause any portion of any REMIC formed under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificates  are  outstanding or (ii) cause the Trust Fund to be subject to any
federal tax as a result of such  contribution  (including  the imposition of any
federal tax on "prohibited  transactions"  imposed under Section  860F(a) of the
Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a) The  Master  Servicer  covenants  and agrees to pay to the  Trustee  and any
co-trustee  from  time to time,  and the  Trustee  and any  co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

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(b) The Master  Servicer  agrees to  indemnify  the Trustee for, and to hold the
Trustee  harmless  against,  any loss,  liability  or expense  incurred  without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

(i)     with respect to any such claim,  the Trustee shall have given the Master
        Servicer  written notice  thereof  promptly after the Trustee shall have
        actual knowledge thereof;

(ii)    while  maintaining  control  over its own  defense,  the  Trustee  shall
        cooperate and consult fully with the Master  Servicer in preparing  such
        defense; and

(iii)   notwithstanding  anything in this Agreement to the contrary,  the Master
        Servicer  shall not be liable for settlement of any claim by the Trustee
        entered  into  without the prior  consent of the Master  Servicer  which
        consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

Section 8.06.  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

Section 8.07.  Resignation and Removal of the Trustee.

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by

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written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning Trustee and one copy to the successor trustee.  If no
successor  trustee shall have been so appointed  and have  accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions  of  Section  8.06 and shall  fail to resign  after  written  request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property  shall be appointed,  or any public officer shall take charge
or  control of the  Trustee or of its  property  or affairs  for the  purpose of
rehabilitation,  conservation  or  liquidation,  then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which  instrument  shall be  delivered to the Trustee so removed and one
copy to the  successor  trustee.  In  addition,  in the event  that the  Company
determines  that  the  Trustee  has  failed  (i) to  distribute  or  cause to be
distributed  to the  Certificateholders  any amount  required to be  distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

(c) The Holders of  Certificates  entitled to at least 51% of the Voting  Rights
may at any time remove the  Trustee  and appoint a successor  trustee by written
instrument  or  instruments,  in  triplicate,  signed by such  Holders  or their
attorneys-in-fact  duly authorized,  one complete set of which instruments shall
be delivered to the Company,  one complete set to the Trustee so removed and one
complete set to the successor so appointed.

(d) Any  resignation  or removal of the Trustee and  appointment  of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon  acceptance of appointment by the successor  trustee as provided in Section
8.08.

Section 8.08.  Successor Trustee.

(a) Any successor  trustee  appointed as provided in Section 8.07 shall execute,
acknowledge  and  deliver  to the  Company  and to its  predecessor  trustee  an
instrument accepting such appointment  hereunder,  and thereupon the resignation
or removal of the predecessor  trustee shall become effective and such successor
trustee shall become effective and such successor  trustee,  without any further
act, deed or conveyance,  shall become fully vested with all the rights, powers,

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duties and obligations of its predecessor hereunder,  with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the
successor  trustee all Mortgage Files and related  documents and statements held
by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

(b) No successor  trustee shall accept  appointment  as provided in this Section
unless at the time of such acceptance  such successor  trustee shall be eligible
under the provisions of Section 8.06.

(c) Upon  acceptance of appointment  by a successor  trustee as provided in this
Section,  the  Company  shall  mail  notice of the  succession  of such  trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

Section 8.09.  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

Section 8.10.  Appointment of Co-Trustee or Separate Trustee.

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Fund or property securing the same may at the time be located,  the Master
Servicer and the Trustee  acting  jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act as  co-trustee  or  co-trustees,  jointly  with the  Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

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(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The

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Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

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

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

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

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

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

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

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of the  purchase  price,  release  to the Master  Servicer  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

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

(b) The Master  Servicer  shall give the  Trustee  not less than 60 days'  prior
notice of the  Distribution  Date on which the Master Servicer  anticipates that
the final distribution will be made to  Certificateholders  (whether as a result
of the  exercise by the Master  Servicer of its right to purchase  the assets of
the Trust Fund or otherwise) or on which the Master  Servicer  anticipates  that
the  Certificates  will be purchased  (as a result of the exercise by the Master
Servicer to purchase the  outstanding  Certificates).  Notice of any termination
specifying the anticipated  Final  Distribution Date (which shall be a date that
would otherwise be a Distribution  Date) upon which the  Certificateholders  may
surrender their Certificates to the Trustee (if so required by the terms hereof)
for payment of the final distribution and cancellation or notice of any purchase
of the outstanding Certificates, specifying the Distribution Date upon which the
Holders may surrender their  Certificates  to the Trustee for payment,  shall be
given promptly by the Master Servicer (if it is exercising its right to purchase
the assets of the Trust Fund or to purchase the outstanding Certificates), or by
the Trustee (in any other case) by letter to the  Certificateholders  mailed not
earlier  than the 15th day and not  later  than the 25th day of the  month  next
preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated or, in the case of the purchase by the Master Servicer of the
        outstanding  Certificates,  the Distribution Date on which such purchase
        is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates and Class M
        Certificates,  that  payment  will be made  only upon  presentation  and
        surrender  of the  Certificates  at the office or agency of the  Trustee
        therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its

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right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c)  In  the  case  of  the  Senior,  Class  M or  Class  B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master  Servicer's  election to  repurchase  the assets of the Trust Fund or the
outstanding  Certificates,  or  (ii)  if  the  Master  Servicer  elected  to  so
repurchase  the assets of the Trust  Fund or the  outstanding  Certificates,  an
amount  determined  as  follows:  (A)  with  respect  to  each  Certificate  the
outstanding  Certificate  Principal  Balance thereof,  plus Accrued  Certificate
Interest for the related  Interest  Accrual  Period  thereon and any  previously
unpaid  Accrued  Certificate  Interest,  subject  to the  priority  set forth in
Section 4.02(a), and (B) with respect to the Class R Certificates, any excess of
the amounts available for distribution (including the repurchase price specified
in  clause  (ii) of  subsection  (a) of this  Section)  over  the  total  amount
distributed under the immediately preceding clause (A).

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for cancellation,  the Trustee shall pay to the Master
Servicer  all  amounts  distributable  to the  holders  thereof  and the  Master
Servicer shall  thereafter hold such amounts until  distributed to such Holders.
No interest  shall accrue or be payable to any  Certificateholder  on any amount
held in the  escrow  account  or by the  Master  Servicer  as a  result  of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

(e) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase of the outstanding  Certificates is to
be made,  the  Trustee  shall on such date  cause  all funds in the  Certificate

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Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain outstanding hereunder.  The Master Servicer shall
be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.

(a) Each REMIC that  comprises  the Trust Fund shall be terminated in accordance
with the following additional requirements, unless (subject to Section 10.01(f))
the Trustee and the Master  Servicer have received an Opinion of Counsel  (which
Opinion of Counsel  shall not be an expense of the  Trustee)  to the effect that
the failure of each such REMIC to comply with the  requirements  of this Section
9.02 will not (i) result in the  imposition on the Trust of taxes on "prohibited
transactions,"  as described in Section 860F of the Code, or (ii) cause any such
REMIC  to fail to  qualify  as a REMIC  at any  time  that  any  Certificate  is
outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during

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        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and
appoints the Master Servicer as its attorney-in-fact to adopt a plan of complete
liquidation  for each REMIC at the expense of the Trust Fund in accordance  with
the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

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(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

(e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information  as is necessary for the  application  of any tax
relating  to the  transfer of a Class R  Certificate  to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

(f) The Master Servicer and the REMIC  Administrator shall take such actions and
shall cause each REMIC created  hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's  control and the scope
of its  duties  more  specifically  set forth  herein as shall be  necessary  or
desirable  to  maintain  the  status  of each  REMIC as a REMIC  under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code)  (either  such  event,  in the  absence  of an  Opinion  of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an

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Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

(h) The Trustee and the Master Servicer shall,  for federal income tax purposes,
maintain  books and records  with respect to each REMIC  created  hereunder on a
calendar  year and on an accrual  basis or as  otherwise  may be required by the
REMIC Provisions.

(i) Following the Startup Day, neither the Master Servicer nor the Trustee shall
accept  any  contributions  of  assets  to any REMIC  created  hereunder  unless
(subject to Section  10.01(f))  the Master  Servicer and the Trustee  shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in such REMIC will
not  cause  the  REMIC  to fail to  qualify  as a REMIC  at any  time  that  any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

(j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to Section
10.01(f)) enter into any  arrangement by which any REMIC created  hereunder will
receive a fee or other  compensation  for  services nor permit any such REMIC to
receive any income from assets other than  "qualified  mortgages"  as defined in
Section 860G(a)(3) of the Code or "permitted  investments" as defined in Section
860G(a)(5) of the Code.

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(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
would be  reduced to zero is the  Maturity  Date for each such  Certificate  and
Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.

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(c) The Master  Servicer  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the Trustee for any taxes and costs (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

Section 10.03. Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

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                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.

(a) This  Agreement or any Custodial  Agreement may be amended from time to time
by the Company, the Master Servicer and the Trustee,  without the consent of any
of the Certificateholders:

(i)     to cure any ambiguity,

(ii)    to correct or supplement any provisions herein or therein,  which may be
        inconsistent  with any other provisions  herein or therein or to correct
        any error,

(iii)to modify,  eliminate  or add to any of its  provisions  to such  extent as
     shall be necessary or desirable to maintain the  qualification of the Trust
     Fund as a REMIC at all times  that any  Certificate  is  outstanding  or to
     avoid or minimize the risk of the  imposition  of any tax on the Trust Fund
     pursuant to the Code that would be a claim against the Trust Fund, provided
     that the Trustee has  received an Opinion of Counsel to the effect that (A)
     such action is necessary or desirable to maintain such  qualification or to
     avoid or minimize the risk of the  imposition  of any such tax and (B) such
     action will not adversely  affect in any material  respect the interests of
     any Certificateholder,

(iv) to change the timing and/or  nature of deposits into the Custodial  Account
     or the  Certificate  Account or to change  the name in which the  Custodial
     Account is maintained,  provided that (A) the  Certificate  Account Deposit
     Date shall in no event be later than the  related  Distribution  Date,  (B)
     such change  shall not, as  evidenced  by an Opinion of Counsel,  adversely
     affect in any material respect the interests of any  Certificateholder  and
     (C) such change shall not result in a reduction  of the rating  assigned to
     any Class of Certificates below the lower of the then-current rating or the
     rating  assigned to such  Certificates as of the Closing Date, as evidenced
     by a letter from each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi) to make any other  provisions with respect to matters or questions  arising
     under  this  Agreement  or such  Custodial  Agreement  which  shall  not be
     materially  inconsistent  with the provisions of this  Agreement,  provided
     that such  action  shall  not,  as  evidenced  by an  Opinion  of  Counsel,
     adversely   affect  in  any   material   respect  the   interests   of  any
     Certificateholder or

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<PAGE>

(vii)to amend any  provision  herein or therein  that is not  material to any of
     the Certificateholders.

(b) This  Agreement or any Custodial  Agreement may also be amended from time to
time by the Company, the Master Servicer and the Trustee with the consent of the
Holders of  Certificates  evidencing  in the  aggregate not less than 66% of the
Percentage  Interests  of each Class of  Certificates  affected  thereby for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or such Custodial  Agreement or of modifying
in any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall:

(i)  reduce in any manner the amount of, or delay the timing of,  payments which
     are required to be  distributed on any  Certificate  without the consent of
     the Holder of such Certificate,

(ii)    reduce the aforesaid percentage of Certificates of any Class the Holders
        of which are required to consent to any such amendment, in any such case
        without  the consent of the  Holders of all  Certificates  of such Class
        then outstanding.

(c) Notwithstanding any contrary provision of this Agreement,  the Trustee shall
not  consent  to any  amendment  to this  Agreement  unless it shall  have first
received an Opinion of Counsel  (subject to Section  10.01(f) and at the expense
of the party seeking such  amendment)  to the effect that such  amendment or the
exercise of any power granted to the Master Servicer, the Company or the Trustee
in accordance with such amendment will not result in the imposition of a federal
tax on the Trust Fund or cause any REMIC created under the Series  Supplement to
fail to qualify as a REMIC at any time that any Certificate is outstanding.

(d) Promptly after the execution of any such amendment the Trustee shall furnish
written  notification  of the  substance of such  amendment to the Custodian and
each   Certificateholder.   It  shall  not  be  necessary  for  the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

(e) The Company  shall have the option,  in its sole  discretion,  to obtain and
deliver to the Trustee any corporate guaranty,  payment obligation,  irrevocable
letter of credit,  surety  bond,  insurance  policy or similar  instrument  or a
reserve fund, or any combination of the foregoing, for the purpose of protecting
the Holders of the Class B  Certificates  against any or all Realized  Losses or
other  shortfalls.  Any such instrument or fund shall be held by the Trustee for
the benefit of the Class B Certificateholders, but shall not be and shall not be
deemed to be under any  circumstances  included in the Trust Fund. To the extent
that any such  instrument or fund  constitutes a reserve fund for federal income
tax purposes,  (i) any reserve fund so established  shall be an outside  reserve

                                      107
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fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be
owned by the Company,  and (iii)  amounts  transferred  by the Trust Fund to any
such reserve fund shall be treated as amounts  distributed  by the Trust Fund to
the Company or any  successor,  all within the  meaning of Treasury  Regulations
Section  1.860G-2(h) as it reads as of the Cut-off Date. In connection  with the
provision of any such  instrument  or fund,  this  Agreement  and any  provision
hereof may be modified,  added to,  deleted or  otherwise  amended in any manner
that is related or incidental to such instrument or fund or the establishment or
administration thereof, such amendment to be made by written instrument executed
or consented to by the Company but without the consent of any  Certificateholder
and  without the consent of the Master  Servicer or the Trustee  being  required
unless  any such  amendment  would  impose  any  additional  obligation  on,  or
otherwise adversely affect the interests of the Senior  Certificateholders,  the
Class M  Certificateholders,  the Master Servicer or the Trustee, as applicable;
provided that the Company  obtains  (subject to Section  10.01(f)) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code and (b) any REMIC created
hereunder  to fail to  qualify  as a REMIC at any time that any  Certificate  is
outstanding.  In the event that the Company  elects to provide such  coverage in
the  form  of  a  limited  guaranty   provided  by  General  Motors   Acceptance
Corporation,  the  Company  may elect  that the text of such  amendment  to this
Agreement  shall be  substantially  in the form attached hereto as Exhibit K (in
which case  Residential  Funding's  Subordinate  Certificate  Loss Obligation as
described in such exhibit shall be established by Residential  Funding's consent
to such  amendment) and that the limited  guaranty shall be executed in the form
attached  hereto as Exhibit L, with such changes as the Company shall deem to be
appropriate;  it being understood that the Trustee has reviewed and approved the
content of such forms and that the  Trustee's  consent  or  approval  to the use
thereof is not required.

Section 11.02. Recordation of Agreement; Counterparts.

(a) To the extent  permitted by  applicable  law,  this  Agreement is subject to
recordation in all appropriate  public offices for real property  records in all
the  counties  or other  comparable  jurisdictions  in  which  any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

(b) For the purpose of facilitating  the recordation of this Agreement as herein
provided and for other purposes,  this Agreement may be executed  simultaneously
in any number of counterparts,  each of which counterparts shall be deemed to be
an  original,  and  such  counterparts  shall  constitute  but one and the  same
instrument.

                                      108
<PAGE>

Section 11.03. Limitation on Rights of Certificateholders.

(a) The  death or  incapacity  of any  Certificateholder  shall not  operate  to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal  representatives  or heirs to claim an accounting or to take any action or
proceeding  in any court for a partition  or winding up of the Trust  Fund,  nor
otherwise  affect the rights,  obligations and liabilities of any of the parties
hereto.

(b) No  Certificateholder  shall  have any right to vote  (except  as  expressly
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto,  nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third  person by reason of any action  taken by the  parties  to this  Agreement
pursuant to any provision hereof.

(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute  any suit,  action or proceeding in equity or at law upon
or under or with respect to this Agreement,  unless such Holder previously shall
have given to the  Trustee a written  notice of default  and of the  continuance
thereof, as hereinbefore  provided,  and unless also the Holders of Certificates
of any  Class  evidencing  in the  aggregate  not less  than 25% of the  related
Percentage  Interests of such Class,  shall have made  written  request upon the
Trustee to institute such action,  suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable  indemnity as it
may require against the costs,  expenses and liabilities to be incurred  therein
or  thereby,  and the  Trustee,  for 60 days after its  receipt of such  notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action,  suit or proceeding  it being  understood  and intended,  and being
expressly    covenanted   by   each    Certificateholder    with   every   other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

Section 11.04. Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

                                      109
<PAGE>

Section 11.05. Notices.

        As provided in Section 11.05 of the Series Supplement.

Section 11.06. Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

(a)     a material change or amendment to this Agreement,

(b)     the occurrence of an Event of Default,

(c)  the termination or appointment of a successor Master Servicer or Trustee or
     a change in the majority ownership of the Trustee,

(d)     the filing of any claim  under the Master  Servicer's  blanket  fidelity
        bond and the errors and omissions  insurance  policy required by Section
        3.12 or the  cancellation  or  modification  of coverage  under any such
        instrument,

(e)  the  statement  required  to be  delivered  to the Holders of each Class of
     Certificates pursuant to Section 4.03,

(f)  the statements required to be delivered pursuant to Sections 3.18 and 3.19,

(g)  a change  in the  location  of the  Custodial  Account  or the  Certificate
     Account,

(h)     the  occurrence of any monthly cash flow shortfall to the Holders of any
        Class of Certificates  resulting from the failure by the Master Servicer
        to make an Advance pursuant to Section 4.04,

(i)     the occurrence of the Final Distribution Date, and

(j)     the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

Section 11.07. Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the

                                      110
<PAGE>

remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

Section 11.08. Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

Section 11.09. Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

Section 11.10. No Petition.

               As provided in Section 11.10 of the Series Supplement.

                                      111
<PAGE>

                                    EXHIBIT A

FORM  OF  CLASS  A  CERTIFICATE,  [PRINCIPAL  ONLY/CLASS  A-P]  CERTIFICATE  AND
[INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

        [THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH RATE EQUAL TO THE INITIAL  PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED WITH NO MORE THAN $[ ] OF OID PER  [$1,000]  [$100,000]  OF [INITIAL
CERTIFICATE  PRINCIPAL BALANCE] [NOTIONAL AMOUNT], THE YIELD TO MATURITY IS [ ]%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$[  ]  PER  [$1,000]  [$100,000]  OF  [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO REPRESENTATION IS
MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT SPEED
ASSUMPTION  OR AT ANY  OTHER  RATE OR AS TO THE  CONSTANCY  OF THE  PASS-THROUGH
RATE.]

                                     A-1
<PAGE>

Certificate No. ________          [________%][Variable] Pass-Through Rate
                                  [based on a Notional Amount]
Class A-     Senior
Date of Pooling and Servicing     [Percentage Interest:________%]
Agreement and Cut-off Date:
___________ 1, ____               Aggregate Initial [Certificate Principal
                                  Balance] [[Interest Only/Class A-V] Notional
First Distribution Date:          Amount] [Subclass Notional Amount] of the
_________ 25, ____                Class A- ___ Certificates:

Master Servicer:                  [Initial] [Certificate Principal
Residential Funding               Balance] [Interest Only/Class A-V] [Subclass]
Corporation                       Notional Amount] of this Certificate:
                                  $ _______________________]
Assumed Final
Distribution Date:                CUSIP 76110F-
___________ 25, ____
                        MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES ____-___

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  A-  Certificates  with  respect  to a  Trust  Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This certifies that ____________________________ is the registered owner of
the Percentage Interest evidenced by this Certificate [(obtained by dividing the
[Initial  Certificate  Principal  Balance]  [Initial  [Interest  Only/Class A-V]
Notional  Amount] of this  Certificate  by the  aggregate  [Initial  Certificate
Principal Balance of all Class A- Certificates]  [Initial  [Interest  Only/Class
A-V] Notional Amounts of all [Interest  Only/Class A-V]  Certificates],  both as
specified  above)]  in  certain  distributions  with  respect  to the Trust Fund
consisting  primarily  of  an  interest  in  a  pool  of  conventional  one-  to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred
to below).  The Trust  Fund was  created  pursuant  to a Pooling  and  Servicing
Agreement  dated as specified  above (the  "Agreement")  among the Company,  the

                                        A-2
<PAGE>

Master Servicer and __________________, as trustee (the "Trustee"), a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  Holders of Class A-
Certificates on such Distribution Date. [The [Interest  Only/Class A-V] Notional
Amount  of  the  [Interest  Only/Class  A-V]  Certificates  as of  any  date  of
determination is equal to the aggregate Stated Principal Balance of the Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such [Interest  Only/Class A-V]  Certificates.] [The Subclass Notional Amount of
the [Interest  Only/Class A-V]-  Certificates as of any date of determination is
equal  to  the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
[Interest  Only/Class A-V]-  Certificates  immediately prior to such date.] [The
[Interest  Only/Class  A-V][-  ]  Certificates  have  no  Certificate  Principal
Balance.]

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial Certificate  Principal Balance] [Initial [Interest Only/Class
A-V] Notional Amount] [initial  Subclass Notional Amount] of this Certificate is
set forth above.] [The Certificate  Principal  Balance hereof will be reduced to
the extent of  distributions  allocable  to principal  and any  Realized  Losses
allocable hereto.]

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is

                                        A-3
<PAGE>

reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the

                                        A-4
<PAGE>

Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purposes have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        A-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_________________________],
                                              as Trustee

                                            By:
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  A-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        A-6
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY  FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN ISSUED WITH NO MORE THAN $[____] OF OID PER $[1,000] OF INITIAL CERTIFICATE
PRINCIPAL  BALANCE,  THE YIELD TO  MATURITY  IS  [_____]%  AND THE AMOUNT OF OID
ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $[____] PER $[1,000]
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.

        Any Transferee of this Certificate will be deemed to have represented by
virtue of its purchase or holding of this  Certificate (or interest herein) that
EITHER (a) such Transferee is not an investment  manager, a named fiduciary or a
trustee of any Plan) acting, directly or indirectly,  on behalf of or purchasing
any Certificate with "plan assets" of any Plan (a "plan  investor"),  (B) it has
acquired and is holding such  Certificate in reliance on Prohibited  Transaction

<PAGE>

Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by PTE
97-34, 62 Fed. Reg. 39021 (July 21, 1997),  and PTE 2000-58,  65 Fed. Reg. 67765
(November 13, 2000) (the "RFC  Exemption"),  and that it understands  that there
are certain  conditions to the availability of the RFC Exemption  including that
such Certificate  must be rated, at the time of purchase,  not lower than "BBB-"
(or its  equivalent)  by  Standard  & Poor's,  Fitch or  Moody's  or (C) (I) the
transferee is an insurance company, (II) the source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of U.S.  Department  of Labor  Prohibited  Transaction  Class  Exemption
("PTCE")  95-60),  and (iii) the  CONDITIONS  SET FORTH IN SECTIONS I AND III OF
PTCE 95-60 HAVE BEEN  SATISFIED  (EACH ENTITY THAT  SATISFIES THIS CLAUSE (C), A
"cOMPLYING INSURANCE COMPANY).

        If this  Certificate (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD BY ANY
PERSON  THAT  DOES  NOT  SATISFY  THE  CONDITIONS  DESCRIBED  IN  THE  PRECEDING
PARAGRAPH,  THEN THE LAST  preceding  Transferee  that  either (i) is not a Plan
Investor,  (II) ACQUIRED SUCH  CERTIFICATE IN COMPLIANCE WITH THE RFC EXEMPTION,
or (iiI) is a  Complying  Insurance  Company  shall be  restored,  to the extent
permitted by law, to all rights and  obligations  as  Certificate  Owner thereof
retroactive to the date of such Transfer of this Certificate.  The Trustee shall
be  under no  liability  to any  Person  for  making  any  payments  due on this
Certificate to such preceding Transferee.

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

                                        B-2
<PAGE>

Certificate No. _______                           [_______]% Pass-Through Rate

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $__________________
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $_____________________

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This certifies that  ______________________  is the registered owner of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal  Balance of all Class M-  Certificates,  both as  specified  above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set

                                        B-3

<PAGE>

forth hereafter.  To the extent not defined herein,  the capitalized  terms used
herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  In addition,  any purported  Certificate  Owner whose
acquisition or holding of this  Certificate (or interest herein) was effected in
violation  of  the  restrictions  in  Section  5.02(e)  of the  Agreement  shall
indemnify and hold harmless the Company, the Trustee,  the Master Servicer,  any
Subservicer,  and the  Trust  Fund  from and  against  any and all  liabilities,
claims,  costs  or  expenses  incurred  by  such  parties  as a  result  of such
acquisition or holding.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more

                                        B-4

<PAGE>

specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is

                                        B-5

<PAGE>

registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        B-6

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By:
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [-------------------------],
                                                  as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        B-7
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT C

                           FORM OF CLASS B CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR  CERTIFICATES
AND CLASS M CERTIFICATES [AND CLASS B-1] [CLASS B-2  CERTIFICATES]  DESCRIBED IN
THE AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE.  THE  FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S.  FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.  THE ISSUE
DATE OF THIS  CERTIFICATE  IS ___________  __, ____.  ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 100% OF THE  PREPAYMENT  SPEED  ASSUMPTION  (AS DESCRIBED IN THE
PROSPECTUS SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $[ ]
OF OID PER  $[1,000]  OF INITIAL  CERTIFICATE  PRINCIPAL  BALANCE,  THE YIELD TO
MATURITY  IS [ ]% AND THE  AMOUNT OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL
PERIOD  IS NO MORE  THAN $[ ] PER  $[1,000]  OF  INITIAL  CERTIFICATE  PRINCIPAL
BALANCE,  COMPUTED UNDER THE APPROXIMATE  METHOD. NO REPRESENTATION IS MADE THAT
THE  MORTGAGE  LOANS  WILL  PREPAY  AT A  RATE  BASED  ON THE  PREPAYMENT  SPEED
ASSUMPTION OR AT ANY OTHER RATE.

<PAGE>

Certificate No. ______                            [______]% Pass-Through Rate

Class B- ___ Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-___
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $____________________
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $__________________
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

       evidencing a percentage  interest in any  distributions  allocable to the
       Class B- Certificates with respect to the Trust Fund consisting primarily
       of a pool of conventional  one- to four-family  fixed interest rate first
       mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This  certifies that  Residential  Accredit  Loans,  Inc. is the registered
owner of the  Percentage  Interest  evidenced by this  Certificate  (obtained by
dividing the Certificate  Principal Balance of this Certificate by the aggregate
Certificate Principal Balance of all Class B-___ Certificates, both as specified
above)  in  certain  distributions  with  respect  to a  Trust  Fund  consisting
primarily of a pool of  conventional  one- to  four-family  fixed  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Accredit Loans, Inc.  (hereinafter called the "Company," which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant to a Pooling and Servicing  Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and __________________,
as trustee (the "Trustee"),  a summary of certain of the pertinent provisions of

                                        C-2

<PAGE>

which is set forth hereafter.  To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.  This Certificate
is issued under and is subject to the terms,  provisions  and  conditions of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               No transfer of this Class B Certificate  will be made unless such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by the  Agreement.  The Holder hereof  desiring to effect
such  transfer  shall,  and does hereby agree to,  indemnify  the  Trustee,  the
Company,  the Master Servicer and the Certificate  Registrar acting on behalf of
the Trustee  against  any  liability  that may result if the  transfer is not so
exempt  or is not made in  accordance  with such  Federal  and  state  laws.  In
connection  with any such transfer,  the Trustee will also require either (i) an
opinion of counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee  Retirement  Income Security Act of 1974, as
amended  ("ERISA"),  and Section 4975 of the Internal  Revenue Code (the "Code")
and stating, among other things, that the transferee's  acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation

                                        C-3
<PAGE>

letter,  in the form as described by Section  5.02(e) of the  Agreement,  either
stating that the transferee is not an employee  benefit or other plan subject to
the  prohibited  transaction  provisions of ERISA or Section 4975 of the Code (a
"Plan"), or any other person (including an investment manager, a named fiduciary
or a trustee  of any  Plan)  acting,  directly  or  indirectly,  on behalf of or
purchasing any  Certificate  with "plan assets" of any Plan, or stating that the
transferee  is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of Department of Labor Prohibited  Transaction Class Exemption  ("PTCE")
95-60),  and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Sections I and III of PTCE 95-60.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new

                                        C-4

<PAGE>

Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        C-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_____________________________],
                                                as Trustee

                                            By:
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [_______________________________],
                                                 as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        C-6

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                           DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT D

                           FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST"  IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL  SUBDIVISION  THEREOF,  ANY POSSESSION OF THE UNITED STATES, OR ANY
AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION  IF ALL OF ITS  ACTIVITIES  ARE SUBJECT TO TAX AND EXCEPT
FOR FREDDIE  MAC, A MAJORITY OF ITS BOARD OF  DIRECTORS  IS NOT SELECTED BY SUCH
GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY  OF EITHER OF THE FOREGOING,  (C) ANY ORGANIZATION
(OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS  EXEMPT  FROM THE TAX  IMPOSED  BY  CHAPTER 1 OF THE CODE  UNLESS  SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
THE TAX  IMPOSED  BY  SECTION  511 OF THE  CODE ON  UNRELATED  BUSINESS  TAXABLE
INCOME),  (D) RURAL  ELECTRIC AND  TELEPHONE  COOPERATIVES  DESCRIBED IN SECTION
1381(a)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER  SECTION
775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED  ORGANIZATION"),  OR
(F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES
CERTAIN  ADDITIONAL  CONDITIONS  RELATING  TO  THE  FINANCIAL  CONDITION  OF THE

<PAGE>

PROPOSED  TRANSFEREE.   NOTWITHSTANDING  THE  REGISTRATION  IN  THE  CERTIFICATE
REGISTER OR ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE TO A
DISQUALIFIED  ORGANIZATION  OR AN AGENT  OF A  DISQUALIFIED  ORGANIZATION,  SUCH
REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH  PERSON  SHALL  NOT BE  DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY  PURPOSE
HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No.________                           [______]% Pass-Through Rate

Class R Senior                                    Aggregate Initial Certificate
                                                  Principal Balance of the
Date of Pooling and Servicing                     Class R Certificates:
Agreement and Cut-off Date:                       $100.00
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $__________________

Master Servicer:                                  Percentage Interest:
Residential Funding Corporation                    _________________ %

Assumed Final Distribution Date:                  CUSIP 76110F-
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class R Certificates with respect to the Trust Fund consisting primarily
        of a pool of conventional  one- to four-family fixed interest rate first
        mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

                                        D-2

<PAGE>

     This certifies that  _____________________  is the registered  owner of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Initial  Certificate  Principal  Balance of this  Certificate  by the  aggregate
Initial  Certificate  Principal  Balance  of all Class R  Certificates,  both as
specified  above) in  certain  distributions  with  respect  to the  Trust  Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to

                                        D-3
<PAGE>

zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

               No transfer of this Class R  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the  transferee's  acquisition  of a Class R Certificate  will not constitute or
result in a  non-exempt  prohibited  transaction  under  Section 406 of ERISA or
Section  4975 of the  Code  or  (ii) a  representation  letter,  in the  form as
described  by the  Agreement,  stating  that the  transferee  is not an employee
benefit or other plan subject to the prohibited  transaction provisions of ERISA
or  Section  4975 of the Code (a  "Plan"),  or any other  person  (including  an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly,  on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                                        D-4

<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

                                        D-5
<PAGE>

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        D-6

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By: __________________________
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of  the  Class  R  Certificates  referred  to in the
within-mentioned Agreement.

                                            [______________________________],
                                                 as Certificate Registrar

                                            By: _____________________________
                                                 Authorized Signatory

                                        D-7
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ___________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                 EXHIBIT E

                        FORM OF SELLER/SERVICER CONTRACT

     This Seller/Servicer Contract (as may be amended, supplemented or otherwise
modified from time to time, this "Contract") is made this  _____________  day of
__________, 20__, by and between Residential Funding Corporation, its successors
and   assigns   ("Residential   Funding")   and    _____________________    (the
"Seller/Servicer,"  and,  together with Residential  Funding,  the "parties" and
each, individually, a "party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.      REPRESENTATIONS AND WARRANTIES.

a.      Reciprocal Representations and Warranties.

               The  Seller/Servicer  and Residential Funding each represents and
warrants to the other that as of the date of this Contract:

<PAGE>

(1)  Each party is duly organized,  validly existing, and in good standing under
     the laws of its jurisdiction of organization,  is qualified,  if necessary,
     to do business  and in good  standing in each  jurisdiction  in which it is
     required to be so qualified,  and has the requisite  power and authority to
     enter into this Contract and all other agreements which are contemplated by
     this  Contract  and to carry out its  obligations  hereunder  and under the
     Guides and under such other agreements.

(2)  This  Contract has been duly  authorized,  executed  and  delivered by each
     party and constitutes a valid and legally  binding  agreement of each party
     enforceable in accordance with its terms.

(3)  There is no action, proceeding or investigation pending or threatened,  and
     no basis therefor is known to either party,  that could affect the validity
     or prospective validity of this Contract.

(4)  Insofar as its capacity to carry out any obligation  under this Contract is
     concerned,  neither  party is in  violation  of any  charter,  articles  of
     incorporation,   bylaws,  mortgage,  indenture,  indebtedness,   agreement,
     instrument,  judgment,  decree, order, statute, rule or regulation and none
     of the  foregoing  adversely  affects  its  capacity  to fulfill any of its
     obligations under this Contract. Its execution of, and performance pursuant
     to, this Contract will not result in a violation of any of the foregoing.

b.      Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

<PAGE>

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

      Attention:________________________________________
      Telefacsimile Number:  (_____)___________ - _______________

9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner  provided by law. Each of the parties  further agrees not
to institute  any legal  actions or  proceedings  against the other party or any
director,  officer,  employee,  attorney,  agent or property of the other party,
arising  out of or  relating  to  this  Contract  in any  court  other  than  as
hereinabove specified in this paragraph 9.

10.     MISCELLANEOUS.

                                        E-3
<PAGE>

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

                                        E-4

<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                 SELLER/SERVICER

[Corporate Seal]

                                                       (Name of Seller/Servicer)
By:                                     By:
   --------------------------------
      (Signature)                                        (Signature)
By:                                     By:
   --------------------------------
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------
======================================= =======================================

ATTEST:                                 RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]

By:                                     By:
   --------------------------------
      (Signature)                                        (Signature)
By:                                     By:
   --------------------------------
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------

                                        E-5

<PAGE>

                                    EXHIBIT F
                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
MIN#:
Borrower Name(s):
Reason for Document Request:      (circle one)

        Mortgage Loan Prepaid in Full              Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

________________________________
Residential Funding Corporation
Authorized Signature

******************************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:          [ ]  Promissory Note
                             [ ] Primary Insurance Policy
                             [ ] Mortgage or Deed of Trust
                             [ ]  Assignment(s) of Mortgage or Deed of Trust
                             [ ]  Title Insurance Policy
                             [ ]  Other:

Name:
     ------------------------
Title:
      -----------------------
Date:
     ------------------------

<PAGE>

                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                         )
                                 )    ss.:
COUNTY OF                        )
               [NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he is [Title of Officer] of [Name of Owner] (record or beneficial  owner
of the Mortgage Asset-Backed Pass-Through Certificates, Series ____-___, Class R
(the  "Owner")),  a  [savings  institution]  [corporation]  duly  organized  and
existing under the laws of [the State of  _______________]  [the United States],
on behalf of which he makes this affidavit and agreement.

2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing  large  partnership  as of [date of  transfer]  within  the  meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code,  (ii) will endeavor to remain other than a  disqualified  organization
for so long as it retains its  ownership  interest in the Class R  Certificates,
and (iii) is acquiring the Class R  Certificates  for its own account or for the
account of another  Owner from which it has received an affidavit  and agreement
in  substantially  the same  form as this  affidavit  and  agreement.  (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States,  any state or political  subdivision
thereof,  any agency or  instrumentality  of any of the foregoing (other than an
instrumentality  all of the  activities of which are subject to tax and,  except
for the Federal  Home Loan  Mortgage  Corporation,  a majority of whose board of
directors  is not  selected  by any such  governmental  entity)  or any  foreign
government,  international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on  transfers of
Class  R  Certificates   to   disqualified   organizations   or  electing  large
partnerships,  under  the  Code,  that  applies  to all  transfers  of  Class  R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or,  with  respect to transfers to electing  large  partnerships,  on each such
partnership),  or, if such transfer is through an agent (which person includes a
broker,  nominee or middleman)  for a disqualified  organization,  on the agent;
(iii) that the person  (other than with respect to  transfers to electing  large
partnerships)  otherwise  liable for the tax shall be relieved of liability  for
the tax if the  transferee  furnishes  to such  person  an  affidavit  that  the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates  may be  "noneconomic  residual  interests"  within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes

<PAGE>

due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R  Certificates  if either the  pass-through  entity is an electing  large
partnership  under  Section 775 of the if at any time during the taxable year of
the pass-through  entity a disqualified  organization is the record holder of an
interest in such entity.  (For this purpose,  a "pass through entity" includes a
regulated  investment  company,  a real estate  investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)

5. The Owner is a citizen or  resident  of the  United  States,  a  corporation,
partnership  or other entity  created or organized in, or under the laws of, the
United  States or any  political  subdivision  thereof  (except in the case of a
partnership, to the extent provided in Treasury regulations),  or an estate that
is described in Section 7701(a)(30)(D) of the Code, or a trust that is described
in Section 7701(a)(30)(E) of the Code.

6. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

7. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

8. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

9.      The Owner's Taxpayer Identification Number is ______________________ .

10. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.

11. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax.

12.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to

                                        G-1-2

<PAGE>

and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

13. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

14. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended  ("ERISA"),  or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code"),  or an investment  manager,  named fiduciary or a
trustee of any such plan, or any other Person acting, directly or indirectly, on
behalf of or purchasing any Certificate with "plan assets" of any such plan.

                                        G-1-3

<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this _____ day of _____, 200__.

                                            [NAME OF OWNER]

                                                 [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:

______________________________
[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

               Subscribed and sworn before me this ________ day of _____, 200_.

                                                 NOTARY PUBLIC

                                            COUNTY OF
                                                     ---------------------------
                                            STATE OF
                                                    ----------------------------
                My Commission  expires the ____ day of ____, 20___.

                                        G-1-4

<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE

                                      _______________, 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, Class R

Ladies and Gentlemen:

     This  letter  is  delivered  to you in  connection  with  the  transfer  by
____________________  (the "Seller") to  _________________  (the "Purchaser") of
$______________  Initial Certificate  Principal Balance of Mortgage Asset-Backed
Pass-Through  Certificates,  Series  ____-___,  Class  R  (the  "Certificates"),
pursuant to Section 5.02 of the Pooling and  Servicing  Agreement  (the "Pooling
and Servicing  Agreement"),  dated as of ___________  1, ____ among  Residential
Accredit  Loans,   Inc.,  as  seller  (the   "Company"),   Residential   Funding
Corporation,  as  master  servicer,  and  __________________,  as  trustee  (the
"Trustee").  All terms used  herein  and not  otherwise  defined  shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

1. No purpose of the Seller  relating to the transfer of the  Certificate by the
Seller to the Purchaser is or will be to impede the  assessment or collection of
any tax.

2. The Seller  understands  that the  Purchaser has delivered to the Trustee and
the Master  Servicer a transfer  affidavit and agreement in the form attached to
the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does not know or
believe that any representation contained therein is false.

3.  The  Seller  has  at  the  time  of  the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R
Certificate  may not be respected for United States income tax purposes (and the

<PAGE>

Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.

4. The Seller has no actual knowledge that the proposed Transferee is not both a
United States Person and a Permitted Transferee.

                               Very truly yours,

                                   (Seller)

                               By:
                                  ----------------------------------------
                               Name:
                                    --------------------------------------
                               Title:
                                     -------------------------------------

                                        G-2-2

<PAGE>

                                    EXHIBIT H

                     FORM OF INVESTOR REPRESENTATION LETTER

                                                                , 20
                                    ----------------------------    ----

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     ____________________   (the   "Purchaser")   intends   to   purchase   from
____________________   (the  "Seller")   $_______________   Initial  Certificate
Principal Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series
____-___,  Class  (the  "Certificates"),  issued  pursuant  to the  Pooling  and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
___________  1, ____ among  Residential  Accredit  Loans,  Inc.,  as seller (the
"Company"),  Residential  Funding  Corporation,  as master servicer (the "Master
Servicer"),  and __________________,  as trustee (the "Trustee"). All terms used
herein  and not  otherwise  defined  shall  have the  meanings  set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents and
warrants  to, and  covenants  with,  the  Company,  the  Trustee  and the Master
Servicer that:

1.   The Purchaser  understands that (a) the Certificates have not been and will
     not be registered or qualified under the Securities Act of 1933, as amended
     (the "Act") or any state securities law, (b) the Company is not required to
     so register or qualify the Certificates, (c) the Certificates may be resold
     only if registered  and qualified  pursuant to the provisions of the Act or
     any state  securities  law, or if an exemption from such  registration  and
     qualification  is  available,  (d)  the  Pooling  and  Servicing  Agreement

<PAGE>

     contains  restrictions  regarding the transfer of the  Certificates and (e)
     the Certificates will bear a legend to the foregoing effect.

2.   The  Purchaser  is  acquiring  the  Certificates  for its own  account  for
     investment  only and not with a view to or for sale in connection  with any
     distribution  thereof  in any  manner  that  would  violate  the Act or any
     applicable state securities laws.

3.   The Purchaser is (a) a substantial,  sophisticated  institutional  investor
     having such  knowledge and  experience  in financial and business  matters,
     and, in particular,  in such matters  related to securities  similar to the
     Certificates, such that it is capable of evaluating the merits and risks of
     investment in the Certificates, (b) able to bear the economic risks of such
     an investment and (c) an "accredited  investor"  within the meaning of Rule
     501(a) promulgated pursuant to the Act.

4.   The Purchaser has been furnished with, and has had an opportunity to review
     (a) [a copy of the Private Placement Memorandum,  dated ______________,  20
     ___,  relating to the Certificates (b)] a copy of the Pooling and Servicing
     Agreement and [b] [c] such other  information  concerning the Certificates,
     the Mortgage  Loans and the Company as has been  requested by the Purchaser
     from the Company or the Seller and is relevant to the Purchaser's  decision
     to purchase the  Certificates.  The Purchaser has had any questions arising
     from such review answered by the Company or the Seller to the  satisfaction
     of the Purchaser.  [If the Purchaser did not purchase the Certificates from
     the Seller in connection with the initial  distribution of the Certificates
     and was  provided  with a copy of the  Private  Placement  Memorandum  (the
     "Memorandum")  relating to the original sale (the  "Original  Sale") of the
     Certificates  by  the  Company,   the  Purchaser   acknowledges  that  such
     Memorandum  was  provided  to it by the  Seller,  that the  Memorandum  was
     prepared by the Company solely for use in connection with the Original Sale
     and  the  Company  did  not  participate  in or  facilitate  in any way the
     purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
     Purchaser  agrees  that it will look  solely to the  Seller  and not to the
     Company with respect to any damage, liability, claim or expense arising out
     of, resulting from or in connection with (a) error or omission,  or alleged
     error or omission,  contained in the  Memorandum,  or (b) any  information,
     development or event arising after the date of the Memorandum.]

5.   The  Purchaser  has not and  will  not  nor  has it  authorized  or will it
     authorize any person to (a) offer,  pledge,  sell,  dispose of or otherwise
     transfer  any  Certificate,  any interest in any  Certificate  or any other
     similar security to any person in any manner,  (b) solicit any offer to buy
     or to accept a pledge,  disposition of other  transfer of any  Certificate,
     any interest in any  Certificate  or any other  similar  security  from any
     person in any manner,  (c) otherwise  approach or negotiate with respect to
     any  Certificate,  any  interest in any  Certificate  or any other  similar
     security with any person in any manner,  (d) make any general  solicitation
     by means of  general  advertising  or in any  other  manner or (e) take any

                                        H-2

<PAGE>

     other action,  that (as to any of (a) through (e) above) would constitute a
     distribution  of any  Certificate  under the Act,  that  would  render  the
     disposition  of any  Certificate a violation of Section 5 of the Act or any
     state  securities law, or that would require  registration or qualification
     pursuant thereto.  The Purchaser will not sell or otherwise transfer any of
     the  Certificates,  except in compliance with the provisions of the Pooling
     and Servicing Agreement.

6.      The Purchaser

(a)  is  not an  employee  benefit  or  other  plan  subject  to the  prohibited
     transaction  provisions of the Employee  Retirement  Income Security Act of
     1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of
     1986, as amended (a "Plan"),  or any other person  (including an investment
     manager,  a named  fiduciary or a trustee of any Plan) acting,  directly or
     indirectly,  on behalf of or purchasing any Certificate  with "plan assets"
     of  any  Plan  within  the  meaning  of the  Department  of  Labor  ("DOL")
     regulation at 29 C.F.R. ss.2510.3-101; or

(b)  is an insurance  company,  the source of funds to be used by it to purchase
     the  Certificates  is an "insurance  company general  account"  (within the
     meaning of DOL Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
     the  purchase  is  being  made in  reliance  upon the  availability  of the
     exemptive relief afforded under Sections I and III of PTCE 95-60.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a) or (b) above.

                                            Very truly yours,

                                            By:
                                               -------------------------------
                                            Name:
                                                 -----------------------------
                                            Title:
                                                  ----------------------------

                                        H-3

<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                       __________, 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Attention: Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     In connection with the sale by ___________  (the "Seller") to _____________
(the  "Purchaser")  of $___________  Initial  Certificate  Principal  Balance of
Mortgage Asset-Backed  Pass-Through  Certificates,  Series ____-___,  Class (the
"Certificates"),  issued  pursuant to the Pooling and Servicing  Agreement  (the
"Pooling  and  Servicing  Agreement"),  dated as of  ___________  1, ____  among
Residential Accredit Loans, Inc., as seller (the "Company"), Residential Funding
Corporation,  as  master  servicer,  and  __________________,  as  trustee  (the
"Trustee").  The  Seller  hereby  certifies,  represents  and  warrants  to, and
covenants with, the Company and the Trustee that:

               Neither  the  Seller  nor  anyone  acting on its  behalf  has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner set forth in the foregoing  sentence with respect to
any Certificate.  The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.

<PAGE>

                                            Very truly yours,

                                    (Seller)

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

                                        I-2
<PAGE>

                                    EXHIBIT J

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

             Description of Rule 144A Securities, including numbers:

               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

1. In  connection  with such  transfer  and in  accordance  with the  agreements
pursuant  to which the Rule 144A  Securities  were  issued,  the  Seller  hereby
certifies  the  following  facts:  Neither  the Seller nor anyone  acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A  Securities,  any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition  of  the  Rule  144A  Securities,  any  interest  in the  Rule  144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

2. The Buyer  warrants and represents  to, and covenants  with, the Seller,  the
Trustee  and the Master  Servicer  (as  defined  in the  Pooling  and  Servicing
Agreement (the  "Agreement"),  dated as of ___________ 1, ____ among Residential
Funding  Corporation as Master  Servicer,  Residential  Accredit Loans,  Inc. as
depositor pursuant to Section 5.02 of the Agreement and  __________________,  as
trustee, as follows:

(a)     The  Buyer  understands  that the  Rule  144A  Securities  have not been
        registered under the 1933 Act or the securities laws of any state.

(b)     The Buyer considers  itself a substantial,  sophisticated  institutional
        investor  having such knowledge and experience in financial and business
        matters  that it is  capable  of  evaluating  the  merits  and  risks of
        investment in the Rule 144A Securities.

<PAGE>

(c)     The Buyer has been  furnished  with all  information  regarding the Rule
        144A  Securities  that it has requested from the Seller,  the Trustee or
        the Servicer.

(d)  Neither the Buyer nor anyone acting on its behalf has offered, transferred,
     pledged,  sold or  otherwise  disposed  of the Rule  144A  Securities,  any
     interest in the Rule 144A  Securities or any other similar  security to, or
     solicited  any  offer  to  buy  or  accept  a  transfer,  pledge  or  other
     disposition  of the Rule 144A  Securities,  any  interest  in the Rule 144A
     Securities or any other similar  security from, or otherwise  approached or
     negotiated  with respect to the Rule 144A  Securities,  any interest in the
     Rule 144A Securities or any other similar  security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other  manner,  or taken any other action,  that would  constitute a
     distribution of the Rule 144A  Securities  under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration  pursuant thereto, nor will it act,
     nor has it  authorized  or will it  authorize  any  person to act,  in such
     manner with respect to the Rule 144A Securities.

(e)  The Buyer is a "qualified  institutional  buyer" as that term is defined in
     Rule  144A  under  the 1933 Act and has  completed  either  of the forms of
     certification  to that  effect  attached  hereto as Annex 1 or Annex 2. The
     Buyer is aware that the sale to it is being made in  reliance on Rule 144A.
     The Buyer is acquiring the Rule 144A  Securities for its own account or the
     accounts of other qualified  institutional  buyers,  understands  that such
     Rule 144A  Securities may be resold,  pledged or transferred  only (i) to a
     person  reasonably  believed  to be a  qualified  institutional  buyer that
     purchases   for  its  own  account  or  for  the  account  of  a  qualified
     institutional  buyer to whom  notice is given  that the  resale,  pledge or
     transfer  is being made in  reliance  on Rule  144A,  or (ii)  pursuant  to
     another exemption from registration under the 1933 Act.

               [3.    The Buyer

(a)     is not an  employee  benefit  or other plan  subject  to the  prohibited
        transaction provisions of the Employee Retirement Income Security Act of
        1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code
        of 1986,  as amended  (a  "Plan"),  or any other  person  (including  an
        investment  manager, a named fiduciary or a trustee of any Plan) acting,
        directly or indirectly,  on behalf of or purchasing any Certificate with
        "plan assets" of any Plan within the meaning of the  Department of Labor
        ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(b)     is an  insurance  company,  the  source  of  funds  to be  used by it to
        purchase the  Certificates  is an "insurance  company  general  account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60.]

               4. This document may be executed in one or more  counterparts and
        by the different parties hereto on separate counterparts, each of which,
        when so executed,  shall be deemed to be an original; such counterparts,
        together, shall constitute one and the same document.

                                        J-2

<PAGE>

               IN  WITNESS  WHEREOF,  each  of the  parties  has  executed  this
document as of the date set forth below.

Print Name of Seller                              Print Name of Buyer
By:                                               By:
   ------------------------------------------
   Name:                                             Name:
   Title:                                            Title:
Taxpayer Identification                           Taxpayer Identification:
No.                                               No:
   ------------------------------------------
Date:                                             Date:
     ----------------------------------------

                                        J-3

<PAGE>

                              ANNEX 1 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

1. As  indicated  below,  the  undersigned  is the  President,  Chief  Financial
Officer, Senior Vice President or other executive officer of the Buyer.

2. In  connection  with  purchases  by the  Buyer,  the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary  basis  $_____________  in  securities  (except  for the  excluded
securities  referred to below) as of the end of the Buyer's  most recent  fiscal
year (such amount being  calculated in  accordance  with Rule 144A) and (ii) the
Buyer satisfies the criteria in the category marked below.

--   Corporation,  etc. The Buyer is a corporation  (other than a bank,  savings
     and loan  association  or similar  institution),  Massachusetts  or similar
     business  trust,  partnership,  or  charitable  organization  described  in
     Section 501(c)(3) of the Internal Revenue Code.

--   Bank.  The Buyer (a) is a national  bank or banking  institution  organized
     under the laws of any State,  territory or the  District of  Columbia,  the
     business of which is substantially confined to banking and is supervised by
     the State or  territorial  banking  commission or similar  official or is a
     foreign bank or equivalent institution, and (b) has an audited net worth of
     at  least  $25,000,000  as  demonstrated  in its  latest  annual  financial
     statements, a copy of which is attached hereto.

--   Savings and Loan. The Buyer (a) is a savings and loan association, building
     and loan association,  cooperative bank,  homestead  association or similar
     institution,  which  is  supervised  and  examined  by a State  or  Federal
     authority  having  supervision  over any such  institutions or is a foreign
     savings  and loan  association  or  equivalent  institution  and (b) has an
     audited net worth of at least  $25,000,000  as  demonstrated  in its latest
     annual financial statements.

--   Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15 of
     the Securities Exchange Act of 1934.

--   Insurance  Company.  The Buyer is an insurance  company  whose  primary and
     predominant business activity is the writing of insurance or the reinsuring
     of risks  underwritten  by  insurance  companies  and which is  subject  to
     supervision by the insurance  commissioner or a similar  official or agency
     of a State or territory or the District of Columbia.

<PAGE>

--   State or Local Plan.  The Buyer is a plan  established  and maintained by a
     State, its political subdivisions,  or any agency or instrumentality of the
     State or its political subdivisions, for the benefit of its employees.

--   ERISA  Plan.  The Buyer is an employee  benefit  plan within the meaning of
     Title I of the Employee Retirement Income Security Act of 1974.

--   Investment Adviser. The Buyer is an investment adviser registered under the
     Investment Advisers Act of 1940.

--   SBIC. The Buyer is a Small Business Investment Company licensed by the U.S.
     Small  Business  Administration  under  Section  301(c) or (d) of the Small
     Business Investment Act of 1958.

--   Business  Development  Company. The Buyer is a business development company
     as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

--   Trust  Fund.  The Buyer is a trust  fund  whose  trustee is a bank or trust
     company and whose  participants  are exclusively (a) plans  established and
     maintained  by a  State,  its  political  subdivisions,  or any  agency  or
     instrumentality of the State or its political subdivisions, for the benefit
     of its employees, or (b) employee benefit plans within the meaning of Title
     I of the Employee  Retirement  Income  Security  Act of 1974,  but is not a
     trust fund that includes as participants  individual retirement accounts or
     H.R. 10 plans.

3. The term  "securities"  as used herein does not  include  (i)  securities  of
issuers that are affiliated with the Buyer,  (ii) securities that are part of an
unsold  allotment  to or  subscription  by the Buyer,  if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

4. For purposes of determining the aggregate  amount of securities  owned and/or
invested on a discretionary  basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to in
the preceding  paragraph.  Further,  in determining such aggregate  amount,  the
Buyer may have included  securities owned by subsidiaries of the Buyer, but only
if such subsidiaries are consolidated with the Buyer in its financial statements
prepared in accordance with generally accepted accounting  principles and if the
investments  of such  subsidiaries  are  managed  under the  Buyer's  direction.
However,  such  securities  were not included if the Buyer is a  majority-owned,
consolidated  subsidiary  of  another  enterprise  and the Buyer is not itself a
reporting company under the Securities Exchange Act of 1934.

5. The Buyer  acknowledges  that it is familiar  with Rule 144A and  understands
that the seller to it and other parties related to the  Certificates are relying
and will  continue to rely on the  statements  made  herein  because one or more
sales to the Buyer may be in reliance on Rule 144A.

                                        J-2

<PAGE>

                           Will the Buyer be purchasing the Rule 144A
Yes           No           Securities only for the Buyer's own account?

6. If the answer to the  foregoing  question is "no",  the Buyer agrees that, in
connection  with any purchase of securities sold to the Buyer for the account of
a third party  (including  any separate  account) in reliance on Rule 144A,  the
Buyer will only  purchase for the account of a third party that at the time is a
"qualified  institutional  buyer"  within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase  securities  for a third party
unless the Buyer has  obtained a current  representation  letter from such third
party or taken other  appropriate  steps  contemplated  by Rule 144A to conclude
that  such  third  party   independently  meets  the  definition  of  "qualified
institutional buyer" set forth in Rule 144A.

7. The Buyer will notify each of the parties to which this certification is made
of any changes in the information and conclusions  herein.  Until such notice is
given,   the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation of this certification as of the date of such purchase.

                                            Print Name of Buyer

                                            By:________________________
                                                 Name:
                                                 Title:

                                            Date: _______________________

                                        J-3

<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

8. As indicated below, the undersigned is the President, Chief Financial Officer
or  Senior  Vice  President  of the  Buyer  or,  if the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

9.  In  connection   with  purchases  by  Buyer,   the  Buyer  is  a  "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

--   The  Buyer  owned  $_________  in  securities   (other  than  the  excluded
     securities  referred  to below) as of the end of the  Buyer's  most  recent
     fiscal year (such amount being calculated in accordance with Rule 144A).

--   The Buyer is part of a Family of  Investment  Companies  which owned in the
     aggregate $ _____________ in securities (other than the excluded securities
     referred  to below) as of the end of the Buyer's  most  recent  fiscal year
     (such amount being calculated in accordance with Rule 144A).

10. The term "Family of  Investment  Companies" as used herein means two or more
registered   investment  companies  (or  series  thereof)  that  have  the  same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

11. The term  "securities"  as used herein does not  include (i)  securities  of
issuers that are affiliated  with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan  participations,  (iv)  repurchase  agreements,  (v)  securities  owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

12.  The  Buyer is  familiar  with Rule  144A and  understands  that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

                                        j-4

<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                                            Print Name of Buyer

                                            By: _____________________________
                                                 Name:
                                                      -------------------------
                                                 Title:
                                                       ------------------------

                                            IF AN ADVISER:

                                            ______________________
                                            Print Name of Buyer

                                        j-5

<PAGE>

                                    EXHIBIT K

                         [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                      LIMITED GUARANTY]

                                   ARTICLE XII

                   Subordinate Certificate Loss Coverage; Limited Guaranty

               Section 12.01.  Subordinate  Certificate  Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether it or any  Sub-Servicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer  Advances  previously made, (which will not be
Advances or Sub-Servicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Sub-Servicer  Advances  reimbursed  pursuant to
Section 4.02(a),  to the extent such Advances or Sub-Servicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

               (b)....Subject to subsection (c) below, prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c)....Demands  for payments  pursuant to this  Section  shall be
made  prior to the later of the third  Business  Day prior to each  Distribution
Date or the  related  Determination  Date by the Master  Servicer  with  written
notice thereof to the Trustee. The maximum amount that Residential Funding shall
be  required  to pay  pursuant  to this  Section on any  Distribution  Date (the
"Amount Available") shall be equal to the lesser of (X) minus the sum of (i) all

<PAGE>

previous  payments made under  subsections (a) and (b) hereof and (ii) all draws
under the Limited  Guaranty made in lieu of such payments as described  below in
subsection (d) and (Y) the then outstanding  Certificate  Principal  Balances of
the Class B Certificates, or such lower amount as may be established pursuant to
Section 12.02.  Residential  Funding's  obligations as described in this Section
are referred to herein as the "Subordinate Certificate Loss Obligation."

               (d)....The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

               (e) All payments  made by  Residential  Funding  pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

               (f)....The Company shall have the option, in its sole discretion,
to  substitute  for either or both of the Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss

                                        K-2

<PAGE>

Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument  constitutes a legal, valid and
binding  obligation  of the  substitute  guarantor  or obligor,  enforceable  in
accordance  with its terms,  and  concerning  such  other  matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

               Section  12.02.  Amendments  Relating  to the  Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supercession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supercession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

                                        K-3

<PAGE>

                                    EXHIBIT L

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                        RESIDENTIAL ACCREDIT LOANS, INC.

                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series ____-___

                                                  ___________, 200___

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

Ladies and Gentlemen:

               WHEREAS,  Residential Funding Corporation, a Delaware corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations  as  described  under  Section  12.01 of the Pooling  and  Servicing
Agreement  dated as of ___________ 1, ____ (the  "Servicing  Agreement"),  among
Residential  Accredit  Loans,  Inc.  (the  "Company"),  Residential  Funding and
__________________ (the "Trustee") as amended by Amendment No. thereto, dated as
of , with respect to the Mortgage Asset-Backed Pass-Through Certificates, Series
____-___ (the "Certificates"); and

               WHEREAS,  pursuant to Section 12.01 of the  Servicing  Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

               WHEREAS,  GMAC desires to provide certain assurances with respect
to the ability of Residential  Funding to secure sufficient funds and faithfully
to perform its Subordinate Certificate Loss Obligation;

               NOW THEREFORE,  in consideration of the premises herein contained
and  certain  other good and  valuable  consideration,  the  receipt of which is
hereby acknowledged, GMAC agrees as follows:

1.  Provision  of  Funds.  (a) GMAC  agrees to  contribute  and  deposit  in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to

<PAGE>

perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

               (b)....The  agreement set forth in the preceding clause (a) shall
be  absolute,  irrevocable  and  unconditional  and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

2. Waiver.  GMAC hereby  waives any failure or delay on the part of  Residential
Funding, the Trustee or any other person in asserting or enforcing any rights or
in making any claims or demands hereunder.  Any defective or partial exercise of
any such rights shall not preclude any other or further  exercise of that or any
other such right.  GMAC further waives demand,  presentment,  notice of default,
protest, notice of acceptance and any other notices with respect to this Limited
Guaranty,  including,  without  limitation,  those of action or nonaction on the
part of Residential Funding or the Trustee.

3.  Modification,  Amendment  and  Termination.  This  Limited  Guaranty  may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

4.  Successor.  Except as otherwise  expressly  provided  herein,  the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

5.  Governing  Law. This Limited  Guaranty  shall be governed by the laws of the
State of New York.

6.  Authorization  and Reliance.  GMAC  understands  that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

7.  Definitions.  Capitalized  terms used but not otherwise defined herein shall
have the meaning given them in the Servicing Agreement.

8.  Counterparts.  This  Limited  Guaranty  may be  executed  in any  number  of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

                                        L-2

<PAGE>

               IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to be
executed and delivered by its respective  officers  thereunto duly authorized as
of the day and year first above written.

                                            GENERAL MOTORS ACCEPTANCE
                                            CORPORATION

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

Acknowledged by:

__________________________,
    as Trustee

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

RESIDENTIAL ACCREDIT LOANS, INC.

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

                                        L-3

<PAGE>

                                    EXHIBIT M

                 FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                              _______________, 20_____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This  letter is  delivered  to you in  connection  with the  assignment  by
________________  (the  "Trustee") to  _________________  (the "Lender") of (the
"Mortgage  Loan")  pursuant  to Section  3.13(d) of the  Pooling  and  Servicing
Agreement  (the "Pooling and Servicing  Agreement"),  dated as of ___________ 1,
____  among  Residential  Accredit  Loans,  Inc.,  as  seller  (the  "Company"),
Residential Funding Corporation,  as master servicer, and the Trustee. All terms
used herein and not  otherwise  defined shall have the meanings set forth in the
Pooling and Servicing  Agreement.  The Lender hereby  certifies,  represents and
warrants to, and covenants with, the Master Servicer and the Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest on such Mortgage Loan prior to such proposed assignment; and

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
Mortgage Loan.

<PAGE>

                                            Very truly yours,

                                    (Lender)

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

                                        M-2

<PAGE>

                                    EXHIBIT N

                          FORM OF REQUEST FOR EXCHANGE

                                                              [DATE]

==================
------------------

               Re:    Residential Accredit Loans, Inc.,
                      Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___

               Residential Funding Corporation,  as the Holder of a % Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

1.  [Interest  Only/Class  A-V]-  Certificates,  corresponding  to the following
Uncertificated  REMIC  Regular  Interests:  [List numbers  corresponding  to the
related loans and Pool Strip Rates from the Mortgage Loan Schedule]. The initial
Subclass  Notional  Amount and the Initial  Pass-Through  Rate on the  [Interest
Only/Class A-V]- Certificates will be $_________ and _____%, respectively.

2. [Repeat as appropriate.]

               The  Subclasses  requested  above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

               All capitalized  terms used but not defined herein shall have the
meanings  set  forth  in  the  Pooling  and  Servicing  Agreement,  dated  as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.

                                            RESIDENTIAL FUNDING CORPORATION

                                            By: ______________________________
                                      Name:
                                     Title:

<PAGE>

<PAGE>

                                  EXHIBIT FIVE

                           PLANNED PRINCIPAL BALANCES

<TABLE>
<CAPTION>

                                                    PLANNED PRINCIPAL        PLANNED PRINCIPAL
                                                  BALANCES FOR THE CLASS   BALANCES FOR THE CLASS
PAYMENT DATE                                         A-1 CERTIFICATES         A-2 CERTIFICATES
------------                                         ----------------         ----------------
<S>                                                        <C>                      <C>
Initial Balance.................................           $56,094,000.00           $40,066,000.00
October 25, 2001................................            55,240,346.74            39,456,265.07
November 25, 2001...............................            54,391,900.34            38,850,249.21
December 25, 2001...............................            53,549,054.79            38,248,233.85
January 25, 2002................................            52,711,769.60            37,650,190.05
February 25, 2002...............................            51,880,004.52            37,056,089.08
March 25, 2002..................................            51,053,719.57            36,465,902.39
April 25, 2002..................................            50,232,875.07            35,879,601.61
May 25, 2002....................................            49,417,431.57            35,297,158.58
June 25, 2002...................................            48,607,349.90            34,718,545.32
July 25, 2002...................................            47,802,591.15            34,143,734.03
August 25, 2002.................................            47,003,116.66            33,572,697.12
September 25, 2002..............................            46,208,888.05            33,005,407.15
October 25, 2002................................            45,419,867.17            32,441,836.88
November 25, 2002...............................            44,636,016.14            31,881,959.26
December 25, 2002...............................            43,857,297.34            31,325,747.41
January 25, 2003................................            43,083,673.38            30,773,174.63
February 25, 2003...............................            42,315,107.13            30,224,214.40
March 25, 2003..................................            41,551,561.71            29,678,840.37
April 25, 2003..................................            40,793,000.48            29,137,026.37
May 25, 2003....................................            40,039,387.05            28,598,746.42
June 25, 2003...................................            39,290,685.26            28,063,974.68
July 25, 2003...................................            38,546,859.19            27,532,685.50
August 25, 2003.................................            37,807,873.19            27,004,853.41
September 25, 2003..............................            37,073,691.81            26,480,453.09
October 25, 2003................................            36,344,279.84            25,959,459.41
November 25, 2003...............................            35,619,602.32            25,441,847.37
December 25, 2003...............................            34,899,624.51            24,927,592.18
January 25, 2004................................            34,184,311.91            24,416,669.18
February 25, 2004...............................            33,473,630.23            23,909,053.89
March 25, 2004..................................            32,767,545.43            23,404,721.99
April 25, 2004..................................            32,066,023.67            22,903,649.31
May 25, 2004....................................            31,369,031.36            22,405,811.86
June 25, 2004...................................            30,676,535.11            21,911,185.79
July 25, 2004...................................            29,988,501.77            21,419,747.42
August 25, 2004.................................            29,304,898.38            20,931,473.22
September 25, 2004..............................            28,625,692.23            20,446,339.80
October 25, 2004................................            27,950,850.81            19,964,323.96
November 25, 2004...............................            27,280,341.81            19,485,402.63

<PAGE>

December 25, 2004...............................           $26,614,133.16           $19,009,552.88
January 25, 2005................................            25,952,192.98            18,536,751.95
February 25, 2005...............................            25,294,489.62            18,066,977.24
March 25, 2005..................................            24,640,991.62            17,600,206.26
April 25, 2005..................................            23,991,667.72            17,136,416.71
May 25, 2005....................................            23,346,486.90            16,675,586.41
June 25, 2005...................................            22,705,418.30            16,217,693.33
July 25, 2005...................................            22,068,431.28            15,762,715.58
August 25, 2005.................................            21,435,495.42            15,310,631.43
September 25, 2005..............................            20,806,580.48            14,861,419.29
October 25, 2005................................            20,181,656.41            14,415,057.68
November 25, 2005...............................            19,560,693.36            13,971,525.30
December 25, 2005...............................            18,943,661.70            13,530,800.97
January 25, 2006................................            18,330,531.96            13,092,863.65
February 25, 2006...............................            17,721,274.88            12,657,692.43
March 25, 2006..................................            17,115,861.38            12,225,266.56
April 25, 2006..................................            16,514,262.59            11,795,565.39
May 25, 2006....................................            15,916,449.80            11,368,568.43
June 25, 2006...................................            15,322,394.51            10,944,255.33
July 25, 2006...................................            14,732,068.38            10,522,605.84
August 25, 2006.................................            14,145,443.29            10,103,599.87
September 25, 2006..............................            13,562,491.27             9,687,217.44
October 25, 2006................................            13,030,054.43             9,306,916.26
November 25, 2006...............................            12,501,163.14             8,929,147.54
December 25, 2006...............................            11,975,790.11             8,553,891.80
January 25, 2007................................            11,453,908.25             8,181,129.68
February 25, 2007...............................            10,935,490.63             7,810,841.94
March 25, 2007..................................            10,420,510.50             7,443,009.48
April 25, 2007..................................             9,908,941.27             7,077,613.31
May 25, 2007....................................             9,400,756.55             6,714,634.58
June 25, 2007...................................             8,895,930.08             6,354,054.53
July 25, 2007...................................             8,394,435.80             5,995,854.54
August 25, 2007.................................             7,896,247.80             5,640,016.13
September 25, 2007..............................             7,401,340.35             5,286,520.89
October 25, 2007................................             6,935,187.39             4,953,563.98
November 25, 2007...............................             6,477,266.09             4,626,486.66
December 25, 2007...............................             6,027,424.37             4,305,180.32
January 25, 2008................................             5,585,512.75             3,989,538.17
February 25, 2008...............................             5,151,384.23             3,679,455.21
March 25, 2008..................................             4,724,894.27             3,374,828.22
April 25, 2008..................................             4,305,900.79             3,075,555.69
May 25, 2008....................................             3,894,264.05             2,781,537.84
June 25, 2008...................................             3,489,846.70             2,492,676.54
July 25, 2008...................................             3,092,513.67             2,208,875.33
August 25, 2008.................................             2,702,132.15             1,930,039.34

<PAGE>

September 25, 2008..............................            $2,318,571.58            $1,656,075.32
October 25, 2008................................             1,988,214.86             1,420,112.96
November 25, 2008...............................             1,663,537.72             1,188,207.33
December 25, 2008...............................             1,344,427.41               960,277.90
January 25, 2009................................             1,030,773.15               736,245.54
February 25, 2009...............................               722,466.09               516,032.49
March 25, 2009..................................               419,399.24               299,562.34
April, 2009.....................................               121,467.48                86,760.01
May 25, 2009 and thereafter.....................                     0.00                     0.00

<PAGE>

                                       6-2

                                   EXHIBIT SIX

                           TARGETED PRINCIPAL BALANCES

PAYMENT DATE                                            TARGETED PRINCIPAL BALANCES
------------                                            ---------------------------
Initial Balance.................................                             $40,990,000.00
October 25, 2001................................                              40,929,812.50
November 25, 2001...............................                              40,869,286.45
December 25, 2001...............................                              40,701,286.66
January 25, 2002................................                              40,245,046.56
February 25, 2002...............................                              39,613,493.84
March 25, 2002..................................                              38,810,232.07
April 25, 2002..................................                              37,839,346.54
May 25, 2002....................................                              36,705,394.94
June 25, 2002...................................                              35,413,395.43
July 25, 2002...................................                              33,968,812.56
August 25, 2002.................................                              32,382,346.25
September 25, 2002..............................                              30,834,248.10
October 25, 2002................................                              29,323,780.78
November 25, 2002...............................                              27,850,219.72
December 25, 2002...............................                              26,412,852.90
January 25, 2003................................                              25,010,980.68
February 25, 2003...............................                              23,643,915.56
March 25, 2003..................................                              22,310,981.98
April 25, 2003..................................                              21,011,516.13
May 25, 2003....................................                              19,744,865.73
June 25, 2003...................................                              18,510,389.86
July 25, 2003...................................                              17,307,458.75
August 25, 2003.................................                              16,135,453.60
September 25, 2003..............................                              14,993,766.39
October 25, 2003................................                              13,881,799.70
November 25, 2003...............................                              12,798,966.54
December 25, 2003...............................                              11,744,690.17
January 25, 2004................................                              10,718,403.89
February 25, 2004...............................                               9,719,550.94
March 25, 2004..................................                               8,747,584.28
April 25, 2004..................................                               7,801,966.42
May 25, 2004....................................                               6,882,169.32
June 25, 2004...................................                               5,987,674.15
July 25, 2004...................................                               5,117,971.18
August 25, 2004.................................                               4,272,559.63
September 25, 2004..............................                               3,450,947.49
October 25, 2004................................                               2,652,651.41
November 25, 2004...............................                               1,877,196.49
December 25, 2004...............................                               1,124,116.23
January 25, 2005................................                                 392,952.28
February 25, 2005...............................                                       0.00

<PAGE>

March 25, 2005..................................                                      $0.00
April 25, 2005..................................                                       0.00
May 25, 2005....................................                                       0.00
June 25, 2005...................................                                       0.00
July 25, 2005...................................                                       0.00
August 25, 2005.................................                                       0.00
September 25, 2005..............................                                       0.00
October 25, 2005................................                                       0.00
November 25, 2005...............................                                       0.00
December 25, 2005...............................                                       0.00
January 25, 2006................................                                       0.00
February 25, 2006...............................                                       0.00
March 25, 2006..................................                                       0.00
April 25, 2006..................................                                       0.00
May 25, 2006....................................                                       0.00
June 25, 2006...................................                                       0.00
July 25, 2006...................................                                       0.00
August 25, 2006.................................                                       0.00
September 25, 2006..............................                                       0.00
October 25, 2006................................                                       0.00
November 25, 2006...............................                                       0.00
December 25, 2006...............................                                       0.00
January 25, 2007................................                                       0.00
February 25, 2007...............................                                       0.00
March 25, 2007..................................                                       0.00
April 25, 2007..................................                                       0.00
May 25, 2007....................................                                       0.00
June 25, 2007...................................                                       0.00
July 25, 2007...................................                                       0.00
August 25, 2007.................................                                       0.00
September 25, 2007..............................                                       0.00
October 25, 2007................................                                       0.00
November 25, 2007...............................                                       0.00
December 25, 2007...............................                                       0.00
January 25, 2008................................                                       0.00
February 25, 2008...............................                                       0.00
March 25, 2008..................................                                       0.00
April 25, 2008..................................                                       0.00
May 25, 2008....................................                                       0.00
June 25, 2008...................................                                       0.00
July 25, 2008...................................                                       0.00
August 25, 2008.................................                                       0.00
September 25, 2008..............................                                       0.00
October 25, 2008................................                                       0.00
November 25, 2008...............................                                       0.00
December 25, 2008...............................                                       0.00
January 25, 2009................................                                       0.00
February 25, 2009...............................                                       0.00
<PAGE>

March 25, 2009..................................                                      $0.00
April, 2009.....................................                                       0.00
May 25, 2009 and thereafter.....................                                       0.00

</TABLE>

<PAGE>

                                  EXHIBIT SEVEN

                       CERTIFICATE POLICY OF MBIA INSURANCE CORPORATION

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00030-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00030-of-00352.parquet"}]]