Document:

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                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                             BANKERS TRUST COMPANY,

                                     Trustee

                               SERIES SUPPLEMENT,

                          DATED AS OF NOVEMBER 1, 2001,

                                       TO

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

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2001-QS16

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

<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)....................31

        Section 4.04. Distribution of Reports to the Trustee and the Company;
                      Advances by the Master Servicer. (See Section 4.04 of the
                      Standard Terms)......................................................31

        Section 4.05. Allocation of Realized Losses. ......................................31

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

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

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

                                        i
<PAGE>

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

        Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms)..........34

        Section 5.02. Registration of Transfer and Exchange of Certificates................34

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates. (See Section
                      5.03 of the Standard Terms)..........................................34

        Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard Terms)......34

        Section 5.05. Appointment of Paying Agent. (See Section 5.05 of the Standard
                      Terms)...............................................................34

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                                        ii
<PAGE>

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

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

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

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

                                        iii
</TABLE>

<PAGE>

                                    EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement Dated as of July 1, 2001
Exhibit Five:         Planned Principal Balances, Table I
Exhibit Six:          Planned Principal Balances, Table II
Exhibit Seven:        Targeted Principal Balances

                                        iv
<PAGE>

        This is a Series  Supplement,  dated as of November 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 this Series Supplement.

                                       1
<PAGE>

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

<TABLE>
<CAPTION>

                               AGGREGATE
                                INITIAL                                         STANDARD &
                              CERTIFICATE                                        POOR'S/
               PASS-THROUGH    PRINCIPAL                        MATURITY       ------------     MINIMUM
 DESIGNATION      RATE         BALANCE       FEATURES1            DATE            FITCH      DENOMINATIONS2
                                      -
<S>     <C>       <C>       <C>                                      <C> <C>                   <C>
Class A-1         5.50%     $113,748,000.00   Senior/PAC    November 25, 2031    AAA/AAA       $25,000.00
Class A-2         6.25%     $31,308,300.00    Senior/PAC    November 25, 2031    AAA/AAA       $25,000.00
Class A-3         6.25%     $59,113,542.00    Senior/PAC/   November 25, 2031    AAA/AAA       $25,000.00
                                               Accretion
                                               Directed
Class A-4         6.25%      $5,000,000.00    Senior/PAC/   November 25, 2031    AAA/AAA       $25,000.00
                                                Accrual
Class A-5         6.25%     $19,220,158.00    Senior/TAC/   November 25, 2031    AAA/AAA       $25,000.00
                                               Accretion
                                               Directed
Class A-6         6.25%      $9,700,000.00   Senior/Accrual/November 25, 2031    AAA/AAA       $25,000.00

Class A-7      Adjustable   $37,916,000.00    Senior/PAC/   November 25, 2031    AAA/AAA       $25,000.00
               Rate3                           Floater/
                                              Adjustable
                                                 Rate
Class A-7A     Adjustable            $0.004  Senior/Inverse November 25, 2031    AAA/AAA     $2,000,000.00
                  Rate3                        Floater/
                                              Adjustable
                                                 Rate/
                                             Interest Only
Class A-P         0.00%         $14,438.11     Principal    November 25, 2031    AAA/AAA       $25,000.00
                                              Only/Senior
Class A-V       Variable             $0.00     Variable     November 25, 2031    AAA/AAA     6
               Rate5                         Strip/Interest
                                              Only/Senior
Class R-I         6.25%            $100.00   Residual/SeniorNovember 25, 2031    AAA/AAA     7
Class R-II        6.25%            $100.00   Residual/SeniorNovember 25, 2031    AAA/AAA     7
Class M-1         6.25%      $8,908,700.00     Mezzanine    November 25, 2031     NA/AA        $25,000.00
Class M-2         6.25%      $2,628,800.00     Mezzanine    November 25, 2031      NA/A       $250,000.00
Class M-3         6.25%     $1,168,300.00      Mezzanine    November 25, 2031     NA/BBB      $250,000.00
Class B-1         6.25%     $1,460,500.00     Subordinate   November 25, 2031     NA/BB       $250,000.00
Class B-2         6.25%      $876,300.00      Subordinate   November 25, 2031      NA/B       $250,000.00
Class B-3         6.25%     $1,022,354.05     Subordinate   November 25, 2031     NA/NA       $250,000.00

</TABLE>

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

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

 3
--------------------------------------------------------------------------------
ADJUSTABLE      INITIAL        FORMULA                  MAXIMUM        MINIMUM
RATES:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  Class A-7:    2.39%          LIBOR + 0.30%            8.50%          0.30%
--------------------------------------------------------------------------------
  Class A-7A:   6.11%          8.20% -LIBOR             8.20%          0.00%

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

5    The initial Pass-Through Rate on the Class A-V Certificates is 0.8618%.

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

7    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%.

                                       2

<PAGE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $292,085,592.16.

        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-6 Accretion Termination Date.

     Accrual  Certificates:  Any of the  Class  A-4  Certificates  or Class  A-6
Certificates.

     Accretion Directed Certificates: Any of the Class A-3 Certificates or Class
A-5 Certificates.

     Accrual  Distribution Amount: Any one of the Class A-4 Accrual Distribution
Amount or Class A-6 Accrual Distribution Amount.

     Adjustable  Rate  Certificates:   Any  of  the  Class  A-7  or  Class  A-7A
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)
$106,863 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

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

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

                                       4
<PAGE>

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

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

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

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled "Bankers Trust Company, as trustee, in trust for the registered holders
of  Residential  Accredit  Loans,  Inc.,  Mortgage   Asset-Backed   Pass-Through
Certificates, Series 2001-QS16" and which must be an Eligible Account.

        Certificate Policy:  None.

        Class A  Certificate:  Any one of the Class A-1,  Class A-2,  Class A-3,
Class A-4, Class A-5,  Class A-6, Class A-7, Class A-7A,  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  Balances of the Class A-3
Certificates and Class A-5  Certificates  have been reduced to zero and (ii) the
Credit Support Depletion Date.

        Class A-6 Accretion  Termination  Date:  The earlier to occur of (i) the
Distribution  Date on which the Certificate  Principal  Balance of the Class A-5
Certificates  has 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-6 Accrual  Distribution Amount: With respect to any Distribution
Date on or prior to the Class A-6 Accretion Termination Date, an amount equal to

                                       5
<PAGE>

the amount of the Accrued  Certificate  Interest  on the Class A-6  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.

        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:  November 29, 2001.

     Corporate Trust Office: The principal office of the Trustee at which at any
particular  time its corporate  trust  business  with respect to this  Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2001-QS16.

        Cut-off Date:  November 1, 2001.

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

        Discount Net Mortgage Rate:  6.25% per annum.

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

        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-7 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

                                       6
<PAGE>

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

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

        Initial Monthly Payment Fund: $106,572, representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on December 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-7A  Certificates,
$37,916,000.  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 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:  3.05%           Class B-1:  0.50%
        Class M-2:  0.90%           Class B-2:  0.30%
        Class M-3:  0.40%           Class B-3:  0.35%

        Interest  Accrual  Period:  With  respect  to any Class of  Certificates
(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-7A 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-7A Certificates.

                                       7
<PAGE>

     Maturity  Date:  November  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
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

                                       8
<PAGE>

Statement  hereto.  With  respect to the  Floater  Certificates  and the initial
Interest Accrual Period,  2.39% per annum, and as to any Interest Accrual Period
thereafter,  a per annum rate equal to 0.30%  plus  LIBOR,  subject to a maximum
rate of 8.50% per annum and a minimum  rate of 0.30% per annum.  With respect to
the Inverse Floater  Certificates and the initial Interest Accrual Period, 6.11%
per annum,  and as to any Interest Accrual Period  thereafter,  a per annum rate
equal to 8.20% minus  LIBOR,  subject to a maximum rate of 8.20% 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 0.8618% 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.

        Planned Principal  Balance:  With respect to any of the Class A-1, Class
A-2 and Class A-7 Certificates  and any Distribution  Date, the amount set forth
in  Exhibit  Five  opposite  such  date.  With  respect  to any of the Class A-3
Certificates or Class A-4 Certificates and any Distribution Date, the amount set
forth in Exhibit Six opposite such date.

        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 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
               December 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

                                       9
<PAGE>

               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.

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

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

               (ii)   all  payments and  collections  in respect of the Mortgage
                      Loans due after the Cut-off Date as shall be on deposit in
                      the Custodial  Account or in the  Certificate  Account and
                      identified  as belonging to the Trust Fund,  including the

                                       10
<PAGE>

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

                                       11
<PAGE>

4.02(a)(i)  and (ii) the  amount  required  to be  distributed  to the Class A-P
Certificateholders  pursuant to Section 4.02(c) of this Series  Supplement,  and
(b)  the  sum  of  the  amounts   required  to  be  distributed  to  the  Senior
Certificateholders    on   such   Distribution   Date   pursuant   to   Sections
4.02(a)(ii)(Y), 4.02(a)(xvi) and 4.02(a)(xvii) of this Series Supplement.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,920,856  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 37.2%
(which  percentage  is equal to the  percentage  of Mortgage  Loans by aggregate
principal balance initially secured by Mortgaged Properties located in the State
of California) and (ii) the aggregate  outstanding  principal balance (as of the
immediately preceding Distribution Date) of the largest Mortgage Loan secured by
a Mortgaged  Property  (or,  with  respect to a  Cooperative  Loan,  the related
Cooperative Apartment) located in the State of California.

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

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and 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

                                       12
<PAGE>

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-5
Certificates  and any  Distribution  Date, the amount set forth in Exhibit Seven
opposite 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  Uncertificated  Principal  Balance  thereof  pursuant  to Section
          10.04(a)(ii)  and (y) the aggregate of all  reductions in  Certificate

                                       13
<PAGE>

          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>
          V             Class A-1                         5.50%                  $113,748,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          W             Class A-7, Class A-7A             8.50%                  $ 37,916,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          X             Class A-P                         0.00%                    $   14,438.11
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          Y             Class A-2, Class A-3, Class       6.25%                  $140,407,054.05
                        A-4, Class A-5, Class 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  1,440
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 1,440,  each relating to the particular
Mortgage  Loan  identified  by  such  sequential  number  on the  Mortgage  Loan
Schedule,  each having no principal  balance,  and each bearing  interest at the
respective  Pool  Strip  Rate on the Stated  Principal  Balance  of the  related
Mortgage Loan.

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

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

                                       14
<PAGE>

        Uncertificated   REMIC  II  Regular  Interests  Z:  Each  of  the  1,440
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  1,440 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  Adjustable  Rate
Certificates  then  outstanding.  The Trustee will request the principal  London
office of each of the reference  banks to provide a quotation of its rate. If at
least two such quotations are provided,  the rate will be the arithmetic mean of
the quotations  rounded up to the next multiple of 1/16%.  If on such date fewer
than two quotations  are provided as requested,  the rate will be the arithmetic
mean of the rates  quoted by one or more major banks in New York City,  selected

                                       15
<PAGE>

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, 2.09%;  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 nine mortgage
     loans representing  approximately 0.5% 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 0.7% of the Mortgage  Loans by aggregate  Stated  Principal
        Balance  as of the  Cut-off  Date are  secured by  Mortgaged  Properties
        located in any one zip code area in California  and no more than 0.5% of
        the  Mortgage  Loans by  aggregate  Stated  Principal  Balance as of the
        Cut-off Date are secured by Mortgaged  Properties located in any one zip
        code area outside California;

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

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

(ix)    Approximately 53.39% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  11.52% 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  1.86%
        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  17.44% of the  Mortgage  Loans by
        aggregate Stated Principal Balance as of the Cut-off Date, the Mortgagor
        represented in its loan application with respect to the related Mortgage
        Loan that the Mortgaged Property would be owner-occupied;

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

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

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

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

                                       18
<PAGE>

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

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

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

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

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

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

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

        Upon discovery by any of the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth  in this  Section  2.03(b)  that  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02;  provided  that the  Company
shall have the option to  substitute  a Qualified  Substitute  Mortgage  Loan or
Loans  for such  Mortgage  Loan if such  substitution  occurs  within  two years
following the Closing Date;  provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified  mortgage" as defined in Section
860G(a)(3) of the Code,  any such cure or  repurchase  must occur within 90 days
from the date  such  breach  was  discovered.  Any  such  substitution  shall be
effected  by the  Company  under the same terms and  conditions  as  provided in
Section 2.04 for  substitutions  by  Residential  Funding.  It is understood and
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
        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)  sequentially to the Class A-3  Certificates and Class
        A-5  Certificates,  in that  order,  in each case until the  Certificate
        Principal  Balance of that  Class of  Certificates  has been  reduced to
        zero, the Class A-4 Accrual Distribution Amount

                      (X) to the Class A-5  Certificates,  until the Certificate
        Principal  Balance  of the Class A-5  Certificates  has been  reduced to
        zero,  after taking into account any payments  made  pursuant to Section
        4.02(a)(ii)(W), the Class A-6 Accrual Distribution Amount; and

                                       22
<PAGE>

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

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

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

                                       23
<PAGE>

     (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);

(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;

                                       24
<PAGE>

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

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

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

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

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

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

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

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

                                       25
<PAGE>

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

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

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

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

        Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent that 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:

                                       26
<PAGE>

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

(B)  the related Discount  Fraction of the principal  portion of all unscheduled
     collections  on each Discount  Mortgage Loan received  during the preceding
     calendar month or, in the case of Principal Prepayments in Full, during the
     related Prepayment Period (other than amounts received in connection with a
     Cash  Liquidation or REO Disposition of a Discount  Mortgage Loan described
     in clause (C) below), including Principal Prepayments in Full, Curtailments
     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
        sequentially to the Class A-3 Certificates  and Class A-5  Certificates,
        in that order, in each case until the Certificate  Principal  Balance of
        that Class of Certificates has been reduced to zero;

(iii)   third,  an amount  equal to the Class A-6  Accrual  Distribution  Amount
        shall  be  distributed  to  the  Class  A-5   Certificates,   until  the
        Certificate  Principal  Balance of the Class A-5  Certificates  has been
        reduced to zero, after taking into account any payment made to the Class
        A-5 Certificates pursuant to Section 4.02(b)(ii);

(iv)    fourth, the Senior Principal Distribution Amount shall be distributed 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; and

                                       27
<PAGE>

(v)     fifth, the balance of the Senior Principal Distribution Amount remaining
        after  the  distribution  described  in  Section  4.02(b)(iv)  shall  be
        distributed in the following manner and priority:

               (A) first,  concurrently,  on a pro rata basis in accordance with
           their respective  Certificate  Principal  Balances,  to the Class A-1
           Certificates and Class A-7 Certificates,  and, after, the Certificate
           Principal  Balances  of the  Class  A-1  Certificates  and  Class A-7
           Certificates   have  been   reduced   to  zero,   to  the  Class  A-2
           Certificates,  until the Certificate Principal Balance of each of the
           Class A-1, Class A-2 and Class A-7  Certificates  has been reduced to
           its respective  Planned  Principal Balance for such Distribution Date
           set forth in the table entitled "Planned Principal Balances, Table I"
           attached to this Agreement as Exhibit Five;

               (B) second,  after the payments of principal  made in  accordance
           with Sections  4.02(b)(ii) and (v)(A),  sequentially to the Class A-3
           Certificates  and Class A-4  Certificates,  in that order,  until the
           Certificate  Principal  Balance of each of the Class A-3 Certificates
           and Class A-4 Certificates has been reduced to its respective Planned
           Principal  Balance for such  Distribution Date set forth in the table
           entitled  "Planned  Principal  Balances,  Table II"  attached to this
           Agreement as Exhibit Six;

               (C) third,  after the  payments of principal  made in  accordance
           with Sections 4.02(b)(ii), (iii), (v)(A) and (v)(B), to the Class A-5
           Certificates,  until the Certificate  Principal  Balance of the Class
           A-5 Certificates has been reduced to the Targeted  Principal  Balance
           for such Distribution Date set forth in the table entitled  "Targeted
           Principal Balances" attached to this Agreement as Exhibit Seven;

               (D) fourth,  after the payments of principal  made in  accordance
           with  Sections   4.02(b)(v)(A)  through  (v)(C),  to  the  Class  A-6
           Certificates,  until the Certificate  Principal  Balance of the Class
           A-6 Certificates has been reduced to zero;

               (E) fifth,  after the  payments of principal  made in  accordance
           with Sections  4.02(b)(ii),  (iii) and (v)(A) through (v)(D),  to the
           Class A-5  Certificates,  without  regard to its  Targeted  Principal
           Balance for such Distribution  Date, until the Certificate  Principal
           Balance of the Class A-5 Certificates has been reduced to zero;

               (F) sixth,  after the  payments of principal  made in  accordance
           with Sections 4.02(b)(ii) and (v)(A) through (v)(E),  sequentially to
           the Class A-3 Certificates and Class A-4 Certificates, in that order,
           without regard to their  respective  Planned  Principal  Balances for
           such Distribution  Date, until the Certificate  Principal Balances of
           the Class A-3  Certificates  and  Class  A-4  Certificates  have been
           reduced to zero;

               (G) seventh, concurrently, on a pro rata basis in accordance with
           their respective  Certificate Principal Balances,  after the payments
           of principal made in accordance with Sections  4.02(b)(v)(A)  through
           (v)(F),  to the Class A-1  Certificates  and Class A-7  Certificates,
           without regard to their  respective  Planned  Principal  Balances for
           such Distribution  Date, until the Certificate  Principal Balances of
           the Class A-1  Certificates  and  Class  A-7  Certificates  have been
           reduced to zero; and

                                       28
<PAGE>

               (H) eighth,  after the payments of principal  made in  accordance
           with  clauses  (v)(A)   through  (v)(G)  above,   to  the  Class  A-2
           Certificates,  without regard to the Planned Principal Balance of the
           Class  A-2  Certificates  for  such  Distribution   Date,  until  the
           Certificate  Principal Balance of the Class A-2 Certificates has been
           reduced to zero.

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

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

(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

                                       29
<PAGE>

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

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

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

(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 6.25% 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  and Class A-5  Certificates  as a
distribution of principal pursuant to Section  4.02(b)(ii) until the Certificate

                                       30
<PAGE>

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.

(i) On each  Distribution  Date  preceding the Class A-6  Accretion  Termination
Date,  Accrued  Certificate  Interest that would otherwise be distributed on the
Class A-6 Certificates will be added to the Certificate Principal Balance of the
Class A-6 Certificates and such amount will thereafter accrue interest at a rate
of 6.25% per annum.  On the Class A-6 Accretion  Termination  Date,  the Accrued
Certificate Interest on the Class A-6 Certificates for such date will be payable
to the holders of the Class A-5  Certificates  as a  distribution  of  principal
pursuant to Section 4.02(b)(iii) until the Certificate Principal Balance thereof
has been  reduced  to zero,  any such  amount  will be added to the  Certificate
Principal  Balance of the Class A-6  Certificates,  and any remaining  amount of
Accrued  Certificate  Interest  will be paid to the  holders  of the  Class  A-6
Certificates  as a  distribution  of  interest  and  will  not be  added  to the
Certificate  Principal  Balance  thereof;  provided,  however,  if the Class A-6
Accretion  Termination  Date is the Credit  Support  Depletion  Date, the entire
amount of Accrued  Certificate  Interest on the Class A-6  Certificates for such
date  will  be  payable  to the  holders  of the  Class  A-6  Certificates  as a
distribution  of  interest  and will not be added to the  Certificate  Principal
Balance thereof.

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

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

Section 4.05.  Allocation of Realized Losses.

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

                                       31
<PAGE>

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
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.

                                       32
<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)

                                       33
<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)

                                       34
<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       35
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       36
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       37
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       38
<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

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

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

Section 10.03..Designation of REMICs.

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

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

        The Class A-1,  Class A-2,  Class A-3,  Class A-4, Class A-5, Class A-6,
Class A-7,  Class A-7A,  Class A-P,  Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3  Certificates  and the  Uncertificated  REMIC II Regular
Interests  Z, the  rights in and to which will be  represented  by the Class A-V
Certificates,  will be  "regular  interests"  in REMIC II,  and the  Class  R-II
Certificates will be the sole class of "residual interests" therein for purposes
of the REMIC Provisions (as defined herein) under federal income tax law. On and
after the date of issuance of any Subclass of Class A-V Certificates pursuant to
Section 5.01(c),  any such Subclass will represent the  Uncertificated  REMIC II
Regular Interest or Interests Z specified by the initial Holder of the Class A-V
Certificates pursuant to said Section.

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

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

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

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

                                       39
<PAGE>

        (b)The  amount  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed to (i) Uncertificated REMIC I Regular Interest V, (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
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest V;

               (iii) Realized Losses allocated to the Class A-7 Certificates and
        Class A-7A Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest W;

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

               (v) Realized Losses  allocated to the Class A-2, Class A-3, 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

               (vi) 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

                                       40
<PAGE>

in respect of the Uncertificated REMIC II Regular Interests Z in accordance with
their respective  Uncertificated REMIC II Regular Interest Distribution Amounts,
as such  Uncertificated  REMIC II  Regular  Interests  comprise  the  Class  A-V
Certificates.

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

Section 10.05. Compliance with Withholding Requirements.

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

                                       41
<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

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

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

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

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

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

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

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

------------------------ --------------------------------------------------
------------------------ --------------------------------------------------
Trustee                  Corporate Trust Office
                         1761 East St. Andrew Place
                         Santa Ana, California 92705-4934,
                         Attention:  Residential Accredit Loans, Inc.
                        Series 2001-QS16

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

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

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

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

                                       42
<PAGE>

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

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

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

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

Section 11.09. Allocation of Voting Rights.

               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;  1% of all Voting Rights shall be allocated among
the Holders of the Class A-7A Certificates,  in accordance with their respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-V  Certificates,  in  accordance  with  their  respective
Percentage  Interests;  0.5% of all Voting  Rights shall be allocated  among the
Holders of the Class R-I  Certificates,  in  accordance  with  their  respective
Percentage Interests; and 0.5% of all Voting Rights shall be allocated among the
Holders of the Class R-II  Certificates,  in  accordance  with their  respective
Percentage Interests.

Section 11.10. No Petition.

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

                                       43
<PAGE>

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

                                            RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

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

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

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

                                       44
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 29th day of November,  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//Brain S. Bangerter
                                                   ---------------------------
                                                          Notary Public
[Notarial Seal]

                                       45
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 29th day of November,  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//Brain S. Bangerter
                                                   --------------------------
                                                          Notary Public
[Notarial Seal]

                                       46
<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 29th day of November,  2001 before me, a notary  public in
and for said State, personally appeared Barbara Campbell, known to me to be a[n]
Assistant  Secretary of Bankers Trust Company,  the New York banking corporation
that executed the within  instrument,  and also known to me to be the person who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

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

                                                   //s// T.S. Tripp
                                                   -------------------------
                                                          Notary Public

[Notarial Seal]

                                       47
<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 11/21/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 09.27.54           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2001-QS16                                 CUTOFF : 11/01/01
  POOL       : 0004553
             :
             :
  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
  -------------------------------------------------------------------------

      4066669                              .2500
      105,554.09                          .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            6.2500                        2.5450

      4525213                              .2500
      219,491.50                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.2500                        1.6700

      4619771                              .2500
      358,246.81                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      4719331                              .2500
      106,809.10                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.2500                        2.0450

      4776096                              .2500
      136,403.55                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      4791490                              .2500
      596,409.41                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.2500                        1.5450
1

      4800377                              .2500
      429,303.21                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      4813781                              .2500
      132,500.24                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      4833467                              .2500
       77,707.57                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.2500                        1.9200

      4878643                              .2500
      360,156.54                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.2500                        1.5450

      4921290                              .2500
       99,716.60                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      4932418                              .2500
       85,223.64                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.2500                        1.6700

      4935703                              .2500
       54,244.92                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      4953956                              .2500
      141,340.83                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.2500                        1.9200
1

      4962015                              .2500
      187,727.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      4984780                              .2500
      102,091.91                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      4989219                              .2500
      282,193.26                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      5009460                              .2500
      112,430.08                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.2500                        1.7950

      5020491                              .2500
      475,308.77                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      5033057                              .2500
       49,906.10                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.2500                        1.7950

      5043936                              .2500
       68,477.89                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      5051212                              .2500
      245,817.35                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.2500                        1.6700
1

      5067530                              .2500
      248,289.52                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      5068675                              .2500
      171,604.95                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      5069594                              .2500
      111,773.04                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.2500                        1.4200

      5081641                              .2500
       43,903.85                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      5085343                              .2500
       53,849.89                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      5085396                              .2500
       30,459.87                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      5101726                              .2500
       69,255.81                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.2500                        1.6700

      5105666                              .2500
      122,930.71                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450
1

      5115928                              .2500
      199,584.37                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      5117861                              .2500
       73,439.17                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      5130818                              .2500
      439,014.25                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      5133971                              .2500
      179,616.41                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      5135178                              .2500
       86,814.60                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      5139756                              .2500
      397,142.82                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      5141699                              .2500
      284,422.48                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.2500                        1.4200

      5153159                              .2500
      128,316.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.2500                        1.5450
1

      5154124                              .2500
      122,768.77                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      5159130                              .2500
      303,569.48                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      5159319                              .2500
      137,724.67                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      5159660                              .2500
       52,058.47                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.2500                        1.4200

      5161096                              .2500
      297,122.91                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.2500                        1.9200

      5170307                              .2500
       75,846.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.2500                        1.4200

      5174536                              .2500
      114,390.26                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.2500                        1.9200

      5175672                              .2500
      274,590.54                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200
1

      5179453                              .2500
      348,176.60                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      5188035                              .2500
      598,814.55                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.2500                        1.5450

      5188230                              .2500
      165,877.55                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      5189148                              .2500
      199,716.77                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      5192229                              .2500
      125,020.23                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.2500                        1.6700

      5194723                              .2500
      308,208.15                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      5197277                              .2500
      118,805.52                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      5199611                              .2500
      351,513.91                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950
1

      5199710                              .2500
      289,589.31                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      5202715                              .2500
      138,937.68                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.2500                        1.4200

      5203029                              .2500
      140,022.79                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.2500                        1.5450

      5204965                              .2500
      132,611.93                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      5211285                              .2500
      303,118.76                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      5215166                              .2500
       53,135.29                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.2500                        1.9200

      5216356                              .2500
      417,345.87                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      5218730                              .2500
      177,682.45                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.2500                        2.0450
1

      5232545                              .2500
      483,297.15                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      5234981                              .2500
      274,101.40                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      5235535                              .2500
      166,047.85                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.2500                        1.9200

      5239250                              .2500
      121,331.63                          .0800
            8.5000                         .0000
            8.2500                         .0000
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            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      6213190                              .2500
       44,972.03                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.2500                        1.7950

      6213202                              .2500
       99,900.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      6213204                              .2500
       73,150.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      6213218                              .2500
      413,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      6213230                              .2500
      107,100.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      6213252                              .2500
      336,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      6213258                              .2500
      157,600.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200
1

      6213278                              .2500
      147,500.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      6213298                              .2500
      132,800.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      6213308                              .2500
      126,400.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      6213326                              .2500
      177,500.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      6213332                              .2500
      147,600.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      6213348                              .2500
      580,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      6213368                              .2500
      343,200.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      6213394                              .2500
       94,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950
1

      6213410                              .2500
       62,700.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      6213418                              .2500
      144,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      6213422                              .2500
       69,750.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.2500                        1.5450

      6213444                              .2500
      262,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      6213446                              .2500
      101,500.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      6213452                              .2500
      175,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      6213500                              .2500
      160,800.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      6213506                              .2500
      124,800.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450
1

      6213522                              .2500
      108,300.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      6217800                              .2500
       61,500.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      6232650                              .2500
      399,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      6236892                              .2500
      191,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      6236912                              .2500
      150,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      6236920                              .2500
       60,500.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      6236928                              .2500
      138,750.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      6236976                              .2500
      149,800.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950
1

      6236980                              .2500
      467,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      6236996                              .2500
      158,400.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      6237002                              .2500
      140,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      6237022                              .2500
       97,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      6237064                              .2500
      131,200.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      6237078                              .2500
       97,700.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      6237108                              .2500
      123,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      6237132                              .2500
      310,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200
1

      6237166                              .2500
      499,960.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      6238568                              .2500
      148,800.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      6239174                              .2500
      180,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      6240970                              .2500
      118,350.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      6248830                              .2500
      524,569.66                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      6253606                              .2500
      464,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      6256300                              .2500
      331,622.47                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      6261468                              .2500
      119,600.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450
1

      6262966                              .2500
      133,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      6264644                              .2500
      200,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      6264664                              .2500
      171,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      6264666                              .2500
      181,700.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      6264670                              .2500
       86,300.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.2500                        1.5450

      6264672                              .2500
       73,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      6264702                              .2500
       63,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      6264706                              .2500
      177,300.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200
1

      6264736                              .2500
       66,500.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      6264760                              .2500
      246,800.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      6264792                              .2500
      439,500.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      6264800                              .2500
      207,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      6264842                              .2500
      136,800.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      6264846                              .2500
      249,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      6264880                              .2500
      335,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      6264908                              .2500
      210,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950
1

      6264910                              .2500
      117,600.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      6264984                              .2500
       63,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      6264994                              .2500
      240,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      6266152                              .2500
       61,500.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      6290822                              .2500
      144,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      6290926                              .2500
      288,868.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      6291506                              .2500
      125,200.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      6300240                              .2500
      555,607.32                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450
1

      6305724                              .2500
      480,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      6319660                              .2500
       86,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.2500                        1.4200

      6319670                              .2500
      210,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      6319702                              .2500
       86,450.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      6319818                              .2500
      103,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      6320420                              .2500
      159,500.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      6326398                              .2500
      320,500.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      6377164                              .2500
      371,200.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200
1

      6387972                              .2500
      220,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      6401702                              .2500
      178,400.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

  TOTAL NUMBER OF LOANS:     1440
  TOTAL BALANCE........:        292,085,592.16

  RUN ON     : 11/21/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 09.27.54            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS16       FIXED SUMMARY REPORT      CUTOFF : 11/01/01
  POOL       : 0004553
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  --------------------------------------------------------------------------
  CURR NOTE RATE                        7.4535            6.3750      9.1250
  RFC NET RATE                          7.1913            6.1250      8.8750
  NET MTG RATE(INVSTR RATE)             7.1115            6.0950      8.7950
  POST STRIP RATE                       6.2497            6.0950      6.2500
  SUB SERV FEE                           .2622             .2500       .7500
  MSTR SERV FEE                          .0798             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .8618             .0000      2.5450

  TOTAL NUMBER OF LOANS:  1440
  TOTAL BALANCE........:     292,085,592.16

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 11/21/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 09.27.54          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS16                                 CUTOFF : 11/01/01
  POOL       : 0004553
             :
             :
  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 #
  ______________________________________________________________________________

    4066669          A50/G02             F          106,200.00         ZZ
                                         360        105,554.09          3
                                       9.125            864.08         90
                                       8.875            864.08
    EAST RIDGE       TN   37421          1            12/04/00         14
    0433339256                           05           01/01/01         25
    215126                               N            12/01/30
    0

    4525213          X16/G02             F          220,500.00         ZZ
                                         360        219,491.50          2
                                       8.250          1,656.54         90
                                       8.000          1,656.54
    ARDMORE          PA   19003          1            03/30/01         11
    0433235611                           05           05/01/01         25
    0010066870                           N            04/01/31
    0

    4619771          E84/G02             F          360,000.00         ZZ
                                         360        358,246.81          1
                                       7.125          2,425.39         80
                                       6.875          2,425.39
    EUGENE           OR   97401          5            04/10/01         00
    0433235090                           05           06/01/01          0
    60602139                             O            05/01/31
    0

    4719331          664/G02             F          107,000.00         ZZ
                                         360        106,809.10          2
                                       8.625            832.24         35
                                       8.375            832.24
    CHICAGO          IL   60630          5            07/18/01         00
    0433253838                           05           09/01/01          0
1

    0008098964                           O            08/01/31
    0

    4776096          144/144             F          137,000.00         ZZ
                                         360        136,403.55          1
                                       6.750            888.58         58
                                       6.500            888.58
    BLOOMINGBURG     NY   12721          1            05/18/01         00
    1                                    05           07/01/01          0
    1                                    O            06/01/31
    0

    4791490          994/G02             F          598,000.00         ZZ
                                         360        596,409.41          1
                                       8.125          4,440.13         75
                                       7.875          4,440.13
    WESTERVILLE      OH   43082          5            05/23/01         00
    0433231339                           05           07/01/01          0
    3918251373                           O            06/01/31
    0

    4800377          994/G02             F          430,500.00         ZZ
                                         360        429,303.21          2
                                       7.875          3,121.42         70
                                       7.625          3,121.42
    BEACH HAVEN      NJ   08008          1            06/04/01         00
    0433249752                           05           08/01/01          0
    001999992418                         N            07/01/31
    0

    4813781          601/G02             F          133,000.00         ZZ
                                         360        132,500.24          1
                                       7.500            929.96         95
                                       7.250            929.96
    URBANDALE        IA   50322          5            05/21/01         11
    0433046067                           05           07/01/01         30
    6054341                              O            06/01/31
    0

    4833467          994/G02             F           78,000.00         ZZ
                                         360         77,707.57          1
                                       8.500            599.75         63
                                       8.250            599.75
    TUCSON           AZ   85710          2            06/01/01         00
    0433226099                           05           08/01/01          0
    8018374191                           N            07/01/31
    0

1

    4878643          H29/G02             F          361,600.00         T
                                         360        360,156.54          1
                                       8.125          2,684.87         80
                                       7.875          2,684.87
    YORK             ME   03909          1            04/04/01         00
    0433279494                           05           06/01/01          0
    7700015143                           O            05/01/31
    0

    4921290          H37/G02             F          100,000.00         ZZ
                                         360         99,716.60          1
                                       7.750            716.00         64
                                       7.500            716.00
    PAOLI            PA   19301          1            06/29/01         00
    0433251733                           05           08/01/01          0
    00269693                             O            07/01/31
    0

    4932418          K56/G02             F           85,500.00         ZZ
                                         360         85,223.64          1
                                       8.250            642.33         90
                                       8.000            642.33
    MADRAS           OR   97741          2            05/22/01         11
    0433293727                           05           07/01/01         25
    1240209                              N            06/01/31
    0

    4935703          U05/G02             F           54,400.00         ZZ
                                         360         54,244.92          1
                                       7.750            389.73         80
                                       7.500            389.73
    MONTGOMERY       TX   77356          5            06/28/01         00
    0433246659                           01           08/01/01          0
    3142332                              O            07/01/31
    0

    4953956          U05/G02             F          141,600.00         ZZ
                                         360        141,340.83          1
                                       8.500          1,088.78         80
                                       8.250          1,088.78
    BROWNFIELD       TX   79316          5            07/16/01         00
    0433247129                           05           09/01/01          0
    3142874                              O            08/01/31
    0

    4962015          B60/G02             F          188,000.00         ZZ
                                         360        187,727.00          1
                                       7.625          1,330.65         35
                                       7.375          1,330.65
1

    OAK BLUFFS       MA   02557          5            08/16/01         00
    0433262771                           05           10/01/01          0
    333381                               O            09/01/31
    0

    4984780          U05/G02             F          102,400.00         ZZ
                                         360        102,091.91          1
                                       7.500            716.00         80
                                       7.250            716.00
    KYLE             TX   78640          5            06/19/01         00
    0433248119                           05           08/01/01          0
    3135647                              O            07/01/31
    0

    4989219          665/G02             F          283,000.00         ZZ
                                         360        282,193.26          1
                                       7.750          2,027.45         71
                                       7.500          2,027.45
    EAST PALO ALTO   CA   94303          5            06/28/01         00
    0433012499                           05           08/01/01          0
    88102131                             O            07/01/31
    0

    5009460          742/G02             F          112,500.00         ZZ
                                         360        112,430.08          3
                                       8.375            855.08         90
                                       8.125            855.08
    MONROE           NY   10950          1            09/19/01         14
    0433254976                           05           11/01/01         25
    6408223                              N            10/01/31
    0

    5020491          601/G02             F          476,000.00         ZZ
                                         360        475,308.77          1
                                       7.625          3,369.10         80
                                       7.375          3,369.10
    GOLDEN           CO   80401          1            08/06/01         00
    0433222700                           03           10/01/01          0
    60684321                             O            09/01/31
    0

    5033057          U05/G02             F           50,000.00         ZZ
                                         360         49,906.10          1
                                       8.375            380.04         80
                                       8.125            380.04
    HOUSTON          TX   77045          5            07/11/01         00
    0433243144                           05           09/01/01          0
    3144531                              O            08/01/31
    0
1

    5043936          A50/G02             F           68,575.00         ZZ
                                         360         68,477.89          1
                                       7.750            491.28         65
                                       7.500            491.28
    ECLECTIC         AL   36024          5            08/14/01         00
    0433163953                           05           10/01/01          0
    474427                               O            09/01/31
    0

    5051212          U05/G02             F          247,000.00         ZZ
                                         360        245,817.35          1
                                       8.250          1,855.63         74
                                       8.000          1,855.63
    FRISCO           TX   75034          5            07/06/01         00
    0433231271                           03           09/01/01          0
    3132715                              O            08/01/31
    0

    5067530          F89/G02             F          248,900.00         ZZ
                                         360        248,289.52          1
                                       7.500          1,740.34         65
                                       7.250          1,740.34
    LA VERNE         CA   91750          5            07/18/01         00
    0433042629                           05           09/01/01          0
    1239589                              O            08/01/31
    0

    5068675          G52/G02             F          172,000.00         ZZ
                                         360        171,604.95          1
                                       7.375          1,187.96         80
                                       7.125          1,187.96
    OCEANSIDE        CA   92057          1            07/23/01         00
    0433280070                           05           09/01/01          0
    8005000845                           O            08/01/31
    0

    5069594          U05/G02             F          112,000.00         ZZ
                                         360        111,773.04          1
                                       8.000            821.82         45
                                       7.750            821.82
    AUSTIN           TX   78746          5            07/27/01         00
    0433231156                           05           09/01/01          0
    3141139                              O            08/01/31
    0

    5081641          601/G02             F           44,000.00         ZZ
                                         360         43,903.85          1
1

                                       7.625            311.43         72
                                       7.375            311.43
    NIOTA            TN   37826          2            07/12/01         00
    0433032125                           05           09/01/01          0
    60663879                             N            08/01/31
    0

    5085343          074/G02             F           54,000.00         T
                                         360         53,849.89          1
                                       7.875            391.54         80
                                       7.625            391.54
    FORT LAUDERDALE  FL   33308          1            06/05/01         00
    0432930634                           01           08/01/01          0
    1589618005                           O            07/01/31
    0

    5085396          074/G02             F           30,550.00         T
                                         360         30,459.87          1
                                       7.625            216.24         65
                                       7.375            216.24
    DAYTONA BEACH    FL   32118          1            06/15/01         00
    0432954824                           21           08/01/01          0
    1533200517                           O            07/01/31
    0

    5101726          742/G02             F           69,300.00         ZZ
                                         360         69,255.81          3
                                       8.250            520.63         90
                                       8.000            520.63
    ROCHESTER        NY   14607          1            09/26/01         04
    0433303609                           05           11/01/01         25
    376743603                            N            10/01/31
    0

    5105666          U05/G02             F          123,200.00         ZZ
                                         360        122,930.71          1
                                       7.625            872.00         80
                                       7.375            872.00
    LIVINGSTON       TX   77351          5            07/16/01         00
    0433231255                           05           09/01/01          0
    3147549                              O            08/01/31
    0

    5115928          U05/G02             F          200,000.00         ZZ
                                         360        199,584.37          1
                                       7.875          1,450.14         74
                                       7.625          1,450.14
    PLANO            TX   75024          5            07/19/01         00
    0433231305                           03           09/01/01          0
1

    3150688                              O            08/01/31
    0

    5117861          B60/G02             F           73,600.00         ZZ
                                         360         73,439.17          1
                                       7.625            520.94         80
                                       7.375            520.94
    ORANGE           VA   22960          1            07/19/01         00
    0433151834                           05           09/01/01          0
    331850                               O            08/01/31
    0

    5130818          420/G02             F          440,000.00         ZZ
                                         360        439,014.25          1
                                       7.500          3,076.54         80
                                       7.250          3,076.54
    SANTA ROSA       CA   95401          1            07/27/01         00
    0433238250                           05           09/01/01          0
    51001561                             O            08/01/31
    0

    5133971          G52/G02             F          180,000.00         ZZ
                                         360        179,616.41          4
                                       7.750          1,289.54         80
                                       7.500          1,289.54
    TUCSON           AZ   85705          1            07/19/01         00
    0433335726                           05           09/01/01          0
    99008810                             N            08/01/31
    0

    5135178          U05/G02             F           87,000.00         ZZ
                                         360         86,814.60          1
                                       7.750            623.28         67
                                       7.500            623.28
    BROWNSVILLE      TX   78526          5            07/25/01         00
    0433243268                           05           09/01/01          0
    3149363                              O            08/01/31
    0

    5139756          601/G02             F          397,750.00         ZZ
                                         360        397,142.82          1
                                       7.375          2,747.17         70
                                       7.125          2,747.17
    AURORA           CO   80016          5            07/30/01         00
    0433223468                           05           10/01/01          0
    60725900                             O            09/01/31
    0

1

    5141699          994/G02             F          285,000.00         ZZ
                                         360        284,422.48          1
                                       8.000          2,091.23         86
                                       7.750          2,091.23
    ELMHURST         NY   11373          5            07/25/01         10
    0433340098                           05           09/01/01         25
    0218413718                           O            08/01/31
    0

    5153159          A35/G02             F          128,400.00         ZZ
                                         360        128,316.00          1
                                       8.125            953.37         60
                                       7.875            953.37
    MASSAPEQUA       NY   11758          1            09/20/01         00
    0433285178                           05           11/01/01          0
    12246                                N            10/01/31
    0

    5154124          168/168             F          123,500.00         ZZ
                                         360        122,768.77          1
                                       7.625            874.13         71
                                       7.375            874.13
    MACOMB           MI   48044          2            02/22/01         00
    0209533544                           05           04/01/01          0
    0209533544                           O            03/01/31
    0

    5159130          163/G02             F          304,000.00         ZZ
                                         360        303,569.48          1
                                       7.750          2,177.90         80
                                       7.500          2,177.90
    GREENWICH        CT   06830          1            08/15/01         00
    0433281268                           05           10/01/01          0
    1000326596                           O            09/01/31
    0

    5159319          601/G02             F          137,920.00         ZZ
                                         360        137,724.67          1
                                       7.750            988.08         80
                                       7.500            988.08
    BIRCH TREE       MO   65438          2            08/27/01         00
    0433232832                           05           10/01/01          0
    60721826                             O            09/01/31
    0

    5159660          168/168             F           52,200.00         ZZ
                                         360         52,058.47          1
                                       8.000            383.03         90
                                       7.750            383.03
1

    LOCKPORT         NY   14094          1            06/29/01         27
    0059440007                           05           08/01/01         17
    0059440007                           O            07/01/31
    0

    5161096          B28/G02             F          297,600.00         ZZ
                                         360        297,122.91          1
                                       8.500          2,288.29         80
                                       8.250          2,288.29
    FREMONT          CA   94539          1            08/13/01         00
    0433285384                           09           10/01/01          0
    0107180037                           N            09/01/31
    0

    5170307          M96/G02             F           76,000.00         ZZ
                                         360         75,846.00          1
                                       8.000            557.66         95
                                       7.750            557.66
    GRAND RAPIDS     MI   49507          1            07/31/01         10
    0433242450                           05           09/01/01         30
    01060029                             O            08/01/31
    0

    5174536          U05/G02             F          114,600.00         ZZ
                                         360        114,390.26          1
                                       8.500            881.17         80
                                       8.250            881.17
    AUSTIN           TX   78749          5            07/26/01         00
    0433244803                           05           09/01/01          0
    3150563                              O            08/01/31
    0

    5175672          E84/G02             F          275,000.00         ZZ
                                         360        274,590.54          1
                                       7.500          1,922.84         73
                                       7.250          1,922.84
    COLORADO SPRING  CO   80918          1            08/13/01         00
    0433183357                           03           10/01/01          0
    32800715                             O            09/01/31
    0

    5179453          E84/G02             F          348,750.00         ZZ
                                         360        348,176.60          1
                                       7.000          2,320.24         75
                                       6.750          2,320.24
    BEND             OR   97701          2            07/27/01         00
    0433190121                           05           10/01/01          0
    61701579                             O            09/01/31
    0
1

    5188035          601/G02             F          600,000.00         ZZ
                                         360        598,814.55          1
                                       8.125          4,454.98         74
                                       7.875          4,454.98
    OMAHA            NE   68130          5            08/03/01         00
    0433228103                           05           09/01/01          0
    60709490                             O            08/01/31
    0

    5188230          F61/G02             F          166,250.00         ZZ
                                         360        165,877.55          1
                                       7.500          1,162.44         95
                                       7.250          1,162.44
    BUCKLEY          WA   98321          5            07/27/01         04
    0433112737                           03           09/01/01         30
    011082CU                             O            08/01/31
    0

    5189148          601/G02             F          200,000.00         ZZ
                                         360        199,716.77          1
                                       7.750          1,432.83         70
                                       7.500          1,432.83
    SAINT PETERSBUR  FL   33705          1            08/03/01         00
    0433221652                           05           10/01/01          0
    60699501                             O            09/01/31
    0

    5192229          R49/G02             F          125,100.00         ZZ
                                         360        125,020.23          4
                                       8.250            939.83         90
                                       8.000            939.83
    SAN BERNARDINO   CA   92407          1            09/24/01         04
    0433277969                           05           11/01/01         30
    9709534                              N            10/01/31
    0

    5194723          L38/G02             F          308,850.00         ZZ
                                         360        308,208.15          1
                                       7.875          2,239.38         95
                                       7.625          2,239.38
    LADERA RANCH     CA   92694          1            07/11/01         10
    0433238490                           03           09/01/01         30
    070601060                            O            08/01/31
    0

    5197277          144/144             F          119,000.00         ZZ
                                         360        118,805.52          1
1

                                       7.250            811.79         57
                                       7.000            811.79
    MILLBROOK        NY   12545          5            08/22/01         00
    160671958                            05           10/01/01          0
    1                                    O            09/01/31
    0

    5199611          601/G02             F          352,000.00         ZZ
                                         360        351,513.91          1
                                       7.875          2,552.25         80
                                       7.625          2,552.25
    SANIBEL          FL   33957          1            08/17/01         00
    0433222320                           01           10/01/01          0
    60743929                             N            09/01/31
    0

    5199710          E84/G02             F          290,000.00         ZZ
                                         360        289,589.31          1
                                       7.750          2,077.60         65
                                       7.500          2,077.60
    HERMOSA BEACH    CA   90254          5            07/30/01         00
    0433191434                           05           10/01/01          0
    32410270                             O            09/01/31
    0

    5202715          U05/G02             F          139,125.00         ZZ
                                         360        138,937.68          1
                                       8.000          1,020.85         79
                                       7.750          1,020.85
    AUSTIN           TX   78729          5            08/01/01         00
    0433231180                           05           10/01/01          0
    3149494                              O            09/01/31
    0

    5203029          883/G02             F          140,300.00         ZZ
                                         360        140,022.79          1
                                       8.125          1,041.73         80
                                       7.875          1,041.73
    LAKE WORTH       FL   33467          1            07/10/01         00
    0433192341                           05           09/01/01          0
    05011520                             O            08/01/31
    0

    5204965          601/G02             F          132,800.00         ZZ
                                         360        132,611.93          1
                                       7.750            951.40         80
                                       7.500            951.40
    PEARLAND         TX   77581          1            08/02/01         00
    0433225067                           03           10/01/01          0
1

    60744778                             O            09/01/31
    0

    5211285          E22/G02             F          303,750.00         ZZ
                                         360        303,118.76          1
                                       7.875          2,202.40         75
                                       7.625          2,202.40
    DENVER           CO   80234          5            07/20/01         00
    0412832693                           03           09/01/01          0
    0412832693                           O            08/01/31
    0

    5215166          601/G02             F           53,200.00         ZZ
                                         360         53,135.29          2
                                       8.500            409.07         80
                                       8.250            409.07
    DALLAS           TX   75253          1            08/03/01         00
    0433232907                           05           10/01/01          0
    60746856                             N            09/01/31
    0

    5216356          E84/G02             F          418,000.00         ZZ
                                         360        417,345.87          1
                                       7.250          2,851.50         77
                                       7.000          2,851.50
    EVERGREEN        CO   80439          2            08/13/01         00
    0433187036                           03           10/01/01          0
    32800784                             O            09/01/31
    0

    5218730          E84/G02             F          178,000.00         ZZ
                                         360        177,682.45          1
                                       8.625          1,384.47         80
                                       8.375          1,384.47
    CHICAGO          IL   60630          1            08/02/01         00
    0433190519                           05           09/01/01          0
    11208041                             N            08/01/31
    0

    5232545          601/G02             F          484,000.00         ZZ
                                         360        483,297.15          1
                                       7.625          3,425.73         80
                                       7.375          3,425.73
    MINNETONKA       MN   55305          5            08/10/01         00
    0433232873                           05           10/01/01          0
    6075135-1                            O            09/01/31
    0

1

    5234981          E84/G02             F          274,500.00         ZZ
                                         360        274,101.40          1
                                       7.625          1,942.89         71
                                       7.375          1,942.89
    CLARENDON HILLS  IL   60514          1            08/03/01         00
    0433185337                           05           10/01/01          0
    11008134                             O            09/01/31
    0

    5235535          Q57/G02             F          166,250.00         ZZ
                                         360        166,047.85          1
                                       8.500          1,278.32         95
                                       8.250          1,278.32
    BOCA RATON       FL   33431          5            08/20/01         11
    0433203023                           06           10/01/01         35
    42500013                             O            09/01/31
    0

    5239250          601/G02             F          121,500.00         ZZ
                                         360        121,331.63          4
                                       8.500            934.23         90
                                       8.250            934.23
    ORANGE PARK      FL   32073          1            08/03/01         12
    0433225018                           05           10/01/01         25
    60751534                             N            09/01/31
    0

    5241863          E84/G02             F          126,000.00         ZZ
                                         360        125,830.36          1
                                       8.000            924.54         70
                                       7.750            924.54
    WASHINGTON       DC   20019          1            08/27/01         00
    0433209855                           05           10/01/01          0
    65110828                             O            09/01/31
    0

    5244361          624/G02             F          128,250.00         ZZ
                                         360        128,157.17          1
                                       7.625            907.75         95
                                       7.375            907.75
    APPLE VALLEY     CA   92307          2            09/21/01         01
    0433282142                           05           11/01/01         30
    34083410313F                         O            10/01/31
    0

    5246794          E11/G02             F          125,100.00         ZZ
                                         360        124,927.25          1
                                       7.875            907.06         90
                                       7.625            907.06
1

    BLOOMINGTON      MN   55438          1            08/30/01         12
    0433210697                           03           10/01/01         25
    0002001031071                        O            09/01/31
    0

    5249982          601/G02             F           72,000.00         ZZ
                                         360         71,861.29          1
                                       8.250            540.92         75
                                       8.000            540.92
    ST. CLOUD        FL   34772          1            07/31/01         00
    0433225125                           27           09/01/01          0
    60695939                             O            08/01/31
    0

    5251684          H37/G02             F          170,000.00         ZZ
                                         360        169,873.84          1
                                       7.500          1,188.66         60
                                       7.250          1,188.66
    WAYNE            NJ   07470          5            09/06/01         00
    0433320348                           05           11/01/01          0
    00278297                             O            10/01/31
    0

    5256361          964/G02             F          254,900.00         ZZ
                                         360        254,305.05          1
                                       7.875          1,848.20        100
                                       7.625          1,848.20
    LAS VEGAS        NV   89139          1            08/10/01         10
    0433083318                           05           10/01/01         30
    139384                               O            09/01/31
    0

    5257717          B57/G02             F          577,500.00         ZZ
                                         360        576,206.20          1
                                       7.500          4,037.96         75
                                       7.250          4,037.96
    LOS ANGELES      CA   90272          1            07/20/01         00
    0433290418                           01           09/01/01          0
    2115242                              O            08/01/31
    0

    5258098          E86/G02             F          119,000.00         ZZ
                                         360        118,902.46          1
                                       7.000            791.71         85
                                       6.750            791.71
    BROCKTON         MA   02302          5            08/30/01         11
    0433287653                           05           11/01/01         25
    042822323                            O            10/01/31
    0
1

    5261138          588/G02             F           98,700.00         ZZ
                                         360         98,570.44          3
                                       8.125            732.84         70
                                       7.875            732.84
    HIGHLANDS BOROU  NJ   07732          1            08/23/01         00
    0433287950                           05           10/01/01          0
    1047360                              N            09/01/31
    0

    5261310          601/G02             F          135,000.00         ZZ
                                         360        134,803.94          1
                                       7.625            955.53         73
                                       7.375            955.53
    BOULDER          CO   80301          1            08/31/01         00
    0433229960                           01           10/01/01          0
    60770252                             N            09/01/31
    0

    5263683          964/G02             F          125,000.00         ZZ
                                         360        124,804.39          1
                                       7.250            852.72         54
                                       7.000            852.72
    SAN LUIS OBISPO  CA   93401          5            08/29/01         00
    0433223062                           01           10/01/01          0
    1                                    O            09/01/31
    0

    5265563          E22/G02             F           44,000.00         ZZ
                                         360         43,898.93          1
                                       7.375            303.90         66
                                       7.125            303.90
    PLEASANT GROVE   AL   35127          5            07/31/01         00
    0412854341                           05           09/01/01          0
    0412854341                           O            08/01/31
    0

    5267612          R55/G02             F          126,000.00         ZZ
                                         360        125,846.78          1
                                       8.500            968.84         90
                                       8.250            968.84
    REDFORD          MI   48239          5            08/27/01         27
    0433213345                           05           10/01/01         25
    100094600000098                      O            09/01/31
    0

    5270290          S11/G02             F          148,000.00         ZZ
                                         360        147,779.63          1
1

                                       7.500          1,034.84         80
                                       7.250          1,034.84
    CHINO            CA   91710          1            08/24/01         00
    0433218724                           05           10/01/01          0
    10203943                             O            09/01/31
    0

    5274596          E84/G02             F          213,650.00         ZZ
                                         360        213,354.97          1
                                       7.875          1,549.11         75
                                       7.625          1,549.11
    ARVADA           CO   80007          1            08/17/01         00
    0433184017                           05           10/01/01          0
    32800889                             O            09/01/31
    0

    5278312          601/G02             F          110,400.00         ZZ
                                         360        110,228.24          1
                                       8.250            829.40         80
                                       8.000            829.40
    ATLANTA          GA   30316          1            08/28/01         00
    0433227253                           05           10/01/01          0
    60778479                             N            09/01/31
    0

    5281686          601/G02             F          108,000.00         ZZ
                                         360        107,868.68          4
                                       8.500            830.43         90
                                       8.250            830.43
    MANSFIELD        TX   76063          1            08/20/01         10
    0433224854                           05           10/01/01         25
    60774702                             N            09/01/31
    0

    5281900          601/G02             F          108,000.00         ZZ
                                         360        107,868.68          4
                                       8.500            830.43         90
                                       8.250            830.43
    MANSFIELD        TX   76063          1            08/20/01         10
    0433226578                           05           10/01/01         25
    60773017                             N            09/01/31
    0

    5283574          588/G02             F          315,000.00         ZZ
                                         360        314,563.00          1
                                       7.875          2,283.97         90
                                       7.625          2,283.97
    WEST VINCENT TO  PA   19425          1            08/15/01         04
    0433288636                           05           10/01/01         25
1

    00010456241                          O            09/01/31
    0

    5287918          F32/G02             F           68,000.00         T
                                         360         67,954.37          1
                                       8.000            498.96         80
                                       7.750            498.96
    ELLIJAY          GA   30540          1            09/05/01         00
    0433227543                           05           11/01/01          0
    1                                    O            10/01/31
    0

    5288231          550/550             F          342,000.00         ZZ
                                         360        341,194.76          1
                                       7.250          2,333.05         58
                                       7.000          2,333.05
    SAN FRANCISCO    CA   94117          2            07/20/01         00
    120517235                            01           09/01/01          0
    120517235                            N            08/01/31
    0

    5288856          H22/G02             F          136,000.00         ZZ
                                         360        135,896.51          1
                                       7.375            939.32         80
                                       7.125            939.32
    MIDDLETOWN       NY   10941          1            09/06/01         00
    0433223807                           05           11/01/01          0
    0107024                              O            10/01/31
    0

    5295301          S27/G02             F           47,000.00         ZZ
                                         360         46,938.29          1
                                       8.125            348.98         44
                                       7.875            348.98
    CHICAGO          IL   60632          1            08/22/01         00
    0433210879                           05           10/01/01          0
    1130003465                           O            09/01/31
    0

    5295596          601/G02             F          106,850.00         ZZ
                                         360        106,690.89          1
                                       7.500            747.12         95
                                       7.250            747.12
    LEES SUMMIT      MO   64086          5            08/31/01         11
    0433232303                           05           10/01/01         30
    60741337                             O            09/01/31
    0

1

    5298361          E22/G02             F           81,600.00         ZZ
                                         360         81,484.45          1
                                       7.750            584.59         80
                                       7.500            584.59
    HOUSTON          TX   77079          1            08/09/01         00
    0412862641                           09           10/01/01          0
    0412862641                           O            09/01/31
    0

    5299322          T90/G02             F           52,560.00         ZZ
                                         360         52,496.09          3
                                       8.500            404.14         90
                                       8.250            404.14
    MILWAUKEE        WI   53204          1            08/27/01         04
    0433262078                           05           10/01/01         25
    55557                                N            09/01/31
    0

    5304361          G52/G02             F          306,500.00         ZZ
                                         360        306,065.96          1
                                       7.750          2,195.80         84
                                       7.500          2,195.80
    DRAPER           UT   84020          2            08/15/01         10
    0433288065                           05           10/01/01         12
    7705000301                           O            09/01/31
    0

    5306394          U05/G02             F           50,500.00         ZZ
                                         360         50,433.71          1
                                       8.125            374.96         51
                                       7.875            374.96
    CROSBY           TX   77532          5            08/23/01         00
    0433218914                           05           10/01/01          0
    3158634                              O            09/01/31
    0

    5308902          E22/G02             F           54,400.00         ZZ
                                         360         54,321.01          1
                                       7.625            385.04         80
                                       7.375            385.04
    HIALEAH          FL   33010          1            08/10/01         00
    0412893729                           01           10/01/01          0
    0412893729                           O            09/01/31
    0

    5309729          806/G02             F          194,100.00         ZZ
                                         360        193,696.62          1
                                       7.875          1,407.36         80
                                       7.625          1,407.36
1

    CHULA VISTA      CA   91915          1            07/13/01         00
    0433088978                           03           09/01/01          0
    1050003670                           O            08/01/31
    0

    5309873          601/G02             F           95,100.00         ZZ
                                         360         94,984.36          2
                                       8.500            731.24         77
                                       8.250            731.24
    LAKE HILLS       TX   78063          2            08/15/01         00
    0433225174                           05           10/01/01          0
    60740081                             N            09/01/31
    0

    5311531          601/G02             F           65,250.00         ZZ
                                         360         65,168.60          1
                                       8.375            495.95         75
                                       8.125            495.95
    CYPRESS          TX   77429          5            08/20/01         00
    0433232642                           05           10/01/01          0
    60785680                             N            09/01/31
    0

    5311990          964/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.000          2,528.15         16
                                       6.750          2,528.15
    SANTA MONICA     CA   90402          2            10/05/01         00
    0433307352                           05           12/01/01          0
    141175                               N            11/01/31
    0

    5315518          P01/G02             F           60,800.00         ZZ
                                         360         60,760.23          1
                                       8.125            451.44         80
                                       7.875            451.44
    NEW MILFORD      CT   06776          1            09/19/01         00
    0433266467                           05           11/01/01          0
    01004307                             O            10/01/31
    0

    5316363          T44/G02             F           54,000.00         ZZ
                                         360         53,923.53          1
                                       7.750            386.86         78
                                       7.500            386.86
    WINTER HAVEN     FL   33884          1            08/17/01         00
    0433195963                           03           10/01/01          0
    1018965                              N            09/01/31
    0
1

    5316656          950/G02             F           82,500.00         ZZ
                                         360         82,396.85          1
                                       8.375            627.06         75
                                       8.125            627.06
    REDMOND          WA   98052          5            08/17/01         00
    0433274594                           01           10/01/01          0
    E1107035                             N            09/01/31
    0

    5317463          B60/G02             F          100,000.00         ZZ
                                         360         99,847.34          1
                                       7.375            690.68         55
                                       7.125            690.68
    SAN DIEGO        CA   92154          5            08/15/01         00
    0433282431                           05           10/01/01          0
    345659                               N            09/01/31
    0

    5319245          E22/G02             F           92,800.00         ZZ
                                         360         92,675.06          1
                                       8.000            680.93         80
                                       7.750            680.93
    ALBUQUERQUE      NM   87104          2            08/07/01         00
    0412877052                           07           10/01/01          0
    0412877052                           N            09/01/31
    0

    5322428          227/G02             F          384,000.00         ZZ
                                         360        383,735.73          1
                                       7.875          2,784.27         80
                                       7.625          2,784.27
    KENNEBUNK        ME   04043          5            09/07/01         00
    0433241742                           05           11/01/01          0
    1960978                              O            10/01/31
    0

    5325029          G52/G02             F          200,000.00         ZZ
                                         360        199,671.18          1
                                       7.000          1,330.60         77
                                       6.750          1,330.60
    TUCSON           AZ   85745          5            08/17/01         00
    0433313772                           05           10/01/01          0
    7000000804                           O            09/01/31
    0

    5336894          601/G02             F          108,000.00         ZZ
                                         360        107,861.79          1
1

                                       8.250            811.37         80
                                       8.000            811.37
    ATLANTA          GA   30315          1            08/24/01         00
    0433230158                           05           10/01/01          0
    60771219                             N            09/01/31
    0

    5337536          738/G02             F          214,500.00         ZZ
                                         360        214,196.22          3
                                       7.750          1,536.71         78
                                       7.500          1,536.71
    POMPANO BEACH    FL   33062          1            08/21/01         00
    0433256047                           05           10/01/01          0
    00400825900009                       O            09/01/31
    0

    5339492          U05/G02             F          121,600.00         ZZ
                                         360        121,427.79          1
                                       7.750            871.16         80
                                       7.500            871.16
    LAKE VILLA       IL   60046          1            08/17/01         00
    0433174257                           05           10/01/01          0
    3160881                              O            09/01/31
    0

    5340706          369/G02             F          109,600.00         ZZ
                                         360        109,436.81          1
                                       7.500            766.34         80
                                       7.250            766.34
    SHOW LOW         AZ   85901          1            08/23/01         00
    0433276227                           05           10/01/01          0
    0073313231                           O            09/01/31
    0

    5342762          N47/G02             F          248,850.00         ZZ
                                         360        248,674.37          1
                                       7.750          1,782.79         90
                                       7.500          1,782.79
    PUKALANI         HI   96768          1            09/13/01         04
    0433237781                           05           11/01/01         25
    30111347                             O            10/01/31
    0

    5346122          940/G02             F          165,000.00         ZZ
                                         360        164,877.55          1
                                       7.500          1,153.70         75
                                       7.250          1,153.70
    UPLAND           CA   91784          1            09/01/01         00
    0433217486                           05           11/01/01          0
1

    60010230                             O            10/01/31
    0

    5347762          E84/G02             F          196,800.00         ZZ
                                         360        196,554.51          1
                                       8.375          1,495.82         80
                                       8.125          1,495.82
    BROOMFIELD       CO   80020          1            08/29/01         00
    0433194453                           05           10/01/01          0
    81030287                             N            09/01/31
    0

    5347797          U05/G02             F           71,200.00         ZZ
                                         360         71,141.63          1
                                       7.000            473.70         80
                                       6.750            473.70
    SAN MARCOS       TX   78666          5            09/25/01         00
    0433274511                           05           11/01/01          0
    3161235                              O            10/01/31
    0

    5350237          B60/G02             F          117,000.00         ZZ
                                         360        116,816.90          1
                                       7.250            798.15         83
                                       7.000            798.15
    AKRON            OH   44319          2            08/17/01         01
    0433288529                           05           10/01/01         12
    349445                               O            09/01/31
    0

    5351350          964/G02             F          240,000.00         ZZ
                                         360        239,543.95          1
                                       7.250          1,637.22         80
                                       7.000          1,637.22
    PARKER           CO   80138          5            08/01/01         00
    0433101243                           05           10/01/01          0
    137291                               O            09/01/31
    0

    5353974          700/G02             F          171,000.00         ZZ
                                         360        170,882.32          3
                                       7.875          1,239.87         95
                                       7.625          1,239.87
    LONG BEACH       CA   90804          1            09/10/01         01
    0433258597                           05           11/01/01         30
    00260943                             O            10/01/31
    0

1

    5354314          E76/G02             F           79,200.00         ZZ
                                         360         79,085.00          1
                                       7.625            560.57         80
                                       7.375            560.57
    FORT WORTH       TX   76137          1            08/14/01         00
    0433117991                           03           10/01/01          0
    10006901                             O            09/01/31
    0

    5361683          G52/G02             F          106,250.00         ZZ
                                         360        106,029.18          1
                                       7.875            770.39         85
                                       7.625            770.39
    FONTANA (AREA)   CA   92335          5            07/27/01         10
    0433280021                           05           09/01/01         12
    8905001143                           O            08/01/31
    0

    5364103          S27/G02             F          127,700.00         ZZ
                                         360        127,532.37          4
                                       8.125            948.17         90
                                       7.875            948.17
    JACKSONVILLE     FL   32210          1            08/23/01         10
    0433238383                           05           10/01/01         25
    1010012136                           N            09/01/31
    0

    5364241          136/136             F          176,250.00         ZZ
                                         360        174,071.64          2
                                       7.750          1,262.68         75
                                       7.500          1,262.68
    BRONX            NY   10466          1            08/03/01         00
    4642030                              05           10/01/01          0
    4642030                              O            09/01/31
    0

    5364354          E76/G02             F          218,250.00         ZZ
                                         360        217,977.74          1
                                       8.375          1,658.86         90
                                       8.125          1,658.86
    LITTLETON        CO   80122          1            08/30/01         21
    0433237468                           05           10/01/01         25
    10007420                             O            09/01/31
    0

    5366247          N60/N60             F          396,000.00         ZZ
                                         360        395,713.39          1
                                       7.625          2,802.86         80
                                       7.375          2,802.86
1

    ENGLEWOOD        OH   45322          5            09/06/01         00
    870093696                            05           11/01/01          0
    870093696                            O            10/01/31
    0

    5366446          S27/G02             F          135,000.00         ZZ
                                         360        134,813.57          1
                                       7.875            978.85         77
                                       7.625            978.85
    LAKE IN THE HIL  IL   60102          2            08/21/01         00
    0433220589                           05           10/01/01          0
    1130003248                           O            09/01/31
    0

    5366716          B57/G02             F          380,000.00         ZZ
                                         360        379,731.80          1
                                       7.750          2,722.37         80
                                       7.500          2,722.37
    LOS ANGELES      CA   90027          1            09/20/01         00
    0433285251                           05           11/01/01          0
    2116573                              O            10/01/31
    0

    5369346          144/144             F          238,000.00         ZZ
                                         360        237,636.69          1
                                       7.375          1,643.81         79
                                       7.125          1,643.81
    PLAINVIEW        NY   11803          5            08/24/01         00
    160672055                            05           10/01/01          0
    160672055                            O            09/01/31
    0

    5369844          E11/G02             F           95,000.00         ZZ
                                         360         94,872.08          1
                                       8.000            697.08         66
                                       7.750            697.08
    MAPLE LAKE       MN   55358          5            08/24/01         00
    0433206042                           05           10/01/01          0
    003001034404                         O            09/01/31
    0

    5370297          A35/G02             F          144,000.00         ZZ
                                         240        143,747.83          1
                                       7.750          1,182.17         78
                                       7.500          1,182.17
    HUNTINGTON STAT  NY   11746          2            09/04/01         00
    0433252640                           05           11/01/01          0
    S12299                               O            10/01/21
    0
1

    5370417          K15/G02             F           99,700.00         ZZ
                                         360         99,578.77          1
                                       8.500            766.61         95
                                       8.250            766.61
    NEW BRITAIN      CT   06051          5            08/23/01         11
    0433171501                           05           10/01/01         30
    037905303893                         O            09/01/31
    0

    5373795          E22/G02             F           76,500.00         ZZ
                                         360         76,399.58          1
                                       8.125            568.01         85
                                       7.875            568.01
    LACOMBE          LA   70445          5            08/13/01         04
    0412809329                           05           10/01/01         12
    0412809329                           O            09/01/31
    0

    5374463          B28/G02             F          330,000.00         ZZ
                                         360        329,588.34          1
                                       8.375          2,508.24         75
                                       8.125          2,508.24
    LITTLETON        CO   80122          5            08/24/01         00
    0433258308                           03           10/01/01          0
    01000455                             N            09/01/31
    0

    5377048          M66/G02             F          110,000.00         ZZ
                                         360        109,851.87          1
                                       8.000            807.15         80
                                       7.750            807.15
    VINELAND         NJ   08360          1            08/31/01         00
    0433254653                           05           10/01/01          0
    215658                               O            09/01/31
    0

    5377883          286/286             F           48,800.00         ZZ
                                         360         48,667.70          1
                                       8.000            358.08         80
                                       7.750            358.08
    MEMPHIS          TN   38111          1            06/27/01         00
    9941756                              05           08/01/01          0
    9941756                              N            07/01/31
    0

    5378767          738/G02             F          167,000.00         ZZ
                                         360        166,769.38          1
1

                                       7.875          1,210.87         53
                                       7.625          1,210.87
    JEFFERSON        GA   30549          5            08/27/01         00
    0433256443                           05           10/01/01          0
    5804085                              O            09/01/31
    0

    5381211          L86/G02             F          505,500.00         ZZ
                                         360        504,747.55          2
                                       7.500          3,534.53         70
                                       7.250          3,534.53
    LAGUNA BEACH     CA   92651          5            08/27/01         00
    0433236833                           05           10/01/01          0
    20507663                             O            09/01/31
    0

    5381657          601/G02             F           80,250.00         ZZ
                                         360         80,149.92          1
                                       8.375            609.96         75
                                       8.125            609.96
    DECATUR          GA   30032          1            08/31/01         00
    0433230422                           05           10/01/01          0
    6062624-9                            N            09/01/31
    0

    5382807          G34/G02             F           58,500.00         ZZ
                                         360         58,428.87          3
                                       8.500            449.81         90
                                       8.250            449.81
    SOUTH BEND       IN   46628          1            08/30/01         04
    0433263282                           05           10/01/01         25
    850009492                            N            09/01/31
    0

    5385090          S20/G02             F           46,750.00         ZZ
                                         360         46,685.45          1
                                       7.875            338.97         85
                                       7.625            338.97
    COLUMBIA         SC   29205          5            08/24/01         12
    0433215274                           05           10/01/01         12
    0112446                              O            09/01/31
    0

    5387890          X16/G02             F           77,000.00         ZZ
                                         360         76,785.94          1
                                       7.875            558.30         77
                                       7.625            558.30
    NEWFOUNDLAND     PA   18445          5            07/20/01         00
    0433227881                           05           09/01/01          0
1

    0010067288                           O            08/01/31
    0

    5388254          Q57/G02             F          308,000.00         ZZ
                                         360        307,518.01          1
                                       7.250          2,101.10         80
                                       7.000          2,101.10
    FALLBROOK        CA   92028          1            08/23/01         00
    0433233871                           05           10/01/01          0
    44500000                             O            09/01/31
    0

    5390069          R26/G02             F          205,500.00         ZZ
                                         360        205,358.57          1
                                       7.875          1,490.02         75
                                       7.625          1,490.02
    SEATTLE          WA   98155          5            08/30/01         00
    0433252616                           05           11/01/01          0
    CORP010000216                        O            10/01/31
    0

    5391009          M43/G02             F           79,200.00         ZZ
                                         360         79,076.07          1
                                       7.250            540.29         90
                                       7.000            540.29
    CHESTERFIELD     VA   23832          5            08/27/01         11
    0433237633                           05           10/01/01         25
    744610222                            O            09/01/31
    0

    5391398          H19/G02             F           87,000.00         ZZ
                                         360         86,894.21          1
                                       8.500            668.96         80
                                       8.250            668.96
    KANSAS CITY      MO   64114          5            08/31/01         00
    0433258894                           05           10/01/01          0
    0002300754                           N            09/01/31
    0

    5391404          U28/G02             F          134,000.00         ZZ
                                         360        133,900.55          1
                                       7.500            936.95         80
                                       7.250            936.95
    COMER            GA   30629          5            09/11/01         00
    0433244530                           05           11/01/01          0
    1                                    O            10/01/31
    0

1

    5392056          H81/G02             F          319,000.00         ZZ
                                         360        318,548.24          1
                                       7.750          2,285.36         80
                                       7.500          2,285.36
    GRAFTON          WI   53024          2            08/31/01         00
    0433289188                           05           10/01/01          0
    WH13456                              O            09/01/31
    0

    5392617          601/G02             F           67,500.00         ZZ
                                         360         67,394.36          1
                                       7.250            460.47         90
                                       7.000            460.47
    DENVER           CO   80206          1            08/31/01         11
    0433222692                           01           10/01/01         25
    60810611                             O            09/01/31
    0

    5395614          E22/G02             F           39,100.00         ZZ
                                         360         39,043.22          1
                                       7.625            276.75         56
                                       7.375            276.75
    DALLAS           TX   75211          5            08/16/01         00
    0412877557                           05           10/01/01          0
    0412877557                           O            09/01/31
    0

    5397678          601/G02             F          348,750.00         ZZ
                                         360        348,256.11          1
                                       7.750          2,498.49         75
                                       7.500          2,498.49
    HOUSTON          TX   77024          1            08/31/01         00
    0433228087                           03           10/01/01          0
    60752599                             N            09/01/31
    0

    5397995          N74/G02             F          118,750.00         ZZ
                                         360        118,661.87          1
                                       7.500            830.32         95
                                       7.250            830.32
    LAYTON           UT   84041          5            08/30/01         01
    0433248457                           05           11/01/01         30
    0029280010                           O            10/01/31
    0

    5398408          E47/G02             F           50,000.00         ZZ
                                         360         49,963.81          1
                                       7.625            353.90         76
                                       7.375            353.90
1

    PORT RICHEY      FL   34668          5            09/05/01         00
    0433176344                           05           11/01/01          0
    7361011329                           O            10/01/31
    0

    5398812          J40/G02             F           72,000.00         ZZ
                                         360         71,898.03          1
                                       7.750            515.82         77
                                       7.500            515.82
    BRANDON          MS   39042          5            08/27/01         00
    0433233681                           05           10/01/01          0
    7722597                              O            09/01/31
    0

    5399252          U05/G02             F           70,240.00         ZZ
                                         360         70,154.60          1
                                       8.500            540.08         80
                                       8.250            540.08
    COLLINSVILLE     TX   76233          5            08/30/01         00
    0433209079                           05           10/01/01          0
    3162899                              O            09/01/31
    0

    5399293          601/G02             F           55,000.00         ZZ
                                         360         54,920.13          1
                                       7.625            389.29         63
                                       7.375            389.29
    KISSIMMEE        FL   34743          5            08/27/01         00
    0433225398                           05           10/01/01          0
    60782588                             O            09/01/31
    0

    5399750          369/G02             F          396,000.00         ZZ
                                         360        395,453.15          1
                                       7.875          2,871.28         90
                                       7.625          2,871.28
    ORLANDO          FL   32803          1            08/24/01         14
    0433252350                           05           10/01/01         25
    17414952                             O            09/01/31
    0

    5400605          U05/G02             F          114,400.00         ZZ
                                         360        114,321.27          1
                                       7.875            829.48         80
                                       7.625            829.48
    GARLAND          TX   75044          5            09/04/01         00
    0433240298                           05           11/01/01          0
    3163094                              O            10/01/31
    0
1

    5401024          E47/G02             F           69,600.00         ZZ
                                         360         69,503.89          1
                                       7.875            504.65         80
                                       7.625            504.65
    STOCKTON         CA   95210          1            08/28/01         00
    0433227287                           01           10/01/01          0
    7333011568                           N            09/01/31
    0

    5401517          455/G02             F          126,000.00         ZZ
                                         360        125,838.75          1
                                       8.250            946.60         75
                                       8.000            946.60
    HOMER            GA   30547          5            08/30/01         00
    0433238441                           05           10/01/01          0
    17002302                             O            09/01/31
    0

    5402089          601/G02             F          303,200.00         ZZ
                                         360        302,781.29          1
                                       7.875          2,198.42         78
                                       7.625          2,198.42
    KEY WEST         FL   33040          2            08/27/01         00
    0433223286                           01           10/01/01          0
    60780939                             O            09/01/31
    0

    5403474          E84/G02             F          119,950.00         ZZ
                                         360        119,780.13          1
                                       7.750            859.34         80
                                       7.500            859.34
    ENGLEWOOD        CO   80110          1            08/28/01         00
    0433190204                           05           10/01/01          0
    32801003                             N            09/01/31
    0

    5405636          E86/G02             F          336,500.00         T
                                         360        336,035.32          1
                                       7.875          2,439.86         75
                                       7.625          2,439.86
    LAS VEGAS        NV   89104          1            08/17/01         00
    0433234838                           03           10/01/01          0
    0000133364                           O            09/01/31
    0

    5405904          U62/G02             F           47,000.00         ZZ
                                         360         46,920.80          1
1

                                       6.875            308.76         80
                                       6.625            308.76
    PORT BYRON       IL   61275          5            08/27/01         00
    0433185519                           05           10/01/01          0
    2001283936                           O            09/01/31
    0

    5407428          E22/G02             F          490,736.00         T
                                         360        490,123.83          1
                                       8.375          3,729.95         73
                                       8.125          3,729.95
    HORSESHOE BAY    TX   78657          5            08/22/01         00
    0412890733                           03           10/01/01          0
    0412890733                           O            09/01/31
    0

    5407454          E22/G02             F           48,800.00         ZZ
                                         360         48,740.67          1
                                       8.500            375.23         80
                                       8.250            375.23
    MONTGOMERY       TX   77316          5            08/17/01         00
    0412913717                           03           10/01/01          0
    0412913717                           O            09/01/31
    0

    5409134          E76/G02             F           43,200.00         ZZ
                                         360         42,134.54          1
                                       7.875            313.23         80
                                       7.625            313.23
    TEXARKANA        TX   75503          1            08/31/01         00
    0433276748                           05           10/01/01          0
    10007443                             O            09/01/31
    0

    5410185          L16/G02             F          286,000.00         ZZ
                                         360        285,803.18          1
                                       7.875          2,073.70         76
                                       7.625          2,073.70
    DENVER           CO   80231          2            08/31/01         00
    0433243102                           05           11/01/01          0
    W0108089                             O            10/01/31
    0

    5410508          N47/G02             F          450,000.00         ZZ
                                         360        449,657.58          1
                                       7.375          3,108.04         71
                                       7.125          3,108.04
    DISCOVERY BAY    CA   94514          5            09/20/01         00
    0433234705                           03           11/01/01          0
1

    20510652                             O            10/01/31
    0

    5412630          E11/G02             F           75,600.00         T
                                         360         75,487.43          1
                                       7.500            528.61         90
                                       7.250            528.61
    NORTH MANKATO    MN   56003          1            08/30/01         04
    0433241429                           03           10/01/01         25
    0002001035188                        O            09/01/31
    0

    5413134          B60/G02             F          146,000.00         ZZ
                                         360        145,782.62          1
                                       7.500          1,020.85         79
                                       7.250          1,020.85
    TARPON SPRINGS   FL   34689          2            08/17/01         00
    0433264132                           03           10/01/01          0
    347451                               O            09/01/31
    0

    5414547          F61/G02             F          175,950.00         ZZ
                                         360        175,674.65          1
                                       7.250          1,200.29         80
                                       7.000          1,200.29
    LAKE FOREST PAR  WA   98155          1            08/28/01         00
    0433235231                           05           10/01/01          0
    011202S                              O            09/01/31
    0

    5420370          601/G02             F          105,000.00         ZZ
                                         360        104,933.05          1
                                       8.250            788.83         75
                                       8.000            788.83
    JACKSONVILLE     FL   32207          2            09/07/01         00
    0433225679                           05           11/01/01          0
    60805611                             O            10/01/31
    0

    5420844          U28/G02             F          172,000.00         ZZ
                                         360        171,869.12          1
                                       7.375          1,187.96         80
                                       7.125          1,187.96
    BLAIRSVILLE      GA   30512          1            09/14/01         00
    0433253465                           05           11/01/01          0
    1                                    O            10/01/31
    0

1

    5420880          M96/G02             F          183,400.00         ZZ
                                         360        183,105.81          1
                                       7.125          1,235.60         75
                                       6.875          1,235.60
    PLAINWELL        MI   49080          2            08/23/01         00
    0433205457                           05           10/01/01          0
    200101879                            O            09/01/31
    0

    5421571          B60/G02             F          530,000.00         ZZ
                                         360        529,190.94          1
                                       7.375          3,660.58         60
                                       7.125          3,660.58
    NEWPORT BEACH    CA   92660          5            08/21/01         00
    0433275401                           05           10/01/01          0
    351052                               O            09/01/31
    0

    5422018          U05/G02             F          100,000.00         ZZ
                                         360         99,780.90          1
                                       7.500            699.21         80
                                       7.250            699.21
    COLLEGE STATION  TX   77845          5            08/29/01         00
    0433189404                           05           10/01/01          0
    3145568                              O            09/01/31
    0

    5426417          G52/G02             F           50,400.00         ZZ
                                         360         50,335.50          1
                                       8.250            378.64         80
                                       8.000            378.64
    DALLAS           TX   75232          5            08/14/01         00
    0433312725                           05           10/01/01          0
    5705000400                           N            09/01/31
    0

    5426808          Q14/G02             F          104,000.00         ZZ
                                         360        103,856.39          1
                                       7.875            754.07         80
                                       7.625            754.07
    BETTENDORF       IA   52722          5            08/29/01         00
    0433210770                           05           10/01/01          0
    0105164                              O            09/01/31
    0

    5427544          B60/G02             F          190,180.00         ZZ
                                         360        189,889.68          1
                                       7.375          1,313.53         80
                                       7.125          1,313.53
1

    GALLATIN GATEWA  MT   59730          2            08/14/01         00
    0433316957                           05           10/01/01          0
    347058                               O            09/01/31
    0

    5427988          E22/G02             F          116,000.00         ZZ
                                         360        115,803.46          1
                                       8.875            922.95         80
                                       8.625            922.95
    ALLEN            TX   75002          1            07/23/01         00
    0412830796                           05           09/01/01          0
    0412830796                           N            08/01/31
    0

    5428853          369/G02             F          205,600.00         ZZ
                                         360        205,343.52          1
                                       8.375          1,562.71         80
                                       8.125          1,562.71
    HOUGHTON LAKE    MI   48629          1            08/30/01         00
    0433258670                           05           10/01/01          0
    0073310401                           O            09/01/31
    0

    5429690          F96/G02             F          200,777.00         ZZ
                                         360        200,520.06          2
                                       8.250          1,508.37         95
                                       8.000          1,508.37
    TOWN OF KEARNY   NJ   07032          1            08/30/01         12
    0433233343                           05           10/01/01         30
    0105220                              O            09/01/31
    0

    5430224          601/G02             F           73,600.00         ZZ
                                         360         73,487.64          1
                                       7.375            508.34         80
                                       7.125            508.34
    DALLAS           TX   75227          1            08/30/01         00
    0433225539                           05           10/01/01          0
    60811072                             O            09/01/31
    0

    5432313          U66/G02             F           54,150.00         ZZ
                                         360         54,082.45          1
                                       8.375            411.58         95
                                       8.125            411.58
    COLLEGE STATION  TX   77840          1            08/30/01         11
    0433218138                           01           10/01/01         30
    264                                  O            09/01/31
    0
1

    5433362          P09/G02             F          180,000.00         ZZ
                                         360        179,863.03          1
                                       7.375          1,243.22         79
                                       7.125          1,243.22
    DREXEL HILL      PA   19026          5            08/31/01         00
    0433215159                           05           11/01/01          0
    P0108020                             O            10/01/31
    0

    5433575          601/G02             F           82,400.00         ZZ
                                         360         82,286.21          1
                                       7.875            597.46         65
                                       7.625            597.46
    KENNEWICK        WA   99337          1            08/31/01         00
    0433223138                           05           10/01/01          0
    60782299                             O            09/01/31
    0

    5437486          601/G02             F          143,200.00         ZZ
                                         360        142,992.04          1
                                       7.625          1,013.57         80
                                       7.375          1,013.57
    DENVER           CO   80221          1            08/30/01         00
    0433226792                           05           10/01/01          0
    60822202                             O            09/01/31
    0

    5439085          E22/G02             F          112,000.00         ZZ
                                         360        111,833.24          1
                                       7.500            783.12         77
                                       7.250            783.12
    CROSBY           TX   77532          5            08/21/01         00
    0412889727                           03           10/01/01          0
    0412889727                           O            09/01/31
    0

    5439396          144/144             F          197,000.00         ZZ
                                         360        196,727.95          1
                                       7.875          1,428.39         59
                                       7.625          1,428.39
    VALHALLA         NY   10595          5            08/31/01         00
    160672592                            05           10/01/01          0
    160672592                            O            09/01/31
    0

    5441944          964/G02             F          396,000.00         ZZ
                                         360        396,000.00          1
1

                                       7.000          2,634.60         80
                                       6.750          2,634.60
    BEND             OR   97701          5            10/22/01         00
    0433333531                           05           12/01/01          0
    144663                               O            11/01/31
    0

    5443896          601/G02             F          131,250.00         ZZ
                                         360        131,077.70          3
                                       8.125            974.53         75
                                       7.875            974.53
    JACKSONVILLE     FL   32205          5            09/04/01         00
    0433223484                           05           10/01/01          0
    60794138                             O            09/01/31
    0

    5444064          K15/G02             F           33,600.00         ZZ
                                         240         33,490.74          1
                                       8.375            288.94         80
                                       8.125            288.94
    TERRE HAUTE      IN   47807          5            08/30/01         00
    0433178472                           05           10/01/01          0
    027505307233                         N            09/01/21
    0

    5449088          B60/G02             F          390,000.00         ZZ
                                         360        389,358.78          1
                                       7.000          2,594.68         78
                                       6.750          2,594.68
    ROHNERT PARK     CA   94928          5            08/28/01         00
    0433288123                           05           10/01/01          0
    345832                               O            09/01/31
    0

    5449928          742/G02             F          338,000.00         T
                                         360        337,509.18          1
                                       7.625          2,392.34         46
                                       7.375          2,392.34
    BRIDGEHAMPTON    NY   11932          5            08/13/01         00
    0433281102                           05           10/01/01          0
    6388482                              O            09/01/31
    0

    5450472          T90/G02             F          147,250.00         ZZ
                                         360        147,030.76          2
                                       7.500          1,029.59         95
                                       7.250          1,029.59
    NEW ORLEANS      LA   70125          1            08/31/01         12
    0433234564                           05           10/01/01         30
1

    54012                                O            09/01/31
    0

    5450507          E22/G02             F           50,535.00         ZZ
                                         360         50,432.59          1
                                       8.000            370.81         80
                                       7.750            370.81
    WACO             TX   76707          1            07/16/01         04
    0412825663                           05           09/01/01         25
    0412825663                           O            08/01/31
    0

    5451095          A52/G02             F           47,250.00         ZZ
                                         360         47,219.87          1
                                       8.250            354.97         90
                                       8.000            354.97
    AUSTELL          GA   30106          1            09/14/01         11
    0433234861                           07           11/01/01         25
    16234                                N            10/01/31
    0

    5451405          664/G02             F           48,600.00         ZZ
                                         360         48,569.79          2
                                       8.375            369.40         90
                                       8.125            369.40
    FREEPORT         IL   61032          1            09/10/01         10
    0433305216                           05           11/01/01         25
    0008276347                           N            10/01/31
    0

    5452501          737/G02             F          230,000.00         ZZ
                                         360        229,853.34          2
                                       8.250          1,727.91         75
                                       8.000          1,727.91
    CHICAGO          IL   60618          5            09/05/01         00
    0433233707                           05           11/01/01          0
    2030038                              O            10/01/31
    0

    5454654          U05/G02             F           86,000.00         ZZ
                                         360         85,939.31          1
                                       7.750            616.11         80
                                       7.500            616.11
    DEER PARK        TX   77536          5            09/04/01         00
    0433260346                           05           11/01/01          0
    3163084                              O            10/01/31
    0

1

    5455659          U05/G02             F           56,800.00         ZZ
                                         360         56,760.91          1
                                       7.875            411.84         80
                                       7.625            411.84
    BURKBURNETT      TX   76354          2            09/07/01         00
    0433254141                           05           11/01/01          0
    3164856                              O            10/01/31
    0

    5455767          N74/G02             F          123,975.00         ZZ
                                         360        123,891.82          1
                                       8.000            909.68         95
                                       7.750            909.68
    MESQUITE         TX   75149          2            08/31/01         10
    0433288933                           05           11/01/01         30
    1                                    O            10/01/31
    0

    5457298          U96/G02             F          220,000.00         ZZ
                                         360        219,824.07          2
                                       7.125          1,482.18         59
                                       6.875          1,482.18
    AIEA             HI   96701          5            09/10/01         00
    0433231388                           05           11/01/01          0
    10800056                             O            10/01/31
    0

    5459453          E22/G02             F          100,000.00         ZZ
                                         360         99,778.67          1
                                       7.500            699.21         80
                                       7.250            699.21
    LOCKHART         TX   78644          5            08/24/01         00
    0412929945                           05           10/01/01          0
    0412929945                           O            09/01/31
    0

    5459468          E22/G02             F           81,200.00         ZZ
                                         360         81,066.49          1
                                       7.000            540.23         80
                                       6.750            540.23
    CHARLOTTE        NC   28213          2            08/24/01         00
    0412938078                           09           10/01/01          0
    0412938078                           O            09/01/31
    0

    5459475          E22/G02             F           97,600.00         ZZ
                                         360         97,454.69          1
                                       7.500            682.43         80
                                       7.250            682.43
1

    KATY             TX   77449          5            08/24/01         00
    0412941015                           03           10/01/01          0
    0412941015                           O            09/01/31
    0

    5461172          E82/G02             F          106,000.00         ZZ
                                         360        105,842.13          1
                                       7.875            768.57         65
                                       7.625            768.57
    GEORGETOWN       KY   40324          2            08/27/01         00
    0400476685                           05           10/01/01          0
    1573925                              O            09/01/31
    0

    5462178          S25/G02             F           94,500.00         ZZ
                                         360         94,359.30          1
                                       7.500            660.76         76
                                       7.250            660.76
    COLUMBIA         SC   29212          5            08/23/01         00
    0433238300                           05           10/15/01          0
    202122066                            O            09/15/31
    0

    5462614          A50/G02             F          135,000.00         ZZ
                                         360        134,902.29          1
                                       7.625            955.52         80
                                       7.375            955.52
    BLUFFTON         SC   29910          2            09/21/01         00
    0433332483                           05           11/01/01          0
    442364                               O            10/01/31
    0

    5463623          A46/G02             F          476,000.00         ZZ
                                         360        475,637.80          1
                                       7.375          3,287.62         59
                                       7.125          3,287.62
    LEAGUE CITY      TX   77573          2            09/21/01         00
    0433263704                           05           11/01/01          0
    0296786                              O            10/01/31
    0

    5466135          F19/G02             F          368,000.00         ZZ
                                         360        367,705.72          1
                                       7.125          2,479.28         80
                                       6.875          2,479.28
    SALINAS          CA   93908          1            09/06/01         00
    0433254620                           05           11/01/01          0
    705797                               O            10/01/31
    0
1

    5466641          601/G02             F          237,413.00         ZZ
                                         360        237,218.39          1
                                       7.000          1,579.52         80
                                       6.750          1,579.52
    BALLWIN          MO   63021          5            09/11/01         00
    0433225331                           05           11/01/01          0
    60809472                             O            10/01/31
    0

    5470036          R84/G02             F           52,000.00         ZZ
                                         360         51,965.11          2
                                       8.000            381.56         69
                                       7.750            381.56
    EPHRATA          WA   98823          2            09/13/01         00
    0433288800                           05           11/01/01          0
    WA349403                             N            10/01/31
    0

    5470078          R84/G02             F           52,000.00         ZZ
                                         360         51,965.11          2
                                       8.000            381.56         65
                                       7.750            381.56
    EPHRATA          WA   98823          2            09/17/01         00
    0433271160                           05           11/01/01          0
    WA380517                             N            10/01/31
    0

    5470365          U62/G02             F          128,000.00         ZZ
                                         360        127,907.35          1
                                       7.625            905.98         80
                                       7.375            905.98
    NORCROSS         GA   30093          5            09/11/01         00
    0433218740                           05           11/01/01          0
    2001290891                           O            10/01/31
    0

    5471290          E22/G02             F          285,000.00         ZZ
                                         360        284,625.88          1
                                       8.125          2,116.12        100
                                       7.875          2,116.12
    NEW CASTLE       CO   81647          1            08/30/01         01
    0412836306                           03           10/01/01         30
    0412836306                           O            09/01/31
    0

    5471442          E82/G02             F          147,850.00         ZZ
                                         360        147,742.99          1
1

                                       7.625          1,046.47         78
                                       7.375          1,046.47
    BOERNE           TX   78006          2            08/29/01         00
    0400477386                           03           11/01/01          0
    3177439                              O            10/01/31
    0

    5471706          J37/286             F          142,400.00         ZZ
                                         360        141,689.31          1
                                       7.000            947.40         80
                                       6.750            947.40
    CHATTANOOGA      TN   37421          1            04/23/01         00
    5391485                              05           06/01/01          0
    5391485                              O            05/01/31
    0

    5472017          601/G02             F          262,000.00         ZZ
                                         360        261,832.93          1
                                       8.250          1,968.32         79
                                       8.000          1,968.32
    BAILEY           CO   80421          5            09/05/01         00
    0433228475                           05           11/01/01          0
    6080639-5                            O            10/01/31
    0

    5474052          X16/G02             F           41,400.00         ZZ
                                         360         41,372.92          1
                                       8.125            307.39         90
                                       7.875            307.39
    PHILADELPHIA     PA   19134          5            09/10/01         10
    0433252731                           05           11/01/01         30
    0010067426                           O            10/01/31
    0

    5474097          562/G02             F           91,850.00         ZZ
                                         360         91,792.91          2
                                       8.375            698.13         75
                                       8.125            698.13
    POUGHKEEPSIE     NY   12601          5            09/18/01         00
    0433218831                           05           11/01/01          0
    297024995                            N            10/01/31
    0

    5475978          964/G02             F          132,800.00         ZZ
                                         360        132,800.00          1
                                       7.250            905.93         88
                                       7.000            905.93
    CLOVIS           CA   93611          2            10/08/01         01
    0433287380                           05           12/01/01         25
1

    142972                               O            11/01/31
    0

    5478601          E60/G02             F          320,000.00         ZZ
                                         360        319,744.10          1
                                       7.125          2,155.90         78
                                       6.875          2,155.90
    PASO ROBLES      CA   93446          5            09/21/01         00
    0433276946                           05           11/01/01          0
    513743                               O            10/01/31
    0

    5479028          Q57/G02             F          134,000.00         ZZ
                                         360        133,898.04          1
                                       7.375            925.50         53
                                       7.125            925.50
    WHITTIER         CA   90604          1            09/11/01         00
    0433264520                           05           11/01/01          0
    37800018                             O            10/01/31
    0

    5479388          624/G02             F           80,000.00         ZZ
                                         360         79,943.54          1
                                       7.750            573.13         80
                                       7.500            573.13
    SACRAMENTO       CA   95838          5            09/06/01         00
    0433211091                           05           11/01/01          0
    38800710286F                         O            10/01/31
    0

    5479622          N47/G02             F          292,000.00         ZZ
                                         360        291,766.49          1
                                       7.125          1,967.26         80
                                       6.875          1,967.26
    UNION CITY       CA   94587          1            09/13/01         00
    0433294980                           05           11/01/01          0
    20311269                             O            10/01/31
    0

    5479632          J37/286             F          619,000.00         ZZ
                                         360        616,058.62          1
                                       7.250          4,222.67         80
                                       7.000          4,222.67
    FOSTER CITY      CA   94404          5            04/18/01         00
    5391249                              05           06/01/01          0
    5391249                              O            05/01/31
    0

1

    5481319          964/G02             F          112,400.00         ZZ
                                         360        112,218.81          1
                                       7.375            776.32         80
                                       7.125            776.32
    GLENDALE         AZ   85306          5            09/12/01         00
    0433208220                           05           11/01/01          0
    141377                               O            10/01/31
    0

    5482316          964/G02             F          192,000.00         ZZ
                                         360        191,864.49          1
                                       7.750          1,375.51         80
                                       7.500          1,375.51
    QUESTA           NM   87556          5            09/12/01         00
    0433204831                           05           11/01/01          0
    143725                               O            10/01/31
    0

    5483773          601/G02             F           60,000.00         ZZ
                                         360         59,962.70          1
                                       8.375            456.05         54
                                       8.125            456.05
    ATLANTA          GA   30316          5            09/07/01         00
    0433223310                           05           11/01/01          0
    6080890                              N            10/01/31
    0

    5484322          J95/J95             F          630,000.00         ZZ
                                         360        629,587.88          1
                                       8.125          4,677.74         62
                                       7.875          4,677.74
    COROLLA          NC   27927          5            09/24/01         00
    18691790                             03           11/01/01          0
    18691790                             N            10/01/31
    0

    5485372          624/G02             F           50,000.00         ZZ
                                         360         49,964.71          1
                                       7.750            358.21         44
                                       7.500            358.21
    PHOENIX          AZ   85020          5            09/06/01         00
    0433211182                           05           11/01/01          0
    35500110373F                         O            10/01/31
    0

    5485890          P59/G02             F          124,000.00         ZZ
                                         360        123,900.83          1
                                       7.125            835.42         80
                                       6.875            835.42
1

    LANCASTER        CA   93535          5            09/07/01         00
    0433277191                           05           11/01/01          0
    LA000767                             O            10/01/31
    0

    5488657          A06/G02             F          100,500.00         ZZ
                                         360        100,417.62          1
                                       7.000            668.63         70
                                       6.750            668.63
    LAS VEGAS        NV   89030          5            09/10/01         00
    0433208899                           05           11/01/01          0
    02100002014368                       O            10/01/31
    0

    5488926          H58/G02             F          476,250.00         ZZ
                                         360        475,946.31          1
                                       8.250          3,577.91         75
                                       8.000          3,577.91
    SAN JOSE         CA   95132          5            09/10/01         00
    0433280948                           05           11/01/01          0
    0000075654                           O            10/01/31
    0

    5489289          B57/G02             F          200,000.00         ZZ
                                         360        199,840.06          1
                                       7.125          1,347.44         52
                                       6.875          1,347.44
    DEL REY OAKS     CA   93904          5            09/21/01         00
    0433300522                           05           11/01/01          0
    2116852                              O            10/01/31
    0

    5490492          758/G02             F           34,800.00         ZZ
                                         360         34,772.85          1
                                       7.250            237.40         80
                                       7.000            237.40
    SIERRA VISTA     AZ   85635          1            09/07/01         00
    0433280286                           01           11/01/01          0
    680170                               N            10/01/31
    0

    5490652          E82/G02             F          114,400.00         ZZ
                                         360        114,317.20          1
                                       7.625            809.72         80
                                       7.375            809.72
    CANFIELD         OH   44406          2            08/30/01         00
    0400471520                           05           11/01/01          0
    1985738                              O            10/01/31
    0
1

    5491115          F61/G02             F          240,000.00         ZZ
                                         360        239,812.78          1
                                       7.250          1,637.22         80
                                       7.000          1,637.22
    SEATTLE          WA   98116          1            09/19/01         00
    0433234192                           05           11/01/01          0
    011188S                              O            10/01/31
    0

    5491833          253/253             F          153,000.00         ZZ
                                         360        152,897.34          4
                                       8.000          1,122.66         90
                                       7.750          1,122.66
    BROOKVILLE       OH   45309          1            09/12/01         04
    978109                               05           11/01/01         25
    978109                               N            10/01/31
    0

    5492747          944/G02             F          270,000.00         ZZ
                                         360        269,607.92          1
                                       7.625          1,911.05         72
                                       7.375          1,911.05
    EL CAJON         CA   92020          5            08/06/01         00
    0433254414                           05           10/01/01          0
    W88021458                            O            09/01/31
    0

    5494545          601/G02             F          131,250.00         ZZ
                                         360        131,152.59          1
                                       7.500            917.72         75
                                       7.250            917.72
    SEVIERVILLE      TN   37876          5            09/11/01         00
    0433224888                           05           11/01/01          0
    6080433-3                            N            10/01/31
    0

    5497140          470/G02             F           34,200.00         ZZ
                                         360         34,151.55          2
                                       7.750            245.02         90
                                       7.500            245.02
    CALIFORNIA CITY  CA   93505          1            08/24/01         11
    0433218658                           05           10/01/01         30
    30010755                             N            09/01/31
    0

    5501031          E23/G02             F          200,000.00         ZZ
                                         360        199,855.24          2
1

                                       7.625          1,415.59         80
                                       6.875          1,415.59
    LOS ANGELES      CA   90038          2            09/11/01         00
    0433309713                           05           11/01/01          0
    51007132                             O            10/01/31
    0

    5501743          E47/G02             F          140,000.00         ZZ
                                         360        139,893.47          1
                                       7.375            966.95         80
                                       7.125            966.95
    DENVER           CO   80211          5            09/26/01         00
    0433239456                           05           11/01/01          0
    7332019176                           O            10/01/31
    0

    5502709          S11/G02             F          400,000.00         ZZ
                                         360        399,687.96          1
                                       7.250          2,728.71         90
                                       7.000          2,728.71
    PACIFICA         CA   94044          5            09/12/01         11
    0433257110                           05           11/01/01         25
    10204296                             O            10/01/31
    0

    5502816          964/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.000          1,829.58         79
                                       6.750          1,829.58
    BEAVERTON        OR   97007          5            10/02/01         00
    0433258233                           05           12/01/01          0
    147158                               O            11/01/31
    0

    5505549          B57/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.875          2,320.22         80
                                       7.625          2,320.22
    PASADENA         CA   91107          1            10/08/01         00
    0433289675                           05           12/01/01          0
    2117413                              O            11/01/31
    0

    5506000          E82/G02             F          158,400.00         T
                                         360        158,282.44          1
                                       7.500          1,107.56         80
                                       7.250          1,107.56
    BIG BEAR LAKE    CA   92315          1            09/05/01         00
    0400485108                           05           11/01/01          0
1

    0400485108                           O            10/01/31
    0

    5506171          742/G02             F          140,400.00         ZZ
                                         360        140,290.47          1
                                       7.250            957.78         80
                                       7.000            957.78
    POCONO PINES     PA   18350          1            09/28/01         00
    0433303013                           05           11/01/01          0
    0008130908                           O            10/01/31
    0

    5506536          E22/G02             F           81,600.00         ZZ
                                         360         81,484.45          1
                                       7.750            584.59         80
                                       7.500            584.59
    GARLAND          TX   75040          5            08/28/01         00
    0412977068                           05           10/01/01          0
    0412977068                           O            09/01/31
    0

    5509129          601/G02             F          248,500.00         ZZ
                                         360        248,324.61          1
                                       7.750          1,780.29         61
                                       7.500          1,780.29
    WASHINGTON       DC   20015          5            09/17/01         00
    0433228673                           05           11/01/01          0
    60787355                             O            10/01/31
    0

    5510008          944/G02             F           37,400.00         ZZ
                                         360         37,293.59          1
                                       8.875            297.58         85
                                       8.625            297.58
    BALTIMORE        MD   21230          1            05/10/01         01
    0433141421                           07           07/01/01         12
    W88015059                            N            06/01/31
    0

    5511502          U05/G02             F          178,000.00         ZZ
                                         360        177,854.09          1
                                       7.000          1,184.24         80
                                       6.750          1,184.24
    ROCKVILLE        MD   20851          2            09/24/01         00
    0433284510                           05           11/01/01          0
    3166890                              O            10/01/31
    0

1

    5512449          601/G02             F          230,700.00         ZZ
                                         360        230,537.17          1
                                       7.750          1,652.77         77
                                       7.500          1,652.77
    CONCORD          CA   94521          5            09/11/01         00
    0433231909                           05           11/01/01          0
    6064583-5                            O            10/01/31
    0

    5513686          A46/G02             F          135,000.00         ZZ
                                         360        134,904.71          1
                                       7.750            967.16         90
                                       7.500            967.16
    AUSTIN           TX   78725          1            10/01/01         04
    0433309366                           05           11/01/01         25
    0711855                              O            10/01/31
    0

    5514894          F89/G02             F           64,000.00         ZZ
                                         360         63,954.83          1
                                       7.750            458.50         80
                                       7.500            458.50
    FRESNO           CA   93703          5            09/21/01         00
    0433262862                           05           11/01/01          0
    11313304                             O            10/01/31
    0

    5517058          E22/G02             F           49,500.00         ZZ
                                         360         49,470.01          1
                                       8.500            380.61         90
                                       8.250            380.61
    DAYTON           OH   45406          1            09/06/01         04
    0412984262                           05           11/01/01         25
    0412984262                           N            10/01/31
    0

    5517368          A06/G02             F          104,000.00         ZZ
                                         360        103,922.81          1
                                       7.500            727.19         80
                                       7.250            727.19
    WOODHAVEN        MI   48183          5            09/24/01         00
    0433280658                           05           11/01/01          0
    021000020128193                      O            10/01/31
    0

    5517891          A46/G02             F          189,950.00         ZZ
                                         360        189,812.51          1
                                       7.625          1,344.46         80
                                       7.375          1,344.46
1

    HOUSTON          TX   77059          1            09/12/01         00
    0433243961                           03           11/01/01          0
    0297375                              O            10/01/31
    0

    5518604          B39/G02             F          130,000.00         ZZ
                                         360        129,912.59          1
                                       7.990            952.99         80
                                       7.740            952.99
    BROOKLYN CENTER  MN   55429          2            09/17/01         00
    0433240348                           05           11/01/01          0
    20011971F                            O            10/01/31
    0

    5522195          601/G02             F          128,000.00         ZZ
                                         360        127,905.00          1
                                       7.500            895.00         80
                                       7.250            895.00
    ATLANTA          GA   30316          1            09/12/01         00
    0433232501                           05           11/01/01          0
    6078327-1                            N            10/01/31
    0

    5522244          601/G02             F          190,400.00         ZZ
                                         360        190,251.46          1
                                       7.250          1,298.87         80
                                       7.000          1,298.87
    FARIBAULT        MN   55021          1            09/14/01         00
    0433227006                           05           11/01/01          0
    60826377                             O            10/01/31
    0

    5524013          601/G02             F           97,875.00         ZZ
                                         360         97,810.98          4
                                       8.125            726.72         90
                                       7.875            726.72
    TAMPA            FL   33610          1            09/21/01         04
    0433229994                           05           11/01/01         25
    60858156                             N            10/01/31
    0

    5525600          964/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       7.000          1,037.87         65
                                       6.750          1,037.87
    PASO ROBLES      CA   93446          5            10/12/01         00
    0433290921                           05           12/01/01          0
    143969                               O            11/01/31
    0
1

    5526831          J49/G02             F          206,400.00         ZZ
                                         360        206,242.95          1
                                       7.375          1,425.55         80
                                       7.125          1,425.55
    CYPRESS          CA   90630          1            09/19/01         00
    0433262755                           05           11/01/01          0
    10109012                             N            10/01/31
    0

    5527100          U05/G02             F          124,000.00         ZZ
                                         360        123,916.80          1
                                       8.000            909.87         80
                                       7.750            909.87
    SACHSE           TX   75048          5            09/19/01         00
    0433289238                           05           11/01/01          0
    3166589                              O            10/01/31
    0

    5527882          H58/G02             F          319,500.00         ZZ
                                         360        319,256.88          1
                                       7.375          2,206.71         90
                                       7.125          2,206.71
    MILL CREEK       WA   98012          1            09/05/01         01
    0433235900                           05           11/01/01         25
    0000074591                           O            10/01/31
    0

    5528297          H58/G02             F          486,400.00         ZZ
                                         360        486,089.84          1
                                       8.250          3,654.16         80
                                       8.000          3,654.16
    VACAVILLE        CA   95688          1            09/11/01         00
    0433284320                           05           11/01/01          0
    74844                                O            10/01/31
    0

    5530390          U05/G02             F          112,000.00         ZZ
                                         360        111,924.85          1
                                       8.000            821.82         80
                                       7.750            821.82
    DALLAS           TX   75208          5            09/13/01         00
    0433295599                           02           11/01/01          0
    3154929                              O            10/01/31
    0

    5534164          E22/G02             F          112,000.00         ZZ
                                         360        111,837.36          1
1

                                       7.625            792.73         80
                                       7.375            792.73
    COMPTON          CA   90221          5            08/09/01         00
    0412803017                           05           10/01/01          0
    0412803017                           O            09/01/31
    0

    5534165          E22/G02             F           49,500.00         ZZ
                                         360         49,469.23          1
                                       8.375            376.24         83
                                       8.125            376.24
    FLINT            MI   48505          5            09/04/01         04
    0412803322                           05           11/01/01         12
    0412803322                           O            10/01/31
    0

    5534185          E22/G02             F           86,850.00         ZZ
                                         360         86,727.02          1
                                       7.750            622.20         90
                                       7.500            622.20
    SPRINGFIELD      NE   68059          5            09/05/01         04
    0412900532                           05           10/01/01         25
    0412900532                           O            09/01/31
    0

    5534251          E22/G02             F           76,000.00         ZZ
                                         360         75,897.68          1
                                       8.000            557.66         80
                                       7.750            557.66
    LOUISVILLE       KY   40216          5            09/05/01         00
    0412967531                           05           10/01/01          0
    0412967531                           O            09/01/31
    0

    5534277          E22/G02             F          140,000.00         ZZ
                                         360        139,915.19          1
                                       8.500          1,076.48         19
                                       8.250          1,076.48
    COPPELL          TX   75019          1            09/10/01         00
    0412987513                           05           11/01/01          0
    0412987513                           N            10/01/31
    0

    5534376          U05/G02             F          100,000.00         ZZ
                                         360         99,932.91          1
                                       8.000            733.76         63
                                       7.750            733.76
    HOUSTON          TX   77008          5            09/21/01         00
    0433250032                           05           11/01/01          0
1

    3167269                              O            10/01/31
    0

    5534511          253/253             F           52,000.00         ZZ
                                         360         51,963.29          1
                                       7.750            372.54         80
                                       7.500            372.54
    CLEVELAND HTS    OH   44121          1            09/14/01         00
    980482                               05           11/01/01          0
    980482                               N            10/01/31
    0

    5534755          642/G02             F           78,000.00         ZZ
                                         360         77,906.06          1
                                       7.000            518.94         79
                                       6.750            518.94
    PUEBLO           CO   81008          2            09/12/01         00
    0433210820                           05           11/01/01          0
    08148701                             O            10/01/31
    0

    5534945          E47/G02             F          171,750.00         ZZ
                                         360        171,622.54          1
                                       7.500          1,200.90         75
                                       7.250          1,200.90
    WOODBRIDGE       VA   22193          5            09/11/01         00
    0433279544                           05           11/01/01          0
    7339510304                           N            10/01/31
    0

    5535060          E82/G02             F          268,400.00         ZZ
                                         360        268,205.74          1
                                       7.625          1,899.72         75
                                       7.375          1,899.72
    LONG BRANCH      NJ   07740          2            09/05/01         00
    0400480829                           05           11/01/01          0
    0400480828                           O            10/01/31
    0

    5535268          964/G02             F          167,250.00         ZZ
                                         360        167,250.00          1
                                       7.125          1,126.79         75
                                       6.875          1,126.79
    HANFORD          CA   93230          5            10/10/01         00
    0433290798                           05           12/01/01          0
    147734                               O            11/01/31
    0

1

    5536140          U05/G02             F           70,000.00         ZZ
                                         360         69,951.83          1
                                       7.875            507.55         74
                                       7.625            507.55
    MONTGOMERY       TX   77356          5            09/14/01         00
    0433227774                           09           11/01/01          0
    3165651                              O            10/01/31
    0

    5537166          588/G02             F          506,250.00         ZZ
                                         360        505,864.79          1
                                       7.375          3,496.54         75
                                       7.125          3,496.54
    FAIRFAX          VA   22033          1            09/27/01         00
    0433269370                           03           11/01/01          0
    1049980                              O            10/01/31
    0

    5537212          G34/G02             F          152,000.00         ZZ
                                         360        151,895.39          1
                                       7.875          1,102.11         95
                                       7.625          1,102.11
    ARVADO           CO   80004          5            09/21/01         04
    0433296456                           05           11/01/01         30
    850209896                            O            10/01/31
    0

    5537681          286/286             F           77,130.00         ZZ
                                         360         76,915.30          1
                                       7.750            552.57         90
                                       7.500            552.57
    SUNNY ISLES      FL   33160          1            07/16/01         01
    315911                               06           09/01/01         25
    315911                               O            08/01/31
    0

    5537717          286/286             F           48,000.00         ZZ
                                         360         47,897.70          1
                                       7.750            343.88         37
                                       7.500            343.88
    KALISPELL        MT   59901          5            07/13/01         00
    419902                               05           09/01/01          0
    419902                               O            08/01/31
    0

    5537735          286/286             F           48,000.00         ZZ
                                         360         47,912.14          1
                                       8.500            369.08         80
                                       8.250            369.08
1

    ST LOUIS         MO   63033          2            07/12/01         00
    435032                               05           09/01/01          0
    435032                               N            08/01/31
    0

    5537754          286/286             F           49,400.00         ZZ
                                         360         49,308.52          2
                                       8.750            388.64         90
                                       8.500            388.64
    ROCKFORD         IL   61104          1            07/19/01         11
    457228                               05           09/01/01         25
    457228                               N            08/01/31
    0

    5537773          286/286             F           36,000.00         ZZ
                                         360         35,932.39          1
                                       8.375            273.63         90
                                       8.125            273.63
    NAUGATUCK        CT   06770          1            07/12/01         11
    9648967                              01           09/01/01         25
    9648967                              N            08/01/31
    0

    5537795          286/286             F          172,000.00         ZZ
                                         360        171,586.75          1
                                       7.625          1,217.41         80
                                       7.375          1,217.41
    CALPINE          CA   96124          5            07/06/01         00
    9867652                              05           09/01/01          0
    9867652                              O            08/01/31
    0

    5537803          286/286             F          200,000.00         ZZ
                                         360        199,584.37          1
                                       7.875          1,450.14         80
                                       7.625          1,450.14
    CANOGA PARK      CA   91307          5            07/11/01         00
    9870458                              05           09/01/01          0
    9870458                              O            08/01/31
    0

    5537899          286/286             F          133,600.00         ZZ
                                         360        133,122.88          1
                                       7.875            968.70         80
                                       7.625            968.70
    GOTHA            FL   34734          1            05/09/01         00
    68932                                05           07/01/01          0
    68932                                O            06/01/31
    0
1

    5537915          286/286             F          329,600.00         ZZ
                                         360        328,728.44          1
                                       7.375          2,276.47         80
                                       7.125          2,276.47
    MARYSVILLE       WA   98271          5            07/24/01         00
    9870008                              05           09/01/01          0
    9870008                              O            08/01/31
    0

    5537917          286/286             F          174,000.00         ZZ
                                         360        173,740.93          1
                                       7.500          1,216.63         75
                                       7.250          1,216.63
    RODEO            CA   94572          5            08/01/01         00
    9873100                              05           10/01/01          0
    9873100                              O            09/01/31
    0

    5537918          286/286             F          350,000.00         ZZ
                                         360        349,465.72          1
                                       7.375          2,417.36         78
                                       7.125          2,417.36
    LOS ALAMITOS     CA   90720          5            08/02/01         00
    9876350                              05           10/01/01          0
    9876350                              O            09/01/31
    0

    5537919          286/286             F          223,000.00         ZZ
                                         360        222,659.58          1
                                       7.375          1,540.21         66
                                       7.125          1,540.21
    DEERFIELD        IL   60015          5            08/03/01         00
    9878917                              05           10/01/01          0
    9878917                              O            09/01/31
    0

    5537922          286/286             F          119,800.00         ZZ
                                         360        119,617.12          1
                                       7.375            827.43         68
                                       7.125            827.43
    GIBSONIA         PA   15044          5            08/08/01         00
    9881817                              05           10/01/01          0
    9881817                              O            09/01/31
    0

    5539406          742/G02             F           88,650.00         ZZ
                                         360         88,590.52          4
1

                                       8.000            650.48         90
                                       7.750            650.48
    TROTWOOD         OH   45426          1            09/17/01         14
    0433244142                           05           11/01/01         25
    6457642                              N            10/01/31
    0

    5540660          B60/G02             F          133,000.00         ZZ
                                         360        132,898.80          1
                                       7.375            918.60         66
                                       7.125            918.60
    IMPERIAL BEACH   CA   91932          2            08/31/01         00
    0433286200                           05           11/01/01          0
    352487                               N            10/01/31
    0

    5541970          737/G02             F           76,500.00         ZZ
                                         360         76,446.00          1
                                       7.750            548.06         79
                                       7.500            548.06
    PHENIX CITY      AL   36870          2            09/20/01         00
    0433307568                           05           11/01/01          0
    2037868                              N            10/01/31
    0

    5543777          E22/G02             F           40,000.00         ZZ
                                         360         39,973.83          1
                                       8.125            297.00         59
                                       7.875            297.00
    LAPLACE          LA   70068          2            09/06/01         00
    0412975963                           05           11/01/01          0
    0412975963                           O            10/01/31
    0

    5544243          822/G02             F          144,000.00         ZZ
                                         360        143,810.96          2
                                       8.125          1,069.20         80
                                       7.875          1,069.20
    WINDSOR          CT   06074          1            08/03/01         00
    0433244837                           05           10/01/01          0
    3806021546                           O            09/01/31
    0

    5544494          A35/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       7.375          1,408.98         80
                                       7.125          1,408.98
    BAYVILLE         NY   11709          1            10/03/01         00
    0433308525                           05           12/01/01          0
1

    1                                    O            11/01/31
    0

    5544981          E76/G02             F           60,250.00         ZZ
                                         360         60,211.58          3
                                       8.250            452.64         90
                                       8.000            452.64
    TEXARKANA        AR   71854          1            09/14/01         12
    0433231370                           05           11/01/01         25
    10007987                             N            10/01/31
    0

    5546149          W02/G02             F          360,000.00         ZZ
                                         360        359,704.91          1
                                       7.000          2,395.09         90
                                       6.750          2,395.09
    MOORPARK         CA   93021          2            09/17/01         12
    0433284585                           05           11/01/01         25
    1000340983                           O            10/01/31
    0

    5546802          742/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       7.000          1,131.01         60
                                       6.750          1,131.01
    ROCK TAVERN      NY   12575          1            10/04/01         00
    0433299534                           05           12/01/01          0
    6459895                              O            11/01/31
    0

    5548504          U05/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       7.625          2,038.45         80
                                       7.375          2,038.45
    SAN JOSE         CA   95122          2            10/08/01         00
    0433307816                           05           12/01/01          0
    3171720                              O            11/01/31
    0

    5550612          S64/G02             F          104,000.00         ZZ
                                         360        103,924.72          2
                                       7.625            736.11         77
                                       7.375            736.11
    INDIANAPOLIS     IN   46219          5            09/18/01         00
    0433209376                           05           11/01/01          0
    05010813                             O            10/01/31
    0

1

    5550739          U28/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       7.375            911.69         80
                                       7.125            911.69
    CHARLESTON       SC   29407          5            10/23/01         00
    0433323748                           05           12/01/01          0
    1                                    O            11/01/31
    0

    5551612          G52/G02             F          154,000.00         ZZ
                                         360        153,787.34          4
                                       7.875          1,116.61         70
                                       7.625          1,116.61
    FONTANA          CA   92336          2            08/28/01         00
    0433287729                           05           10/01/01          0
    820000107                            N            09/01/31
    0

    5551972          964/G02             F          155,700.00         ZZ
                                         360        155,575.49          1
                                       7.125          1,048.98         90
                                       6.875          1,048.98
    KENT             WA   98031          1            09/17/01         11
    0433215977                           05           11/01/01         25
    148149                               O            10/01/31
    0

    5552194          G52/G02             F          157,500.00         ZZ
                                         360        157,265.50          1
                                       7.500          1,101.26         70
                                       7.250          1,101.26
    FONTANA          CA   92336          2            08/27/01         00
    0433232105                           05           10/01/01          0
    8200000106                           O            09/01/31
    0

    5552953          601/G02             F          143,910.00         ZZ
                                         360        143,808.43          1
                                       7.750          1,030.99         90
                                       7.500          1,030.99
    HAMILTON         OH   45011          1            09/19/01         11
    0433225190                           05           11/01/01         25
    6083387-8                            O            10/01/31
    0

    5554029          664/G02             F          350,000.00         ZZ
                                         360        348,885.98          1
                                       7.375          2,417.37         73
                                       7.125          2,417.37
1

    CUMMING          GA   30041          2            06/18/01         00
    0433247681                           05           08/01/01          0
    8136541                              O            07/01/31
    0

    5554098          E60/G02             F          240,000.00         ZZ
                                         360        239,642.65          1
                                       7.500          1,678.12         69
                                       7.250          1,678.12
    EL CAJON         CA   92021          1            08/29/01         00
    0433249661                           05           10/01/01          0
    513509                               O            09/01/31
    0

    5555672          E22/G02             F           64,000.00         ZZ
                                         360         63,720.00          1
                                       7.875            464.04         80
                                       7.625            464.04
    ALVIN            TX   77511          5            09/07/01         00
    0412930414                           05           11/01/01          0
    0412930414                           O            10/01/31
    0

    5555685          E22/G02             F           42,400.00         ZZ
                                         360         42,372.26          1
                                       8.125            314.82         80
                                       7.875            314.82
    SACRAMENTO       CA   95823          1            09/05/01         00
    0412953812                           01           11/01/01          0
    0412953812                           N            10/01/31
    0

    5555706          E22/G02             F           64,800.00         ZZ
                                         360         64,753.10          2
                                       7.625            458.65         72
                                       7.375            458.65
    CLEARWATER       FL   33755          1            09/12/01         00
    0412971301                           05           11/01/01          0
    0412971301                           N            10/01/31
    0

    5555727          E22/G02             F           68,750.00         ZZ
                                         360         68,700.24          1
                                       7.625            486.61         63
                                       7.375            486.61
    AUSTIN           TX   78745          5            09/05/01         00
    0412989154                           05           11/01/01          0
    0412989154                           O            10/01/31
    0
1

    5555738          E22/G02             F           92,500.00         ZZ
                                         360         92,431.36          1
                                       7.500            646.77         93
                                       7.250            646.77
    COLUMBIA CITY    IN   46725          5            09/07/01         04
    0412994279                           05           11/01/01         30
    0412994279                           O            10/01/31
    0

    5556124          601/G02             F          312,000.00         ZZ
                                         360        311,785.28          1
                                       7.875          2,262.22         52
                                       7.625          2,262.22
    ST PETERSBURGF   FL   33704          5            09/21/01         00
    0433266863                           05           11/01/01          0
    60838224                             O            10/01/31
    0

    5556190          588/G02             F          152,000.00         ZZ
                                         360        151,898.01          1
                                       8.000          1,115.32         95
                                       7.750          1,115.32
    NEPTUNE TOWNSHI  NJ   07753          1            09/27/01         01
    0433300886                           05           11/01/01         30
    1050493                              O            10/01/31
    0

    5556294          K21/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.375          2,900.84         70
                                       7.125          2,900.84
    TARZANA AREA     CA   91356          5            10/08/01         00
    0433315801                           05           12/01/01          0
    0115675                              O            11/01/31
    0

    5559439          Q30/G02             F           40,000.00         ZZ
                                         360         39,974.49          1
                                       8.250            300.51         80
                                       8.000            300.51
    PHILADELPHIA     PA   19119          1            09/18/01         00
    0433305489                           01           11/01/01          0
    11014302                             N            10/01/31
    0

    5561039          K31/G02             F           63,750.00         ZZ
                                         360         63,661.97          1
1

                                       7.875            462.23         75
                                       7.625            462.23
    DECATUR          GA   30033          5            08/24/01         00
    0433210846                           01           10/01/01          0
    1122410692                           N            09/01/31
    0

    5561944          N74/G02             F           35,100.00         ZZ
                                         360         35,075.84          1
                                       7.875            254.50         78
                                       7.625            254.50
    HIGH POINT       NC   27260          5            09/17/01         00
    0433243292                           05           11/01/01          0
    0029315010                           O            10/01/31
    0

    5562344          K79/G02             F          150,000.00         ZZ
                                         360        149,896.78          1
                                       7.875          1,087.60         72
                                       7.625          1,087.60
    TAUNTON          MA   02780          5            09/07/01         00
    0433210713                           05           11/01/01          0
    13915                                O            10/01/31
    0

    5563239          K15/G02             F           39,600.00         ZZ
                                         240         39,535.85          1
                                       8.375            340.53         90
                                       8.125            340.53
    YOUNGSVILLE      LA   70592          5            09/18/01         26
    0433273273                           05           11/01/01         25
    000905304299                         O            10/01/21
    0

    5566782          N74/G02             F          105,000.00         ZZ
                                         360        104,918.09          1
                                       7.250            716.29         88
                                       7.000            716.29
    ROY              UT   84067          5            09/04/01         01
    0433274388                           05           11/01/01         25
    02920010                             O            10/01/31
    0

    5567750          E22/G02             F          252,000.00         ZZ
                                         360        251,830.91          1
                                       8.000          1,849.09         99
                                       7.750          1,849.09
    WAPPINGERS FALL  NY   12590          1            09/13/01         04
    0412941593                           05           11/01/01         35
1

    0412941593                           O            10/01/31
    0

    5568483          830/G02             F          152,000.00         ZZ
                                         360        151,878.45          1
                                       7.125          1,024.05         68
                                       6.875          1,024.05
    RIVERTON         UT   84065          5            09/24/01         00
    0433270485                           05           11/01/01          0
    DAVENPORT546029                      O            10/01/31
    0

    5568961          U05/G02             F          112,000.00         ZZ
                                         360        111,833.24          1
                                       7.500            783.12         80
                                       7.250            783.12
    NEWPORT          OR   97365          2            08/23/01         00
    0433300415                           27           10/01/01          0
    3162024                              O            09/01/31
    0

    5569304          964/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.375          4,489.39         79
                                       7.125          4,489.39
    BELMONT          CA   94002          1            10/03/01         00
    0433305810                           05           12/01/01          0
    147947                               O            11/01/31
    0

    5569587          F32/G02             F          229,400.00         ZZ
                                         360        229,233.97          4
                                       7.625          1,623.68         90
                                       7.375          1,623.68
    EAST POINT       GA   30344          1            09/18/01         14
    0433241403                           05           11/01/01         25
    15061682                             N            10/01/31
    0

    5570285          U05/G02             F          116,000.00         ZZ
                                         360        115,907.24          1
                                       7.125            781.51         80
                                       6.875            781.51
    COVINGTON        GA   30014          5            09/24/01         00
    0433267747                           05           11/01/01          0
    3169382                              O            10/01/31
    0

1

    5570684          S27/G02             F          173,600.00         ZZ
                                         360        173,477.47          1
                                       7.750          1,243.70         80
                                       7.500          1,243.70
    WELLINGTON       FL   33414          1            09/28/01         00
    0433311636                           05           11/01/01          0
    1010013449                           O            10/01/31
    0

    5571055          B60/G02             F          206,000.00         ZZ
                                         360        205,847.12          1
                                       7.500          1,440.38         67
                                       7.250          1,440.38
    MODESTO          CA   95351          5            09/18/01         00
    0433263456                           05           11/01/01          0
    354338                               O            10/01/31
    0

    5571429          U62/G02             F          113,437.00         T
                                         360        113,259.48          1
                                       7.250            773.84         75
                                       7.000            773.84
    PORT ARANSAS     TX   78373          1            08/27/01         00
    0433177383                           01           10/01/01          0
    2001276557                           O            09/01/31
    0

    5571697          U96/G02             F          293,600.00         ZZ
                                         360        293,387.50          1
                                       7.625          2,078.08         80
                                       7.375          2,078.08
    HONOLULU         HI   96815          1            09/19/01         00
    0433335551                           06           11/01/01          0
    10900024                             O            10/01/31
    0

    5573737          944/G02             F          213,750.00         ZZ
                                         360        213,602.89          1
                                       7.875          1,549.84         95
                                       7.625          1,549.84
    MONTGOMERY       MD   20886          5            09/20/01         04
    0433246576                           03           11/01/01         30
    W88012410                            O            10/01/31
    0

    5573856          E40/G02             F           71,900.00         ZZ
                                         360         71,849.25          1
                                       7.750            515.10         79
                                       7.500            515.10
1

    SHREWSBURY       MA   01545          1            09/07/01         00
    0433327137                           01           11/01/01          0
    545000162                            N            10/01/31
    0

    5574208          964/G02             F          408,000.00         ZZ
                                         360        407,681.72          1
                                       7.250          2,783.28         80
                                       7.000          2,783.28
    LITTLETON        CO   80125          5            09/28/01         00
    0433271376                           05           11/01/01          0
    147910                               O            10/01/31
    0

    5574454          E22/G02             F           70,500.00         ZZ
                                         360         70,453.88          1
                                       8.125            523.46         80
                                       7.875            523.46
    SPICEWOOD        TX   78669          5            09/10/01         00
    0412927790                           03           11/01/01          0
    0412927790                           O            10/01/31
    0

    5574483          E22/G02             F          180,000.00         ZZ
                                         360        179,872.96          1
                                       7.750          1,289.54         79
                                       7.500          1,289.54
    FT MYERS         FL   33905          1            09/14/01         00
    0412987885                           05           11/01/01          0
    0412987885                           O            10/01/31
    0

    5574571          A46/G02             F           36,000.00         ZZ
                                         360         35,977.62          1
                                       8.375            273.63         90
                                       8.125            273.63
    AUSTIN           TX   78741          1            09/21/01         04
    0433328580                           01           11/01/01         25
    0711864                              N            10/01/31
    0

    5575266          950/G02             F          106,000.00         ZZ
                                         360        105,921.33          1
                                       7.500            741.17         76
                                       7.250            741.17
    LAS VEGAS        NV   89145          1            09/20/01         00
    0433303922                           05           11/01/01          0
    EW108446                             O            10/01/31
    0
1

    5578832          624/G02             F          348,000.00         ZZ
                                         360        347,748.13          1
                                       7.625          2,463.12         80
                                       7.375          2,463.12
    CARNELIAN BAY    CA   96140          1            09/19/01         00
    0433248887                           05           11/01/01          0
    36800710506F                         N            10/01/31
    0

    5580056          N74/G02             F           49,500.00         ZZ
                                         360         49,463.27          1
                                       7.500            346.11         90
                                       7.250            346.11
    DUMAS            AR   71639          5            09/20/01         10
    0433248705                           05           11/01/01         25
    0029325010                           O            10/01/31
    0

    5580393          A52/G02             F          138,550.00         ZZ
                                         360        138,447.18          1
                                       7.500            968.76         85
                                       7.250            968.76
    CLAYTON          GA   30525          5            09/19/01         11
    0433274503                           01           11/01/01         12
    16032                                O            10/01/31
    0

    5580726          405/405             F          290,000.00         ZZ
                                         360        289,568.19          1
                                       7.500          2,027.73         86
                                       7.000          2,027.73
    CULVER CITY      CA   90230          2            08/15/01         11
    0017679994                           05           10/01/01         25
    0017679994                           O            09/01/31
    0

    5581733          N47/G02             F          306,000.00         ZZ
                                         360        305,761.29          1
                                       7.250          2,087.46         90
                                       7.000          2,087.46
    AURORA           CO   80016          5            09/24/01         04
    0433235777                           03           11/01/01         25
    30311073                             O            10/01/31
    0

    5581831          405/405             F          562,500.00         ZZ
                                         360        561,619.75          1
1

                                       7.250          3,837.24         75
                                       6.750          3,837.24
    RANCHO SANTA MA  CA   92679          2            08/13/01         00
    0017434648                           03           10/01/01          0
    0017434648                           O            09/01/31
    0

    5581852          405/405             F          433,000.00         ZZ
                                         360        431,802.43          1
                                       7.125          2,917.21         79
                                       6.750          2,917.21
    DALY CITY        CA   94014          2            08/13/01         00
    0017640954                           05           10/01/01          0
    0017640954                           O            09/01/31
    0

    5581879          405/405             F          341,100.00         ZZ
                                         360        340,336.95          1
                                       7.250          2,326.91         90
                                       6.750          2,326.91
    LOS ANGELES      CA   90041          1            08/16/01         12
    0017673500                           05           10/01/01         25
    0017673500                           O            09/01/31
    0

    5581884          405/405             F          500,000.00         ZZ
                                         360        497,211.51          1
                                       7.250          3,410.88         75
                                       6.750          3,410.88
    LOS ANGELES      CA   91607          5            08/13/01         00
    0017676370                           05           10/01/01          0
    0017676370                           O            09/01/31
    0

    5581898          405/405             F          292,500.00         ZZ
                                         360        292,064.48          1
                                       7.500          2,045.21         75
                                       6.750          2,045.21
    OAK PARK         CA   91377          1            08/20/01         00
    0017705021                           05           10/01/01          0
    0017705021                           N            09/01/31
    0

    5581999          405/405             F          496,000.00         ZZ
                                         360        495,204.34          1
                                       7.125          3,341.65         80
                                       6.875          3,341.65
    LOS ANGELES      CA   90027          1            08/03/01         00
    0017663311                           05           10/01/01          0
1

    0017663311                           O            09/01/31
    0

    5582082          405/405             F          500,000.00         ZZ
                                         360        499,236.74          1
                                       7.375          3,453.38         72
                                       6.750          3,453.38
    THOUSAND OAKS    CA   91362          2            08/08/01         00
    0017592593                           05           10/01/01          0
    0017592593                           O            09/01/31
    0

    5582091          405/405             F          637,500.00         ZZ
                                         360        636,502.36          1
                                       7.250          4,348.88         75
                                       6.750          4,348.88
    GOLDENS BRIDGE   NY   10526          5            08/07/01         00
    0017635038                           05           10/01/01          0
    0017635038                           O            09/01/31
    0

    5582096          405/405             F          405,600.00         ZZ
                                         360        404,965.27          1
                                       7.250          2,766.91         87
                                       6.750          2,766.91
    CEDAR HILL       TX   75104          2            08/07/01         10
    0017639329                           03           10/01/01         25
    0017639329                           O            09/01/31
    0

    5582147          405/405             F          543,750.00         ZZ
                                         360        542,877.75          1
                                       7.125          3,663.35         75
                                       6.750          3,663.35
    SYKESVILLE       MD   21784          5            08/14/01         00
    0012356978                           05           10/01/01          0
    0012356978                           O            09/01/31
    0

    5582161          405/405             F          588,500.00         ZZ
                                         360        587,455.38          1
                                       7.125          3,964.83         75
                                       6.750          3,964.83
    SAN RAMON        CA   94583          1            08/13/01         00
    0017634585                           03           10/01/01          0
    0017634585                           O            09/01/31
    0

1

    5582294          405/405             F          521,250.00         ZZ
                                         360        520,454.30          1
                                       7.375          3,600.15         75
                                       6.875          3,600.15
    ROCKVILLE        MD   20850          5            08/16/01         00
    0012367421                           05           10/01/01          0
    0012367421                           O            09/01/31
    0

    5582312          405/405             F          500,000.00         ZZ
                                         360        499,255.52          1
                                       7.500          3,496.08         80
                                       7.000          3,496.08
    COPPEROPOLIS     CA   95228          1            08/22/01         00
    0017668344                           03           10/01/01          0
    0017668344                           O            09/01/31
    0

    5582341          405/405             F          356,000.00         ZZ
                                         360        355,442.89          1
                                       7.250          2,428.55         80
                                       6.750          2,428.55
    CALABASAS        CA   91302          1            08/30/01         00
    0017699448                           05           10/01/01          0
    0017699448                           O            09/01/31
    0

    5582343          405/405             F          450,000.00         ZZ
                                         360        449,278.14          1
                                       7.125          3,031.74         75
                                       6.750          3,031.74
    MISSION VIEJO    CA   92692          5            08/29/01         00
    0017700238                           03           10/01/01          0
    0017700238                           O            09/01/31
    0

    5582357          405/405             F          618,750.00         ZZ
                                         360        617,781.71          1
                                       7.250          4,220.97         75
                                       6.750          4,220.97
    LOS ANGELES      CA   91344          5            08/29/01         00
    0017715038                           05           10/01/01          0
    0017715038                           O            09/01/31
    0

    5582360          405/405             F          490,500.00         ZZ
                                         360        489,751.23          1
                                       7.375          3,387.77         75
                                       6.875          3,387.77
1

    NAPA             CA   94558          1            08/28/01         00
    0017718255                           05           10/01/01          0
    0017718255                           O            09/01/31
    0

    5583619          U05/G02             F          515,000.00         ZZ
                                         360        515,000.00          1
                                       7.000          3,426.31         65
                                       6.750          3,426.31
    BOCA RATON       FL   33434          2            10/08/01         00
    0433289774                           03           12/01/01          0
    3168881                              O            11/01/31
    0

    5584776          964/G02             F           93,600.00         ZZ
                                         360         93,600.00          1
                                       7.750            670.56         90
                                       7.500            670.56
    RICHFIELD        UT   84701          5            10/16/01         01
    0433308491                           05           12/01/01         25
    147146                               O            11/01/31
    0

    5588183          E22/G02             F           36,800.00         ZZ
                                         360         36,777.71          1
                                       8.500            282.96         80
                                       8.250            282.96
    HOUSTON          TX   77063          1            09/17/01         00
    0412994022                           01           11/01/01          0
    0412994022                           N            10/01/31
    0

    5588228          E22/G02             F           35,000.00         ZZ
                                         360         34,976.51          1
                                       8.000            256.82         64
                                       7.750            256.82
    FLINT            MI   48504          5            09/12/01         00
    0413018490                           05           11/01/01          0
    0413018490                           O            10/01/31
    0

    5589045          P44/G02             F          176,800.00         ZZ
                                         360        176,800.00          2
                                       8.000          1,297.30         80
                                       7.750          1,297.30
    YARMOUTH (WEST)  MA   02673          1            10/05/01         00
    0433298478                           05           12/01/01          0
    1                                    N            11/01/31
    0
1

    5590700          144/144             F          242,000.00         ZZ
                                         360        242,000.00          1
                                       7.125          1,630.40         68
                                       6.875          1,630.40
    PUTNAM VALLEY    NY   10579          5            10/03/01         00
    1                                    05           12/01/01          0
    1                                    O            11/01/31
    0

    5591058          076/076             F           72,000.00         ZZ
                                         360         71,814.43          2
                                       8.375            547.26         80
                                       8.125            547.26
    PORTAGE          IN   46368          5            08/02/01         00
    5538263                              05           09/01/01          0
    5538263                              O            08/01/31
    0

    5591078          076/076             F          100,000.00         ZZ
                                         360         99,851.10          1
                                       7.500            699.22         80
                                       7.250            699.22
    CORNISH          ME   04020          1            08/09/01         00
    5854475                              05           10/01/01          0
    5854475                              O            09/01/31
    0

    5591318          964/G02             F           61,600.00         ZZ
                                         360         61,558.67          1
                                       8.000            452.00         80
                                       7.750            452.00
    FRESNO           CA   93702          1            09/27/01         00
    0433256237                           05           11/01/01          0
    146167                               N            10/01/31
    0

    5592003          A48/G02             F          328,000.00         ZZ
                                         360        327,737.70          1
                                       7.125          2,209.80         80
                                       6.875          2,209.80
    SAN JOSE         CA   95127          1            09/20/01         00
    0433287976                           05           11/01/01          0
    8511015535                           O            10/01/31
    0

    5592402          480/G02             F          344,000.00         ZZ
                                         360        343,763.26          1
1

                                       7.875          2,494.24         80
                                       7.625          2,494.24
    ARLINGTON        VA   22207          5            09/21/01         00
    0433338589                           05           11/01/01          0
    4184883                              O            10/01/31
    0

    5594806          286/286             F          148,500.00         ZZ
                                         360        148,228.19          1
                                       8.500          1,141.84         90
                                       8.250          1,141.84
    BLOOMFIELD       NJ   07003          1            07/31/01         11
    147196                               05           09/01/01         25
    147196                               O            08/01/31
    0

    5594819          286/286             F           61,650.00         ZZ
                                         360         61,528.19          1
                                       8.125            457.75         90
                                       7.875            457.75
    GLENDALE         AZ   85306          1            07/17/01         12
    313727                               01           09/01/01         25
    313727                               N            08/01/31
    0

    5594838          286/286             F           54,000.00         ZZ
                                         360         53,898.60          1
                                       8.375            410.44         90
                                       8.125            410.44
    FLINT            MI   48504          1            07/27/01         01
    322568                               05           09/01/01         25
    322568                               N            08/01/31
    0

    5594840          286/286             F          176,000.00         ZZ
                                         360        175,731.33          1
                                       7.375          1,215.59         80
                                       7.125          1,215.59
    LITTLETON        CO   80122          5            08/06/01         00
    322602                               05           10/01/01          0
    322602                               O            09/01/31
    0

    5594843          286/286             F          135,000.00         ZZ
                                         360        134,726.42          1
                                       8.000            990.59         90
                                       7.750            990.59
    LIVONIA          MI   48150          1            07/31/01         01
    322638                               05           09/01/01         25
1

    322638                               O            08/01/31
    0

    5594850          286/286             F           57,450.00         ZZ
                                         360         57,368.64          1
                                       7.750            411.58         80
                                       7.500            411.58
    ARLINGTON        TX   76018          1            08/10/01         00
    340209                               05           10/01/01          0
    340209                               N            09/01/31
    0

    5594851          286/286             F          307,500.00         ZZ
                                         360        306,844.63          1
                                       7.750          2,202.97         75
                                       7.500          2,202.97
    SAN CLEMENTE     CA   92673          2            07/20/01         00
    342874                               03           09/01/01          0
    342874                               O            08/01/31
    0

    5594853          286/286             F           40,000.00         ZZ
                                         360         39,951.35          1
                                       8.500            307.57         87
                                       8.250            307.57
    FISHKILL         NY   12524          1            08/07/01         12
    406127                               01           10/01/01         25
    406127                               N            09/01/31
    0

    5594855          286/286             F          190,800.00         T
                                         360        190,403.47          1
                                       7.875          1,383.44         90
                                       7.625          1,383.44
    CHICAGO          IL   60607          1            07/31/01         10
    408009                               06           09/01/01         25
    408009                               O            08/01/31
    0

    5594856          286/286             F           87,750.00         ZZ
                                         360         87,634.79          1
                                       8.125            651.55         65
                                       7.875            651.55
    CHICAGO          IL   60614          5            08/07/01         00
    408256                               08           10/01/01          0
    408256                               N            09/01/31
    0

1

    5594858          286/286             F           60,000.00         ZZ
                                         360         59,822.93          1
                                       7.500            419.53         75
                                       7.250            419.53
    HOLLY HILL       FL   32117          5            08/02/01         00
    411126                               05           09/01/01          0
    411126                               N            08/01/31
    0

    5594862          286/286             F           45,750.00         ZZ
                                         360         45,581.79          1
                                       8.000            335.70         75
                                       7.750            335.70
    INDIANAPOLIS     IN   46219          5            07/30/01         00
    423220                               05           09/01/01          0
    423220                               N            08/01/31
    0

    5594863          286/286             F           99,000.00         ZZ
                                         360         98,814.09          4
                                       8.375            752.48         90
                                       8.125            752.48
    ZANESVILLE       OH   43701          1            07/30/01         12
    423253                               05           09/01/01         25
    423253                               N            08/01/31
    0

    5594872          286/286             F           40,500.00         ZZ
                                         360         40,419.96          1
                                       8.125            300.72         90
                                       7.875            300.72
    YOUNGSTOWN       OH   44515          1            07/30/01         10
    431608                               05           09/01/01         25
    431608                               N            08/01/31
    0

    5594887          286/286             F           39,850.00         ZZ
                                         360         39,780.69          2
                                       8.750            313.51         90
                                       8.500            313.51
    WARREN           OH   44483          1            07/30/01         12
    454224                               05           09/01/01         25
    454224                               N            08/01/31
    0

    5594890          286/286             F           59,900.00         ZZ
                                         360         59,778.61          1
                                       8.000            439.53         80
                                       7.750            439.53
1

    JEFFERSONVILLE   IN   47130          1            07/31/01         00
    460218                               05           09/01/01          0
    460218                               O            08/01/31
    0

    5594892          286/286             F           92,000.00         T
                                         360         91,533.70          1
                                       8.625            715.57         90
                                       8.375            715.57
    CREST HILL       IL   60435          1            07/31/01         10
    460947                               01           09/01/01         25
    460947                               O            08/01/31
    0

    5594895          286/286             F           47,250.00         ZZ
                                         360         47,165.70          1
                                       8.625            367.51         90
                                       8.375            367.51
    CHARLOTTE        NC   28216          1            07/31/01         10
    463093                               05           09/01/01         25
    463093                               N            08/01/31
    0

    5594899          286/286             F           61,600.00         ZZ
                                         360         61,514.92          1
                                       7.875            446.65         80
                                       7.625            446.65
    PHILADELPHIA     PA   19146          1            08/08/01         00
    476297                               05           10/01/01          0
    476297                               N            09/01/31
    0

    5594904          286/286             F           57,600.00         ZZ
                                         360         57,511.91          1
                                       7.500            402.75         80
                                       7.250            402.75
    PEORIA HEIGHTS   IL   61616          1            08/08/01         00
    497241                               05           10/01/01          0
    497241                               O            09/01/31
    0

    5594906          286/286             F           99,000.00         ZZ
                                         360         98,814.09          4
                                       8.375            752.48         90
                                       8.125            752.48
    EAST LANSDOWNE   PA   19050          1            07/30/01         11
    497781                               05           09/01/01         25
    497781                               O            08/01/31
    0
1

    5594909          286/286             F           40,500.00         ZZ
                                         360         40,444.06          1
                                       7.875            293.66         90
                                       7.625            293.66
    DAYTON           OH   45410          1            07/27/01         27
    498457                               05           09/01/01         25
    498457                               N            08/01/31
    0

    5594912          286/286             F           62,910.00         T
                                         360         62,769.05          1
                                       7.500            439.88         90
                                       7.250            439.88
    CHESAPEAKE       VA   23320          1            08/01/01         11
    501053                               01           09/01/01         25
    501053                               O            08/01/31
    0

    5594931          286/286             F          164,000.00         ZZ
                                         360        163,761.83          2
                                       7.625          1,160.79         80
                                       7.375          1,160.79
    LOS ANGELES      CA   90011          5            08/01/01         00
    511610                               05           10/01/01          0
    511610                               O            09/01/31
    0

    5594936          286/286             F           74,500.00         ZZ
                                         360         74,367.07          4
                                       8.625            579.46         83
                                       8.375            579.46
    ST LOUIS         MO   63118          2            08/03/01         11
    513527                               05           09/01/01         12
    513527                               N            08/01/31
    0

    5594940          286/286             F          136,000.00         ZZ
                                         360        135,740.36          3
                                       8.250          1,021.73         80
                                       8.000          1,021.73
    MILWAUKEE        WI   53212          2            08/06/01         00
    514179                               05           10/01/01          0
    514179                               O            09/01/31
    0

    5594946          286/286             F          149,600.00         ZZ
                                         360        149,377.25          1
1

                                       7.500          1,046.03         80
                                       7.250          1,046.03
    PEMBROKE PINES   FL   33027          1            08/09/01         00
    515036                               03           10/01/01          0
    515036                               O            09/01/31
    0

    5594948          286/286             F           56,250.00         ZZ
                                         360         56,181.60          1
                                       8.500            432.52         75
                                       8.250            432.52
    INDIANAPOLIS     IN   46201          1            08/10/01         00
    515248                               05           10/01/01          0
    515248                               N            09/01/31
    0

    5594957          286/286             F           95,920.00         ZZ
                                         360         95,777.18          3
                                       7.500            670.69         80
                                       7.250            670.69
    APACHE JUNCTION  AZ   85220          1            08/02/01         00
    516955                               05           10/01/01          0
    516955                               N            09/01/31
    0

    5594965          286/286             F          159,000.00         ZZ
                                         360        158,658.27          2
                                       7.875          1,152.86         70
                                       7.625          1,152.86
    LONG BEACH       CA   90807          2            07/27/01         00
    9839834                              05           09/01/01          0
    9839834                              O            08/01/31
    0

    5594966          286/286             F          195,000.00         ZZ
                                         360        194,563.13          4
                                       7.500          1,363.47         65
                                       7.250          1,363.47
    OAKLAND          CA   94608          5            07/26/01         00
    9844902                              05           09/01/01          0
    9844902                              O            08/01/31
    0

    5594967          286/286             F          198,200.00         ZZ
                                         360        197,777.62          4
                                       7.750          1,419.93         80
                                       7.500          1,419.93
    LONG BEACH       CA   90806          5            07/24/01         00
    9849639                              05           09/01/01          0
1

    9849639                              O            08/01/31
    0

    5594975          286/286             F          166,700.00         ZZ
                                         360        166,451.80          1
                                       7.500          1,165.59         90
                                       7.250          1,165.59
    PATTERSON        CA   95363          1            07/31/01         12
    9867246                              05           10/01/01         25
    9867246                              O            09/01/31
    0

    5594983          286/286             F           42,750.00         ZZ
                                         360         42,690.96          1
                                       7.875            309.97         90
                                       7.625            309.97
    AKRON            OH   44304          1            08/01/01         21
    9873484                              05           10/01/01         25
    9873484                              N            09/01/31
    0

    5594984          286/286             F          188,000.00         ZZ
                                         360        187,727.00          1
                                       7.625          1,330.65         80
                                       7.375          1,330.65
    CAVE CREEK       AZ   85331          1            08/06/01         00
    9873503                              05           10/01/01          0
    9873503                              N            09/01/31
    0

    5594986          286/286             F           31,200.00         ZZ
                                         360         31,142.86          1
                                       8.625            242.67         80
                                       8.375            242.67
    ROCKFORD         IL   61101          1            07/30/01         00
    9875625                              05           09/01/01          0
    9875625                              N            08/01/31
    0

    5594993          286/286             F          136,400.00         ZZ
                                         360        136,038.20          1
                                       7.750            977.19         80
                                       7.500            977.19
    MOKENA           IL   60448          1            07/30/01         00
    9877428                              05           09/01/01          0
    9877428                              O            08/01/31
    0

1

    5595001          286/286             F           54,400.00         ZZ
                                         360         54,333.85          1
                                       8.500            418.29         80
                                       8.250            418.29
    MERCED           CA   95340          1            08/01/01         00
    9879245                              05           10/01/01          0
    9879245                              N            09/01/31
    0

    5595002          286/286             F          176,000.00         ZZ
                                         360        175,744.41          1
                                       7.625          1,245.72         80
                                       7.375          1,245.72
    BUFFALO GROVE    IL   60089          1            08/10/01         00
    9879516                              05           10/01/01          0
    9879516                              O            09/01/31
    0

    5595006          286/286             F          103,200.00         ZZ
                                         360        102,980.07          1
                                       7.750            739.34         80
                                       7.500            739.34
    TACOMA           WA   98405          1            07/27/01         00
    9880822                              05           09/01/01          0
    9880822                              O            08/01/31
    0

    5595008          286/286             F          134,100.00         ZZ
                                         360        133,894.74          1
                                       7.375            926.20         80
                                       7.125            926.20
    SCAPPOOSE        OR   97056          1            08/07/01         00
    9882435                              05           10/01/01          0
    9882435                              O            09/01/31
    0

    5595011          286/286             F          100,000.00         ZZ
                                         360         99,872.02          1
                                       8.250            751.27         56
                                       8.000            751.27
    MESA             AZ   85205          5            08/01/01         00
    9937491                              05           10/01/01          0
    9937491                              O            09/01/31
    0

    5595181          286/286             F           79,100.00         ZZ
                                         360         78,955.22          1
                                       8.500            608.21         80
                                       8.250            608.21
1

    MESQUITE         TX   75150          1            07/30/01         00
    487176                               05           09/01/01          0
    487176                               O            08/01/31
    0

    5595182          286/286             F           88,400.00         ZZ
                                         360         88,277.40          1
                                       7.875            640.97         80
                                       7.625            640.97
    BOWLING GREEN    OH   43402          1            08/13/01         00
    508939                               05           10/01/01          0
    508939                               O            09/01/31
    0

    5595183          286/286             F           55,000.00         ZZ
                                         360         54,929.61          1
                                       8.250            413.20         54
                                       8.000            413.20
    BOCA RATON       FL   33428          2            08/13/01         00
    512778                               08           10/01/01          0
    512778                               O            09/01/31
    0

    5595185          286/286             F          121,500.00         ZZ
                                         360        121,352.26          1
                                       8.500            934.23         90
                                       8.250            934.23
    MIAMI            FL   33182          1            08/13/01         01
    513969                               05           10/01/01         25
    513969                               O            09/01/31
    0

    5595186          286/286             F          123,200.00         ZZ
                                         360        122,943.95          1
                                       7.875            893.29         80
                                       7.625            893.29
    RIVERSIDE        CA   92504          1            07/25/01         00
    9873840                              05           09/01/01          0
    9873840                              O            08/01/31
    0

    5595272          S43/G02             F          151,900.00         ZZ
                                         360        151,784.41          1
                                       7.375          1,049.14         58
                                       7.125          1,049.14
    TIJERAS          NM   87059          2            09/19/01         00
    0433262896                           05           11/01/01          0
    011178                               O            10/01/31
    0
1

    5595755          Q59/G02             F          322,500.00         ZZ
                                         360        322,260.66          4
                                       7.500          2,254.97         75
                                       7.250          2,254.97
    LONG BEACH       CA   90813          5            09/27/01         00
    0433306644                           05           11/01/01          0
    304087                               O            10/01/31
    0

    5597317          N47/G02             F          346,400.00         ZZ
                                         360        346,142.92          1
                                       7.500          2,422.08         80
                                       7.250          2,422.08
    CASTRO VALLEY    CA   94546          1            09/28/01         00
    0433255825                           05           11/01/01          0
    20211412                             O            10/01/31
    0

    5598221          N47/G02             F          297,600.00         ZZ
                                         360        297,379.14          1
                                       7.500          2,080.86         80
                                       7.250          2,080.86
    HAYWARD          CA   94541          5            09/25/01         00
    0433295565                           05           11/01/01          0
    20510793                             O            10/01/31
    0

    5599374          944/G02             F          210,000.00         ZZ
                                         360        209,848.01          1
                                       7.625          1,486.37         52
                                       7.375          1,486.37
    REDWOOD CITY     CA   94063          5            09/04/01         00
    0433231396                           05           11/01/01          0
    W01071836                            O            10/01/31
    0

    5599435          964/G02             F          384,000.00         ZZ
                                         360        383,707.81          1
                                       7.375          2,652.19         80
                                       7.125          2,652.19
    SACRAMENTO       CA   95630          5            09/22/01         00
    0433255973                           05           11/01/01          0
    146659                               O            10/01/31
    0

    5599732          964/G02             F          391,755.00         ZZ
                                         360        391,755.00          1
1

                                       6.750          2,540.92         80
                                       6.500          2,540.92
    ELK GROVE        CA   95758          5            10/05/01         00
    0433286309                           03           12/01/01          0
    146888                               O            11/01/31
    0

    5600308          E22/G02             F           81,000.00         ZZ
                                         360         80,942.83          1
                                       7.750            580.29         90
                                       7.500            580.29
    CHICAGO          IL   60633          5            09/13/01         04
    0412965162                           05           11/01/01         25
    0412965162                           O            10/01/31
    0

    5602136          624/G02             F          230,400.00         ZZ
                                         360        230,400.00          1
                                       7.125          1,552.25         80
                                       6.875          1,552.25
    ARROYO GRANDE    CA   93420          1            10/03/01         00
    0433289360                           05           12/01/01          0
    72002711183                          O            11/01/31
    0

    5603587          601/G02             F        1,000,000.00         ZZ
                                         360        999,329.02          1
                                       8.000          7,337.65         65
                                       7.750          7,337.65
    CLAYTON          MO   63105          4            09/21/01         00
    0433223195                           05           11/01/01          0
    60649993                             O            10/01/31
    0

    5603942          U05/G02             F           80,700.00         ZZ
                                         360         80,641.59          1
                                       7.625            571.19         80
                                       7.375            571.19
    WACO             TX   76708          5            09/26/01         00
    0433339991                           05           11/01/01          0
    3170036                              O            10/01/31
    0

    5604035          A52/G02             F          258,000.00         ZZ
                                         360        258,000.00          1
                                       7.625          1,826.11         58
                                       7.375          1,826.11
    TYBEE ISLAND     GA   31328          2            10/01/01         00
    0433279254                           09           12/01/01          0
1

    16259                                N            11/01/31
    0

    5604398          E60/G02             F          219,000.00         ZZ
                                         360        218,824.86          1
                                       7.125          1,475.45         80
                                       6.875          1,475.45
    CARLSBAD         CA   92009          5            09/24/01         00
    0433286713                           01           11/01/01          0
    525254                               O            10/01/31
    0

    5605530          950/G02             F           49,305.00         ZZ
                                         360         49,243.50          1
                                       8.375            374.75         95
                                       8.125            374.75
    KENT             WA   98031          1            08/17/01         14
    0433253747                           01           10/01/01         30
    EW108178                             O            09/01/31
    0

    5607016          964/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       7.000          1,729.79         80
                                       6.750          1,729.79
    ATASCADERO       CA   93422          5            10/18/01         00
    0433333283                           05           12/01/01          0
    140644                               O            11/01/31
    0

    5607994          A46/G02             F          117,000.00         ZZ
                                         360        116,921.49          1
                                       8.000            858.51         90
                                       7.750            858.51
    NEW BRAUNFELS    TX   78130          1            09/24/01         04
    0433256518                           05           11/01/01         25
    0711877                              N            10/01/31
    0

    5608114          U05/G02             F          121,500.00         ZZ
                                         360        121,420.53          3
                                       8.125            902.13         90
                                       7.875            902.13
    POMPANO BEACH    FL   33064          1            09/27/01         01
    0433238276                           05           11/01/01         25
    3163125                              N            10/01/31
    0

1

    5608466          K15/G02             F          262,000.00         ZZ
                                         360        261,815.08          1
                                       7.750          1,877.00         84
                                       7.500          1,877.00
    ST JAMES         NY   11780          5            09/26/01         26
    0433267499                           05           11/01/01         12
    400                                  O            10/01/31
    0

    5609801          A48/G02             F           66,500.00         ZZ
                                         360         66,450.65          1
                                       7.500            464.98         69
                                       7.250            464.98
    MADERA           CA   93637          1            09/21/01         00
    0433285244                           05           11/01/01          0
    8111015534                           N            10/01/31
    0

    5611598          U62/G02             F          171,500.00         ZZ
                                         360        171,359.43          1
                                       7.000          1,140.99         80
                                       6.750          1,140.99
    PEARLAND         TX   77581          5            09/24/01         00
    0433255502                           05           11/01/01          0
    2001290097                           O            10/01/31
    0

    5614811          E22/G02             F           80,000.00         ZZ
                                         360         79,942.10          1
                                       7.625            566.23         78
                                       7.375            566.23
    MANDEVILLE       LA   70448          5            09/17/01         00
    0412901449                           05           11/01/01          0
    0412901449                           O            10/01/31
    0

    5614893          E22/G02             F           78,650.00         ZZ
                                         360         78,594.49          4
                                       7.750            563.46         66
                                       7.500            563.46
    KALAMAZOO        MI   49001          2            09/19/01         00
    0412982936                           05           11/01/01          0
    0412982936                           N            10/01/31
    0

    5614901          E22/G02             F           25,650.00         ZZ
                                         360         25,633.64          1
                                       8.250            192.70         90
                                       8.000            192.70
1

    GREENVILLE       SC   29611          1            09/20/01         10
    0412984254                           05           11/01/01         25
    0412984254                           N            10/01/31
    0

    5614904          E22/G02             F           78,750.00         ZZ
                                         360         78,690.07          1
                                       7.375            543.91         78
                                       7.125            543.91
    ARLINGTON        TX   76014          5            09/17/01         00
    0412985418                           05           11/01/01          0
    0412985418                           O            10/01/31
    0

    5615925          883/G02             F          123,200.00         ZZ
                                         360        123,200.00          1
                                       6.625            788.86         80
                                       6.375            788.86
    BONITA SPRINGS   FL   34135          1            10/11/01         00
    0433319175                           05           12/01/01          0
    05013823                             O            11/01/31
    0

    5616050          964/G02             F          399,900.00         ZZ
                                         360        399,580.21          1
                                       7.125          2,694.20         60
                                       6.875          2,694.20
    TRUCKEE          CA   96161          1            09/24/01         00
    0433231289                           03           11/01/01          0
    146604                               N            10/01/31
    0

    5617816          757/G02             F          305,250.00         ZZ
                                         360        305,005.89          1
                                       7.125          2,056.53         75
                                       6.875          2,056.53
    FT WAYNE         IN   46845          5            09/25/01         00
    0433289337                           05           11/01/01          0
    4GOBLEDANI                           O            10/01/31
    0

    5617847          E86/G02             F          442,000.00         ZZ
                                         360        442,000.00          1
                                       7.500          3,090.53         79
                                       7.250          3,090.53
    KAILUA           HI   96734          2            10/18/01         00
    0433335403                           05           12/01/01          0
    0000144841                           O            11/01/31
    0
1

    5618032          964/G02             F          400,000.00         ZZ
                                         360        399,724.72          1
                                       7.875          2,900.28         95
                                       7.625          2,900.28
    GLENDALE         AZ   85310          1            09/26/01         01
    0433255015                           05           11/01/01         30
    148782                               O            10/01/31
    0

    5618423          A06/G02             F           72,000.00         ZZ
                                         360         71,947.89          1
                                       7.625            509.61         90
                                       7.375            509.61
    BELLVILLE        MI   48111          1            10/04/01         12
    0433226107                           05           11/01/01         25
    WOLFF                                O            10/01/31
    0

    5618483          N47/G02             F          180,000.00         ZZ
                                         360        179,859.58          1
                                       7.250          1,227.92         70
                                       7.000          1,227.92
    CANYON LAKE      CA   92587          1            09/26/01         00
    0433265188                           03           11/01/01          0
    30111878                             O            10/01/31
    0

    5619966          964/G02             F          219,200.00         ZZ
                                         360        219,033.21          1
                                       7.375          1,513.96         80
                                       7.125          1,513.96
    SANTA CLARITA    CA   91351          1            09/25/01         00
    0433235660                           05           11/01/01          0
    145906                               O            10/01/31
    0

    5620210          964/G02             F          128,800.00         ZZ
                                         360        128,694.42          1
                                       7.000            856.91         80
                                       6.750            856.91
    LAS VEGAS        NV   89148          2            09/24/01         00
    0433230356                           03           11/01/01          0
    147281                               O            10/01/31
    0

    5620218          E23/G02             F          400,000.00         ZZ
                                         360        399,717.68          1
1

                                       7.750          2,865.65         80
                                       7.500          2,865.65
    SCOTTSDALE       AZ   85259          1            09/19/01         00
    0433277118                           03           11/01/01          0
    71002231                             O            10/01/31
    0

    5620679          624/G02             F          249,000.00         ZZ
                                         360        248,815.21          2
                                       7.500          1,741.04         83
                                       7.250          1,741.04
    SANTA MARIA      CA   93454          2            09/24/01         11
    0433260809                           05           11/01/01         20
    72002710833F                         N            10/01/31
    0

    5620909          E47/G02             F          261,600.00         ZZ
                                         360        261,400.94          1
                                       7.375          1,806.81         80
                                       7.125          1,806.81
    ROWLAND HEIGHTS  CA   91748          1            09/28/01         00
    0433318672                           05           11/01/01          0
    7331013320                           O            10/01/31
    0

    5621047          X05/G02             F          228,000.00         ZZ
                                         360        227,822.14          1
                                       7.250          1,555.36         80
                                       7.000          1,555.36
    SAN DIEGO        CA   92115          5            09/24/01         00
    0433261443                           05           11/01/01          0
    01109069                             O            10/01/31
    0

    5621875          964/G02             F           94,300.00         ZZ
                                         360         94,231.75          1
                                       7.625            667.45         80
                                       7.375            667.45
    VANCOUVER        WA   98682          1            09/26/01         00
    0433273554                           05           11/01/01          0
    150134                               N            10/01/31
    0

    5621902          964/G02             F          131,000.00         ZZ
                                         360        130,905.19          1
                                       7.625            927.21         90
                                       7.375            927.21
    LAS VEGAS        NV   89122          2            09/25/01         10
    0433245107                           03           11/01/01         25
1

    149989                               O            10/01/31
    0

    5622423          U05/G02             F          320,000.00         ZZ
                                         360        319,762.51          1
                                       7.500          2,237.49         79
                                       7.250          2,237.49
    KENT             WA   98042          5            09/25/01         00
    0433232584                           05           11/01/01          0
    3166152                              O            10/01/31
    0

    5622794          G52/G02             F          140,750.00         ZZ
                                         360        140,535.13          1
                                       7.375            972.13         63
                                       7.125            972.13
    ALBUQUERQUE      NM   87102          2            08/31/01         00
    0433288628                           05           10/01/01          0
    5605001005                           O            09/01/31
    0

    5622995          E23/G02             F          360,000.00         ZZ
                                         360        359,712.11          1
                                       7.125          2,425.39         75
                                       6.875          2,425.39
    COSTA MESA       CA   92627          5            09/24/01         00
    0433291721                           05           11/01/01          0
    51007279                             O            10/01/31
    0

    5623381          830/G02             F          167,000.00         ZZ
                                         360        166,869.73          1
                                       7.250          1,139.23         77
                                       7.000          1,139.23
    SOUTH JORDAN     UT   84095          5            09/27/01         00
    0433269750                           05           11/01/01          0
    WALKER545980                         O            10/01/31
    0

    5623837          N47/G02             F          188,000.00         ZZ
                                         360        187,849.66          1
                                       7.125          1,266.59         80
                                       6.875          1,266.59
    ORANGEBURG       SC   29118          5            09/26/01         00
    0433256278                           05           11/01/01          0
    40112237                             O            10/01/31
    0

1

    5624571          E23/G02             F          337,350.00         ZZ
                                         360        337,129.33          1
                                       8.125          2,504.81         80
                                       7.875          2,504.81
    CLOVERDALE       CA   95425          1            09/25/01         00
    0433260445                           05           11/01/01          0
    62000026                             N            10/01/31
    0

    5626065          E22/G02             F           47,000.00         ZZ
                                         360         46,869.73          1
                                       7.500            328.63         95
                                       7.250            328.63
    BRUNDIDGE        AL   36010          5            09/18/01         01
    0412891590                           05           11/01/01         30
    0412891590                           O            10/01/31
    0

    5626149          E22/G02             F           76,000.00         T
                                         360         75,943.60          1
                                       7.500            531.40         75
                                       7.250            531.40
    FORT LAUDERDALE  FL   33311          1            09/24/01         00
    0413002338                           06           11/01/01          0
    0413002338                           O            10/01/31
    0

    5626157          E22/G02             F           51,300.00         ZZ
                                         360         51,262.87          1
                                       7.625            363.10         83
                                       7.375            363.10
    HOPE HULL        AL   36043          2            09/19/01         01
    0413005380                           05           11/01/01         12
    0413005380                           O            10/01/31
    0

    5626732          U28/G02             F           60,800.00         ZZ
                                         360         60,755.99          1
                                       7.625            430.34         80
                                       7.375            430.34
    DUNWOODY         GA   30350          1            09/14/01         00
    0433231362                           01           11/01/01          0
    1                                    O            10/01/31
    0

    5627183          623/G02             F          178,000.00         ZZ
                                         360        177,754.21          1
                                       7.875          1,290.62         80
                                       7.624          1,290.62
1

    SOUTH JORDAN     UT   84095          2            08/30/01         00
    0433221660                           05           10/01/01          0
    1563140                              O            09/01/31
    0

    5627184          623/G02             F           74,400.00         ZZ
                                         360         74,047.89          1
                                       8.500            572.07         80
                                       8.249            572.07
    AURORA           CO   80012          5            04/02/01         00
    0433221629                           01           05/01/01          0
    1570505                              O            04/01/31
    0

    5627189          623/G02             F          137,790.00         ZZ
                                         360        137,469.43          2
                                       8.750          1,083.99         90
                                       8.499          1,083.99
    COLORADO SPRING  CO   80906          1            06/06/01         04
    0433221926                           05           08/01/01         25
    1979925                              O            07/01/31
    0

    5627201          623/G02             F          120,000.00         ZZ
                                         360        119,854.09          1
                                       8.500            922.70         44
                                       8.249            922.70
    WEST CAPE MAY    NJ   08204          1            08/14/01         00
    0433221918                           05           10/01/01          0
    5297959                              O            09/01/31
    0

    5627206          623/G02             F          144,100.00         ZZ
                                         360        143,863.07          1
                                       7.000            958.70         73
                                       6.749            958.70
    TAPPAN           NY   10983          2            08/15/01         00
    0433221850                           05           10/01/01          0
    5354268                              O            09/01/31
    0

    5627214          623/G02             F          100,000.00         ZZ
                                         360         99,384.31          1
                                       7.750            716.41         71
                                       7.499            716.41
    JOHNSTON         RI   02919          1            07/16/01         00
    0433222171                           05           09/01/01          0
    5367252                              O            08/01/31
    0
1

    5627231          623/G02             F          129,000.00         ZZ
                                         360        128,807.92          1
                                       7.500            901.99         76
                                       7.249            901.99
    WALLKILL         NY   12589          1            08/20/01         00
    0433221207                           05           10/01/01          0
    5371170                              O            09/01/31
    0

    5627232          623/G02             F          187,500.00         ZZ
                                         360        187,227.73          3
                                       7.625          1,327.11         73
                                       7.374          1,327.11
    DORCHESTER       MA   02122          2            08/22/01         00
    0433221413                           05           10/01/01          0
    5371249                              O            09/01/31
    0

    5627239          623/G02             F          112,000.00         ZZ
                                         360        111,786.87          1
                                       7.750            802.38         80
                                       7.499            802.38
    GRISWOLD         CT   06384          5            08/29/01         00
    0433221454                           05           10/01/01          0
    5372062                              O            09/01/31
    0

    5627241          623/G02             F          140,000.00         ZZ
                                         360        139,791.55          1
                                       7.500            978.90         56
                                       7.249            978.90
    COPIAGUE         NY   11726          2            08/23/01         00
    0433221173                           05           10/01/01          0
    5373534                              O            09/01/31
    0

    5627413          964/G02             F          106,000.00         ZZ
                                         360        105,921.33          1
                                       7.500            741.17         80
                                       7.250            741.17
    REDMOND          OR   97756          1            09/25/01         00
    0433264140                           05           11/01/01          0
    139030                               O            10/01/31
    0

    5627510          Q30/G02             F          134,320.00         ZZ
                                         360        134,209.90          1
1

                                       7.000            893.63         80
                                       6.750            893.63
    PORTLAND         CT   06480          1            09/28/01         00
    0433313285                           05           11/01/01          0
    11014486                             O            10/01/31
    0

    5627953          B60/G02             F          378,000.00         ZZ
                                         360        377,726.42          4
                                       7.625          2,675.46         80
                                       7.375          2,675.46
    SOUTH PASADENA   CA   91030          2            09/15/01         00
    0433289097                           05           11/01/01          0
    328033                               N            10/01/31
    0

    5631003          964/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.125          2,479.28         80
                                       6.875          2,479.28
    ANAHEIM          CA   92807          5            10/01/01         00
    0433269933                           05           12/01/01          0
    144173                               O            11/01/31
    0

    5631144          K89/G02             F          182,700.00         ZZ
                                         360        182,700.00          1
                                       7.000          1,215.51         90
                                       6.750          1,215.51
    MIAMI            FL   33189          2            10/03/01         12
    0433297918                           05           12/01/01         25
    200107060                            O            11/01/31
    0

    5632769          S43/G02             F          172,500.00         ZZ
                                         360        172,500.00          1
                                       7.375          1,191.41         75
                                       7.125          1,191.41
    ALBUQUERQUE      NM   87107          2            10/01/01         00
    0433252798                           05           12/01/01          0
    011192                               N            11/01/31
    0

    5633442          U62/G02             F          116,000.00         ZZ
                                         360        115,913.91          1
                                       7.500            811.09         80
                                       7.250            811.09
    MATAWAN          NJ   07747          5            09/17/01         00
    0433231057                           05           11/01/01          0
1

    2001287393                           O            10/01/31
    0

    5633664          964/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.125          1,347.44         72
                                       6.875          1,347.44
    SANDY            UT   84070          2            10/10/01         00
    0433287513                           05           12/01/01          0
    152747                               O            11/01/31
    0

    5633813          U62/G02             F          174,250.00         ZZ
                                         360        174,117.41          1
                                       7.375          1,203.50         85
                                       7.125          1,203.50
    SHERWOOD         OR   97140          2            09/25/01         04
    0433255486                           05           11/01/01         12
    2001295689                           O            10/01/31
    0

    5634101          964/G02             F          308,400.00         ZZ
                                         360        308,193.07          1
                                       8.000          2,262.93         95
                                       7.750          2,262.93
    LAS VEGAS        NV   89135          1            09/25/01         10
    0433267358                           03           11/01/01         30
    148031                               O            10/01/31
    0

    5634760          G52/G02             F          134,100.00         T
                                         360        133,900.33          1
                                       7.500            937.65         90
                                       7.250            937.65
    NORTH LAS VEGAS  NV   89032          1            08/29/01         10
    0433288073                           05           10/01/01         30
    8405001148                           O            09/01/31
    0

    5634930          B60/G02             F          165,000.00         ZZ
                                         360        164,871.29          1
                                       7.250          1,125.59         71
                                       7.000          1,125.59
    BUENA PARK       CA   90620          5            09/01/01         00
    0433262821                           05           11/01/01          0
    348136                               O            10/01/31
    0

1

    5635395          G52/G02             F          368,000.00         ZZ
                                         360        367,726.89          1
                                       7.500          2,573.11         80
                                       7.250          2,573.11
    IRVINE           CA   92620          5            09/06/01         00
    0433308855                           03           11/01/01          0
    8200000165                           O            10/01/31
    0

    5637800          944/G02             F          136,800.00         ZZ
                                         360        136,800.00          1
                                       6.625            875.95         80
                                       6.375            875.95
    ROCKLIN          CA   95677          5            10/03/01         00
    0433282241                           05           12/01/01          0
    W01071742                            O            11/01/31
    0

    5637801          U05/G02             F          166,500.00         ZZ
                                         360        166,500.00          4
                                       7.750          1,192.83         90
                                       7.500          1,192.83
    LAKE WORTH       FL   33460          1            10/03/01         01
    0433259736                           05           12/01/01         25
    3168344                              N            11/01/31
    0

    5638354          U62/G02             F          370,300.00         ZZ
                                         360        369,996.46          1
                                       7.000          2,463.62         75
                                       6.750          2,463.62
    CREVE COEUR      MO   63141          2            09/29/01         00
    0433244894                           05           11/01/01          0
    2001288950                           N            10/01/31
    0

    5639196          964/G02             F          108,750.00         ZZ
                                         360        108,667.25          1
                                       7.375            751.11         70
                                       7.125            751.11
    LAS VEGAS        NV   89141          1            09/26/01         00
    0433231198                           03           11/01/01          0
    151552                               N            10/01/31
    0

    5639319          B57/G02             F          362,000.00         ZZ
                                         360        361,731.34          1
                                       7.500          2,531.16         80
                                       7.250          2,531.16
1

    LOS ANGELES      CA   90068          1            10/01/01         00
    0433281011                           05           11/01/01          0
    2117263                              O            10/01/31
    0

    5639686          E22/G02             F           52,800.00         ZZ
                                         360         52,761.78          1
                                       7.625            373.72         80
                                       7.375            373.72
    HOUSTON          TX   77060          5            09/19/01         00
    0412962904                           03           11/01/01          0
    0412962904                           O            10/01/31
    0

    5639708          E22/G02             F           70,000.00         ZZ
                                         360         69,939.73          1
                                       6.750            454.02         71
                                       6.500            454.02
    DENTON           TX   76209          5            09/20/01         00
    0413002783                           07           11/01/01          0
    0413002783                           O            10/01/31
    0

    5641150          N47/G02             F           67,200.00         ZZ
                                         360         67,150.13          1
                                       7.500            469.87         80
                                       7.250            469.87
    CINCINNATI       OH   45205          2            09/27/01         00
    0433256187                           05           11/01/01          0
    40111828                             N            10/01/31
    0

    5641274          Q99/G02             F           88,500.00         ZZ
                                         360         88,443.57          4
                                       8.250            664.87         77
                                       8.000            664.87
    PROVIDENCE       RI   02904          2            10/01/01         00
    0433304375                           05           11/01/01          0
    037444854                            N            10/01/31
    0

    5641493          K39/G02             F          233,000.00         ZZ
                                         360        232,822.70          1
                                       7.375          1,609.28         75
                                       7.125          1,609.28
    BRAINERD         MN   56401          2            09/28/01         00
    0433306628                           05           11/03/01          0
    470449503                            O            10/03/31
    0
1

    5643178          A06/G02             F           85,150.00         ZZ
                                         360         85,094.30          1
                                       8.125            632.24         65
                                       7.875            632.24
    MADISON HTS      MI   48071          5            09/28/01         00
    0433242880                           05           11/01/01          0
    021000020143484                      O            10/01/31
    0

    5643941          X16/G02             F          170,900.00         ZZ
                                         360        170,782.39          1
                                       7.875          1,239.14         95
                                       7.625          1,239.14
    READING          PA   19606          1            09/27/01         10
    0433298494                           05           11/01/01         30
    0010067554                           O            10/01/31
    0

    5644323          E84/G02             F          106,950.00         ZZ
                                         360        106,794.69          1
                                       7.625            756.99         67
                                       7.375            756.99
    GREELEY          CO   80634          2            08/13/01         00
    0433186772                           05           10/01/01          0
    81070848                             N            09/01/31
    0

    5645039          E84/G02             F           99,000.00         ZZ
                                         360         98,863.29          1
                                       7.875            717.82         45
                                       7.625            717.82
    ALBUQUERQUE      NM   87110          5            08/15/01         00
    0433184587                           05           10/01/01          0
    81090034                             O            09/01/31
    0

    5646911          E84/G02             F          450,000.00         ZZ
                                         360        449,329.97          1
                                       7.500          3,146.47         54
                                       7.250          3,146.47
    SAN FRANCISCO    CA   94114          1            08/03/01         00
    0433202595                           05           10/01/01          0
    72911054                             O            09/01/31
    0

    5647047          E84/G02             F          105,150.00         ZZ
                                         360        104,997.30          1
1

                                       7.625            744.25         67
                                       7.375            744.25
    AURORA           CO   80010          2            08/03/01         00
    0433191582                           05           10/01/01          0
    3280250                              O            09/01/31
    0

    5647883          E84/G02             F          332,000.00         ZZ
                                         360        331,541.54          1
                                       7.875          2,407.23         80
                                       7.625          2,407.23
    SOUTH FRANCISCO  CA   94080          1            08/10/01         00
    0433236403                           05           10/01/01          0
    23013177                             N            09/01/31
    0

    5648389          286/286             F          332,000.00         ZZ
                                         360        331,203.79          1
                                       7.500          2,321.40         80
                                       7.250          2,321.40
    EDISON           NJ   08817          5            08/24/01         00
    461966                               05           10/01/01          0
    461966                               O            09/01/31
    0

    5648390          286/286             F          213,750.00         T
                                         360        213,415.49          1
                                       7.250          1,458.16         75
                                       7.000          1,458.16
    PHOENIX          AZ   85258          2            08/21/01         00
    534133                               01           10/01/01          0
    534133                               O            09/01/31
    0

    5648391          286/286             F          634,900.00         ZZ
                                         360        633,930.81          1
                                       7.375          4,385.10         80
                                       7.125          4,385.10
    CENTREVILLE      VA   20120          5            08/27/01         00
    521253                               03           10/01/01          0
    521253                               O            09/01/31
    0

    5648392          286/286             F          156,000.00         ZZ
                                         240        155,408.35          1
                                       7.125          1,221.20         73
                                       6.875          1,221.20
    DOUGLASVILLE     GA   30134          5            08/27/01         00
    517040                               05           10/01/01          0
1

    517040                               O            09/01/21
    0

    5648393          286/286             F          570,000.00         ZZ
                                         360        569,107.99          1
                                       7.250          3,888.41         75
                                       7.000          3,888.41
    OXFORD           MI   48370          5            08/27/01         00
    532878                               05           10/01/01          0
    532878                               O            09/01/31
    0

    5648397          286/286             F          506,250.00         ZZ
                                         360        505,437.90          1
                                       7.125          3,410.71         75
                                       6.875          3,410.71
    ATLANTA          GA   30306          5            08/24/01         00
    487060                               05           10/01/01          0
    487060                               O            09/01/31
    0

    5648398          286/286             F          432,000.00         ZZ
                                         360        431,372.67          2
                                       7.625          3,057.67         80
                                       7.375          3,057.67
    EVANSTON         IL   60201          5            08/27/01         00
    511558                               05           10/01/01          0
    511558                               O            09/01/31
    0

    5648399          286/286             F          420,000.00         T
                                         360        419,326.27          1
                                       7.125          2,829.62         69
                                       6.875          2,829.62
    CASSOPOLIS       MI   49031          5            08/24/01         00
    459334                               05           10/01/01          0
    459334                               O            09/01/31
    0

    5648400          286/286             F          620,000.00         ZZ
                                         360        619,076.84          1
                                       7.500          4,335.14         80
                                       7.250          4,335.14
    NAPA             CA   94558          5            08/22/01         00
    516470                               05           10/01/01          0
    516470                               O            09/01/31
    0

1

    5648402          286/286             F          540,000.00         ZZ
                                         360        539,235.28          1
                                       7.750          3,868.63         80
                                       7.500          3,868.63
    HOLLADAY         UT   84117          5            08/24/01         00
    9880773                              05           10/01/01          0
    9880773                              O            09/01/31
    0

    5648403          286/286             F          119,000.00         ZZ
                                         360        118,818.35          1
                                       7.375            821.90         62
                                       7.125            821.90
    SAN DIEGO        CA   92105          5            08/16/01         00
    9939652                              05           10/01/01          0
    9939652                              O            09/01/31
    0

    5648405          286/286             F          192,500.00         ZZ
                                         360        192,105.53          1
                                       7.375          1,329.55         70
                                       7.125          1,329.55
    ROHNERT PARK     CA   94928          5            08/16/01         00
    9875223                              05           10/01/01          0
    9875223                              O            09/01/31
    0

    5648408          286/286             F          250,000.00         ZZ
                                         360        249,608.78          1
                                       7.250          1,705.44         59
                                       7.000          1,705.44
    CARLSBAD         CA   92009          5            08/23/01         00
    9889060                              03           10/01/01          0
    9889060                              O            09/01/31
    0

    5648411          286/286             F          439,700.00         ZZ
                                         360        439,077.33          1
                                       7.750          3,150.06         80
                                       7.500          3,150.06
    SACRAMENTO       CA   95818          5            08/08/01         00
    9947995                              05           10/01/01          0
    9947995                              O            09/01/31
    0

    5648412          286/286             F          440,000.00         ZZ
                                         360        439,392.39          1
                                       7.875          3,190.31         80
                                       7.625          3,190.31
1

    FREMONT          CA   94536          1            08/24/01         00
    9874868                              05           10/01/01          0
    9874868                              O            09/01/31
    0

    5648413          286/286             F          245,000.00         ZZ
                                         360        244,616.60          1
                                       7.250          1,671.33         57
                                       7.000          1,671.33
    ALAMEDA          CA   94501          5            08/20/01         00
    9880578                              05           10/01/01          0
    9880578                              O            09/01/31
    0

    5648414          286/286             F          304,000.00         ZZ
                                         360        303,524.26          1
                                       7.250          2,073.82         80
                                       7.000          2,073.82
    DUBLIN           CA   94568          5            08/16/01         00
    9883397                              05           10/01/01          0
    9883397                              O            09/01/31
    0

    5648416          286/286             F          356,500.00         ZZ
                                         360        355,942.10          1
                                       7.250          2,431.96         70
                                       7.000          2,431.96
    WALNUT CREEK     CA   94596          5            08/17/01         00
    9826873                              05           10/01/01          0
    9826873                              O            09/01/31
    0

    5648566          E84/G02             F          245,600.00         ZZ
                                         360        245,277.61          1
                                       8.125          1,823.57         80
                                       7.875          1,823.57
    DENVER           CO   80204          5            08/23/01         00
    0433191343                           05           10/01/01          0
    32801004                             O            09/01/31
    0

    5648710          455/G02             F          145,520.00         ZZ
                                         360        145,409.26          1
                                       7.375          1,005.08         80
                                       7.125          1,005.08
    WOODSTOCK        GA   30188          1            09/28/01         00
    0433299369                           05           11/01/01          0
    21001845                             O            10/01/31
    0
1

    5648725          E84/G02             F          313,000.00         ZZ
                                         360        312,556.75          1
                                       7.750          2,242.37         57
                                       7.500          2,242.37
    MECHANICSBURG    PA   17050          5            08/14/01         00
    0433191806                           05           10/01/01          0
    32800592                             O            09/01/31
    0

    5648989          E84/G02             F          128,000.00         ZZ
                                         360        127,836.20          1
                                       8.250            961.62         80
                                       8.000            961.62
    CALEDONIA        IL   61101          5            08/24/01         00
    0433195807                           05           10/01/01          0
    11504129                             O            09/01/31
    0

    5649033          E84/G02             F          275,000.00         ZZ
                                         360        274,590.54          1
                                       7.500          1,922.84         77
                                       7.250          1,922.84
    CASTLE ROCK      CO   80104          5            08/15/01         00
    0433189958                           05           10/01/01          0
    81080519                             O            09/01/31
    0

    5649587          U28/G02             F          130,000.00         ZZ
                                         360        129,896.05          1
                                       7.125            875.83         68
                                       6.875            875.83
    ROCK HILL        SC   29730          5            09/28/01         00
    0433318359                           05           11/01/01          0
    ROGERSCHBB                           O            10/01/31
    0

    5650113          P01/G02             F           42,750.00         ZZ
                                         360         42,750.00          4
                                       8.375            324.94         90
                                       8.125            324.94
    AMSTERDAM        NY   12010          1            10/02/01         10
    0433319076                           05           12/01/01         30
    HOFFMAN                              N            11/01/31
    0

    5650281          E47/G02             F          183,350.00         ZZ
                                         360        183,223.82          1
1

                                       7.875          1,329.41         95
                                       7.625          1,329.41
    AURORA           CO   80017          1            09/28/01         01
    0433285772                           05           11/01/01         30
    7332019287                           O            10/01/31
    0

    5650717          356/G02             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.375          4,144.06         55
                                       7.125          4,144.06
    PLEASANTON       CA   94556          5            10/02/01         00
    0433338688                           05           12/01/01          0
    2899979                              O            11/01/31
    0

    5651162          T44/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       7.500          1,328.51         58
                                       7.250          1,328.51
    TEHACHAPI        CA   93561          5            10/01/01         00
    0433287869                           05           12/01/01          0
    1021069                              O            11/01/31
    0

    5652509          E22/G02             F           65,000.00         ZZ
                                         360         64,955.26          1
                                       7.875            471.30         90
                                       7.625            471.30
    MEMPHIS          TN   38118          5            09/21/01         10
    0413002072                           05           11/01/01         25
    0413002072                           O            10/01/31
    0

    5652520          E22/G02             F          182,400.00         ZZ
                                         360        182,264.63          1
                                       7.500          1,275.37         80
                                       7.250          1,275.37
    NEW CANEY        TX   77357          5            09/21/01         00
    0413011743                           05           11/01/01          0
    0413011743                           O            10/01/31
    0

    5652575          E22/G02             F           87,600.00         ZZ
                                         360         87,539.72          1
                                       7.875            635.16         80
                                       7.625            635.16
    ROCKWALL         TX   75032          1            09/25/01         00
    0413054180                           05           11/01/01          0
1

    0413054180                           N            10/01/31
    0

    5653074          E84/G02             F          336,000.00         ZZ
                                         360        335,512.07          1
                                       7.625          2,378.19         80
                                       7.375          2,378.19
    GLENDORA         CA   91741          5            07/30/01         00
    0433197068                           05           10/01/01          0
    75012046                             O            09/01/31
    0

    5653406          E84/G02             F          309,600.00         ZZ
                                         360        309,127.39          1
                                       7.375          2,138.33         80
                                       7.125          2,138.33
    PORTLAND         OR   97202          2            08/06/01         00
    0433190741                           05           10/01/01          0
    60107879                             O            09/01/31
    0

    5653682          E84/G02             F          572,000.00         ZZ
                                         360        571,169.37          1
                                       7.625          4,048.58         71
                                       7.375          4,048.58
    WILMETTE         IL   60091          5            08/09/01         00
    0433203783                           05           10/01/01          0
    11008341                             O            09/01/31
    0

    5654765          E84/G02             F          261,000.00         ZZ
                                         360        260,639.58          1
                                       7.875          1,892.43         90
                                       7.625          1,892.43
    RICHMOND         CA   94801          1            08/24/01         10
    0433226529                           05           10/01/01         25
    73210567                             O            09/01/31
    0

    5655400          E84/G02             F          385,750.00         ZZ
                                         360        385,146.32          1
                                       7.250          2,631.50         80
                                       7.000          2,631.50
    PORTLAND         OR   97221          1            08/21/01         00
    0433197613                           03           10/01/01          0
    60902458                             O            09/01/31
    0

1

    5655771          E84/G02             F          460,000.00         ZZ
                                         360        459,243.68          1
                                       7.000          3,060.39         80
                                       6.750          3,060.39
    PORTLAND         OR   97229          1            08/23/01         00
    0433236452                           05           10/01/01          0
    60107950                             O            09/01/31
    0

    5656670          964/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       7.250          1,064.20         73
                                       7.000          1,064.20
    PEORIA           AZ   85381          5            10/11/01         00
    0433286572                           05           12/01/01          0
    148992                               O            11/01/31
    0

    5657359          E23/G02             F          185,000.00         ZZ
                                         360        184,855.68          3
                                       7.250          1,262.03         80
                                       7.000          1,262.03
    LOS ANGELES      CA   90042          1            09/17/01         00
    0433307725                           05           11/01/01          0
    51007097                             O            10/01/31
    0

    5659356          U05/G02             F           98,100.00         ZZ
                                         360         98,100.00          3
                                       8.000            719.82         90
                                       7.750            719.82
    HARRISBURG       PA   17110          1            10/10/01         11
    0433304995                           05           12/01/01         25
    3171813                              N            11/01/31
    0

    5660729          E82/G02             F          173,350.00         ZZ
                                         360        173,214.77          1
                                       7.250          1,182.55         73
                                       7.000          1,182.55
    HACKETTSTOWN     NJ   07840          2            09/19/01         00
    0400487112                           05           11/01/01          0
    0400487112                           O            10/01/31
    0

    5660732          E82/G02             F          360,000.00         ZZ
                                         360        359,704.91          1
                                       7.000          2,395.09         85
                                       6.750          2,395.09
1

    MIRAMAR          FL   33029          5            09/20/01         04
    0400489688                           05           11/01/01         12
    0400489688                           O            10/01/31
    0

    5660735          E82/G02             F          157,500.00         ZZ
                                         360        157,380.16          1
                                       7.375          1,087.81         90
                                       7.125          1,087.81
    OLATHE           KS   66061          1            09/21/01         04
    0400479481                           05           11/01/01         25
    0400479481                           N            10/01/31
    0

    5660742          E82/G02             F          133,600.00         ZZ
                                         360        133,500.85          1
                                       7.500            934.15         80
                                       7.250            934.15
    IMLAY CITY       MI   48444          5            09/20/01         00
    0400478533                           05           11/01/01          0
    0400478533                           O            10/01/31
    0

    5660747          E82/G02             F          139,000.00         ZZ
                                         360        138,888.84          1
                                       7.125            936.47         68
                                       6.875            936.47
    SYRACUSE         IN   46567          2            09/20/01         00
    0400486940                           05           11/01/01          0
    1967182                              O            10/01/31
    0

    5662067          964/G02             F          161,600.00         ZZ
                                         360        161,600.00          1
                                       7.250          1,102.40         80
                                       7.000          1,102.40
    BORING           OR   97009          1            10/01/01         00
    0433304466                           27           12/01/01          0
    146081                               O            11/01/31
    0

    5662631          W53/G02             F          305,000.00         ZZ
                                         360        304,784.73          1
                                       7.750          2,185.06         80
                                       7.500          2,185.06
    MT. VERNON       NY   10552          5            09/29/01         00
    0433255585                           05           11/01/01          0
    5000727000                           O            10/01/31
    0
1

    5663382          A06/G02             F        1,000,000.00         ZZ
                                         360        999,200.31          1
                                       7.125          6,737.19         54
                                       6.875          6,737.19
    WINCHESTER       WI   54557          2            09/20/01         00
    0433318557                           05           11/01/01          0
    1                                    O            10/01/31
    0

    5665027          E22/G02             F          237,600.00         ZZ
                                         360        237,414.65          1
                                       7.250          1,620.85         80
                                       7.000          1,620.85
    LITTLETON        CO   80126          5            09/21/01         00
    0412961815                           03           11/01/01          0
    0412961815                           O            10/01/31
    0

    5665030          E22/G02             F          180,000.00         ZZ
                                         360        179,859.58          1
                                       7.250          1,227.92         80
                                       7.000          1,227.92
    GARDEN GROVE     CA   92840          5            09/20/01         00
    0412976557                           05           11/01/01          0
    0412976557                           O            10/01/31
    0

    5665054          E22/G02             F          324,000.00         ZZ
                                         360        323,770.69          1
                                       7.750          2,321.18         80
                                       7.500          2,321.18
    SEBASTOPOL       CA   95472          5            09/19/01         00
    0413020991                           05           11/01/01          0
    0413020991                           O            10/01/31
    0

    5665065          E22/G02             F           82,400.00         ZZ
                                         360         82,344.71          1
                                       8.000            604.62         80
                                       7.750            604.62
    MINNEAPOLIS      MN   55417          5            09/27/01         00
    0413031063                           05           11/01/01          0
    0413031063                           N            10/01/31
    0

    5665068          E22/G02             F           48,000.00         ZZ
                                         360         47,964.38          1
1

                                       7.500            335.62         80
                                       7.250            335.62
    OSCEOLA          IN   46561          1            09/27/01         00
    0413033549                           05           11/01/01          0
    0413033549                           N            10/01/31
    0

    5665083          E22/G02             F           35,000.00         ZZ
                                         360         34,978.24          2
                                       8.375            266.03         90
                                       8.125            266.03
    SAINT LOUIS      MO   63113          1            09/27/01         04
    0413051590                           05           11/01/01         25
    0413051590                           N            10/01/31
    0

    5665086          E22/G02             F           55,000.00         ZZ
                                         360         54,965.81          1
                                       8.375            418.04         90
                                       8.125            418.04
    BELVIDERE        NJ   07823          1            09/27/01         01
    0413054008                           05           11/01/01         25
    0413054008                           N            10/01/31
    0

    5665102          E22/G02             F           62,400.00         ZZ
                                         360         62,359.18          1
                                       8.125            463.32         80
                                       7.875            463.32
    SANDPOINT        ID   83864          5            09/24/01         00
    0413067182                           05           11/01/01          0
    0413067182                           N            10/01/31
    0

    5665112          E22/G02             F          256,500.00         ZZ
                                         360        256,318.96          3
                                       7.750          1,837.60         90
                                       7.500          1,837.60
    FREDERICK        MD   21701          1            09/27/01         01
    0413079831                           05           11/01/01         25
    0413079831                           N            10/01/31
    0

    5665419          076/076             F           78,800.00         ZZ
                                         360         78,620.95          1
                                       7.875            571.36         80
                                       7.625            571.36
    SPRINGFIELD      MO   65807          1            08/28/01         00
    0004313                              05           10/01/01          0
1

    0004313                              O            09/01/31
    0

    5665434          076/076             F          120,000.00         ZZ
                                         360        119,821.32          1
                                       7.500            839.06         69
                                       7.250            839.06
    BELLEVUE         NE   68123          2            08/21/01         00
    5750285                              05           10/01/01          0
    5750285                              O            09/01/31
    0

    5665436          076/076             F          560,000.00         ZZ
                                         360        559,123.64          1
                                       7.250          3,820.19         80
                                       7.000          3,820.19
    ARMONK           NY   10504          5            08/27/01         00
    5966575                              05           10/01/01          0
    5966575                              O            09/01/31
    0

    5665437          076/076             F          108,400.00         ZZ
                                         360        108,242.58          1
                                       7.625            767.25         70
                                       7.375            767.25
    MARGATE          FL   33063          1            08/16/01         00
    8006780                              03           10/01/01          0
    8006780                              O            09/01/31
    0

    5666917          A52/G02             F          250,800.00         ZZ
                                         360        250,627.41          1
                                       7.875          1,818.47         95
                                       7.625          1,818.47
    MARIETTA         GA   30067          1            09/28/01         11
    0433307618                           05           11/01/01         30
    16238                                O            10/01/31
    0

    5667286          K15/G02             F           90,200.00         ZZ
                                         360         90,200.00          1
                                       8.250            677.64         95
                                       8.000            677.64
    CLEVELAND        OH   44111          5            09/29/01         11
    0433256229                           05           12/01/01         30
    028705303750                         O            11/01/31
    0

1

    5669313          964/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       7.375            856.44         80
                                       7.125            856.44
    PUYALLUP         WA   98375          5            10/03/01         00
    0433257458                           03           12/01/01          0
    141910                               O            11/01/31
    0

    5669568          964/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
                                       7.250          1,582.65         80
                                       7.000          1,582.65
    AUBURN           CA   95603          1            10/03/01         00
    0433274271                           05           12/01/01          0
    147937                               O            11/01/31
    0

    5671270          H58/G02             F          450,000.00         ZZ
                                         360        449,612.56          1
                                       6.750          2,918.69         75
                                       6.500          2,918.69
    SAN DIEGO        CA   92109          5            09/28/01         00
    0433294444                           05           11/01/01          0
    0000077512                           O            10/01/31
    0

    5671470          964/G02             F           80,000.00         ZZ
                                         360         79,942.09          1
                                       7.625            566.24         63
                                       7.375            566.24
    EUGENE           OR   97402          5            09/28/01         00
    0433285566                           05           11/01/01          0
    147663                               O            10/01/31
    0

    5672412          U28/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       7.375          1,036.01         66
                                       7.125          1,036.01
    WINTERVILLE      GA   30683          5            10/05/01         00
    0433291564                           05           12/01/01          0
    DANIEL                               O            11/01/31
    0

    5673140          E85/G02             F          124,000.00         ZZ
                                         360        123,828.76          1
                                       7.875            899.09         45
                                       7.625            899.09
1

    WINDSOR          CA   95492          1            08/30/01         00
    0433282068                           05           10/01/01          0
    9610565                              N            09/01/31
    0

    5673188          964/G02             F          513,000.00         ZZ
                                         360        513,000.00          1
                                       7.500          3,586.97         60
                                       7.250          3,586.97
    CLACKAMAS        OR   97015          5            10/03/01         00
    0433256161                           05           12/01/01          0
    142679                               O            11/01/31
    0

    5673821          700/G02             F          153,400.00         ZZ
                                         360        153,400.00          1
                                       7.375          1,059.50         95
                                       7.125          1,059.50
    GRAND TERRACE    CA   92313          5            10/05/01         01
    0433327251                           05           12/01/01         30
    00262172                             O            11/01/31
    0

    5675703          883/G02             F           80,400.00         ZZ
                                         360         80,340.33          1
                                       7.500            562.17         70
                                       7.250            562.17
    POWDER SPRINGS   GA   30127          1            09/17/01         00
    0433256674                           03           11/01/01          0
    05013932                             O            10/01/31
    0

    5675741          A39/G02             F          165,000.00         ZZ
                                         360        164,880.58          1
                                       7.625          1,167.86         75
                                       7.375          1,167.86
    VAN NUYS         CA   91406          1            09/18/01         00
    0433248101                           05           11/01/01          0
    2101903RFC                           O            10/01/31
    0

    5678156          E82/G02             F          128,800.00         ZZ
                                         360        128,704.41          1
                                       7.500            900.59         80
                                       7.250            900.59
    COLLIERVILLE     TN   38017          1            09/28/01         00
    0400503181                           03           11/01/01          0
    0400503181                           N            10/01/31
    0
1

    5678164          E82/G02             F          173,400.00         ZZ
                                         360        173,261.33          1
                                       7.125          1,168.23         76
                                       6.875          1,168.23
    CHAPEL HILL      NC   27516          2            09/21/01         00
    0400488698                           05           11/01/01          0
    2898527                              O            10/01/31
    0

    5678169          E82/G02             F          126,000.00         ZZ
                                         360        125,899.24          1
                                       7.125            848.89         79
                                       6.875            848.89
    PORTLAND         OR   97206          2            09/24/01         00
    0400492757                           05           11/01/01          0
    1990395                              O            10/01/31
    0

    5678177          E82/G02             F           76,500.00         ZZ
                                         360         76,447.35          1
                                       7.875            554.68         90
                                       7.625            554.68
    SYRACUSE         NY   13224          5            09/24/01         04
    0400481297                           05           11/01/01         25
    0400481297                           O            10/01/31
    0

    5678183          E82/G02             F          200,000.00         ZZ
                                         360        199,851.57          1
                                       7.500          1,398.43         80
                                       7.250          1,398.43
    SARASOTA         FL   34242          2            09/21/01         00
    0400490884                           05           11/01/01          0
    3909963                              O            10/01/31
    0

    5680242          964/G02             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       7.125          3,705.45         71
                                       6.875          3,705.45
    BOONVILLE        CA   95415          5            10/15/01         00
    0433303476                           05           12/01/01          0
    152851                               O            11/01/31
    0

    5681764          964/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
1

                                       7.500          2,657.02         80
                                       7.250          2,657.02
    OCEANSIDE        CA   92054          1            10/03/01         00
    0433285871                           01           12/01/01          0
    150501                               O            11/01/31
    0

    5681792          S27/G02             F          202,500.00         ZZ
                                         360        202,500.00          3
                                       7.375          1,398.62         90
                                       7.125          1,398.62
    CHICAGO          IL   60609          1            10/10/01         11
    0433299088                           05           12/01/01         25
    1                                    N            11/01/31
    0

    5682282          G18/G02             F          299,200.00         ZZ
                                         360        298,972.33          1
                                       7.375          2,066.50         80
                                       7.125          2,066.50
    MINNEAPOLIS      MN   55408          1            09/18/01         00
    0433337524                           05           11/01/01          0
    09DM10105200                         O            10/01/31
    0

    5682722          L49/G02             F          440,000.00         ZZ
                                         360        439,276.57          1
                                       7.000          2,927.33         63
                                       6.750          2,927.33
    FULLERTON        CA   92835          1            08/20/01         00
    0433208550                           03           10/01/01          0
    10006411                             O            09/01/31
    0

    5684327          U05/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.750            716.41         80
                                       7.500            716.41
    BARTLETT         TX   76511          5            10/02/01         00
    0433311792                           05           12/01/01          0
    3167046                              O            11/01/31
    0

    5685562          N47/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       6.750          1,141.53         80
                                       6.500          1,141.53
    CARMICHAEL       CA   95608          5            10/10/01         00
    0433303203                           05           12/01/01          0
1

    20211520                             O            11/01/31
    0

    5687843          E47/G02             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       7.125          2,048.10         80
                                       6.875          2,048.10
    OAKLAND          CA   94605          5            10/16/01         00
    0433317773                           05           12/01/01          0
    7331013474                           O            11/01/31
    0

    5688341          964/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.000          2,328.56         77
                                       6.750          2,328.56
    SCOTTSDALE       AZ   85260          5            10/04/01         00
    0433319985                           03           12/01/01          0
    153616                               O            11/01/31
    0

    5689041          E82/G02             F           81,050.00         ZZ
                                         360         80,989.85          1
                                       7.500            566.71         71
                                       7.250            566.71
    HOUSTON          TX   77066          2            09/26/01         00
    0400470860                           03           11/01/01          0
    0400470860                           O            10/01/31
    0

    5689044          E82/G02             F          131,400.00         ZZ
                                         360        131,294.92          1
                                       7.125            885.27         88
                                       6.875            885.27
    LAUDERDALE       MN   55108          1            10/01/01         04
    0400487708                           05           11/01/01         25
    0400487708                           O            10/01/31
    0

    5689232          F89/G02             F          367,500.00         ZZ
                                         360        367,220.36          1
                                       7.375          2,538.23         75
                                       7.125          2,538.23
    YORBA LINDA      CA   92887          2            09/18/01         00
    0433285277                           03           11/01/01          0
    10130                                O            10/01/31
    0

1

    5689934          B28/G02             F          116,100.00         ZZ
                                         360        116,015.97          1
                                       7.625            821.75         90
                                       7.375            821.75
    NORMAN           OK   73026          1            09/21/01         10
    0433245784                           05           11/01/01         25
    0107240021                           O            10/01/31
    0

    5693182          964/G02             F          456,500.00         ZZ
                                         360        456,177.81          1
                                       7.750          3,270.42         77
                                       7.500          3,270.42
    PASO ROBLES      CA   93446          5            09/17/01         00
    0433262680                           05           11/01/01          0
    130121                               O            10/01/31
    0

    5693200          944/G02             F          272,500.00         ZZ
                                         360        272,500.00          1
                                       6.625          1,744.85         49
                                       6.375          1,744.85
    SEATTLE          WA   98199          2            10/15/01         00
    0433338969                           05           12/01/01          0
    W01093122                            O            11/01/31
    0

    5696390          624/G02             F           84,000.00         ZZ
                                         360         83,946.44          1
                                       8.250            631.06         75
                                       8.000            631.06
    HESPERIA         CA   92345          1            09/21/01         00
    0433254760                           05           11/01/01          0
    34083410393F                         O            10/01/31
    0

    5696826          944/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       7.000          1,144.33         77
                                       6.750          1,144.33
    GAITHERSBURG     MD   20878          5            10/19/01         00
    0433339124                           07           12/01/01          0
    W01094013                            O            11/01/31
    0

    5696972          962/G02             F           43,775.00         ZZ
                                         360         43,775.00          4
                                       8.500            336.59         85
                                       8.250            336.59
1

    GLYNDON          MN   56547          1            10/08/01         14
    0433279742                           05           12/01/01         12
    100103301000023                      N            11/01/31
    0

    5696994          F19/G02             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       7.250          3,240.34         60
                                       7.000          3,240.34
    SANTA CRUZ       CA   95065          5            10/02/01         00
    0433306578                           05           12/01/01          0
    720977                               O            11/01/31
    0

    5697015          168/168             F          161,250.00         ZZ
                                         360        160,589.22          2
                                       8.500          1,239.87         75
                                       8.250          1,239.87
    VALLEJO          CA   94591          1            04/05/01         00
    0439660246                           05           06/01/01          0
    0439660246                           O            05/01/31
    0

    5697562          N47/G02             F          147,900.00         ZZ
                                         360        147,900.00          1
                                       6.750            959.28         80
                                       6.500            959.28
    MURRIETA         CA   92563          1            10/12/01         00
    0433316015                           05           12/01/01          0
    30111939                             O            11/01/31
    0

    5698090          E23/G02             F          436,000.00         ZZ
                                         360        436,000.00          1
                                       7.000          2,900.72         80
                                       6.750          2,900.72
    LOS ANGELES      CA   90045          2            10/05/01         00
    0433324993                           05           12/01/01          0
    51007781                             O            11/01/31
    0

    5703175          U68/G02             F          190,400.00         ZZ
                                         360        190,400.00          1
                                       7.875          1,380.53         80
                                       7.625          1,380.53
    CHAMBLEE         GA   30341          5            10/12/01         00
    0433323185                           05           12/01/01          0
    01GA3002                             O            11/01/31
    0
1

    5703342          T44/G02             F          135,200.00         ZZ
                                         360        135,200.00          1
                                       7.000            899.49         80
                                       6.750            899.49
    GRASS VALLEY     CA   95945          1            10/05/01         00
    0433302387                           05           12/01/01          0
    1022565                              O            11/01/31
    0

    5704458          E22/G02             F          147,500.00         ZZ
                                         360        147,373.01          1
                                       6.750            956.68         78
                                       6.500            956.68
    BRENTWOOD        NY   11717          5            09/24/01         00
    0412783086                           05           11/01/01          0
    0412783086                           O            10/01/31
    0

    5704460          E22/G02             F           72,000.00         ZZ
                                         360         71,949.18          1
                                       7.750            515.82         80
                                       7.500            515.82
    MOBILE           AL   36618          5            09/24/01         00
    0412846586                           05           11/01/01          0
    0412846586                           O            10/01/31
    0

    5704466          E22/G02             F          361,000.00         ZZ
                                         360        360,757.78          1
                                       8.000          2,648.89         95
                                       7.750          2,648.89
    EAST PALO ALTO   CA   94303          1            09/18/01         04
    0412913154                           05           11/01/01         30
    0412913154                           O            10/01/31
    0

    5704473          E22/G02             F           79,000.00         ZZ
                                         360         78,947.00          3
                                       8.000            579.67         65
                                       7.750            579.67
    NEW ORLEANS      LA   70119          2            09/28/01         00
    0412931958                           05           11/01/01          0
    0412931958                           N            10/01/31
    0

    5704474          E22/G02             F           64,000.00         ZZ
                                         360         63,958.13          1
1

                                       8.125            475.20         80
                                       7.875            475.20
    FRESNO           CA   93727          1            08/31/01         00
    0412932857                           05           11/01/01          0
    0412932857                           N            10/01/31
    0

    5704475          E22/G02             F          297,000.00         ZZ
                                         360        296,762.50          1
                                       7.125          2,000.94         60
                                       6.875          2,000.94
    SAN BRUNO        CA   94066          5            09/20/01         00
    0412932915                           05           11/01/01          0
    0412932915                           O            10/01/31
    0

    5704476          E22/G02             F          223,250.00         ZZ
                                         360        223,071.47          1
                                       7.125          1,504.08         94
                                       6.875          1,504.08
    ANTELOPE         CA   95843          5            09/17/01         04
    0412936635                           05           11/01/01         30
    0412936635                           O            10/01/31
    0

    5704483          E22/G02             F           69,750.00         ZZ
                                         360         69,650.77          2
                                       7.750            499.70         90
                                       7.500            499.70
    GRAND RAPIDS     MI   49505          1            09/28/01         01
    0412957169                           05           11/01/01         25
    0412957169                           N            10/01/31
    0

    5704497          E22/G02             F          114,500.00         ZZ
                                         360        114,412.88          1
                                       7.375            790.82         85
                                       7.125            790.82
    FLAGSTAFF        AZ   86001          2            09/24/01         04
    0412976813                           05           11/01/01         12
    0412976813                           O            10/01/31
    0

    5704504          E22/G02             F           63,500.00         ZZ
                                         360         63,455.18          1
                                       7.750            454.92         77
                                       7.500            454.92
    ATLANTA          GA   30314          2            09/28/01         00
    0412984957                           05           11/01/01          0
1

    0412984957                           N            10/01/31
    0

    5704505          E22/G02             F           78,000.00         ZZ
                                         360         77,944.95          1
                                       7.750            558.80         77
                                       7.500            558.80
    ATLANTA          GA   30314          2            09/28/01         00
    0412985335                           05           11/01/01          0
    0412985335                           N            10/01/31
    0

    5704512          E22/G02             F           97,600.00         ZZ
                                         360         97,527.57          1
                                       7.500            682.43         80
                                       7.250            682.43
    SUGAR LAND       TX   77478          5            09/21/01         00
    0412990731                           03           11/01/01          0
    0412990731                           O            10/01/31
    0

    5704552          E22/G02             F          188,000.00         ZZ
                                         360        187,856.95          1
                                       7.375          1,298.47         80
                                       7.125          1,298.47
    GRAND JUNCTION   CO   81506          5            09/24/01         00
    0413018300                           03           11/01/01          0
    0413018300                           O            10/01/31
    0

    5704554          E22/G02             F          153,000.00         ZZ
                                         360        152,897.34          1
                                       8.000          1,122.66         90
                                       7.750          1,122.66
    MINNEAPOLIS      MN   55408          1            09/28/01         01
    0413018615                           05           11/01/01         25
    0413018615                           N            10/01/31
    0

    5704557          E22/G02             F          128,000.00         ZZ
                                         360        127,895.08          1
                                       7.000            851.59         80
                                       6.750            851.59
    GLENWOOD SPRING  CO   81601          2            09/24/01         00
    0413019654                           01           11/01/01          0
    0413019654                           O            10/01/31
    0

1

    5704570          E22/G02             F           90,000.00         ZZ
                                         360         89,936.48          1
                                       7.750            644.77         75
                                       7.500            644.77
    AUSTIN           TX   78758          5            09/24/01         00
    0413025727                           03           11/01/01          0
    0413025727                           O            10/01/31
    0

    5704591          E22/G02             F           98,000.00         ZZ
                                         360         97,939.09          1
                                       8.375            744.87         88
                                       8.125            744.87
    MIAMI BEACH      FL   33139          5            09/24/01         04
    0413032533                           08           11/01/01         25
    0413032533                           O            10/01/31
    0

    5704593          E22/G02             F          200,000.00         ZZ
                                         360        199,847.82          1
                                       7.375          1,381.35         80
                                       7.125          1,381.35
    ROANOKE          TX   76262          5            09/24/01         00
    0413034067                           05           11/01/01          0
    0413034067                           O            10/01/31
    0

    5704613          E22/G02             F           68,000.00         ZZ
                                         360         67,950.78          1
                                       7.625            481.30         76
                                       7.375            481.30
    DETROIT          MI   48238          5            09/24/01         00
    0413044637                           05           11/01/01          0
    0413044637                           O            10/01/31
    0

    5704615          E22/G02             F          106,200.00         ZZ
                                         360        106,125.05          1
                                       7.750            760.83         85
                                       7.500            760.83
    WEST PALM BEACH  FL   33405          1            09/28/01         01
    0413045014                           05           11/01/01         12
    0413045014                           O            10/01/31
    0

    5704616          E22/G02             F           56,650.00         ZZ
                                         360         56,610.01          1
                                       7.750            405.85        100
                                       7.500            405.85
1

    HAYES            LA   70646          1            10/02/01         01
    0413045535                           05           11/01/01         35
    0413045535                           O            10/01/31
    0

    5704626          E22/G02             F           89,000.00         ZZ
                                         360         88,937.18          1
                                       7.750            637.61         62
                                       7.500            637.61
    SALIDA           CO   81201          1            09/28/01         00
    0413047267                           05           11/01/01          0
    0413047267                           O            10/01/31
    0

    5704646          E22/G02             F          300,000.00         ZZ
                                         360        299,760.09          1
                                       7.125          2,021.16         80
                                       6.875          2,021.16
    SAN DIEGO        CA   92129          5            09/24/01         00
    0413055153                           05           11/01/01          0
    0413055153                           O            10/01/31
    0

    5704652          E22/G02             F          180,000.00         ZZ
                                         360        179,852.46          1
                                       7.000          1,197.54         65
                                       6.750          1,197.54
    LITTLETON        CO   80128          1            09/28/01         00
    0413058413                           05           11/01/01          0
    0413058413                           O            10/01/31
    0

    5704658          E22/G02             F          297,500.00         ZZ
                                         240        296,946.03          1
                                       7.250          2,351.37         74
                                       7.000          2,351.37
    EAST WENATCHEE   WA   98802          5            09/19/01         00
    0413059585                           05           11/01/01          0
    0413059585                           O            10/01/21
    0

    5704659          E22/G02             F          330,400.00         ZZ
                                         360        330,148.59          1
                                       7.375          2,281.99         85
                                       7.125          2,281.99
    CHULA VISTA      CA   91913          1            09/24/01         04
    0413059726                           03           11/01/01         25
    0413059726                           O            10/01/31
    0
1

    5704666          E22/G02             F          165,000.00         ZZ
                                         360        164,886.45          1
                                       7.875          1,196.36         79
                                       7.625          1,196.36
    SAN FERNANDO     CA   91340          5            09/24/01         00
    0413060633                           05           11/01/01          0
    0413060633                           O            10/01/31
    0

    5704687          E22/G02             F           51,200.00         ZZ
                                         360         51,162.94          1
                                       7.625            362.39         80
                                       7.375            362.39
    FRANKLIN         TN   37064          1            09/28/01         00
    0413071234                           01           11/01/01          0
    0413071234                           N            10/01/31
    0

    5705022          E82/G02             F          185,250.00         ZZ
                                         360        185,109.04          1
                                       7.375          1,279.48         53
                                       7.125          1,279.48
    LEONIA           NJ   07605          2            09/25/01         00
    0400481586                           05           11/01/01          0
    0400481586                           O            10/01/31
    0

    5705023          E82/G02             F          140,000.00         ZZ
                                         360        139,893.47          1
                                       7.375            966.95         77
                                       7.125            966.95
    QUEMADO          NM   87829          5            09/26/01         00
    0400460168                           05           11/01/01          0
    0400460168                           O            10/01/31
    0

    5705025          E82/G02             F          143,500.00         ZZ
                                         360        143,385.24          1
                                       7.125            966.79         80
                                       6.875            966.79
    SPRINGFIELD      VA   22152          2            09/26/01         00
    0400491437                           03           11/01/01          0
    3153740                              O            10/01/31
    0

    5706266          P09/G02             F           36,000.00         ZZ
                                         360         35,977.04          2
1

                                       8.250            270.46         80
                                       8.000            270.46
    BALTIMORE        MD   21215          1            09/20/01         00
    0433314762                           05           11/01/01          0
    SHOCH                                N            10/01/31
    0

    5709561          967/G02             F          381,000.00         ZZ
                                         360        381,000.00          1
                                       7.625          2,696.69         78
                                       7.375          2,696.69
    GILBERT          AZ   85234          2            10/10/01         00
    0433308558                           05           12/01/01          0
    6111769                              O            11/01/31
    0

    5716749          W39/G02             F           75,000.00         ZZ
                                         360         74,950.94          2
                                       8.125            556.87         75
                                       7.875            556.87
    MANDEVILLE       LA   70448          5            10/04/01         00
    0433337359                           05           11/01/01          0
    991810                               N            10/01/31
    0

    5716968          F96/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.125          2,425.39         77
                                       6.875          2,425.39
    VERONA TOWNSHIP  NJ   07044          5            10/12/01         00
    0433314994                           05           12/01/01          0
    0105819                              O            11/01/31
    0

    5717015          964/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       7.500            950.93         85
                                       7.250            950.93
    SPARKS           NV   89436          5            10/21/01         10
    0433333556                           05           12/01/01         12
    153903                               O            11/01/31
    0

    5717233          U62/G02             F          238,400.00         ZZ
                                         360        238,400.00          1
                                       7.000          1,586.08         95
                                       6.750          1,586.08
    NEW FAIRFIELD    CT   06812          5            10/03/01         04
    0433288040                           05           12/01/01         25
1

    2001285091                           O            11/01/31
    0

    5718464          Q99/G02             F          165,750.00         ZZ
                                         360        165,750.00          1
                                       7.250          1,130.71         85
                                       7.000          1,130.71
    ASHBURNHAM       MA   01430          5            10/11/01         14
    0433289212                           05           12/01/01         12
    1                                    O            11/01/31
    0

    5718700          E23/G02             F          496,000.00         ZZ
                                         360        496,000.00          1
                                       7.000          3,299.90         80
                                       6.750          3,299.90
    ALBANY           OR   97321          5            10/05/01         00
    0433316452                           05           12/01/01          0
    71002217                             O            11/01/31
    0

    5719158          168/168             F           46,800.00         ZZ
                                         360         46,553.60          1
                                       8.250            351.59         90
                                       8.000            351.59
    JOHNSON CITY     NY   13790          1            08/16/01         14
    0059636092                           05           10/01/01         25
    0059636092                           N            09/01/31
    0

    5720184          U05/G02             F          312,000.00         ZZ
                                         360        311,762.59          1
                                       7.375          2,154.91         80
                                       7.125          2,154.91
    LAKE FOREST      CA   92630          2            09/24/01         00
    0433279239                           09           11/01/01          0
    3163324                              O            10/01/31
    0

    5720661          286/286             F          192,000.00         ZZ
                                         360        191,772.47          2
                                       8.625          1,493.36         80
                                       8.375          1,493.36
    RIDGEWOOD        NY   11385          1            08/30/01         00
    406621                               07           10/01/01          0
    406621                               O            09/01/31
    0

1

    5720666          286/286             F          165,000.00         ZZ
                                         360        164,714.12          3
                                       6.750          1,070.19         59
                                       6.500          1,070.19
    DORCHESTER       MA   02124          5            08/29/01         00
    320121                               05           10/01/01          0
    320121                               O            09/01/31
    0

    5720669          286/286             F          125,100.00         ZZ
                                         360        124,922.83          2
                                       7.750            896.24         90
                                       7.500            896.24
    ELGIN            IL   60120          1            08/15/01         11
    409178                               05           10/01/01         25
    409178                               N            09/01/31
    0

    5720670          286/286             F          210,000.00         ZZ
                                         360        209,486.06          2
                                       7.500          1,468.36         75
                                       7.250          1,468.36
    SALEM            MA   01970          2            08/20/01         00
    510544                               05           10/01/01          0
    510544                               O            09/01/31
    0

    5720671          286/286             F          179,100.00         ZZ
                                         360        178,864.88          4
                                       8.125          1,329.82         90
                                       7.875          1,329.82
    BEND             OR   97702          1            08/01/01         14
    515019                               05           10/01/01         25
    515019                               N            09/01/31
    0

    5720684          286/286             F          136,000.00         ZZ
                                         360        135,812.19          3
                                       7.875            986.10         80
                                       7.625            986.10
    WORCESTER        MA   01610          1            08/21/01         00
    511784                               05           10/01/01          0
    511784                               N            09/01/31
    0

    5720691          286/286             F           57,500.00         ZZ
                                         360         57,422.57          2
                                       8.000            421.92         89
                                       7.750            421.92
1

    COLUMBUS         OH   43211          2            08/29/01         12
    516009                               05           10/01/01         25
    516009                               N            09/01/31
    0

    5720692          286/286             F          156,000.00         ZZ
                                         360        152,737.70          4
                                       7.250          1,064.20         67
                                       7.000          1,064.20
    LOUISVILLE       KY   40229          2            08/27/01         00
    455247                               05           10/01/01          0
    455247                               N            09/01/31
    0

    5720696          286/286             F          159,000.00         ZZ
                                         360        158,801.65          2
                                       8.375          1,208.52         87
                                       8.125          1,208.52
    CHAPEL HILL      NC   27516          2            08/28/01         10
    441470                               05           10/01/01         12
    441470                               N            09/01/31
    0

    5720699          286/286             F          191,750.00         ZZ
                                         360        191,373.67          3
                                       6.625          1,227.80         65
                                       6.375          1,227.80
    ROXBURY          MA   02119          5            08/30/01         00
    520490                               05           10/01/01          0
    520490                               O            09/01/31
    0

    5720700          286/286             F          397,500.00         ZZ
                                         360        396,893.20          3
                                       7.375          2,745.44         75
                                       7.125          2,745.44
    EVANSTON         IL   60201          2            08/23/01         00
    532092                               05           10/01/01          0
    532092                               N            09/01/31
    0

    5720702          286/286             F          163,500.00         ZZ
                                         360        163,174.22          3
                                       7.875          1,185.49         75
                                       7.625          1,185.49
    CHICAGO          IL   60629          1            08/31/01         00
    409188                               05           10/01/01          0
    409188                               N            09/01/31
    0
1

    5720703          286/286             F          285,500.00         ZZ
                                         360        285,282.76          2
                                       7.375          1,971.88         82
                                       7.125          1,971.88
    CORONA           NY   11369          2            08/30/01         12
    448307                               05           11/01/01         17
    448307                               O            10/01/31
    0

    5720705          286/286             F          245,100.00         ZZ
                                         360        244,752.90          2
                                       7.750          1,755.93         95
                                       7.500          1,755.93
    GUTTENBERG       NJ   07093          1            08/30/01         12
    533179                               05           10/01/01         30
    533179                               O            09/01/31
    0

    5720706          286/286             F          269,600.00         ZZ
                                         360        269,167.52          2
                                       7.125          1,816.35         80
                                       6.875          1,816.35
    RICHMOND         VA   23220          1            08/31/01         00
    511735                               05           10/01/01          0
    511735                               O            09/01/31
    0

    5720710          286/286             F          320,000.00         ZZ
                                         360        319,523.54          3
                                       7.500          2,237.49         72
                                       7.250          2,237.49
    WOODSIDE         NY   11377          5            08/28/01         00
    516658                               05           10/01/01          0
    516658                               O            09/01/31
    0

    5720718          286/286             F          176,000.00         ZZ
                                         360        175,724.55          2
                                       7.250          1,200.64         80
                                       7.000          1,200.64
    CINCINNATI       OH   45226          1            09/04/01         00
    547586                               05           10/01/01          0
    547586                               O            09/01/31
    0

    5720720          286/286             F          135,000.00         ZZ
                                         360        134,798.99          2
1

                                       7.500            943.94         80
                                       7.250            943.94
    JERSEY CITY      NJ   07302          5            08/24/01         00
    253871                               05           10/01/01          0
    253871                               O            09/01/31
    0

    5720721          286/286             F          219,200.00         ZZ
                                         360        218,856.95          2
                                       7.250          1,495.34         80
                                       7.000          1,495.34
    EAST BOSTON      MA   02128          5            08/27/01         00
    506911                               05           10/01/01          0
    506911                               O            09/01/31
    0

    5720725          286/286             F          164,250.00         ZZ
                                         360        163,723.96          3
                                       7.000          1,092.76         75
                                       6.750          1,092.76
    WORCESTER        MA   01604          5            08/24/01         00
    531856                               05           10/01/01          0
    531856                               O            09/01/31
    0

    5720727          286/286             F           97,550.00         ZZ
                                         360         97,316.06          2
                                       8.000            715.79         90
                                       7.750            715.79
    COLLEGE STATION  TX   77845          1            07/26/01         01
    383839                               05           09/01/01         25
    383839                               N            08/01/31
    0

    5720728          286/286             F           85,500.00         ZZ
                                         360         85,366.18          2
                                       7.250            583.27         90
                                       7.000            583.27
    ERIE             PA   16502          1            08/27/01         01
    446363                               05           10/01/01         17
    446363                               O            09/01/31
    0

    5720732          286/286             F           84,000.00         ZZ
                                         360         83,895.22          2
                                       8.375            638.46         70
                                       8.125            638.46
    MERIDEN          CT   06450          5            08/28/01         00
    9888267                              05           10/01/01          0
1

    9888267                              N            09/01/31
    0

    5720736          286/286             F          351,950.00         ZZ
                                         360        351,325.83          2
                                       6.625          2,253.57         64
                                       6.375          2,253.57
    SAN FRANCISCO    CA   94112          5            08/02/01         00
    9871239                              05           10/01/01          0
    9871239                              O            09/01/31
    0

    5720738          286/286             F           84,075.00         ZZ
                                         360         83,943.43          2
                                       7.250            573.54         95
                                       7.000            573.54
    MISSOULA         MT   59801          1            08/24/01         10
    9884365                              05           10/01/01         30
    9884365                              O            09/01/31
    0

    5720739          286/286             F           73,500.00         ZZ
                                         360         73,408.32          4
                                       8.375            558.65         70
                                       8.125            558.65
    INDIANAPOLIS     IN   46219          5            08/08/01         00
    9873691                              05           10/01/01          0
    9873691                              N            09/01/31
    0

    5720740          286/286             F          300,000.00         ZZ
                                         360        299,530.53          4
                                       7.250          2,046.53         80
                                       7.000          2,046.53
    CONCORD          CA   94519          1            08/24/01         00
    9887112                              05           10/01/01          0
    9887112                              N            09/01/31
    0

    5720741          286/286             F          300,000.00         ZZ
                                         360        299,530.53          4
                                       7.250          2,046.53         80
                                       7.000          2,046.53
    CONCORD          CA   94519          1            08/24/01         00
    9887120                              05           10/01/01          0
    9887120                              N            09/01/31
    0

1

    5720744          286/286             F          132,500.00         ZZ
                                         360        132,259.79          3
                                       6.500            837.49         61
                                       6.250            837.49
    LONG BEACH       CA   90806          2            08/28/01         00
    9869862                              05           10/01/01          0
    9869862                              O            09/01/31
    0

    5720750          286/286             F          185,000.00         ZZ
                                         360        184,723.73          3
                                       7.500          1,293.55         59
                                       7.250          1,293.55
    DORCHESTER       MA   02121          5            08/28/01         00
    9887023                              05           10/01/01          0
    9887023                              O            09/01/31
    0

    5720753          286/286             F           72,000.00         ZZ
                                         360         71,890.08          2
                                       7.375            497.29         75
                                       7.125            497.29
    NEW ORLEANS      LA   70119          5            08/23/01         00
    9954926                              05           10/01/01          0
    9954926                              O            09/01/31
    0

    5720754          286/286             F          130,500.00         ZZ
                                         360        130,307.25          2
                                       8.375            991.89         90
                                       8.125            991.89
    SOMERSET         MA   02726          5            08/27/01         14
    9879205                              05           10/01/01         25
    9879205                              O            09/01/31
    0

    5720755          286/286             F          256,000.00         ZZ
                                         360        255,557.94          2
                                       6.750          1,660.41         80
                                       6.500          1,660.41
    SEATTLE          WA   98107          1            08/27/01         00
    9889471                              05           10/01/01          0
    9889471                              O            09/01/31
    0

    5720756          286/286             F          286,000.00         ZZ
                                         360        285,563.42          2
                                       7.375          1,975.33         80
                                       7.125          1,975.33
1

    EVANSTON         IL   60201          1            08/10/01         00
    9876123                              05           10/01/01          0
    9876123                              O            09/01/31
    0

    5720757          286/286             F          215,000.00         ZZ
                                         360        214,646.51          2
                                       7.000          1,430.40         64
                                       6.750          1,430.40
    ESSEX            MA   01929          5            08/27/01         00
    9880894                              05           10/01/01          0
    9880894                              O            09/01/31
    0

    5720760          286/286             F           71,100.00         ZZ
                                         360         70,999.22          2
                                       8.750            559.34         90
                                       8.500            559.34
    DETROIT          MI   48238          1            08/24/01         11
    9889117                              05           10/01/01         30
    9889117                              N            09/01/31
    0

    5720765          286/286             F          110,000.00         ZZ
                                         360        109,844.24          2
                                       7.750            788.05         84
                                       7.500            788.05
    AURORA           IL   60505          2            07/27/01         12
    9889353                              05           10/01/01         12
    9889353                              O            09/01/31
    0

    5720766          286/286             F          528,700.00         ZZ
                                         360        527,786.17          4
                                       6.750          3,429.14         59
                                       6.500          3,429.14
    SAN RAFAEL       CA   94901          5            08/22/01         00
    9881235                              05           10/01/01          0
    9881235                              N            09/01/31
    0

    5720767          286/286             F          342,400.00         ZZ
                                         360        341,877.32          2
                                       7.375          2,364.87         80
                                       7.125          2,364.87
    ENCINITAS        CA   92024          1            08/21/01         00
    9888465                              05           10/01/01          0
    9888465                              N            09/01/31
    0
1

    5722140          F36/G02             F          129,800.00         ZZ
                                         360        129,800.00          1
                                       7.875            941.14         80
                                       7.625            941.14
    MOSES LAKE       WA   98837          1            10/04/01         00
    0433323391                           05           12/01/01          0
    06403030                             O            11/01/31
    0

    5722268          964/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.375          2,541.68         80
                                       7.125          2,541.68
    SAN JOSE         CA   95132          5            10/08/01         00
    0433304441                           05           12/01/01          0
    151686                               O            11/01/31
    0

    5724022          E22/G02             F          301,000.00         ZZ
                                         360        300,776.61          1
                                       7.500          2,104.64         76
                                       7.250          2,104.64
    TORRANCE         CA   90504          2            09/21/01         00
    0412831166                           05           11/01/01          0
    0412831166                           O            10/01/31
    0

    5724024          E22/G02             F          156,000.00         ZZ
                                         360        155,889.90          1
                                       7.750          1,117.60         80
                                       7.500          1,117.60
    DERRY            NH   03038          5            09/24/01         00
    0412871238                           05           11/01/01          0
    0412871238                           O            10/01/31
    0

    5724033          E22/G02             F          515,000.00         ZZ
                                         360        514,556.60          1
                                       6.750          3,340.28         67
                                       6.500          3,340.28
    SAN FRANCISCO    CA   94118          2            09/21/01         00
    0412948424                           05           11/01/01          0
    0412948424                           N            10/01/31
    0

    5724038          E22/G02             F          105,000.00         ZZ
                                         360        104,920.10          1
1

                                       7.375            725.21         88
                                       7.125            725.21
    MARRERO          LA   70072          2            09/25/01         04
    0412967150                           05           11/01/01         25
    0412967150                           O            10/01/31
    0

    5724071          E22/G02             F          123,000.00         ZZ
                                         360        122,915.35          1
                                       7.875            891.84         85
                                       7.625            891.84
    KEARNEY          NE   68847          2            09/25/01         04
    0413017815                           05           11/01/01         25
    0413017815                           O            10/01/31
    0

    5724074          E22/G02             F          293,250.00         ZZ
                                         360        293,058.18          1
                                       8.125          2,177.37         85
                                       7.875          2,177.37
    NORTHPORT        MI   49670          5            09/26/01         04
    0413019787                           05           11/01/01         12
    0413019787                           O            10/01/31
    0

    5724077          E22/G02             F          137,700.00         ZZ
                                         360        137,612.20          1
                                       8.250          1,034.49         90
                                       8.000          1,034.49
    OTIS             MA   01253          5            09/25/01         01
    0413021916                           05           11/01/01         25
    0413021916                           O            10/01/31
    0

    5724084          E22/G02             F          171,000.00         ZZ
                                         360        170,866.61          1
                                       7.250          1,166.52         57
                                       7.000          1,166.52
    THOUSAND OAKS    CA   91360          5            09/19/01         00
    0413027129                           05           11/01/01          0
    0413027129                           O            10/01/31
    0

    5724085          E22/G02             F           44,000.00         ZZ
                                         360         43,968.95          1
                                       7.750            315.22         68
                                       7.500            315.22
    COTTONWOOD       MN   56229          1            10/01/01         00
    0413030081                           05           11/01/01          0
1

    0413030081                           O            10/01/31
    0

    5724112          E22/G02             F           59,500.00         ZZ
                                         360         59,463.02          2
                                       8.375            452.24         70
                                       8.125            452.24
    CROWLEY          TX   76036          5            10/01/01         00
    0413051012                           05           11/01/01          0
    0413051012                           N            10/01/31
    0

    5724114          E22/G02             F          351,500.00         ZZ
                                         360        351,225.80          1
                                       7.250          2,397.85         60
                                       7.000          2,397.85
    SIMI VALLEY      CA   93065          1            09/27/01         00
    0413052150                           03           11/01/01          0
    0413052150                           N            10/01/31
    0

    5724126          E22/G02             F           49,950.00         ZZ
                                         360         49,914.74          1
                                       7.750            357.85         90
                                       7.500            357.85
    CLEBURNE         TX   76031          1            09/28/01         04
    0413057589                           05           11/01/01         25
    0413057589                           N            10/01/31
    0

    5724225          696/G02             F          351,200.00         ZZ
                                         360        350,939.36          1
                                       7.500          2,455.64         80
                                       7.250          2,455.64
    GAITHERSBURG     MD   20878          1            09/26/01         00
    0433213154                           03           11/01/01          0
    30201160                             O            10/01/31
    0

    5724531          994/X14             F          310,000.00         ZZ
                                         360        309,603.28          1
                                       8.250          2,328.93         69
                                       8.000          2,328.93
    CHICAGO          IL   60622          1            08/29/01         00
    3918708851                           05           10/01/01          0
    3918708851                           O            09/01/31
    0

1

    5725454          168/168             F          269,600.00         ZZ
                                         360        268,439.71          1
                                       7.750          1,931.45         80
                                       7.500          1,931.45
    PUTNAM VALLEY    NY   10579          1            04/02/01         00
    0249731061                           05           06/01/01          0
    0249731061                           O            05/01/31
    0

    5726350          E47/G02             F          123,005.00         ZZ
                                         360        123,005.00          1
                                       6.500            777.48         95
                                       6.250            777.48
    WOODBRIDGE       VA   22191          1            10/15/01         11
    0433328291                           05           12/01/01         30
    7339510338                           O            11/01/31
    0

    5728128          601/G02             F          189,900.00         ZZ
                                         360        189,617.25          1
                                       7.500          1,327.81         76
                                       7.250          1,327.81
    BRICK            NJ   08723          5            08/31/01         00
    0433225323                           05           10/01/01          0
    60740131                             O            09/01/31
    0

    5728303          E82/G02             F          242,000.00         ZZ
                                         360        241,806.48          1
                                       7.125          1,630.40         20
                                       6.875          1,630.40
    NEWTON           MA   02159          2            09/26/01         00
    0400487336                           05           11/01/01          0
    1553313                              O            10/01/31
    0

    5728308          E82/G02             F          112,100.00         ZZ
                                         360        112,028.52          1
                                       8.250            842.17         94
                                       8.000            842.17
    CHARLOTTE        NC   28227          2            09/28/01         04
    0400466314                           05           11/01/01         30
    0400466314                           O            10/01/31
    0

    5728633          H12/G02             F          155,000.00         ZZ
                                         360        154,884.97          1
                                       7.500          1,083.78         55
                                       7.250          1,083.78
1

    OMAHA            NE   68142          2            09/27/01         00
    0433286184                           05           11/01/01          0
    0800013170601                        O            10/01/31
    0

    5729035          601/G02             F          285,000.00         ZZ
                                         360        284,635.29          3
                                       8.250          2,141.11         95
                                       8.000          2,141.11
    PROVIDENCE       RI   02906          1            08/22/01         11
    0433241940                           05           10/01/01         30
    60707619                             O            09/01/31
    0

    5730015          U05/G02             F          200,500.00         ZZ
                                         360        200,500.00          1
                                       7.375          1,384.80         95
                                       7.125          1,384.80
    TUCSON           AZ   85746          5            10/19/01         10
    0433334364                           05           12/01/01         30
    3174043                              O            11/01/31
    0

    5730070          Q99/G02             F          138,900.00         ZZ
                                         360        138,900.00          1
                                       7.625            983.13         74
                                       7.375            983.13
    NORFOLK          VA   23508          5            10/10/01         00
    0433310133                           05           12/01/01          0
    1                                    O            11/01/31
    0

    5730554          601/G02             F          152,800.00         ZZ
                                         360        152,490.35          1
                                       8.000          1,121.20         80
                                       7.750          1,121.20
    OVERLAND PARK    KS   66223          1            07/30/01         00
    0433229192                           03           09/01/01          0
    60628401                             O            08/01/31
    0

    5731421          A06/G02             F          150,000.00         ZZ
                                         360        149,888.67          1
                                       7.500          1,048.83         72
                                       7.250          1,048.83
    WILTON MANORS    FL   33305          5            09/14/01         00
    0433273265                           09           11/01/01          0
    021000020115288                      O            10/01/31
    0
1

    5731477          588/G02             F          440,000.00         ZZ
                                         360        439,294.19          1
                                       7.125          2,964.36         75
                                       6.875          2,964.36
    VIENNA           VA   22180          5            08/31/01         00
    0433244886                           05           10/01/01          0
    00010480779                          O            09/01/31
    0

    5731694          964/G02             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       6.750          2,283.07         80
                                       6.500          2,283.07
    RANCHO PALOS VE  CA   90275          5            10/09/01         00
    0433290970                           05           12/01/01          0
    151242                               O            11/01/31
    0

    5733954          F61/G02             F          136,150.00         ZZ
                                         360        136,150.00          1
                                       8.125          1,010.91         70
                                       7.875          1,010.91
    SEATTLE          WA   98146          1            10/04/01         00
    0433336948                           05           12/01/01          0
    010537B                              N            11/01/31
    0

    5736136          E22/G02             F          137,600.00         ZZ
                                         360        137,497.88          1
                                       7.500            962.12         80
                                       7.250            962.12
    PLANO            TX   75075          5            09/25/01         00
    0412887432                           05           11/01/01          0
    0412887432                           O            10/01/31
    0

    5736204          E22/G02             F          164,000.00         ZZ
                                         360        163,865.57          1
                                       7.000          1,091.10         79
                                       6.750          1,091.10
    BILLINGS         MT   59105          2            09/26/01         00
    0413006990                           05           11/01/01          0
    0413006990                           O            10/01/31
    0

    5736218          E22/G02             F          123,000.00         ZZ
                                         360        122,915.35          1
1

                                       7.875            891.84         75
                                       7.625            891.84
    SEABROOK         TX   77586          5            09/26/01         00
    0413016106                           05           11/01/01          0
    0413016106                           O            10/01/31
    0

    5736238          E22/G02             F          129,600.00         ZZ
                                         360        129,498.90          1
                                       7.250            884.10         80
                                       7.000            884.10
    EDGEWOOD         TX   75117          5            09/26/01         00
    0413029778                           05           11/01/01          0
    0413029778                           O            10/01/31
    0

    5736270          E22/G02             F          180,000.00         ZZ
                                         360        179,866.41          1
                                       7.500          1,258.59         80
                                       7.250          1,258.59
    AGOURA HILLS     CA   91301          1            09/25/01         00
    0413046541                           09           11/01/01          0
    0413046541                           O            10/01/31
    0

    5736302          E22/G02             F          150,100.00         ZZ
                                         360        149,994.07          1
                                       7.750          1,075.33         95
                                       7.500          1,075.33
    UTICA            MI   48317          1            10/02/01         04
    0413057407                           05           11/01/01         30
    0413057407                           O            10/01/31
    0

    5736308          E22/G02             F          245,600.00         ZZ
                                         360        245,600.00          1
                                       7.625          1,738.34         80
                                       7.375          1,738.34
    DEARBORN         MI   48126          2            09/27/01         00
    0413058736                           05           12/01/01          0
    0413058736                           O            11/01/31
    0

    5736336          E22/G02             F           60,800.00         ZZ
                                         360         60,800.00          1
                                       7.750            435.58         95
                                       7.500            435.58
    PEMBROKE PINES   FL   33026          1            10/02/01         01
    0413072570                           08           12/01/01         30
1

    0413072570                           O            11/01/31
    0

    5736360          E22/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.000          2,262.03         80
                                       6.750          2,262.03
    DUBLIN           CA   94568          5            09/26/01         00
    0413084872                           05           12/01/01          0
    0413084872                           O            11/01/31
    0

    5736368          E22/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       7.375          1,270.84         70
                                       7.125          1,270.84
    CLINTON TOWNSHI  NJ   08801          1            10/02/01         00
    0413090564                           01           12/01/01          0
    0413090564                           O            11/01/31
    0

    5736620          601/G02             F          131,400.00         ZZ
                                         360        131,126.90          1
                                       7.875            952.75         90
                                       7.625            952.75
    DULUTH           GA   30096          1            07/26/01         14
    0433242518                           05           09/01/01         25
    60560067                             O            08/01/31
    0

    5737414          601/G02             F          165,000.00         ZZ
                                         360        164,874.44          1
                                       7.375          1,139.62         66
                                       7.125          1,139.62
    ANNA MARIA       FL   34216          2            09/07/01         00
    0433228848                           05           11/01/01          0
    6067744-0                            O            10/01/31
    0

    5738440          601/G02             F           85,000.00         ZZ
                                         360         84,940.00          1
                                       7.750            608.96         70
                                       7.500            608.96
    ENFIELD          CT   06082          2            09/11/01         00
    0433243995                           05           11/01/01          0
    60755881                             O            10/01/31
    0

1

    5738774          601/G02             F          200,000.00         ZZ
                                         360        199,836.06          1
                                       7.000          1,330.61         75
                                       6.750          1,330.61
    WESTBURY         NY   11590          5            09/11/01         00
    0433267457                           05           11/01/01          0
    60766516                             O            10/01/31
    0

    5739878          964/G02             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       7.375          2,369.02         70
                                       7.125          2,369.02
    DAVIS            CA   95616          2            10/07/01         00
    0433333259                           03           12/01/01          0
    149719                               O            11/01/31
    0

    5741354          696/G02             F          148,250.00         ZZ
                                         360        148,139.97          1
                                       7.500          1,036.59         80
                                       7.250          1,036.59
    FREDERICK        MD   21701          1            09/28/01         00
    0433211778                           09           11/01/01          0
    30301157                             O            10/01/31
    0

    5743444          E82/G02             F          142,000.00         ZZ
                                         360        141,894.62          1
                                       7.500            992.88         73
                                       7.250            992.88
    CHICAGO          IL   60616          2            09/27/01         00
    0400492658                           06           11/01/01          0
    1727855                              O            10/01/31
    0

    5743456          E82/G02             F          236,900.00         ZZ
                                         360        236,715.19          1
                                       7.250          1,616.08         70
                                       7.000          1,616.08
    HIGHLAND PARK    NJ   08904          2            09/28/01         00
    0400494670                           05           11/01/01          0
    2932611                              O            10/01/31
    0

    5744928          601/G02             F           99,600.00         ZZ
                                         360         99,462.47          1
                                       7.875            722.17         75
                                       7.625            722.17
1

    LOVELAND         CO   80537          1            08/17/01         00
    0433232428                           05           10/01/01          0
    60756293                             N            09/01/31
    0

    5749046          624/G02             F          165,000.00         ZZ
                                         360        164,868.05          1
                                       7.125          1,111.64         68
                                       6.875          1,111.64
    PORTLAND         OR   97203          1            09/24/01         00
    0433262086                           05           11/01/01          0
    81700114633F                         O            10/01/31
    0

    5753062          E23/G02             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.500          3,146.47         74
                                       7.250          3,146.47
    BODEGA BAY       CA   94923          5            10/09/01         00
    0433304730                           03           12/01/01          0
    620000056                            O            11/01/31
    0

    5753904          E60/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.000          1,829.59         79
                                       6.750          1,829.59
    SAN DIEGO        CA   92117          5            10/08/01         00
    0433329950                           05           12/01/01          0
    525274                               O            11/01/31
    0

    5761972          964/G02             F          318,600.00         ZZ
                                         360        318,600.00          1
                                       7.125          2,146.47         90
                                       6.875          2,146.47
    NORTH BEND       WA   98045          5            10/18/01         11
    0433308517                           03           12/01/01         25
    152304                               O            11/01/31
    0

    5765944          E23/G02             F          220,000.00         ZZ
                                         360        219,848.60          2
                                       7.875          1,595.15         80
                                       7.625          1,595.15
    VALLEJO          CA   94590          1            09/10/01         00
    0433286705                           05           11/01/01          0
    61002304                             N            10/01/31
    0
1

    5766760          L16/G02             F           90,000.00         ZZ
                                         360         90,000.00          2
                                       8.000            660.39         90
                                       7.750            660.39
    BAKERSFIELD      CA   93308          1            10/15/01         04
    0433327327                           05           12/01/01         30
    W0108180                             N            11/01/31
    0

    5766850          E82/G02             F          252,000.00         ZZ
                                         360        251,803.42          1
                                       7.250          1,719.08         78
                                       7.000          1,719.08
    CONCORD          CA   94521          5            09/24/01         00
    0400487005                           05           11/01/01          0
    0400487005                           O            10/01/31
    0

    5766870          E82/G02             F          153,000.00         ZZ
                                         360        152,886.45          1
                                       7.500          1,069.80         48
                                       7.250          1,069.80
    ESCONDIDO        CA   92026          2            10/01/01         00
    0400496758                           05           11/01/01          0
    0400496758                           O            10/01/31
    0

    5766886          E82/G02             F          161,700.00         ZZ
                                         360        161,700.00          1
                                       7.375          1,116.82         83
                                       7.125          1,116.82
    METAMORA         MI   48455          2            10/01/01         04
    0400494159                           05           12/01/01         12
    1845835                              O            11/01/31
    0

    5766890          E82/G02             F          231,000.00         ZZ
                                         360        230,815.27          1
                                       7.125          1,556.29         73
                                       6.875          1,556.29
    READINGTON       NJ   08889          5            10/01/01         00
    0400493383                           05           11/01/01          0
    0400493383                           O            10/01/31
    0

    5767212          E22/G02             F           24,300.00         ZZ
                                         360         24,284.50          1
1

                                       8.250            182.56         90
                                       8.000            182.56
    SOUTH BEND       IN   46613          1            10/03/01         04
    0412876476                           05           11/01/01         25
    0412876476                           N            10/01/31
    0

    5767214          E22/G02             F          528,800.00         ZZ
                                         360        528,417.27          1
                                       7.625          3,742.81         80
                                       7.375          3,742.81
    HEWLETT          NY   11557          5            09/28/01         00
    0412893927                           05           11/01/01          0
    0412893927                           O            10/01/31
    0

    5767242          E22/G02             F          126,000.00         ZZ
                                         360        125,917.57          1
                                       8.125            935.55         90
                                       7.875            935.55
    WESTCHESTER      IL   60159          1            10/03/01         04
    0412965428                           05           11/01/01         25
    0412965428                           N            10/01/31
    0

    5767266          E22/G02             F           63,200.00         ZZ
                                         360         63,153.10          1
                                       7.500            441.90         80
                                       7.250            441.90
    SAN ANTONIO      TX   78250          5            09/26/01         00
    0412989980                           03           11/01/01          0
    0412989980                           O            10/01/31
    0

    5767292          E22/G02             F          648,750.00         ZZ
                                         360        648,243.91          1
                                       7.250          4,425.62         75
                                       7.000          4,425.62
    TOPANGA          CA   90290          1            09/24/01         00
    0413012592                           05           11/01/01          0
    0413012592                           O            10/01/31
    0

    5767300          E22/G02             F          359,227.00         ZZ
                                         360        358,960.40          1
                                       7.500          2,511.77         90
                                       7.250          2,511.77
    TAYLORSVILLE     UT   84084          1            09/26/01         04
    0413017542                           03           11/01/01         25
1

    0413017542                           O            10/01/31
    0

    5767302          E22/G02             F          200,700.00         ZZ
                                         360        200,558.35          1
                                       7.750          1,437.84         90
                                       7.500          1,437.84
    CORTLANDT MANOR  NY   10567          5            09/28/01         01
    0413017617                           05           11/01/01         25
    0413017617                           O            10/01/31
    0

    5767332          E22/G02             F          175,000.00         ZZ
                                         360        174,849.33          1
                                       6.750          1,135.05         95
                                       6.500          1,135.05
    INDIANAPOLIS     IN   46236          5            09/28/01         01
    0413026659                           03           11/01/01         30
    0413026659                           O            10/01/31
    0

    5767352          E22/G02             F          616,000.00         ZZ
                                         360        615,519.46          1
                                       7.250          4,202.21         80
                                       7.000          4,202.21
    VILLA PARK       CA   92861          5            09/24/01         00
    0413036351                           05           11/01/01          0
    0413036351                           O            10/01/31
    0

    5767376          E22/G02             F          209,000.00         ZZ
                                         360        208,844.89          1
                                       7.500          1,461.36         95
                                       7.250          1,461.36
    GLENDORA         CA   91740          5            09/27/01         04
    0413050618                           05           11/01/01         30
    0413050618                           O            10/01/31
    0

    5767378          E22/G02             F           53,950.00         ZZ
                                         360         53,916.47          2
                                       8.375            410.06         60
                                       8.125            410.06
    DETROIT          MI   48228          5            09/28/01         00
    0413051095                           05           11/01/01          0
    0413051095                           O            10/01/31
    0

1

    5767382          E22/G02             F          155,600.00         ZZ
                                         360        155,487.38          1
                                       7.625          1,101.33         80
                                       7.375          1,101.33
    BATON ROUGE      LA   70810          2            09/28/01         00
    0413053679                           05           11/01/01          0
    0413053679                           O            10/01/31
    0

    5767402          E22/G02             F           49,500.00         ZZ
                                         360         49,470.01          1
                                       8.500            380.61         90
                                       8.250            380.61
    TEMPLE           GA   30179          1            10/03/01         10
    0413066523                           05           11/01/01         25
    0413066523                           N            10/01/31
    0

    5767406          E22/G02             F          370,500.00         ZZ
                                         360        370,263.75          1
                                       8.250          2,783.44         95
                                       8.000          2,783.44
    TRACY            CA   95376          1            09/24/01         01
    0413068404                           05           11/01/01         35
    0413068404                           O            10/01/31
    0

    5767416          E22/G02             F          161,500.00         ZZ
                                         360        161,386.01          1
                                       7.750          1,157.01         85
                                       7.500          1,157.01
    LOVELAND         CO   80537          5            09/28/01         04
    0413070533                           03           11/01/01         20
    0413070533                           O            10/01/31
    0

    5767444          E22/G02             F           91,800.00         ZZ
                                         360         91,738.40          3
                                       8.000            673.60         90
                                       7.750            673.60
    MISHAWAKA        IN   46544          1            10/03/01         04
    0413080094                           05           11/01/01         25
    0413080094                           N            10/01/31
    0

    5767466          E22/G02             F          136,000.00         ZZ
                                         360        135,899.07          1
                                       7.500            950.93         80
                                       7.250            950.93
1

    PLANO            TX   75023          5            09/28/01         00
    0413084609                           03           11/01/01          0
    0413084609                           O            10/01/31
    0

    5767472          E22/G02             F           79,600.00         ZZ
                                         360         79,545.22          1
                                       7.875            577.16         80
                                       7.625            577.16
    ATLANTA          GA   30354          2            10/03/01         00
    0413092172                           05           11/01/01          0
    0413092172                           N            10/01/31
    0

    5767476          E22/G02             F          132,000.00         E
                                         360        131,906.84          4
                                       7.750            945.66         80
                                       7.500            945.66
    CLIFTON          CO   81520          1            10/03/01         00
    0413094251                           05           11/01/01          0
    0413094251                           N            10/01/31
    0

    5768242          601/G02             F           92,500.00         ZZ
                                         360         92,368.99          1
                                       7.750            662.69         74
                                       7.500            662.69
    MOCKSVILLE       NC   27028          5            08/10/01         00
    0433241809                           05           10/01/01          0
    60736378                             O            09/01/31
    0

    5777970          K15/G02             F          104,500.00         ZZ
                                         360        104,500.00          1
                                       8.000            766.78         90
                                       7.750            766.78
    TRENTON          OH   45067          5            10/09/01         26
    0433295789                           05           12/01/01         25
    028105303310                         O            11/01/31
    0

    5781200          U05/G02             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       7.250          2,210.25         80
                                       7.000          2,210.25
    DUBLIN           CA   94568          5            10/10/01         00
    0433297165                           05           12/01/01          0
    3070972                              O            11/01/31
    0
1

    5783222          T29/G02             F           56,800.00         ZZ
                                         360         56,761.89          1
                                       8.000            416.78         80
                                       7.750            416.78
    TAOS             NM   87571          1            09/28/01         00
    0433297074                           27           11/01/01          0
    1230248                              O            10/01/31
    0

    5783680          F89/G02             F          118,000.00         ZZ
                                         360        118,000.00          1
                                       7.000            785.06         80
                                       6.750            785.06
    LAS VEGAS        NV   89147          1            10/10/01         00
    0433303666                           05           12/01/01          0
    21010246                             O            11/01/31
    0

    5785346          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
                                       7.500            769.14         33
                                       7.250            769.14
    SEDRO WOOLEY     WA   98284          5            09/27/01         00
    0412991200                           05           12/01/01          0
    0412991200                           O            11/01/31
    0

    5785356          E22/G02             F           91,500.00         ZZ
                                         360         91,407.42          1
                                       7.750            655.52         84
                                       7.500            655.52
    WAVERLY          TN   37185          5            09/20/01         10
    0413018607                           05           11/01/01         12
    0413018607                           O            10/01/31
    0

    5785378          E22/G02             F           78,400.00         ZZ
                                         360         78,347.40          4
                                       8.000            575.27         70
                                       7.750            575.27
    POMPANO BEACH    FL   33060          2            10/04/01         00
    0413042870                           05           11/01/01          0
    0413042870                           N            10/01/31
    0

    5785382          E22/G02             F           87,500.00         ZZ
                                         360         87,441.29          4
1

                                       8.000            642.04         70
                                       7.750            642.04
    POMPANO BEACH    FL   33060          2            10/04/01         00
    0413042896                           05           11/01/01          0
    0413042896                           N            10/01/31
    0

    5785384          E22/G02             F           68,000.00         ZZ
                                         360         67,953.20          2
                                       7.875            493.05         80
                                       7.625            493.05
    POMPANO BEACH    FL   33060          2            10/04/01         00
    0413043126                           05           11/01/01          0
    0413043126                           N            10/01/31
    0

    5785894          742/G02             F          430,000.00         ZZ
                                         360        429,680.88          1
                                       7.500          3,006.62         56
                                       7.250          3,006.62
    DIX HILLS        NY   11747          5            09/10/01         00
    0433276987                           05           11/01/01          0
    O1C3221                              O            10/01/31
    0

    5795468          964/G02             F          183,050.00         ZZ
                                         360        182,924.03          1
                                       7.875          1,327.24         95
                                       7.625          1,327.24
    EL MIRAGE        AZ   85335          1            09/21/01         01
    0433241072                           03           11/01/01         30
    141002                               O            10/01/31
    0

    5796540          U62/G02             F          240,000.00         ZZ
                                         360        240,000.00          2
                                       6.875          1,576.63         46
                                       6.625          1,576.63
    LOS ANGELES      CA   90046          2            10/12/01         00
    0433338522                           05           12/01/01          0
    2001297705                           N            11/01/31
    0

    5797398          964/G02             F          406,000.00         ZZ
                                         360        406,000.00          1
                                       7.125          2,735.30         80
                                       6.875          2,735.30
    DANA POINT       CA   92629          1            10/10/01         00
    0433274669                           05           12/01/01          0
1

    157320                               O            11/01/31
    0

    5798312          G52/G02             F          174,000.00         ZZ
                                         360        173,886.17          1
                                       8.125          1,291.95         80
                                       7.875          1,291.95
    AUSTIN           TX   78733          1            09/07/01         00
    0433310711                           05           11/01/01          0
    7405002640                           O            10/01/31
    0

    5799580          U05/G02             F          100,000.00         ZZ
                                         360         99,923.90          1
                                       7.375            690.68         80
                                       7.125            690.68
    NEW BRAUNFELS    TX   78130          5            09/20/01         00
    0433315058                           05           11/01/01          0
    3164706                              O            10/01/31
    0

    5800992          W17/G02             F           64,800.00         ZZ
                                         360         64,800.00          1
                                       8.250            486.82         80
                                       8.000            486.82
    RIVIERA BEACH    FL   33404          5            10/11/01         00
    0433325164                           03           12/01/01          0
    990736                               N            11/01/31
    0

    5803476          964/G02             F          423,000.00         ZZ
                                         360        423,000.00          1
                                       7.125          2,849.83         71
                                       6.875          2,849.83
    EL DORADO HILLS  CA   95762          5            10/10/01         00
    0433289113                           05           12/01/01          0
    145384                               O            11/01/31
    0

    5803790          N47/G02             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       7.000          2,461.62         79
                                       6.750          2,461.62
    SAN JOSE         CA   95136          1            10/17/01         00
    0433320488                           05           12/01/01          0
    20311464                             O            11/01/31
    0

1

    5806124          624/G02             F          166,400.00         ZZ
                                         360        166,400.00          1
                                       6.750          1,079.27         80
                                       6.500          1,079.27
    WILDOMAR         CA   92595          1            10/11/01         00
    0433307279                           05           12/01/01          0
    35300113933F                         O            11/01/31
    0

    5806224          964/G02             F          504,000.00         ZZ
                                         360        504,000.00          1
                                       7.250          3,438.17         80
                                       7.000          3,438.17
    SAN RAFAEL       CA   94903          1            10/16/01         00
    0433292463                           05           12/01/01          0
    152438                               O            11/01/31
    0

    5808088          E47/G02             F          398,000.00         ZZ
                                         360        398,000.00          1
                                       7.000          2,647.90         80
                                       6.750          2,647.90
    LOS GATOS        CA   95032          2            10/16/01         00
    0433331899                           09           12/01/01          0
    7333011649                           O            11/01/31
    0

    5808392          U62/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.000          2,395.09         80
                                       6.750          2,395.09
    CLOVERDALE       CA   95425          5            10/11/01         00
    0433337177                           05           12/01/01          0
    2001297013                           O            11/01/31
    0

    5811674          E22/G02             F           89,000.00         ZZ
                                         360         89,000.00          1
                                       7.750            637.61         80
                                       7.500            637.61
    EDWARDSBURG      MI   49112          2            10/03/01         00
    0412655755                           05           12/01/01          0
    0412655755                           O            11/01/31
    0

    5811684          E22/G02             F           62,900.00         ZZ
                                         360         62,856.71          1
                                       7.875            456.07         85
                                       7.625            456.07
1

    AKRON            CO   80720          5            10/01/01         04
    0412930505                           05           11/01/01         12
    0412930505                           O            10/01/31
    0

    5811710          E22/G02             F          107,450.00         ZZ
                                         360        107,366.18          1
                                       7.250            733.00         79
                                       7.000            733.00
    ADKINS           TX   78101          5            10/01/01         00
    0412982670                           03           11/01/01          0
    0412982670                           O            10/01/31
    0

    5811712          E22/G02             F          174,250.00         ZZ
                                         360        174,110.66          1
                                       7.125          1,173.95         85
                                       6.875          1,173.95
    LOVELAND         CO   80538          5            10/01/01         04
    0412983603                           05           11/01/01         12
    0412983603                           O            10/01/31
    0

    5811744          E22/G02             F          495,000.00         ZZ
                                         360        495,000.00          1
                                       7.250          3,376.77         75
                                       7.000          3,376.77
    LAGUNA BEACH     CA   92651          5            09/27/01         00
    0413015769                           05           12/01/01          0
    0413015769                           O            11/01/31
    0

    5811750          E22/G02             F          121,500.00         ZZ
                                         360        121,500.00          1
                                       7.750            870.44         80
                                       7.500            870.44
    CEDAR            IA   52543          2            10/02/01         00
    0413022385                           05           12/01/01          0
    0413022385                           O            11/01/31
    0

    5811810          E22/G02             F          144,000.00         ZZ
                                         360        143,884.85          1
                                       7.125            970.15         80
                                       6.875            970.15
    OXFORD           MI   48371          5            10/01/01         00
    0413044769                           05           11/01/01          0
    0413044769                           O            10/01/31
    0
1

    5811828          E22/G02             F          231,500.00         ZZ
                                         360        231,500.00          1
                                       7.125          1,559.66        100
                                       6.875          1,559.66
    GERMANTOWN       TN   38139          1            10/04/01         04
    0413053604                           05           12/01/01         35
    0413053604                           O            11/01/31
    0

    5811838          E22/G02             F           65,600.00         ZZ
                                         360         65,555.98          1
                                       8.000            481.35         80
                                       7.750            481.35
    MARION           NC   28752          2            10/01/01         00
    0413057654                           27           11/01/01          0
    0413057654                           O            10/01/31
    0

    5811852          E22/G02             F          114,300.00         ZZ
                                         360        114,300.00          1
                                       7.500            799.20         90
                                       7.250            799.20
    GADSDEN          AL   35901          2            10/01/01         10
    0413063470                           05           12/01/01         25
    0413063470                           O            11/01/31
    0

    5811876          E22/G02             F          400,000.00         ZZ
                                         360        399,695.63          1
                                       7.375          2,762.70         80
                                       7.125          2,762.70
    LAKE OSWEGO      OR   97035          2            09/28/01         00
    0413077876                           05           11/01/01          0
    0413077876                           O            10/01/31
    0

    5811886          E22/G02             F           74,400.00         ZZ
                                         360         74,348.80          1
                                       7.875            539.45         80
                                       7.625            539.45
    ATLANTA          GA   30315          2            10/05/01         00
    0413080128                           05           11/01/01          0
    0413080128                           N            10/01/31
    0

    5815058          F32/G02             F           92,000.00         T
                                         360         92,000.00          1
1

                                       7.500            643.28         80
                                       7.250            643.28
    ELLIJAY          GA   30540          1            10/12/01         00
    0433320231                           03           12/01/01          0
    15070956                             O            11/01/31
    0

    5815172          163/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.250          2,728.71         67
                                       7.000          2,728.71
    NEW ROCHELLE     NY   10804          5            10/10/01         00
    0433298908                           05           12/01/01          0
    1000296822                           O            11/01/31
    0

    5815602          N74/G02             F           78,400.00         ZZ
                                         360         78,400.00          1
                                       6.875            515.03         79
                                       6.625            515.03
    AUSTIN           TX   78745          5            10/10/01         00
    0433337185                           05           12/01/01          0
    5571833                              O            11/01/31
    0

    5817874          U05/G02             F          119,000.00         ZZ
                                         360        119,000.00          1
                                       7.625            842.27         85
                                       7.375            842.27
    PEMBROKE PINES   FL   33026          5            10/15/01         01
    0433300365                           05           12/01/01         12
    3161213                              O            11/01/31
    0

    5824688          964/G02             F          218,950.00         ZZ
                                         360        218,950.00          1
                                       7.125          1,475.11         80
                                       6.875          1,475.11
    BEND             OR   97702          2            10/15/01         00
    0433290954                           05           12/01/01          0
    148411                               O            11/01/31
    0

    5829330          S27/G02             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       6.875          2,128.45         80
                                       6.625          2,128.45
    ELLICOTT CITY    MD   21043          5            10/12/01         00
    0433327061                           05           12/01/01          0
1

    1                                    O            11/01/31
    0

    5832086          U62/G02             F           94,500.00         ZZ
                                         360         94,500.00          3
                                       7.500            660.76         70
                                       7.250            660.76
    TAMPA            FL   33609          5            10/12/01         00
    0433268984                           05           12/01/01          0
    2001291113                           N            11/01/31
    0

    5835646          E22/G02             F           24,000.00         ZZ
                                         360         23,971.56          1
                                       8.625            186.67         80
                                       8.375            186.67
    DETROIT          MI   48207          5            09/06/01         00
    0412742512                           05           10/01/01          0
    0412742512                           N            09/01/31
    0

    5835858          E82/G02             F           75,500.00         ZZ
                                         360         75,448.04          1
                                       7.875            547.43         63
                                       7.625            547.43
    COLORADO SPRING  CO   80904          2            10/02/01         00
    0400488318                           27           11/01/01          0
    0400488318                           O            10/01/31
    0

    5835860          E82/G02             F          161,500.00         ZZ
                                         360        161,500.00          1
                                       7.375          1,115.44         95
                                       7.125          1,115.44
    CHARLOTTE        NC   28217          1            10/08/01         04
    0400507554                           05           12/01/01         30
    0400507554                           O            11/01/31
    0

    5835870          E82/G02             F          269,700.00         ZZ
                                         360        269,484.32          1
                                       7.125          1,817.02         59
                                       6.875          1,817.02
    RANCHO SANTA FE  CA   92091          2            09/24/01         00
    0400496253                           05           11/01/01          0
    0400496253                           O            10/01/31
    0

1

    5836526          N74/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
                                       7.750            483.58         95
                                       7.500            483.58
    LIBERTY          SC   29657          5            10/12/01         01
    0433311362                           05           12/01/01         30
    0029413010                           O            11/01/31
    0

    5839036          A52/G02             F          194,400.00         ZZ
                                         360        194,400.00          1
                                       7.875          1,409.53         90
                                       7.625          1,409.53
    DULUTH           GA   30096          1            10/15/01         11
    0433318375                           05           12/01/01         25
    16446                                N            11/01/31
    0

    5839412          K81/G02             F          105,600.00         ZZ
                                         360        105,600.00          1
                                       7.250            720.38         80
                                       7.000            720.38
    LAS VEGAS        NV   89313          1            10/12/01         00
    0433311263                           03           12/01/01          0
    1001972                              O            11/01/31
    0

    5842242          964/G02             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       7.000          2,581.37         80
                                       6.750          2,581.37
    MISSION VIEJO    CA   92691          1            10/12/01         00
    0433304474                           03           12/01/01          0
    148008                               O            11/01/31
    0

    5844964          W50/G02             F          487,500.00         ZZ
                                         360        487,155.93          1
                                       7.750          3,492.51         75
                                       7.500          3,492.51
    SHAKOPEE         MN   55379          1            09/21/01         00
    0433301645                           05           11/01/01          0
    0010292                              O            10/01/31
    0

    5845568          N47/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.625          1,280.62         77
                                       6.375          1,280.62
1

    SAN JOSE         CA   95111          5            10/22/01         00
    0433328994                           09           12/01/01          0
    20311460                             O            11/01/31
    0

    5849056          286/286             F          450,000.00         ZZ
                                         360        449,295.80          1
                                       7.250          3,069.79         79
                                       7.000          3,069.79
    WEST BROOMFIELD  MI   48324          1            08/23/01         00
    520359                               05           10/01/01          0
    520359                               O            09/01/31
    0

    5850648          L60/F27             F          164,800.00         ZZ
                                         360        164,430.78          1
                                       7.500          1,152.31         80
                                       7.250          1,152.31
    LOGANVILLE       GA   30052          5            07/16/01         00
    6610759694                           05           09/01/01          0
    6610759694                           O            08/01/31
    0

    5850662          L60/F27             F          247,500.00         ZZ
                                         360        246,758.35          1
                                       7.500          1,730.56         75
                                       7.250          1,730.56
    CHARLOTTE        NC   28210          5            06/22/01         00
    6990392291                           05           08/01/01          0
    6990392291                           O            07/01/31
    0

    5850822          L60/F27             F          400,000.00         ZZ
                                         360        399,342.33          1
                                       7.000          2,661.21         78
                                       6.750          2,661.21
    GREENSBORO       NC   27455          1            08/15/01         00
    6610827371                           05           10/01/01          0
    6610827371                           O            09/01/31
    0

    5850834          L60/F27             F          420,000.00         ZZ
                                         360        418,004.23          1
                                       7.250          2,865.14         80
                                       7.000          2,865.14
    FAIRFAX          VA   22030          2            04/20/01         00
    6920056383                           05           06/01/01          0
    6920056383                           O            05/01/31
    0
1

    5850842          L60/F27             F          420,000.00         ZZ
                                         360        418,999.74          1
                                       7.375          2,900.84         75
                                       7.125          2,900.84
    TRUSSVILLE       AL   35173          5            07/16/01         00
    6960194371                           05           09/01/01          0
    6960194371                           O            08/01/31
    0

    5853208          Q99/G02             F           99,450.00         ZZ
                                         360         99,450.00          1
                                       7.250            678.42         85
                                       7.000            678.42
    INVER GROVE HEI  MN   55076          5            10/17/01         14
    0433287257                           01           12/01/01         12
    1                                    O            11/01/31
    0

    5853574          E47/G02             F          333,000.00         ZZ
                                         360        333,000.00          1
                                       7.125          2,243.48         90
                                       6.875          2,243.48
    HAYWARD          CA   94544          5            10/18/01         11
    0433320645                           05           12/01/01         25
    7333011641                           O            11/01/31
    0

    5858230          286/286             F           58,500.00         ZZ
                                         360         58,427.01          1
                                       8.375            444.65         90
                                       8.125            444.65
    FREMONT NE       NE   68025          1            08/27/01         12
    446311                               05           10/01/01         25
    446311                               N            09/01/31
    0

    5858234          286/286             F          144,900.00         ZZ
                                         360        144,714.56          4
                                       8.250          1,088.59         90
                                       8.000          1,088.59
    GLENDALE         AZ   85301          1            08/17/01         12
    516202                               05           10/01/01         25
    516202                               N            09/01/31
    0

    5858242          286/286             F          124,100.00         ZZ
                                         360        123,956.68          1
1

                                       8.750            976.30         76
                                       8.500            976.30
    GLENDALE         AZ   85303          1            08/01/01         00
    511140                               03           10/01/01          0
    511140                               N            09/01/31
    0

    5860336          E22/G02             F          137,610.00         T
                                         360        137,502.65          1
                                       7.250            938.74         90
                                       7.000            938.74
    DAVENPORT        FL   33897          1            10/01/01         04
    0412927410                           09           11/01/01         25
    0412927410                           O            10/01/31
    0

    5860342          E22/G02             F           67,500.00         ZZ
                                         360         67,500.00          2
                                       7.875            489.42         90
                                       7.625            489.42
    CLEBURNE         TX   76031          1            10/05/01         04
    0412965840                           05           12/01/01         25
    0412965840                           N            11/01/31
    0

    5860364          E22/G02             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       7.625          2,165.85         80
                                       7.375          2,165.85
    TACOMA           WA   98403          5            10/03/01         00
    0413002429                           05           12/01/01          0
    0413002429                           O            11/01/31
    0

    5860392          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       8.500            522.86         90
                                       8.250            522.86
    LAWTON           OK   73501          5            10/02/01         01
    0413024415                           05           12/01/01         25
    0413024415                           O            11/01/31
    0

    5860396          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.500          1,922.84         76
                                       7.250          1,922.84
    SAGINAW          MI   48603          2            10/04/01         00
    0413024621                           05           12/01/01          0
1

    0413024621                           O            11/01/31
    0

    5860398          E22/G02             F           76,700.00         ZZ
                                         360         76,700.00          1
                                       7.750            549.49         80
                                       7.500            549.49
    EUGENE           OR   97401          1            10/03/01         00
    0413025719                           01           12/01/01          0
    0413025719                           O            11/01/31
    0

    5860410          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       7.625            955.52         90
                                       7.375            955.52
    SAN MARCOS       TX   78666          1            10/08/01         01
    0413027798                           05           12/01/01         25
    0413027798                           O            11/01/31
    0

    5860414          E22/G02             F           69,600.00         ZZ
                                         360         69,548.35          1
                                       7.500            486.65         80
                                       7.250            486.65
    REDMOND          OR   97756          1            09/24/01         00
    0413030024                           05           11/01/01          0
    0413030024                           N            10/01/31
    0

    5860480          E22/G02             F          166,500.00         ZZ
                                         360        166,500.00          1
                                       7.750          1,192.83         90
                                       7.500          1,192.83
    SALIDA           CO   81201          1            10/09/01         01
    0413060179                           05           12/01/01         25
    0413060179                           O            11/01/31
    0

    5860484          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       7.625            877.66         80
                                       7.375            877.66
    KINGSLAND        TX   78639          5            10/03/01         00
    0413062894                           03           12/01/01          0
    0413062894                           O            11/01/31
    0

1

    5860492          E22/G02             F          194,800.00         ZZ
                                         360        194,800.00          1
                                       7.875          1,412.44         80
                                       7.625          1,412.44
    THE WOODLANDS    TX   77382          1            10/09/01         00
    0413067406                           03           12/01/01          0
    0413067406                           N            11/01/31
    0

    5860498          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.000          1,330.60         73
                                       6.750          1,330.60
    KENT             WA   98031          1            10/04/01         00
    0413068370                           05           12/01/01          0
    0413068370                           O            11/01/31
    0

    5860508          E22/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       7.375          1,208.68         55
                                       7.125          1,208.68
    FLETCHER         NC   28732          5            10/03/01         00
    0413071754                           05           12/01/01          0
    0413071754                           O            11/01/31
    0

    5860528          E22/G02             F          182,500.00         ZZ
                                         360        182,500.00          1
                                       7.500          1,276.07         85
                                       7.250          1,276.07
    SOUTH GATE       CA   90280          5            09/27/01         11
    0413078197                           05           12/01/01         12
    0413078197                           O            11/01/31
    0

    5860534          E22/G02             F          109,250.00         ZZ
                                         360        109,250.00          1
                                       8.250            820.76         95
                                       8.000            820.76
    DECATUR          AL   35601          2            10/02/01         01
    0413078916                           05           12/01/01         30
    0413078916                           O            11/01/31
    0

    5860536          E22/G02             F          692,000.00         ZZ
                                         360        692,000.00          1
                                       7.500          4,838.56         58
                                       7.250          4,838.56
1

    SAN JOSE         CA   95125          5            09/28/01         00
    0413079724                           05           12/01/01          0
    0413079724                           O            11/01/31
    0

    5860550          E22/G02             F           65,000.00         ZZ
                                         360         65,000.00          1
                                       7.500            454.49         90
                                       7.250            454.49
    OXFORD           AL   36203          5            10/03/01         10
    0413083429                           05           12/01/01         25
    0413083429                           O            11/01/31
    0

    5860570          E22/G02             F          317,500.00         ZZ
                                         360        317,500.00          1
                                       6.750          2,059.30         80
                                       6.500          2,059.30
    CARLSBAD         CA   92008          2            10/01/01         00
    0413091380                           05           12/01/01          0
    0413091380                           O            11/01/31
    0

    5860578          E22/G02             F          248,000.00         ZZ
                                         360        248,000.00          4
                                       7.750          1,776.70         80
                                       7.500          1,776.70
    DALLAS           TX   75206          1            10/08/01         00
    0413094236                           05           12/01/01          0
    0413094236                           O            11/01/31
    0

    5860586          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       7.750            687.76         80
                                       7.500            687.76
    EUGENE           OR   97404          5            10/01/01         00
    0413099102                           05           12/01/01          0
    0413099102                           O            11/01/31
    0

    5860606          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       7.750          1,862.67         89
                                       7.500          1,862.67
    SAN RAMON        CA   94583          1            10/02/01         01
    0413110321                           01           12/01/01         25
    0413110321                           O            11/01/31
    0
1

    5861348          144/144             F          196,000.00         ZZ
                                         360        195,708.17          1
                                       7.500          1,370.46         80
                                       7.250          1,370.46
    T/ROCHESTER      NY   12440          1            08/28/01         00
    160672337                            05           10/01/01          0
    160672337                            O            09/01/31
    0

    5863192          944/G02             F          372,000.00         ZZ
                                         360        370,126.14          1
                                       7.750          2,665.06         80
                                       7.500          2,665.06
    LA MESA          CA   91941          1            03/09/01         00
    0433257920                           05           05/01/01          0
    W88019063                            O            04/01/31
    0

    5865598          964/G02             F          490,000.00         ZZ
                                         360        490,000.00          1
                                       7.000          3,259.98         67
                                       6.750          3,259.98
    PRESCOTT         AZ   86305          2            10/23/01         00
    0433301447                           05           12/01/01          0
    153734                               O            11/01/31
    0

    5867224          K79/G02             F          236,700.00         ZZ
                                         360        236,700.00          3
                                       7.500          1,655.04         90
                                       7.250          1,655.04
    TAUNTON          MA   02780          1            10/29/01         14
    0433331915                           05           12/01/01         30
    14110                                N            11/01/31
    0

    5869094          Q99/G02             F          194,000.00         ZZ
                                         360        194,000.00          1
                                       7.125          1,307.01         66
                                       6.875          1,307.01
    SALEM            NH   03079          5            10/17/01         00
    0433287505                           05           12/01/01          0
    1                                    O            11/01/31
    0

    5875066          E82/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
1

                                       7.250            873.19         80
                                       7.000            873.19
    MEMPHIS          TN   38125          2            10/11/01         00
    0400501615                           05           12/01/01          0
    1973494                              N            11/01/31
    0

    5877770          N47/G02             F          257,600.00         ZZ
                                         360        257,600.00          1
                                       6.875          1,692.25         80
                                       6.625          1,692.25
    TRACY            CA   95376          5            10/18/01         00
    0433339470                           05           12/01/01          0
    20211516                             O            11/01/31
    0

    5878956          N47/G02             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.375          4,144.05         80
                                       7.125          4,144.05
    SAN MARCOS       CA   92069          5            10/12/01         00
    0433292257                           05           12/01/01          0
    30112017                             O            11/01/31
    0

    5884292          B49/G02             F          265,000.00         ZZ
                                         360        265,000.00          1
                                       7.000          1,763.06         66
                                       6.750          1,763.06
    EVERGREEN        CO   80439          5            10/19/01         00
    0433330701                           05           12/01/01          0
    000205580550                         O            11/01/31
    0

    5886812          E22/G02             F          252,400.00         ZZ
                                         360        252,400.00          1
                                       7.625          1,786.47         85
                                       7.375          1,786.47
    HAUPPAUGE        NY   11788          1            10/10/01         01
    0412947111                           05           12/01/01         12
    0412947111                           O            11/01/31
    0

    5886818          E22/G02             F          486,000.00         ZZ
                                         360        486,000.00          2
                                       7.500          3,398.18         90
                                       7.250          3,398.18
    BROOKLYN         NY   11218          1            10/10/01         01
    0412984148                           05           12/01/01         25
1

    0412984148                           O            11/01/31
    0

    5886842          E22/G02             F           69,600.00         ZZ
                                         360         69,600.00          1
                                       8.375            529.01         80
                                       8.125            529.01
    LINCOLN PARK     MI   48146          5            10/10/01         00
    0413019274                           05           12/01/01          0
    0413019274                           N            11/01/31
    0

    5886860          E22/G02             F          130,000.00         ZZ
                                         360        129,901.08          1
                                       7.375            897.88         80
                                       7.125            897.88
    ELLENWOOD        GA   30294          5            10/02/01         00
    0413040643                           05           11/01/01          0
    0413040643                           O            10/01/31
    0

    5886866          E22/G02             F           55,250.00         ZZ
                                         360         55,250.00          2
                                       7.875            400.60         90
                                       7.625            400.60
    NEW ORLEANS      LA   70119          2            10/10/01         04
    0413046814                           05           12/01/01         25
    0413046814                           N            11/01/31
    0

    5886872          E22/G02             F          132,050.00         ZZ
                                         360        132,050.00          1
                                       7.750            946.02         95
                                       7.500            946.02
    CAIRO            GA   31728          5            10/04/01         04
    0413050022                           05           12/01/01         30
    0413050022                           O            11/01/31
    0

    5886910          E22/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       8.250          2,554.31         80
                                       8.000          2,554.31
    DALY CITY        CA   94014          1            10/03/01         00
    0413076316                           05           12/01/01          0
    0413076316                           N            11/01/31
    0

1

    5886924          E22/G02             F           72,400.00         ZZ
                                         360         72,400.00          1
                                       7.625            512.44         66
                                       7.375            512.44
    GRAND JUNCTION   CO   81505          1            10/10/01         00
    0413082827                           01           12/01/01          0
    0413082827                           N            11/01/31
    0

    5886928          E22/G02             F           55,250.00         ZZ
                                         360         55,250.00          2
                                       7.875            400.60         90
                                       7.625            400.60
    NEW ORLEANS      LA   70119          2            10/10/01         04
    0413083676                           05           12/01/01         25
    0413083676                           N            11/01/31
    0

    5886932          E22/G02             F          502,500.00         ZZ
                                         360        502,500.00          1
                                       7.750          3,599.97         75
                                       7.500          3,599.97
    DALLAS           TX   75252          1            10/03/01         00
    0413084823                           03           12/01/01          0
    0413084823                           O            11/01/31
    0

    5886954          E22/G02             F           82,400.00         ZZ
                                         360         82,400.00          1
                                       7.625            583.22         69
                                       7.375            583.22
    GRAND JUNCTION   CO   81505          1            10/10/01         00
    0413091984                           01           12/01/01          0
    0413091984                           N            11/01/31
    0

    5886958          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.625          1,415.59         77
                                       7.375          1,415.59
    DALLAS           TX   75238          5            10/04/01         00
    0413092818                           05           12/01/01          0
    0413092818                           O            11/01/31
    0

    5886960          E22/G02             F          130,400.00         ZZ
                                         360        130,400.00          1
                                       6.750            845.77         80
                                       6.500            845.77
1

    SPRING           TX   77389          5            10/04/01         00
    0413093493                           03           12/01/01          0
    0413093493                           O            11/01/31
    0

    5890402          S48/S48             F          430,600.00         T
                                         360        429,958.86          1
                                       7.500          3,010.82         48
                                       7.250          3,010.82
    LINVILLE         NC   28646          2            08/03/01         00
    0099131500                           03           10/01/01          0
    0099131500                           O            09/01/31
    0

    5890406          S48/S48             F          325,000.00         ZZ
                                         360        324,465.63          1
                                       7.000          2,162.24         72
                                       6.750          2,162.24
    CLAYTON          CA   94517          1            08/14/01         00
    0099146888                           05           10/01/01          0
    0099146888                           O            09/01/31
    0

    5890408          S48/S48             F          650,000.00         ZZ
                                         360        648,982.80          1
                                       7.250          4,434.15         71
                                       7.000          4,434.15
    COTO DE CAZA     CA   92679          1            08/09/01         00
    0099151672                           03           10/01/01          0
    0099151672                           O            09/01/31
    0

    5890412          S48/S48             F          308,000.00         ZZ
                                         360        307,759.72          1
                                       7.250          2,101.11         80
                                       7.000          2,101.11
    GILROY           CA   95020          1            09/11/01         00
    6022246950                           05           11/01/01          0
    6022246950                           O            10/01/31
    0

    5890414          S48/S48             F          350,000.00         ZZ
                                         360        349,746.68          1
                                       7.625          2,477.28         65
                                       7.375          2,477.28
    FREMONT          CA   94536          5            09/18/01         00
    6030202888                           05           11/01/01          0
    6030202888                           O            10/01/31
    0
1

    5890416          S48/S48             F          528,750.00         ZZ
                                         360        528,337.52          1
                                       7.250          3,607.01         78
                                       7.000          3,607.01
    MAGNOLIA         TX   77354          2            09/17/01         00
    6035893079                           03           11/01/01          0
    6035893079                           O            10/01/31
    0

    5890420          S48/S48             F          516,750.00         ZZ
                                         360        516,366.49          1
                                       7.500          3,613.20         65
                                       7.250          3,613.20
    SAN MATEO        CA   94403          1            09/14/01         00
    6062549776                           05           11/01/01          0
    6062549776                           O            10/01/31
    0

    5890422          S48/S48             F          473,500.00         ZZ
                                         360        473,130.62          1
                                       7.250          3,230.11         75
                                       7.000          3,230.11
    WATSONVILLE      CA   95076          1            09/12/01         00
    6066804367                           05           11/01/01          0
    6066804367                           O            10/01/31
    0

    5890426          S48/S48             F          489,750.00         ZZ
                                         360        489,377.33          1
                                       7.375          3,382.59         74
                                       7.125          3,382.59
    SCOTTSDALE       AZ   85255          1            09/05/01         00
    6111779770                           05           11/01/01          0
    6111779770                           O            10/01/31
    0

    5890430          S48/S48             F          444,500.00         ZZ
                                         360        443,854.51          1
                                       7.625          3,146.15         70
                                       7.375          3,146.15
    ATLANTA          GA   30305          1            08/24/01         00
    6131435106                           06           10/01/01          0
    6131435106                           O            09/01/31
    0

    5890432          S48/S48             F          360,000.00         ZZ
                                         360        359,719.16          1
1

                                       7.250          2,455.84         79
                                       7.000          2,455.84
    SANTA ROSA       CA   95409          1            09/13/01         00
    6139174053                           03           11/01/01          0
    6139174053                           O            10/01/31
    0

    5890436          S48/S48             F          400,000.00         ZZ
                                         360        399,258.67          1
                                       7.000          2,661.22         58
                                       6.750          2,661.22
    MANHATTAN BEACH  CA   90266          1            08/29/01         00
    6148627695                           05           10/01/01          0
    6148627695                           N            09/01/31
    0

    5890438          S48/S48             F          314,800.00         ZZ
                                         360        314,548.26          1
                                       7.125          2,120.87         80
                                       6.875          2,120.87
    HAYWARD          CA   94540          1            09/05/01         00
    6154030487                           05           11/01/01          0
    6154030487                           O            10/01/31
    0

    5890442          S48/S48             F          312,000.00         ZZ
                                         360        311,779.79          1
                                       7.750          2,235.21         80
                                       7.500          2,235.21
    CLEAR LAKE       MN   55319          2            09/06/01         00
    6158870375                           05           11/01/01          0
    6158870375                           O            10/01/31
    0

    5890444          S48/S48             F          300,000.00         ZZ
                                         360        299,506.75          1
                                       7.000          1,995.91         69
                                       6.750          1,995.91
    NOVATO           CA   94945          1            08/22/01         00
    6192251194                           05           10/01/01          0
    6192251194                           O            09/01/31
    0

    5890456          S48/S48             F          341,500.00         ZZ
                                         360        340,965.57          1
                                       7.250          2,329.64         67
                                       7.000          2,329.64
    SANTA YNEZ       CA   93460          2            08/14/01         00
    6278102089                           05           10/01/01          0
1

    6278102089                           O            09/01/31
    0

    5890460          S48/S48             F          375,000.00         ZZ
                                         360        374,482.14          1
                                       7.875          2,719.02         75
                                       7.625          2,719.02
    LONGMONT         CO   80503          5            08/24/01         00
    6319092802                           03           10/01/01          0
    6319092802                           O            09/01/31
    0

    5890468          S48/S48             F          311,920.00         ZZ
                                         360        311,455.57          1
                                       7.500          2,180.99         80
                                       7.250          2,180.99
    REDONDO BEACH    CA   90278          1            08/23/01         00
    6375058408                           01           10/01/01          0
    6375058408                           O            09/01/31
    0

    5890470          S48/S48             F          450,000.00         ZZ
                                         360        449,674.30          1
                                       7.625          3,185.08         28
                                       7.375          3,185.08
    HILLSBOROUG      CA   94010          5            09/24/01         00
    6382150750                           05           11/01/01          0
    6382150750                           O            10/01/31
    0

    5890482          S48/S48             F          474,000.00         ZZ
                                         360        473,220.65          1
                                       7.000          3,153.54         56
                                       6.750          3,153.54
    NASHVILLE        TN   37221          2            08/15/01         00
    6428264417                           05           10/01/01          0
    6428264417                           O            09/01/31
    0

    5890484          S48/S48             F          312,000.00         ZZ
                                         360        311,756.60          1
                                       7.250          2,128.40         80
                                       7.000          2,128.40
    WEST PALM BEACH  FL   33405          1            09/28/01         00
    6434918907                           05           11/01/01          0
    6434918907                           O            10/01/31
    0

1

    5890486          S48/S48             F          300,000.00         ZZ
                                         360        299,760.09          1
                                       7.125          2,021.16         69
                                       6.875          2,021.16
    POMONA           CA   91766          1            09/05/01         00
    6436259771                           05           11/01/01          0
    6436259771                           O            10/01/31
    0

    5890496          S48/S48             F          375,000.00         ZZ
                                         360        374,707.46          1
                                       7.250          2,558.17         75
                                       7.000          2,558.17
    SAN FRANCISCO    CA   94112          2            09/17/01         00
    6526343873                           03           11/01/01          0
    6526343873                           O            10/01/31
    0

    5890502          S48/S48             F          368,463.00         ZZ
                                         360        368,175.56          1
                                       7.250          2,513.57         67
                                       7.000          2,513.57
    REDWOOD CITY     CA   94063          2            09/04/01         00
    6593406975                           05           11/01/01          0
    6593406975                           O            10/01/31
    0

    5890504          S48/S48             F          388,337.00         ZZ
                                         360        388,048.80          1
                                       7.500          2,715.31         73
                                       7.250          2,715.31
    MIAMI            FL   33139          2            09/10/01         00
    6634402934                           06           11/01/01          0
    6634402934                           O            10/01/31
    0

    5890508          S48/S48             F          438,000.00         ZZ
                                         360        437,674.94          1
                                       7.500          3,062.56         75
                                       7.250          3,062.56
    EL DORADO HILLS  CA   95762          1            09/05/01         00
    6653193513                           03           11/01/01          0
    6653193513                           O            10/01/31
    0

    5890510          S48/S48             F          367,000.00         ZZ
                                         360        366,706.51          1
                                       7.125          2,472.55         75
                                       6.875          2,472.55
1

    SAN MATEO        CA   94403          1            09/05/01         00
    6659485004                           05           11/01/01          0
    6659485004                           O            10/01/31
    0

    5890512          S48/S48             F          280,000.00         T
                                         360        279,622.98          1
                                       8.000          2,054.55         62
                                       7.750          2,054.55
    MURPHYS          CA   95247          1            08/06/01         00
    6730981948                           05           10/01/01          0
    6730981948                           O            09/01/31
    0

    5890514          S48/S48             F          650,000.00         ZZ
                                         360        649,505.40          1
                                       7.375          4,489.39         71
                                       7.125          4,489.39
    PALM SPRING      CA   92262          2            09/19/01         00
    6732978272                           05           11/01/01          0
    6732978272                           O            10/01/31
    0

    5890516          S48/S48             F          600,000.00         ZZ
                                         360        599,508.18          1
                                       7.000          3,991.82         62
                                       6.750          3,991.82
    UNIVERSITY       TX   75205          1            09/12/01         00
    6740208209                           05           11/01/01          0
    6740208209                           O            10/01/31
    0

    5890518          S48/S48             F          363,000.00         ZZ
                                         360        362,730.60          1
                                       7.500          2,538.15         51
                                       7.250          2,538.15
    OCCIDENTAL       CA   95465          5            09/13/01         00
    6747576491                           05           11/01/01          0
    6747576491                           N            10/01/31
    0

    5890528          S48/S48             F          328,500.00         ZZ
                                         360        327,998.54          1
                                       7.375          2,268.87         70
                                       7.125          2,268.87
    SANTA FE         NM   87508          5            08/10/01         00
    6877778727                           05           10/01/01          0
    6877778727                           O            09/01/31
    0
1

    5890530          S48/S48             F          877,000.00         ZZ
                                         360        875,694.19          1
                                       7.500          6,132.12         65
                                       7.250          6,132.12
    BRONXVILLE       NY   10708          1            08/30/01         00
    6884995934                           05           10/01/01          0
    6884995934                           O            09/01/31
    0

    5890536          S48/S48             F          352,000.00         ZZ
                                         360        351,462.66          1
                                       7.375          2,431.18         80
                                       7.125          2,431.18
    RANCHO PALOS VE  CA   90275          1            08/21/01         00
    6985205597                           05           10/01/01          0
    6985205597                           O            09/01/31
    0

    5890548          S48/S48             F          336,500.00         ZZ
                                         360        335,973.39          1
                                       7.250          2,295.53         49
                                       7.000          2,295.53
    SANTA YNEZ       CA   93460          2            08/20/01         00
    6516794929                           05           10/01/01          0
    6516794929                           O            09/01/31
    0

    5890550          S48/S48             F          380,322.00         ZZ
                                         360        379,726.83          1
                                       7.250          2,594.47         61
                                       7.000          2,594.47
    POINT REYES STA  CA   94956          5            08/10/01         00
    6518033920                           05           10/01/01          0
    6518033920                           O            09/01/31
    0

    5890554          S48/S48             F          472,800.00         ZZ
                                         360        472,412.44          1
                                       7.000          3,145.56         68
                                       6.750          3,145.56
    CORRALES         NM   87048          2            09/26/01         00
    6623952154                           05           11/01/01          0
    6623952154                           O            10/01/31
    0

    5890556          S48/S48             F          315,000.00         ZZ
                                         360        314,741.79          1
1

                                       7.000          2,095.71         75
                                       6.750          2,095.71
    LOS ANGELES      CA   90291          2            09/19/01         00
    6628601095                           05           11/01/01          0
    6628601095                           O            10/01/31
    0

    5890558          S48/S48             F          315,000.00         ZZ
                                         360        314,507.05          1
                                       7.250          2,148.86         75
                                       7.000          2,148.86
    MIAMI            FL   33176          1            08/24/01         00
    6633210593                           05           10/01/01          0
    6633210593                           O            09/01/31
    0

    5890576          S48/S48             F          357,000.00         ZZ
                                         360        356,468.44          1
                                       7.500          2,496.20         75
                                       7.250          2,496.20
    NEWCASTLE        CA   95663          5            08/23/01         00
    6836369204                           05           10/01/01          0
    6836369204                           O            09/01/31
    0

    5890582          S48/S48             F          573,800.00         ZZ
                                         360        573,363.38          1
                                       7.375          3,963.10         39
                                       7.125          3,963.10
    PETALUMA         CA   94952          5            08/31/01         00
    6872568719                           05           11/01/01          0
    6872568719                           O            10/01/31
    0

    5890588          S48/S48             F          375,000.00         ZZ
                                         360        374,714.65          1
                                       7.375          2,590.04         69
                                       7.125          2,590.04
    LOS ANGELES      CA   90064          5            08/30/01         00
    6950357480                           05           11/01/01          0
    6950357480                           O            10/01/31
    0

    5890590          S48/S48             F          388,000.00         ZZ
                                         360        387,392.81          1
                                       7.250          2,646.85         80
                                       7.000          2,646.85
    STEVENSON RANCH  CA   91381          1            08/28/01         00
    6973573899                           03           10/01/01          0
1

    6973573899                           O            09/01/31
    0

    5890898          642/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       6.750            843.18         67
                                       6.500            843.18
    OAKLAND          CA   94605          5            10/12/01         00
    0433297546                           05           12/01/01          0
    09166401                             O            11/01/31
    0

    5894256          624/G02             F          354,200.00         ZZ
                                         360        354,200.00          1
                                       7.625          2,507.01         79
                                       7.375          2,507.01
    FULLERTON        CA   92835          5            10/09/01         00
    0433331212                           05           12/01/01          0
    34092210213                          O            11/01/31
    0

    5897642          F89/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       7.000            824.98         80
                                       6.750            824.98
    FONTANA          CA   92336          1            10/15/01         00
    0433326196                           05           12/01/01          0
    10814071                             O            11/01/31
    0

    5897932          S68/G02             F           36,800.00         ZZ
                                         360         36,800.00          1
                                       8.000            270.03         80
                                       7.750            270.03
    NORTH LITTLE RO  AR   72114          2            10/16/01         00
    0433308129                           05           12/01/01          0
    42221                                N            11/01/31
    0

    5902254          964/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       6.875          1,051.09         71
                                       6.625          1,051.09
    SEATTLE          WA   98136          2            10/19/01         00
    0433337706                           05           12/01/01          0
    149266                               O            11/01/31
    0

1

    5903744          B49/G02             F          448,000.00         ZZ
                                         360        448,000.00          1
                                       7.250          3,056.15         80
                                       7.000          3,056.15
    MORRISON         CO   80465          1            10/17/01         00
    0433307170                           05           12/01/01          0
    001984905                            O            11/01/31
    0

    5904900          964/G02             F          143,200.00         ZZ
                                         360        143,200.00          1
                                       7.375            989.05         80
                                       7.125            989.05
    PORT ORCHARD     WA   98366          1            10/18/01         00
    0433326576                           05           12/01/01          0
    148876                               O            11/01/31
    0

    5907820          E23/G02             F          314,000.00         ZZ
                                         360        314,000.00          1
                                       7.000          2,089.05         80
                                       6.750          2,089.05
    DANA POINT       CA   92629          5            10/15/01         00
    0433331709                           05           12/01/01          0
    51007452                             O            11/01/31
    0

    5908900          964/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       7.250          1,227.92         75
                                       7.000          1,227.92
    PHOENIX          AZ   85032          5            10/18/01         00
    0433296910                           05           12/01/01          0
    157172                               O            11/01/31
    0

    5910466          E22/G02             F          542,000.00         ZZ
                                         360        542,000.00          1
                                       7.250          3,697.40         78
                                       7.000          3,697.40
    NOVATO           CA   94947          5            10/03/01         00
    0412960296                           05           12/01/01          0
    0412960296                           O            11/01/31
    0

    5910516          E22/G02             F          147,100.00         ZZ
                                         360        147,100.00          2
                                       7.875          1,066.58         80
                                       7.625          1,066.58
1

    AUSTIN           TX   78729          2            10/11/01         00
    0413055534                           05           12/01/01          0
    0413055534                           N            11/01/31
    0

    5910520          E22/G02             F          428,000.00         ZZ
                                         360        428,000.00          1
                                       7.250          2,919.71         80
                                       7.000          2,919.71
    MONROVIA         CA   91016          1            10/02/01         00
    0413056235                           05           12/01/01          0
    0413056235                           O            11/01/31
    0

    5910536          E22/G02             F          386,000.00         ZZ
                                         360        386,000.00          1
                                       7.250          2,633.20         44
                                       7.000          2,633.20
    OAK CREEK        CO   80487          5            10/05/01         00
    0413064825                           05           12/01/01          0
    0413064825                           O            11/01/31
    0

    5910538          E22/G02             F          177,500.00         ZZ
                                         360        177,500.00          1
                                       7.000          1,180.91         79
                                       6.750          1,180.91
    BOTHELL          WA   98021          1            10/08/01         00
    0413065129                           05           12/01/01          0
    0413065129                           O            11/01/31
    0

    5910540          E22/G02             F          169,600.00         ZZ
                                         360        169,600.00          1
                                       7.250          1,156.97         80
                                       7.000          1,156.97
    SAN ANTONIO      TX   78229          5            10/05/01         00
    0413065251                           07           12/01/01          0
    0413065251                           O            11/01/31
    0

    5910548          E22/G02             F           86,000.00         ZZ
                                         360         86,000.00          2
                                       7.625            608.70         80
                                       7.375            608.70
    MOUNT STERLING   KY   40353          2            10/10/01         00
    0413069345                           05           12/01/01          0
    0413069345                           N            11/01/31
    0
1

    5910550          E22/G02             F           86,000.00         ZZ
                                         360         86,000.00          2
                                       7.625            608.70         80
                                       7.375            608.70
    MOUNT STERLING   KY   40353          2            10/10/01         00
    0413069352                           05           12/01/01          0
    0413069352                           N            11/01/31
    0

    5910554          E22/G02             F           57,000.00         ZZ
                                         360         57,000.00          1
                                       7.750            408.35         38
                                       7.500            408.35
    N. MIAMI         FL   33179          5            10/05/01         00
    0413071390                           05           12/01/01          0
    0413071390                           O            11/01/31
    0

    5910566          E22/G02             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       7.375          2,113.47         59
                                       7.125          2,113.47
    MARCO ISLAND     FL   34145          5            10/05/01         00
    0413075946                           05           12/01/01          0
    0413075946                           O            11/01/31
    0

    5910596          E22/G02             F          168,500.00         ZZ
                                         360        168,500.00          1
                                       7.000          1,121.03         77
                                       6.750          1,121.03
    OROVILLE         CA   95965          2            09/28/01         00
    0413088725                           05           12/01/01          0
    0413088725                           O            11/01/31
    0

    5910602          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       7.250          1,309.78         80
                                       7.000          1,309.78
    AUSTIN           TX   78759          5            10/05/01         00
    0413091323                           03           12/01/01          0
    0413091323                           O            11/01/31
    0

    5910634          E22/G02             F          304,000.00         ZZ
                                         360        304,000.00          1
1

                                       7.375          2,099.65         80
                                       7.125          2,099.65
    BRIDGEWATER      MA   02324          5            10/05/01         00
    0413101031                           05           12/01/01          0
    0413101031                           O            11/01/31
    0

    5910642          E22/G02             F           74,550.00         ZZ
                                         360         74,550.00          2
                                       7.250            508.56         95
                                       7.000            508.56
    TORRINGTON       WY   82240          1            10/11/01         01
    0413109422                           05           12/01/01         30
    0413109422                           O            11/01/31
    0

    5910650          E22/G02             F          118,700.00         ZZ
                                         360        118,700.00          1
                                       7.375            819.83         79
                                       7.125            819.83
    MONROE           NC   28112          2            10/05/01         00
    0413112855                           05           12/01/01          0
    0413112855                           O            11/01/31
    0

    5910658          E22/G02             F          273,600.00         ZZ
                                         360        273,600.00          4
                                       7.875          1,983.79         90
                                       7.625          1,983.79
    FRAMINGHAM       MA   01702          1            10/11/01         01
    0413116690                           05           12/01/01         25
    0413116690                           N            11/01/31
    0

    5910666          E22/G02             F          109,700.00         ZZ
                                         360        109,700.00          2
                                       7.875            795.40         78
                                       7.625            795.40
    AUSTIN           TX   78727          2            10/11/01         00
    0413129613                           05           12/01/01          0
    0413126913                           N            11/01/31
    0

    5911202          G52/G02             F          110,000.00         ZZ
                                         360        109,914.19          1
                                       7.250            750.39         80
                                       7.000            750.39
    ALBUQUERQUE      NM   87120          2            09/26/01         00
    0433282266                           05           11/01/01          0
1

    560500113                            N            10/01/31
    0

    5911502          K79/G02             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.875          2,430.64         73
                                       6.625          2,430.64
    NORWELL          MA   02061          5            10/19/01         00
    0433327590                           05           12/01/01          0
    14172                                O            11/01/31
    0

    5914022          J83/G02             F          170,910.00         ZZ
                                         360        170,779.94          1
                                       7.375          1,180.44         90
                                       7.125          1,180.44
    BUFORD           GA   30518          1            09/20/01         19
    0433279767                           03           11/01/01         25
    309249                               O            10/01/31
    0

    5915176          A91/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       7.250          1,118.77         80
                                       7.000          1,118.77
    HUNTINGTON STAT  NY   11746          5            10/23/01         00
    0433322658                           05           12/01/01          0
    1                                    N            11/01/31
    0

    5917522          U05/G02             F          428,000.00         ZZ
                                         360        428,000.00          1
                                       7.250          2,919.71         80
                                       7.000          2,919.71
    ZIONSVILLE       IN   46077          5            10/05/01         00
    0433291689                           05           12/01/01          0
    3160898                              O            11/01/31
    0

    5921024          H76/G02             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       7.250          3,820.19         80
                                       7.000          3,820.19
    CHATHAM          NJ   07928          5            10/19/01         00
    0433316395                           05           12/01/01          0
    2001403983                           O            11/01/31
    0

1

    5926058          E47/G02             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.875          2,392.73         75
                                       7.625          2,392.73
    SAN JOSE         CA   95122          5            10/18/01         00
    0433331758                           05           12/01/01          0
    7333011639                           O            11/01/31
    0

    5935004          E22/G02             F          420,000.00         ZZ
                                         360        420,000.00          4
                                       7.500          2,936.70         80
                                       7.250          2,936.70
    PISMO BEACH      CA   93449          5            10/04/01         00
    0412949174                           05           12/01/01          0
    0412949174                           O            11/01/31
    0

    5935034          E22/G02             F          116,800.00         ZZ
                                         360        116,800.00          1
                                       7.250            796.78         80
                                       7.000            796.78
    LAKE DALLAS      TX   75065          5            10/03/01         00
    0413036898                           05           12/01/01          0
    0413036898                           O            11/01/31
    0

    5935038          E22/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       7.625          1,047.53         80
                                       7.375          1,047.53
    AUSTIN           TX   78758          5            10/08/01         00
    0413041302                           05           12/01/01          0
    0413041302                           O            11/01/31
    0

    5935054          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          2
                                       8.250            721.22         80
                                       8.000            721.22
    ST. CHARLES      MO   63301          1            10/12/01         00
    0413053885                           05           12/01/01          0
    0413053885                           N            11/01/31
    0

    5935074          E22/G02             F          326,000.00         ZZ
                                         360        326,000.00          1
                                       7.125          2,196.32         80
                                       6.875          2,196.32
1

    GILMANTON        NH   03237          1            10/12/01         00
    0413064833                           05           12/01/01          0
    0413064833                           O            11/01/31
    0

    5935084          E22/G02             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       7.250            989.16         59
                                       7.000            989.16
    LONG BRANCH      NJ   07740          5            10/08/01         00
    0413076761                           05           12/01/01          0
    0413076761                           O            11/01/31
    0

    5935092          E22/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.875            630.65         80
                                       6.625            630.65
    ALBUQUERQUE      NM   87110          5            10/08/01         00
    0413083569                           05           12/01/01          0
    0413083569                           O            11/01/31
    0

    5935118          E22/G02             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       7.000          2,062.44         69
                                       6.750          2,062.44
    GRAND JUNCTION   CO   81503          4            10/12/01         00
    0413092289                           05           12/01/01          0
    0413092289                           O            11/01/31
    0

    5935122          E22/G02             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       7.125          2,667.93         80
                                       6.875          2,667.93
    HOUSTON          TX   77024          5            10/08/01         00
    0413094087                           03           12/01/01          0
    0413094087                           O            11/01/31
    0

    5935142          E22/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
                                       8.000            513.64         46
                                       7.750            513.64
    MIAMI            FL   33125          1            10/12/01         00
    0413098344                           05           12/01/01          0
    0413098344                           N            11/01/31
    0
1

    5935170          E22/G02             F           60,800.00         ZZ
                                         360         60,800.00          1
                                       8.250            456.77         95
                                       8.000            456.77
    GULFPORT         MS   39507          1            10/12/01         04
    0413112954                           01           12/01/01         30
    0413112954                           O            11/01/31
    0

    5935458          E82/G02             F          108,700.00         ZZ
                                         360        108,700.00          1
                                       7.500            760.05         80
                                       7.250            760.05
    NEWPORT          VT   05855          1            10/16/01         00
    0400468294                           05           12/01/01          0
    0400468294                           O            11/01/31
    0

    5935460          E82/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.750            644.77         72
                                       7.500            644.77
    MINNEAPOLIS      MN   55417          2            10/10/01         00
    0400491734                           05           12/01/01          0
    3756288                              N            11/01/31
    0

    5937902          A06/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       7.875          1,044.10         87
                                       7.625          1,044.10
    SOUTH LYON       MI   48178          5            10/18/01         12
    0433294493                           01           12/01/01         25
    1                                    O            11/01/31
    0

    5937988          K15/G02             F          166,000.00         ZZ
                                         360        166,000.00          1
                                       8.000          1,218.05         95
                                       7.750          1,218.05
    DENVER           CO   80239          5            10/18/01         26
    0433327178                           05           12/01/01         30
    021805301685                         O            11/01/31
    0

    5946198          964/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
1

                                       6.875          4,270.04         75
                                       6.625          4,270.04
    LOS ANGELES      CA   90272          2            10/23/01         00
    0433320710                           05           12/01/01          0
    156783                               O            11/01/31
    0

    5946762          A06/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.500          2,377.33         91
                                       7.250          2,377.33
    NORTHVILLE       MI   48167          1            10/16/01         12
    0433329836                           01           12/01/01         30
    021000020019286                      O            11/01/31
    0

    5948054          U43/G02             F          337,500.00         ZZ
                                         360        337,500.00          1
                                       7.750          2,417.90         75
                                       7.500          2,417.90
    BEND             OR   97707          1            10/19/01         00
    0433331303                           05           12/01/01          0
    55557                                O            11/01/31
    0

    5948360          E44/G02             F          193,500.00         ZZ
                                         360        193,359.95          1
                                       7.625          1,369.58         95
                                       7.375          1,369.58
    CROSS            UT   84087          2            09/20/01         14
    0433299096                           05           11/01/01         30
    58000464                             O            10/01/31
    0

    5949346          E60/G02             F          580,000.00         ZZ
                                         360        579,580.21          1
                                       7.625          4,105.21         69
                                       7.375          4,105.21
    ARROYO GRANDE    CA   93420          5            09/28/01         00
    0433305273                           05           11/01/01          0
    513745                               O            10/01/31
    0

    5954166          G75/G75             F          358,400.00         ZZ
                                         360        358,159.51          1
                                       8.000          2,629.82         74
                                       7.750          2,629.82
    VIRGINIA BEACH   VA   23456          2            10/03/01         00
    04438380                             05           11/01/01          0
1

    04438380                             N            10/01/31
    0

    5954170          G75/G75             F          563,750.00         ZZ
                                         360        563,064.54          1
                                       8.500          4,334.75         57
                                       8.250          4,334.75
    RICHMOND         VA   23220          2            08/24/01         00
    04446781                             05           10/01/01          0
    04446781                             O            09/01/31
    0

    5954172          G75/G75             F          210,000.00         ZZ
                                         360        209,710.01          1
                                       7.875          1,522.65         80
                                       7.625          1,522.65
    CARROLLTON       VA   23314          1            08/03/01         00
    04250065                             05           10/01/01          0
    04250065                             O            09/01/31
    0

    5954178          G75/G75             F           60,300.00         ZZ
                                         360         60,259.53          1
                                       8.000            442.47         90
                                       7.750            442.47
    JACKSONVILLE     FL   32225          1            09/24/01         10
    04417766                             05           11/01/01         25
    04417766                             O            10/01/31
    0

    5954180          G75/G75             F          148,500.00         ZZ
                                         360        148,332.87          4
                                       8.875          1,181.54         90
                                       8.625          1,181.54
    RIVERSIDE        NJ   08075          1            08/28/01         01
    04410281                             05           10/01/01         25
    04410281                             N            09/01/31
    0

    5954182          G75/G75             F          130,400.00         ZZ
                                         360        130,321.00          1
                                       8.500          1,002.67         80
                                       8.250          1,002.67
    TROUTVILLE       VA   24175          1            09/17/01         00
    04392748                             05           11/01/01          0
    04392748                             O            10/01/31
    0

1

    5954184          G75/G75             F          120,000.00         ZZ
                                         360        119,702.99          1
                                       7.625            849.36         80
                                       7.375            849.36
    KNOXVILLE        TN   37923          1            08/31/01         00
    04426107                             05           10/01/01          0
    04426107                             O            09/01/31
    0

    5961290          E22/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.500          4,544.89         70
                                       7.250          4,544.89
    WESTON           CT   06883          5            09/25/01         00
    0412758575                           05           12/01/01          0
    0412758575                           O            11/01/31
    0

    5961304          E22/G02             F           93,150.00         ZZ
                                         360         93,150.00          1
                                       8.000            683.50         90
                                       7.750            683.50
    LELAND           NC   28451          2            10/09/01         10
    0412967226                           05           12/01/01         25
    0412967226                           O            11/01/31
    0

    5961306          E22/G02             F           77,300.00         ZZ
                                         360         77,300.00          1
                                       8.250            580.73         90
                                       8.000            580.73
    ELIZABETHTOWN    KY   42701          5            10/10/01         10
    0412977696                           05           12/01/01         25
    0412977696                           O            11/01/31
    0

    5961344          E22/G02             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       6.625          2,081.01         57
                                       6.375          2,081.01
    SEATTLE          WA   98117          2            10/09/01         00
    0413040759                           05           12/01/01          0
    0413040759                           O            11/01/31
    0

    5961360          E22/G02             F          113,500.00         ZZ
                                         360        113,500.00          1
                                       8.000            832.82         88
                                       7.750            832.82
1

    WARREN           MI   48089          2            10/10/01         04
    0413048703                           05           12/01/01         25
    0413048703                           O            11/01/31
    0

    5961382          E22/G02             F           84,850.00         ZZ
                                         360         84,850.00          1
                                       7.500            593.28         78
                                       7.250            593.28
    BAY PORT         MI   48720          5            10/09/01         00
    0413065814                           05           12/01/01          0
    0413065814                           O            11/01/31
    0

    5961388          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       7.875            435.04         55
                                       7.625            435.04
    AUBURN HILLS     MI   48326          5            10/10/01         00
    0413066754                           05           12/01/01          0
    0413066754                           O            11/01/31
    0

    5961390          E22/G02             F           86,000.00         ZZ
                                         360         86,000.00          2
                                       7.625            608.70         80
                                       7.375            608.70
    MOUNT STERLING   KY   40353          2            10/10/01         00
    0413069329                           05           12/01/01          0
    0413069329                           N            11/01/31
    0

    5961410          E22/G02             F          157,250.00         ZZ
                                         360        157,250.00          1
                                       7.375          1,086.09         85
                                       7.125          1,086.09
    WILTON MANORS    FL   33334          5            10/09/01         01
    0413079492                           05           12/01/01         12
    0413079492                           O            11/01/31
    0

    5961426          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.625          1,415.59         80
                                       7.375          1,415.59
    LANCASTER        TX   75146          5            10/10/01         00
    0413087784                           05           12/01/01          0
    0413087784                           O            11/01/31
    0
1

    5961428          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          2
                                       7.750          1,432.82         80
                                       7.500          1,432.82
    ANTIOCH          CA   94509          1            10/05/01         00
    0413088196                           05           12/01/01          0
    0413088196                           O            11/01/31
    0

    5961474          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.250          2,455.83         80
                                       7.000          2,455.83
    SAN JOSE         CA   95148          2            10/04/01         00
    0413103623                           05           12/01/01          0
    0413103623                           O            11/01/31
    0

    5961522          E22/G02             F           73,600.00         ZZ
                                         360         73,600.00          1
                                       7.750            527.28         79
                                       7.500            527.28
    DETROIT          MI   48228          5            10/09/01         00
    0413118571                           05           12/01/01          0
    0413118571                           O            11/01/31
    0

    5961570          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       7.500            755.15         69
                                       7.250            755.15
    MOORPARK         CA   93021          1            10/10/01         00
    0413141789                           01           12/01/01          0
    0413141789                           N            11/01/31
    0

    5961848          E82/G02             F          241,900.00         ZZ
                                         360        241,900.00          1
                                       7.000          1,609.37         46
                                       6.750          1,609.37
    LONGMONT         CO   80503          2            10/11/01         00
    0400500138                           05           12/01/01          0
    0400500138                           O            11/01/31
    0

    5962048          X19/G02             F          286,000.00         ZZ
                                         360        286,000.00          1
1

                                       7.500          1,999.75         77
                                       7.250          1,999.75
    SHERMAN          CT   06784          2            10/25/01         00
    0433329463                           05           12/01/01          0
    21100104                             O            11/01/31
    0

    5962266          313/G02             F          152,800.00         ZZ
                                         360        151,492.15          1
                                       7.750          1,094.68         80
                                       7.500          1,094.68
    GILBERT          AZ   85297          1            09/24/01         00
    0433252400                           03           11/01/01          0
    0008333189                           O            10/01/31
    0

    5967452          964/G02             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.875          2,601.44         76
                                       6.625          2,601.44
    PHOENIX          AZ   85045          5            10/22/01         00
    0433322153                           05           12/01/01          0
    156550                               O            11/01/31
    0

    5974008          U66/G02             F           28,700.00         ZZ
                                         360         28,700.00          1
                                       8.250            215.61         90
                                       8.000            215.61
    MISSOURI CITY    TX   77489          1            10/24/01         11
    0433328143                           03           12/01/01         25
    294                                  N            11/01/31
    0

    5975112          E23/G02             F          382,000.00         ZZ
                                         360        382,000.00          1
                                       6.875          2,509.47         85
                                       6.625          2,509.47
    CAMARILLO AREA   CA   93010          2            10/19/01         04
    0433338985                           05           12/01/01         12
    51008424                             O            11/01/31
    0

    5981276          S11/G02             F          366,300.00         ZZ
                                         360        366,021.28          1
                                       7.375          2,529.94         90
                                       7.125          2,529.94
    SAN CLEMENTE     CA   92673          1            09/12/01         11
    0433322195                           03           11/01/01         25
1

    10204392                             O            10/01/31
    0

    5982114          U05/G02             F          285,000.00         ZZ
                                         360        285,000.00          1
                                       7.625          2,017.21         72
                                       7.375          2,017.21
    EAGLE POINT      OR   97524          5            10/22/01         00
    0433339777                           05           12/01/01          0
    3168419                              O            11/01/31
    0

    5982548          964/G02             F          179,000.00         ZZ
                                         360        179,000.00          1
                                       6.750          1,160.99         80
                                       6.500          1,160.99
    PORT TOWNSEND    WA   98368          2            10/22/01         00
    0433320769                           05           12/01/01          0
    148592                               O            11/01/31
    0

    5985938          E22/G02             F          498,500.00         ZZ
                                         360        498,500.00          1
                                       7.000          3,316.53         51
                                       6.750          3,316.53
    WIMBERLEY        TX   78676          2            10/09/01         00
    0412997017                           05           12/01/01          0
    0412997017                           O            11/01/31
    0

    5985942          E22/G02             F          252,000.00         ZZ
                                         360        252,000.00          2
                                       7.875          1,827.17         90
                                       7.625          1,827.17
    JAMAICA          NY   11432          1            10/16/01         01
    0413007915                           05           12/01/01         25
    0413007915                           O            11/01/31
    0

    5985950          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.750          1,146.26         80
                                       7.500          1,146.26
    TERRA BELLA      CA   93270          2            10/01/01         00
    0413028077                           05           12/01/01          0
    0413028077                           O            11/01/31
    0

1

    5985960          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.500            978.90         80
                                       7.250            978.90
    BLACK MOUNTAIN   NC   28711          5            10/05/01         00
    0413037524                           05           12/01/01          0
    0413037524                           O            11/01/31
    0

    5985982          E22/G02             F          109,250.00         ZZ
                                         360        109,250.00          1
                                       7.625            773.26         95
                                       7.375            773.26
    BRANDON          FL   33511          5            10/11/01         04
    0413057035                           05           12/01/01         30
    0413057035                           O            11/01/31
    0

    5986020          E22/G02             F          238,000.00         ZZ
                                         360        238,000.00          1
                                       7.250          1,623.58         64
                                       7.000          1,623.58
    LARKSPUR         CO   80118          2            10/11/01         00
    0413077702                           05           12/01/01          0
    0413077702                           O            11/01/31
    0

    5986028          E22/G02             F           58,000.00         ZZ
                                         360         58,000.00          1
                                       7.125            390.76         80
                                       6.875            390.76
    WEST PALM BEACH  FL   33401          2            10/11/01         00
    0413083791                           01           12/01/01          0
    0413083791                           O            11/01/31
    0

    5986036          E22/G02             F           51,200.00         ZZ
                                         360         51,168.17          2
                                       8.375            389.16         80
                                       8.125            389.16
    LAKELAND         FL   33815          1            10/02/01         00
    0413088600                           05           11/01/01          0
    0413088600                           N            10/01/31
    0

    5986052          E22/G02             F          173,600.00         ZZ
                                         360        173,600.00          1
                                       7.750          1,243.69         80
                                       7.500          1,243.69
1

    AUBREY           TX   76227          5            10/05/01         00
    0413094194                           05           12/01/01          0
    0413094194                           O            11/01/31
    0

    5986056          E22/G02             F           39,200.00         E
                                         360         39,200.00          1
                                       8.125            291.06         80
                                       7.875            291.06
    KANSAS CITY      MO   64133          1            10/15/01         00
    0413096272                           09           12/01/01          0
    0413096272                           N            11/01/31
    0

    5986060          E22/G02             F          149,428.00         ZZ
                                         360        149,428.00          1
                                       6.750            969.19         80
                                       6.500            969.19
    CLOVIS           CA   93611          1            10/08/01         00
    0413096660                           05           12/01/01          0
    0413096660                           O            11/01/31
    0

    5986064          E22/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
                                       7.500            587.34         80
                                       7.250            587.34
    HOUSTON          TX   77083          5            10/09/01         00
    0413097395                           03           12/01/01          0
    0413097395                           O            11/01/31
    0

    5986102          E22/G02             F          133,200.00         ZZ
                                         360        133,200.00          1
                                       7.125            897.39         90
                                       6.875            897.39
    GREELEY          CO   80634          1            10/16/01         01
    0413120197                           05           12/01/01         25
    0413120197                           N            11/01/31
    0

    5986120          E22/G02             F           50,500.00         ZZ
                                         360         50,500.00          1
                                       7.875            366.16         69
                                       7.625            366.16
    MADISON          MS   39110          2            10/16/01         00
    0413124769                           05           12/01/01          0
    0413124769                           N            11/01/31
    0
1

    5986126          E22/G02             F           82,700.00         ZZ
                                         360         82,700.00          1
                                       8.125            614.05         64
                                       7.875            614.05
    FITCHBURG        MA   01420          5            10/11/01         00
    0413126657                           05           12/01/01          0
    0413126657                           O            11/01/31
    0

    5986128          E22/G02             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.500          2,272.45         44
                                       7.250          2,272.45
    OKLAHOMA CITY    OK   73131          5            10/11/01         00
    0413127234                           05           12/01/01          0
    0413127234                           O            11/01/31
    0

    5986140          E22/G02             F           64,800.00         ZZ
                                         360         64,800.00          2
                                       8.125            481.14         90
                                       7.875            481.14
    NEW ORLEANS      LA   70114          2            10/15/01         04
    0413130576                           05           12/01/01         30
    0413130576                           N            11/01/31
    0

    5986154          E22/G02             F          128,850.00         ZZ
                                         360        128,850.00          3
                                       7.875            934.25         90
                                       7.625            934.25
    WORCESTER        MA   01608          1            10/16/01         04
    0413136714                           05           12/01/01         25
    0413136714                           N            11/01/31
    0

    5986170          E22/G02             F          256,500.00         ZZ
                                         360        256,500.00          1
                                       8.125          1,904.51         90
                                       7.875          1,904.51
    SHELBY TOWNSHIP  MI   48315          1            10/16/01         01
    0413145376                           05           12/01/01         25
    0413145376                           O            11/01/31
    0

    5986174          E22/G02             F          422,100.00         ZZ
                                         360        422,100.00          4
1

                                       7.750          3,023.98         90
                                       7.500          3,023.98
    BROOKLYN         NY   11233          1            10/16/01         01
    0413146846                           05           12/01/01         25
    0413146846                           O            11/01/31
    0

    5986180          E22/G02             F          292,800.00         ZZ
                                         360        292,800.00          1
                                       7.000          1,948.01         80
                                       6.750          1,948.01
    COPPER MOUNTAIN  CO   80443          1            10/15/01         00
    0413150327                           08           12/01/01          0
    0413150327                           O            11/01/31
    0

    5986336          E82/G02             F          128,100.00         ZZ
                                         360        128,100.00          4
                                       7.750            917.72         90
                                       7.500            917.72
    FRESNO           CA   93727          2            10/05/01         04
    0400490108                           05           12/01/01         25
    1942787                              N            11/01/31
    0

    5993718          E46/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
                                       6.750            992.36         70
                                       6.500            992.36
    SOUTH BRUNSWICK  NJ   08540          2            10/24/01         00
    0433339413                           05           12/01/01          0
    00505624                             O            11/01/31
    0

    6010798          E82/G02             F          149,000.00         ZZ
                                         360        149,000.00          1
                                       7.250          1,016.44         79
                                       7.000          1,016.44
    SEDONA           AZ   86336          1            10/18/01         00
    0400497988                           05           12/01/01          0
    0400497988                           N            11/01/31
    0

    6010800          E82/G02             F          110,400.00         ZZ
                                         360        110,400.00          1
                                       7.625            781.40         80
                                       7.375            781.40
    NARVON           PA   17555          1            10/18/01         00
    0400487963                           05           12/01/01          0
1

    0400487963                           O            11/01/31
    0

    6010802          E82/G02             F          144,000.00         ZZ
                                         360        143,893.13          1
                                       7.500          1,006.87         78
                                       7.250          1,006.87
    LAWRENCEVILLE    GA   30045          2            09/20/01         00
    0400481701                           05           11/01/01          0
    0400481701                           O            10/01/31
    0

    6010852          E22/G02             F          160,200.00         ZZ
                                         360        160,200.00          1
                                       7.750          1,147.69         90
                                       7.500          1,147.69
    MIAMI            FL   33185          1            10/17/01         01
    0412871485                           05           12/01/01         25
    0412871485                           O            11/01/31
    0

    6010864          E22/G02             F          256,000.00         ZZ
                                         360        256,000.00          2
                                       7.000          1,703.17         90
                                       6.750          1,703.17
    BROOKLYN         NY   11236          5            10/12/01         04
    0412985301                           05           12/01/01         25
    0412985301                           O            11/01/31
    0

    6010894          E22/G02             F          231,400.00         ZZ
                                         360        231,400.00          1
                                       7.375          1,598.22         63
                                       7.125          1,598.22
    AUSTIN           TX   78750          5            10/12/01         00
    0413030644                           05           12/01/01          0
    0413030644                           O            11/01/31
    0

    6010902          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          2
                                       7.625          1,698.70         80
                                       7.375          1,698.70
    ROSEDALE         NY   11422          5            10/12/01         00
    0413039611                           05           12/01/01          0
    0413039611                           O            11/01/31
    0

1

    6010920          E22/G02             F          102,400.00         ZZ
                                         360        102,400.00          1
                                       7.250            698.55         86
                                       7.000            698.55
    HOUSTON          TX   77070          2            10/12/01         01
    0413062134                           03           12/01/01         12
    0413062134                           O            11/01/31
    0

    6010942          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          4
                                       7.750            773.73         90
                                       7.500            773.73
    JACKSONVILLE     FL   32210          1            10/17/01         04
    0413078585                           05           12/01/01         25
    0413078585                           N            11/01/31
    0

    6010944          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          4
                                       7.750            773.73         90
                                       7.500            773.73
    JACKSONVILLE     FL   32210          1            10/17/01         04
    0413078619                           05           12/01/01         25
    0413078619                           N            11/01/31
    0

    6010952          E22/G02             F           51,200.00         ZZ
                                         360         51,168.17          2
                                       8.375            389.16         80
                                       8.125            389.16
    LAKELAND         FL   33815          1            10/02/01         00
    0413088592                           05           11/01/01          0
    0413088592                           N            10/01/31
    0

    6010964          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.500          1,118.74         80
                                       7.250          1,118.74
    CARMICHAEL       CA   95608          2            10/02/01         00
    0413099540                           05           12/01/01          0
    0413099540                           O            11/01/31
    0

    6010968          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.125          1,852.73         69
                                       6.875          1,852.73
1

    FAIRFAX          CA   94930          5            10/10/01         00
    0413100637                           09           12/01/01          0
    0413100637                           O            11/01/31
    0

    6010974          E22/G02             F           87,400.00         ZZ
                                         360         87,400.00          1
                                       7.875            633.71         95
                                       7.625            633.71
    CLOVIS           CA   93612          5            10/04/01         01
    0413103664                           05           12/01/01         30
    0413103664                           O            11/01/31
    0

    6011000          E22/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
                                       7.250            343.82         69
                                       7.000            343.82
    LAFAYETTE        LA   70501          2            10/17/01         00
    0413113291                           05           12/01/01          0
    0413113291                           N            11/01/31
    0

    6011014          E22/G02             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       7.250          2,101.10         80
                                       7.000          2,101.10
    ESTES PARK       CO   80517          5            10/12/01         00
    0413121468                           05           12/01/01          0
    0413121468                           O            11/01/31
    0

    6011024          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       7.750          1,375.51         80
                                       7.500          1,375.51
    MONTMORENCY TOW  MI   49746          5            10/12/01         00
    0413125659                           05           12/01/01          0
    0413125659                           O            11/01/31
    0

    6011030          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          3
                                       8.000            825.49         90
                                       7.750            825.49
    MEMPHIS          TN   38104          1            10/16/01         01
    0413128265                           05           12/01/01         25
    0413128265                           N            11/01/31
    0
1

    6011042          E22/G02             F          313,100.00         ZZ
                                         360        313,100.00          1
                                       7.125          2,109.41         70
                                       6.875          2,109.41
    BARRINGTON       RI   02806          5            10/12/01         00
    0413137126                           05           12/01/01          0
    0413137126                           O            11/01/31
    0

    6011046          E22/G02             F          125,000.00         ZZ
                                         240        125,000.00          1
                                       7.125            978.52         78
                                       6.875            978.52
    CARROLLTON       TX   75007          5            10/12/01         00
    0413139230                           05           12/01/01          0
    0413139320                           O            11/01/21
    0

    6011058          E22/G02             F           68,400.00         ZZ
                                         360         68,400.00          1
                                       8.125            507.87         90
                                       7.875            507.87
    BURNET           TX   78611          1            10/17/01         04
    0413148081                           05           12/01/01         25
    0413148081                           N            11/01/31
    0

    6011060          E22/G02             F          206,100.00         ZZ
                                         360        206,100.00          2
                                       7.375          1,423.48         90
                                       7.125          1,423.48
    WESTMINSTER      CO   80004          1            10/17/01         04
    0413149295                           05           12/01/01         25
    0413149295                           N            11/01/31
    0

    6011066          E22/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
                                       6.750            719.94         79
                                       6.500            719.94
    PORTLAND         OR   97216          2            10/11/01         00
    0413154295                           05           12/01/01          0
    0413154295                           O            11/01/31
    0

    6015284          076/076             F          340,000.00         ZZ
                                         360        339,493.76          1
1

                                       7.500          2,377.33         80
                                       7.250          2,377.33
    CORPUS CHRISTI   TX   78418          2            08/30/01         00
    0201781                              05           10/01/01          0
    0201781                              O            09/01/31
    0

    6015288          076/076             F          175,000.00         ZZ
                                         360        174,863.48          1
                                       7.250          1,193.81         65
                                       7.000          1,193.81
    BOCA RATON       FL   33487          5            09/10/01         00
    0434593                              05           11/01/01          0
    0434593                              O            10/01/31
    0

    6015290          076/076             F          142,500.00         ZZ
                                         360        142,404.39          3
                                       8.000          1,045.61         95
                                       7.750          1,045.61
    LAWRENCE         MA   01841          1            09/14/01         12
    0453466                              05           11/01/01         30
    0453466                              O            10/01/31
    0

    6015304          076/076             F          225,000.00         ZZ
                                         360        224,837.15          1
                                       7.625          1,592.54         79
                                       7.375          1,592.54
    STATEN ISLAND    NY   10314          1            09/06/01         00
    5287384                              05           11/01/01          0
    5287384                              O            10/01/31
    0

    6015308          076/076             F          140,000.00         ZZ
                                         360        139,701.65          1
                                       7.750          1,002.98         78
                                       7.500          1,002.98
    BIG BEND         WI   53103          2            07/30/01         00
    5730142                              05           09/01/01          0
    5730142                              O            08/01/31
    0

    6015310          076/076             F          200,000.00         ZZ
                                         360        199,694.70          1
                                       7.375          1,381.35         58
                                       7.125          1,381.35
    PEMBROKE         MA   02359          1            08/31/01         00
    5773375                              05           10/01/01          0
1

    5773375                              O            09/01/31
    0

    6015318          076/076             F          573,000.00         ZZ
                                         360        572,125.30          1
                                       7.375          3,957.57         58
                                       7.125          3,957.57
    BEXLEY           OH   43209          2            08/28/01         00
    8429949                              05           10/01/01          0
    8429949                              O            09/01/31
    0

    6019446          076/076             F          180,000.00         ZZ
                                         360        179,859.58          1
                                       7.250          1,227.92         80
                                       7.000          1,227.92
    NAPLES           FL   34110          1            09/14/01         00
    0413534                              03           11/01/01          0
    0413534                              O            10/01/31
    0

    6019448          076/076             F          164,000.00         ZZ
                                         360        163,872.06          1
                                       7.250          1,118.77         80
                                       7.000          1,118.77
    NAPLES           FL   34110          1            09/20/01         00
    0418840                              03           11/01/01          0
    0418840                              O            10/01/31
    0

    6020332          601/G02             F          215,000.00         ZZ
                                         360        214,823.76          1
                                       7.000          1,430.41         80
                                       6.750          1,430.41
    HOUSTON          TX   77070          1            09/26/01         00
    0433267614                           03           11/01/01          0
    60783412                             O            10/01/31
    0

    6027784          U62/G02             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.250          2,619.56         80
                                       7.000          2,619.56
    ARLINGTON        TX   76016          2            10/08/01         00
    0433297017                           05           12/01/01          0
    2001296578                           O            11/01/31
    0

1

    6029690          964/G02             F          343,200.00         ZZ
                                         360        343,200.00          1
                                       6.625          2,197.55         80
                                       6.375          2,197.55
    ROHNERT PARK     CA   94928          1            10/11/01         00
    0433318854                           05           12/01/01          0
    146650                               O            11/01/31
    0

    6029948          S43/G02             F          195,000.00         ZZ
                                         360        195,000.00          4
                                       7.875          1,413.89         75
                                       7.625          1,413.89
    ALBUQUERQUE      NM   87106          5            10/26/01         00
    0433325842                           05           12/01/01          0
    011440                               O            11/01/31
    0

    6030022          964/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.375            935.81         72
                                       6.125            935.81
    SACRAMENTO       CA   95817          5            10/25/01         00
    0433337029                           05           12/01/01          0
    150948                               O            11/01/31
    0

    6033960          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.750            648.60         84
                                       6.500            648.60
    RIEGELWOOD       NC   28456          2            10/12/01         10
    0413049750                           05           12/01/01         12
    0413049750                           O            11/01/31
    0

    6033972          E22/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       7.625            920.13         45
                                       7.375            920.13
    GEORGETOWN       TX   78628          5            10/12/01         00
    0413067620                           05           12/01/01          0
    0413067620                           O            11/01/31
    0

    6033978          E22/G02             F           56,700.00         ZZ
                                         360         56,700.00          1
                                       8.125            421.00         90
                                       7.875            421.00
1

    DETROIT          MI   48219          1            10/18/01         01
    0413071119                           05           12/01/01         25
    0413071119                           N            11/01/31
    0

    6033992          E22/G02             F          313,500.00         ZZ
                                         360        313,500.00          1
                                       7.500          2,192.04         75
                                       7.250          2,192.04
    WANTAGH          NY   11793          1            10/18/01         00
    0413082561                           05           12/01/01          0
    0413082561                           O            11/01/31
    0

    6034020          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       7.375          1,132.71         80
                                       7.125          1,132.71
    PLANO            TX   75023          5            10/12/01         00
    0413111147                           05           12/01/01          0
    0413111147                           O            11/01/31
    0

    6034046          E22/G02             F          297,500.00         ZZ
                                         360        297,500.00          2
                                       7.750          2,131.33         92
                                       7.500          2,131.33
    BROOKLYN         NY   11230          1            10/18/01         04
    0413130188                           05           12/01/01         25
    0413130188                           O            11/01/31
    0

    6034068          E22/G02             F          145,800.00         ZZ
                                         360        145,800.00          1
                                       7.000            970.01         90
                                       6.750            970.01
    DENVER           CO   80207          1            10/18/01         04
    0413147539                           05           12/01/01         25
    0413147539                           N            11/01/31
    0

    6034288          E82/G02             F           66,250.00         ZZ
                                         360         66,250.00          1
                                       7.500            463.23         80
                                       7.250            463.23
    BROADHEAD        KY   40409          5            10/17/01         00
    0400493672                           05           12/01/01          0
    0400493672                           O            11/01/31
    0
1

    6034318          E82/G02             F          185,000.00         ZZ
                                         360        185,000.00          1
                                       6.875          1,215.32         60
                                       6.625          1,215.32
    DENVER           CO   80241          2            10/17/01         00
    0400505608                           05           12/01/01          0
    0400505608                           O            11/01/31
    0

    6035058          721/G02             F          178,000.00         ZZ
                                         360        178,000.00          1
                                       7.875          1,290.63         75
                                       7.625          1,290.63
    COOKEVILLE       TN   38501          4            10/10/01         00
    0433339504                           05           12/01/01          0
    7891580179                           O            11/01/31
    0

    6037168          U05/G02             F          112,500.00         ZZ
                                         360        112,500.00          2
                                       7.625            796.27         90
                                       7.375            796.27
    EDDYSTONE        PA   19022          1            10/25/01         10
    0433333648                           05           12/01/01         25
    3178996                              N            11/01/31
    0

    6041094          642/G02             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       7.375          2,293.04         88
                                       7.125          2,293.04
    ELK GROVE        CA   95758          5            10/23/01         10
    0433339694                           05           12/01/01         25
    10100101                             O            11/01/31
    0

    6059556          E22/G02             F          166,700.00         ZZ
                                         360        166,700.00          1
                                       7.250          1,137.19         80
                                       7.000          1,137.19
    SOMERSET         KY   42503          2            10/11/01         00
    0412940348                           05           12/01/01          0
    0412940348                           O            11/01/31
    0

    6059562          E22/G02             F          144,900.00         ZZ
                                         360        144,900.00          1
1

                                       7.250            988.47         71
                                       7.000            988.47
    PALM BEACH GARD  FL   33418          1            10/19/01         00
    0412951519                           03           12/01/01          0
    0412951519                           O            11/01/31
    0

    6059574          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          2
                                       7.125            889.31        100
                                       6.875            889.31
    NORTH PROVIDENC  RI   02904          1            10/19/01         01
    0413001637                           05           12/01/01         35
    0413001637                           O            11/01/31
    0

    6059602          E22/G02             F          258,000.00         ZZ
                                         360        258,000.00          4
                                       7.500          1,803.97         59
                                       7.250          1,803.97
    WOBURN           MA   01890          2            10/19/01         00
    0413053919                           05           12/01/01          0
    0413053919                           N            11/01/31
    0

    6059604          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          3
                                       7.750          1,970.13         64
                                       7.500          1,970.13
    SOMERVILLE       MA   01890          5            10/19/01         00
    0413053950                           05           12/01/01          0
    0413053950                           N            11/01/31
    0

    6059618          E22/G02             F          126,350.00         ZZ
                                         360        126,350.00          1
                                       7.625            894.30         95
                                       7.375            894.30
    HIALEAH          FL   33016          1            10/19/01         01
    0413069071                           05           12/01/01         30
    0413069071                           O            11/01/31
    0

    6059626          E22/G02             F          163,250.00         ZZ
                                         360        163,250.00          1
                                       7.625          1,155.47         55
                                       7.375          1,155.47
    CASCO TOWNSHIP   MI   48064          2            10/15/01         00
    0413071788                           05           12/01/01          0
1

    0413071788                           O            11/01/31
    0

    6059636          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.625          2,831.17         58
                                       7.375          2,831.17
    ALBERTSON        NY   11507          5            10/15/01         00
    0413083825                           01           12/01/01          0
    0413083825                           O            11/01/31
    0

    6059652          E22/G02             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       8.000          2,465.45         74
                                       7.750          2,465.45
    JAMUL            CA   91935          2            10/12/01         00
    0413095241                           05           12/01/01          0
    0413095241                           O            11/01/31
    0

    6059662          E22/G02             F          148,300.00         ZZ
                                         360        148,300.00          2
                                       7.875          1,075.28         93
                                       7.625          1,075.28
    CHICAGO          IL   60629          2            10/15/01         11
    0413097361                           05           12/01/01         30
    0413097361                           O            11/01/31
    0

    6059682          E22/G02             F           56,400.00         ZZ
                                         360         56,400.00          1
                                       7.000            375.23         80
                                       6.750            375.23
    SOUTH BEND       IN   46614          5            10/15/01         00
    0413104530                           05           12/01/01          0
    0413104530                           O            11/01/31
    0

    6059690          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          4
                                       8.000            396.23         89
                                       7.750            396.23
    FLINT            MI   48503          1            10/19/01         04
    0413106709                           05           12/01/01         25
    0413106709                           N            11/01/31
    0

1

    6059712          E22/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       7.500            727.18         80
                                       7.250            727.18
    PLAINWELL        MI   49080          1            10/19/01         00
    0413119058                           05           12/01/01          0
    0413119058                           O            11/01/31
    0

    6059750          E22/G02             F          168,750.00         ZZ
                                         360        168,750.00          2
                                       7.250          1,151.17         75
                                       7.000          1,151.17
    OAKLAND          CA   94601          5            10/15/01         00
    0413134511                           05           12/01/01          0
    0413134511                           O            11/01/31
    0

    6059804          E22/G02             F          226,800.00         ZZ
                                         360        226,800.00          1
                                       8.250          1,703.87         90
                                       8.000          1,703.87
    LIVONIA          MI   48154          1            10/19/01         01
    0413167701                           05           12/01/01         25
    0413167701                           O            11/01/31
    0

    6059812          E22/G02             F          107,640.00         ZZ
                                         360        107,640.00          3
                                       7.875            780.46         90
                                       7.625            780.46
    PROVIDENCE       RI   02908          1            10/19/01         04
    0413178344                           05           12/01/01         25
    0413178344                           N            11/01/31
    0

    6060052          E82/G02             F          182,000.00         ZZ
                                         360        182,000.00          1
                                       7.125          1,226.17         69
                                       6.875          1,226.17
    MARIETTA         GA   30067          2            10/18/01         00
    0400496337                           03           12/01/01          0
    0400496337                           O            11/01/31
    0

    6071232          700/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.000          2,661.21         65
                                       6.750          2,661.21
1

    LONG BEACH       CA   90815          5            10/25/01         00
    0433331279                           05           12/01/01          0
    00262166                             O            11/01/31
    0

    6072032          U05/G02             F          348,750.00         ZZ
                                         360        348,750.00          1
                                       7.500          2,438.51         75
                                       7.250          2,438.51
    VANCOUVER        WA   98685          5            10/25/01         00
    0433340015                           05           12/01/01          0
    3177121                              O            11/01/31
    0

    6074836          286/286             F          240,300.00         ZZ
                                         360        240,134.62          1
                                       7.875          1,742.35         80
                                       7.625          1,742.35
    ASHBURN          VA   20147          2            09/20/01         00
    572027                               03           11/01/01          0
    572027                               N            10/01/31
    0

    6074842          286/286             F           21,600.00         ZZ
                                         360         21,583.96          1
                                       7.500            151.04         90
                                       7.250            151.04
    BLADENSBURG      MD   20710          1            09/19/01         12
    536027                               01           11/01/01         25
    536027                               N            10/01/31
    0

    6074846          286/286             F          140,000.00         ZZ
                                         360        139,888.04          1
                                       7.125            943.21         80
                                       6.875            943.21
    TUCSON           AZ   85737          1            09/14/01         00
    567373                               03           11/01/01          0
    567373                               N            10/01/31
    0

    6074852          286/286             F          146,250.00         ZZ
                                         360        146,135.90          2
                                       7.250            997.69         75
                                       7.000            997.69
    TUCSON           AZ   85710          5            09/13/01         00
    559330                               05           11/01/01          0
    559330                               N            10/01/31
    0
1

    6074862          286/286             F           71,100.00         ZZ
                                         360         71,006.66          1
                                       8.125            527.92         90
                                       7.875            527.92
    CASSELBERRY      FL   32707          1            08/31/01         11
    542431                               03           10/01/01         25
    542431                               N            09/01/31
    0

    6074868          286/286             F          115,000.00         ZZ
                                         360        114,910.28          1
                                       7.250            784.51         80
                                       7.000            784.51
    PORTLAND         OR   97220          2            09/05/01         00
    553827                               05           11/01/01          0
    553827                               N            10/01/31
    0

    6074872          286/286             F          204,800.00         ZZ
                                         360        204,644.16          1
                                       7.375          1,414.51         80
                                       7.125          1,414.51
    HOPEWELL TWP     NJ   08534          1            09/12/01         00
    511657                               01           11/01/01          0
    511657                               N            10/01/31
    0

    6074874          286/286             F          154,000.00         ZZ
                                         360        153,507.64          1
                                       7.500          1,076.80         80
                                       7.250          1,076.80
    HILLSBORO        OR   97124          2            07/27/01         00
    267322                               03           09/01/01          0
    267322                               N            08/01/31
    0

    6074890          286/286             F           74,700.00         ZZ
                                         360         74,654.74          2
                                       8.500            574.38         90
                                       8.250            574.38
    CLEVELAND        OH   44102          2            09/19/01         12
    575478                               05           11/01/01         25
    575478                               N            10/01/31
    0

    6074892          286/286             F           44,325.00         ZZ
                                         360         44,297.44          1
1

                                       8.375            336.91         90
                                       8.125            336.91
    CANTON           OH   44705          1            09/20/01         11
    562263                               05           11/01/01         25
    562263                               N            10/01/31
    0

    6074894          286/286             F          112,500.00         ZZ
                                         360        112,410.03          2
                                       7.125            757.94         90
                                       6.875            757.94
    TOLEDO           OH   43606          1            09/19/01         10
    556199                               05           11/01/01         25
    556199                               N            10/01/31
    0

    6074896          286/286             F          224,150.00         ZZ
                                         360        223,991.80          1
                                       7.750          1,605.84         80
                                       7.500          1,605.84
    ASHBURN          VA   20147          1            09/12/01         00
    539217                               03           11/01/01          0
    539217                               N            10/01/31
    0

    6074898          286/286             F          227,000.00         ZZ
                                         360        226,813.93          1
                                       7.000          1,510.24         77
                                       6.750          1,510.24
    BURKE            VA   22015          2            09/18/01         00
    557235                               05           11/01/01          0
    557235                               N            10/01/31
    0

    6074904          286/286             F           55,900.00         ZZ
                                         360         55,861.53          1
                                       7.875            405.31         80
                                       7.625            405.31
    TUCSON           AZ   85711          1            09/19/01         00
    567260                               05           11/01/01          0
    567260                               N            10/01/31
    0

    6074906          286/286             F           88,800.00         ZZ
                                         360         88,738.88          1
                                       7.875            643.87         80
                                       7.625            643.87
    ATLANTA          GA   30310          2            09/07/01         00
    552901                               05           11/01/01          0
1

    552901                               N            10/01/31
    0

    6074910          286/286             F          135,000.00         ZZ
                                         360        134,892.03          3
                                       7.125            909.53         67
                                       6.875            909.53
    WORCESTER        MA   01610          5            09/20/01         00
    435573                               05           11/01/01          0
    435573                               N            10/01/31
    0

    6074912          286/286             F           49,600.00         ZZ
                                         360         49,564.10          1
                                       7.625            351.07         80
                                       7.375            351.07
    COLUMBUS         OH   43205          1            09/14/01         00
    551070                               05           11/01/01          0
    551070                               N            10/01/31
    0

    6074916          286/286             F          199,800.00         ZZ
                                         360        199,647.97          1
                                       7.375          1,379.97         90
                                       7.125          1,379.97
    DENVER           CO   80210          1            09/19/01         21
    323040                               05           11/01/01         25
    323040                               N            10/01/31
    0

    6074922          286/286             F           57,000.00         ZZ
                                         360         56,957.69          1
                                       7.500            398.56         76
                                       7.250            398.56
    AKRON            OH   44305          5            09/14/01         00
    538570                               05           11/01/01          0
    538570                               N            10/01/31
    0

    6074926          286/286             F           39,150.00         ZZ
                                         360         39,125.03          1
                                       8.250            294.13         80
                                       8.000            294.13
    BALTIMORE        MD   21217          1            09/17/01         00
    145210                               05           11/01/01          0
    145210                               N            10/01/31
    0

1

    6074928          286/286             F           90,000.00         ZZ
                                         360         89,948.21          2
                                       8.750            708.04         90
                                       8.500            708.04
    FREEHOLD         NJ   07728          1            09/10/01         12
    543286                               05           11/01/01         25
    543286                               N            10/01/31
    0

    6074930          286/286             F           54,000.00         ZZ
                                         360         53,963.76          1
                                       8.000            396.24         80
                                       7.750            396.24
    OLATHE           KS   66061          5            09/10/01         00
    395948                               05           11/01/01          0
    395948                               N            10/01/31
    0

    6074934          286/286             F           49,600.00         ZZ
                                         360         49,566.72          1
                                       8.000            363.95         80
                                       7.750            363.95
    OLATHE           KS   66061          5            09/10/01         00
    395954                               05           11/01/01          0
    395954                               N            10/01/31
    0

    6074938          286/286             F          110,250.00         ZZ
                                         360        110,184.90          2
                                       8.625            857.52         90
                                       8.375            857.52
    BAYONNE          NJ   07002          1            09/12/01         12
    247016                               05           11/01/01         25
    247016                               N            10/01/31
    0

    6074944          286/286             F           66,240.00         ZZ
                                         360         66,196.67          2
                                       8.125            491.83         90
                                       7.875            491.83
    URBANA           OH   43078          1            09/14/01         12
    553866                               05           11/01/01         25
    553866                               N            10/01/31
    0

    6074958          286/286             F          149,600.00         ZZ
                                         360        149,477.37          1
                                       7.000            995.30         75
                                       6.750            995.30
1

    JOHNS ISLAND     SC   29455          1            09/20/01         00
    553736                               01           11/01/01          0
    553736                               N            10/01/31
    0

    6074966          286/286             F          215,000.00         ZZ
                                         360        214,832.28          1
                                       7.250          1,466.68         68
                                       7.000          1,466.68
    POTOMAC          MD   20854          2            09/20/01         00
    555025                               03           11/01/01          0
    555025                               N            10/01/31
    0

    6074972          286/286             F           66,400.00         ZZ
                                         360         66,353.13          1
                                       7.750            475.70         80
                                       7.500            475.70
    GREENSBORO       NC   27455          1            09/14/01         00
    461832                               03           11/01/01          0
    461832                               N            10/01/31
    0

    6074980          286/286             F          203,000.00         ZZ
                                         360        202,860.29          3
                                       7.875          1,471.90         70
                                       7.625          1,471.90
    QUINCY           MA   02169          2            09/11/01         00
    511640                               05           11/01/01          0
    511640                               N            10/01/31
    0

    6074994          286/286             F          109,650.00         ZZ
                                         360        109,576.43          2
                                       8.000            804.57         85
                                       7.750            804.57
    TUCSON           AZ   85745          5            09/06/01         11
    556849                               05           11/01/01         12
    556849                               N            10/01/31
    0

    6074998          286/286             F           43,600.00         ZZ
                                         360         43,572.19          1
                                       8.250            327.56         80
                                       8.000            327.56
    CANKTON          LA   70584          2            09/17/01         00
    515200                               05           11/01/01          0
    515200                               N            10/01/31
    0
1

    6075008          286/286             F           96,300.00         ZZ
                                         360         96,238.59          1
                                       8.250            723.47         90
                                       8.000            723.47
    STONE MOUNTAIN   GA   30088          2            09/05/01         12
    513241                               05           11/01/01         25
    513241                               N            10/01/31
    0

    6075010          286/286             F           80,000.00         ZZ
                                         360         79,934.42          2
                                       7.000            532.25         80
                                       6.750            532.25
    COLUMBUS         OH   43204          5            09/20/01         00
    564162                               05           11/01/01          0
    564162                               N            10/01/31
    0

    6075014          286/286             F           43,200.00         ZZ
                                         360         43,172.45          2
                                       8.250            324.55         90
                                       8.000            324.55
    NORFOLK          VA   23503          1            09/18/01         12
    543719                               05           11/01/01         25
    543719                               N            10/01/31
    0

    6075024          286/286             F           70,400.00         ZZ
                                         360         70,359.49          2
                                       8.750            553.84         80
                                       8.500            553.84
    JOHNSTON         RI   02919          1            09/07/01         00
    9883440                              05           11/01/01          0
    9883440                              N            10/01/31
    0

    6075038          286/286             F           64,000.00         ZZ
                                         360         63,954.83          2
                                       7.750            458.50         78
                                       7.500            458.50
    PROVIDENCE       RI   02908          2            09/19/01         00
    9885835                              05           11/01/01          0
    9885835                              N            10/01/31
    0

    6075040          286/286             F          184,000.00         ZZ
                                         360        183,866.83          1
1

                                       7.625          1,302.34         15
                                       7.375          1,302.34
    ANNAPOLIS        MD   21401          5            09/21/01         00
    9932088                              05           11/01/01          0
    9932088                              N            10/01/31
    0

    6075046          286/286             F          102,749.00         ZZ
                                         360        102,672.74          1
                                       7.500            718.44         80
                                       7.250            718.44
    BOISE            ID   83713          1            09/17/01         00
    9857568                              03           11/01/01          0
    9857568                              N            10/01/31
    0

    6075050          286/286             F          162,000.00         ZZ
                                         360        161,867.21          1
                                       7.000          1,077.79         80
                                       6.750          1,077.79
    CARLSBAD         CA   92009          1            09/14/01         00
    9934030                              01           11/01/01          0
    9934030                              N            10/01/31
    0

    6075054          286/286             F           88,000.00         ZZ
                                         360         87,942.43          1
                                       8.125            653.40         80
                                       7.875            653.40
    INDIANAPOLIS     IN   46236          2            09/11/01         00
    9890757                              05           11/01/01          0
    9890757                              N            10/01/31
    0

    6075056          286/286             F           60,800.00         ZZ
                                         360         60,760.23          1
                                       8.125            451.44         80
                                       7.875            451.44
    INDIANAPOLIS     IN   46226          2            09/11/01         00
    9890760                              05           11/01/01          0
    9890760                              N            10/01/31
    0

    6075058          286/286             F          115,500.00         ZZ
                                         360        115,422.50          2
                                       8.000            847.50         75
                                       7.750            847.50
    SALT LAKE CITY   UT   84106          5            09/10/01         00
    9876971                              05           11/01/01          0
1

    9876971                              N            10/01/31
    0

    6075060          286/286             F          123,750.00         ZZ
                                         360        123,666.97          2
                                       8.000            908.03         75
                                       7.750            908.03
    PROVO            UT   84606          5            09/11/01         00
    9876972                              05           11/01/01          0
    9876972                              N            10/01/31
    0

    6075062          286/286             F           63,200.00         ZZ
                                         360         63,157.59          1
                                       8.000            463.74         80
                                       7.750            463.74
    DILLWYN          VA   23936          1            09/17/01         00
    9932656                              05           11/01/01          0
    9932656                              N            10/01/31
    0

    6075078          286/286             F          117,850.00         ZZ
                                         360        117,687.27          2
                                       7.875            854.49         90
                                       7.625            854.49
    SACRAMENTO       CA   95827          1            08/29/01         14
    9882636                              05           10/01/01         25
    9882636                              N            09/01/31
    0

    6075092          286/286             F          116,950.00         ZZ
                                         360        116,877.31          1
                                       8.375            888.90         90
                                       8.125            888.90
    VALLEJO          CA   94590          1            09/20/01         10
    9868682                              05           11/01/01         25
    9868682                              N            10/01/31
    0

    6075094          286/286             F          109,600.00         ZZ
                                         360        109,510.16          1
                                       7.000            729.17         80
                                       6.750            729.17
    LANCASTER        CA   93536          2            09/05/01         00
    9933980                              05           11/01/01          0
    9933980                              N            10/01/31
    0

1

    6075098          286/286             F          284,500.00         ZZ
                                         360        284,236.50          2
                                       6.375          1,774.91         43
                                       6.125          1,774.91
    SAN JOSE         CA   95124          5            09/10/01         00
    9886669                              05           11/01/01          0
    9886669                              N            10/01/31
    0

    6075116          286/286             F          124,100.00         ZZ
                                         360        124,010.18          1
                                       7.625            878.37         90
                                       7.375            878.37
    REDDING          CA   96003          1            08/30/01         14
    9886425                              05           11/01/01         25
    9886425                              N            10/01/31
    0

    6075124          286/286             F          260,000.00         ZZ
                                         360        259,807.04          1
                                       7.500          1,817.96         44
                                       7.250          1,817.96
    LIVERMORE        CA   94550          5            09/12/01         00
    9933609                              03           11/01/01          0
    9933609                              N            10/01/31
    0

    6075126          286/286             F           63,000.00         ZZ
                                         360         62,910.41          1
                                       7.750            451.34         89
                                       7.500            451.34
    MUNCIE           IN   47302          2            09/04/01         10
    9891593                              05           10/01/01         25
    9891593                              N            09/01/31
    0

    6075130          286/286             F           48,600.00         ZZ
                                         360         48,569.01          1
                                       8.250            365.12         90
                                       8.000            365.12
    MIAMI            FL   33141          1            09/19/01         10
    9891556                              01           11/01/01         25
    9891556                              N            10/01/31
    0

    6075132          286/286             F           25,000.00         ZZ
                                         360         24,984.46          2
                                       8.375            190.02         90
                                       8.125            190.02
1

    INDIANAPOLIS     IN   46205          1            09/17/01         19
    9865643                              05           11/01/01         25
    9865643                              N            10/01/31
    0

    6075134          286/286             F           80,900.00         ZZ
                                         360         80,845.71          1
                                       8.000            593.62         90
                                       7.750            593.62
    HEMET            CA   92545          1            09/07/01         14
    9896440                              03           11/01/01         25
    9896440                              N            10/01/31
    0

    6075136          286/286             F          284,000.00         ZZ
                                         360        283,772.89          2
                                       7.125          1,913.36         80
                                       6.875          1,913.36
    SAN DIEGO        CA   92107          1            09/04/01         00
    9888156                              05           11/01/01          0
    9888156                              N            10/01/31
    0

    6075144          286/286             F           64,250.00         ZZ
                                         360         64,213.03          1
                                       8.750            505.46         90
                                       8.500            505.46
    RICHMOND         VA   23234          1            09/19/01         11
    9934492                              05           11/01/01         25
    9934492                              N            10/01/31
    0

    6075148          286/286             F           50,400.00         ZZ
                                         360         50,367.86          1
                                       8.250            378.64         80
                                       8.000            378.64
    AKRON            OH   44304          1            09/21/01         00
    9892451                              05           11/01/01          0
    9892451                              N            10/01/31
    0

    6075150          286/286             F           45,700.00         ZZ
                                         360         45,670.86          1
                                       8.250            343.33         90
                                       8.000            343.33
    LARGO            FL   33778          1            09/17/01         19
    9893233                              05           11/01/01         25
    9893233                              N            10/01/31
    0
1

    6075152          286/286             F           85,000.00         ZZ
                                         360         84,881.92          4
                                       7.875            616.31         63
                                       7.625            616.31
    GRIDLEY          CA   95948          5            09/04/01         00
    9883097                              05           11/01/01          0
    9883097                              N            10/01/31
    0

    6075154          286/286             F           64,000.00         ZZ
                                         360         63,955.96          1
                                       7.875            464.04         80
                                       7.625            464.04
    MUNCIE           IN   47304          5            09/10/01         00
    9892999                              05           11/01/01          0
    9892999                              N            10/01/31
    0

    6075414          405/405             F          414,000.00         ZZ
                                         360        413,335.89          1
                                       7.125          2,789.20         50
                                       6.750          2,789.20
    MILL VALLEY      CA   94941          2            08/29/01         00
    0017548835                           05           10/01/01          0
    0017548835                           N            09/01/31
    0

    6075416          405/405             F          580,000.00         ZZ
                                         360        579,114.61          1
                                       7.375          4,005.92         73
                                       6.750          4,005.92
    HERMOSA BEACH    CA   90254          2            08/24/01         00
    0017573155                           01           10/01/01          0
    0017573155                           O            09/01/31
    0

    6075426          405/405             F          414,000.00         ZZ
                                         360        413,275.88          1
                                       7.250          2,824.21         75
                                       6.750          2,824.21
    LOS ANGELES      CA   90066          5            08/30/01         00
    0017663915                           05           10/01/01          0
    0017663915                           O            09/01/31
    0

    6075440          405/405             F          360,000.00         ZZ
                                         360        359,463.97          1
1

                                       7.500          2,517.18         68
                                       6.750          2,517.18
    MANHATTAN BEACH  CA   90266          2            08/27/01         00
    0017674623                           03           10/01/01          0
    0017674623                           N            09/01/31
    0

    6075458          405/405             F          549,000.00         ZZ
                                         360        548,119.33          1
                                       7.125          3,698.72         75
                                       6.750          3,698.72
    CHESTERFIELD     VA   23838          5            08/31/01         00
    0017690694                           05           10/01/01          0
    0017690694                           O            09/01/31
    0

    6075496          405/405             F          581,000.00         ZZ
                                         360        580,535.38          1
                                       7.125          3,914.31         75
                                       6.750          3,914.31
    LOS ANGELES      CA   91367          1            09/06/01         00
    0017736125                           05           11/01/01          0
    0017736125                           O            10/01/31
    0

    6075502          405/405             F          392,000.00         ZZ
                                         360        391,694.20          1
                                       7.250          2,674.13         80
                                       6.750          2,674.13
    SANTA PAULA      CA   93060          1            08/31/01         00
    0019912187                           05           11/01/01          0
    0019912187                           O            10/01/31
    0

    6075682          076/076             F          175,000.00         ZZ
                                         360        174,882.58          1
                                       8.000          1,284.09         54
                                       7.750          1,284.09
    INDIANAPOLIS     IN   46278          1            09/20/01         00
    5562493                              05           11/01/01          0
    5562493                              O            10/01/31
    0

    6077104          W93/G02             F          305,000.00         ZZ
                                         360        304,762.07          1
                                       7.250          2,080.64         80
                                       7.000          2,080.64
    LONG BEACH       CA   90815          5            09/20/01         00
    0433274321                           05           11/01/01          0
1

    1290525                              O            10/01/31
    0

    6078852          696/G02             F          227,950.00         ZZ
                                         360        227,950.00          1
                                       6.750          1,478.48         80
                                       6.500          1,478.48
    LORTON           VA   22079          1            10/18/01         00
    0433289600                           03           12/01/01          0
    25401038                             O            11/01/31
    0

    6083590          E22/G02             F          129,600.00         ZZ
                                         360        129,442.02          1
                                       8.500            996.51         90
                                       8.250            996.51
    DEARBORN HTS     MI   48125          5            08/14/01         11
    0412910747                           05           10/01/01         25
    0412910747                           O            09/01/31
    0

    6083630          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       7.250            764.04         79
                                       7.000            764.04
    DUNCANVILLE      TX   75137          5            10/16/01         00
    0413037730                           05           12/01/01          0
    0413037730                           O            11/01/31
    0

    6083632          E22/G02             F          100,400.00         ZZ
                                         360        100,329.14          1
                                       7.750            719.28         63
                                       7.500            719.28
    STERLING HEIGHT  MI   48310          1            09/25/01         00
    0413040379                           01           11/01/01          0
    0413040379                           O            10/01/31
    0

    6083638          E22/G02             F          576,000.00         T
                                         360        576,000.00          1
                                       6.875          3,783.91         80
                                       6.625          3,783.91
    CARMEL           CA   93923          1            10/12/01         00
    0413047440                           03           12/01/01          0
    0413047440                           O            11/01/31
    0

1

    6083682          E22/G02             F          212,500.00         ZZ
                                         360        212,500.00          1
                                       7.750          1,522.38         85
                                       7.500          1,522.38
    HAWTHORNE        CA   90250          5            10/10/01         11
    0413076365                           05           12/01/01         12
    0413076365                           O            11/01/31
    0

    6083702          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       7.750            709.25         90
                                       7.500            709.25
    MANDEVILLE       LA   70471          2            10/16/01         04
    0413080029                           05           12/01/01         25
    0413080029                           O            11/01/31
    0

    6083716          E22/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       7.500          1,328.51         76
                                       7.250          1,328.51
    DERWOOD          MD   20855          2            10/16/01         00
    0413084310                           05           12/01/01          0
    0413084310                           O            11/01/31
    0

    6083720          E22/G02             F           54,900.00         ZZ
                                         360         54,900.00          1
                                       8.125            407.63         90
                                       7.875            407.63
    LONG BRANCH      NJ   07740          1            10/22/01         04
    0413089400                           01           12/01/01         25
    0413089400                           N            11/01/31
    0

    6083750          E22/G02             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       7.125          2,256.96         70
                                       6.875          2,256.96
    EL DORADO        CA   95623          1            10/10/01         00
    0413101510                           05           12/01/01          0
    0413101510                           O            11/01/31
    0

    6083758          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          3
                                       7.500          1,048.82         64
                                       7.250          1,048.82
1

    CLINTON          MA   01510          5            10/17/01         00
    0413106444                           05           12/01/01          0
    0413106444                           O            11/01/31
    0

    6083760          E22/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       7.500          3,076.54         80
                                       7.250          3,076.54
    HOUSTON          TX   77024          2            10/16/01         00
    0413106782                           05           12/01/01          0
    0413106782                           O            11/01/31
    0

    6083772          E22/G02             F           40,850.00         ZZ
                                         360         40,850.00          1
                                       8.125            303.31         95
                                       7.875            303.31
    HOUSTON          TX   77054          1            10/16/01         04
    0413112525                           01           12/01/01         30
    0413112525                           O            11/01/31
    0

    6083820          E22/G02             F          194,400.00         ZZ
                                         360        194,400.00          1
                                       7.375          1,342.67         80
                                       7.125          1,342.67
    HOUSTON          TX   77018          5            10/15/01         00
    0413137274                           05           12/01/01          0
    0413137274                           O            11/01/31
    0

    6083826          E22/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       7.250            709.46         80
                                       7.000            709.46
    EAST HOPE        ID   83836          1            10/16/01         00
    0413138660                           05           12/01/01          0
    0413138660                           O            11/01/31
    0

    6083834          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       8.000            675.06         80
                                       7.750            675.06
    HANOVER          MI   49241          5            10/16/01         00
    0413144759                           05           12/01/01          0
    0413144759                           O            11/01/31
    0
1

    6083836          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       7.750            888.35         80
                                       7.500            888.35
    CLEARWATER       FL   33755          5            10/16/01         00
    0413145905                           05           12/01/01          0
    0413145905                           O            11/01/31
    0

    6083850          E22/G02             F          369,000.00         ZZ
                                         360        369,000.00          1
                                       6.750          2,393.33         68
                                       6.500          2,393.33
    DANVILLE         CA   94526          5            10/11/01         00
    0413148495                           03           12/01/01          0
    0413148495                           O            11/01/31
    0

    6083862          E22/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
                                       8.250            631.06         80
                                       8.000            631.06
    DEARBORN         MI   48126          2            10/22/01         00
    0413155573                           05           12/01/01          0
    0413155573                           N            11/01/31
    0

    6083884          E22/G02             F          164,800.00         ZZ
                                         360        164,800.00          1
                                       7.625          1,166.44         80
                                       7.375          1,166.44
    SPRINGVILLE      UT   84663          1            10/16/01         00
    0413171240                           05           12/01/01          0
    0413171240                           O            11/01/31
    0

    6084088          E82/G02             F          187,900.00         ZZ
                                         360        187,900.00          1
                                       7.375          1,297.78         90
                                       7.125          1,297.78
    SOUTH RIDING     VA   20152          2            10/19/01         04
    0400476404                           05           12/01/01         25
    0400476404                           O            11/01/31
    0

    6084094          E82/G02             F          179,700.00         ZZ
                                         360        179,700.00          1
1

                                       7.000          1,195.55         75
                                       6.750          1,195.55
    KANSAS CITY      MO   64114          2            10/19/01         00
    0400493201                           03           12/01/01          0
    2872032                              O            11/01/31
    0

    6084194          E23/G02             F          294,032.00         ZZ
                                         360        293,839.66          2
                                       8.125          2,183.18         80
                                       7.875          2,183.18
    SAN DIEGO        CA   92116          1            09/06/01         00
    0433308434                           05           11/01/01          0
    11006320                             O            10/01/31
    0

    6085240          W93/G02             F          348,500.00         ZZ
                                         360        348,221.31          1
                                       7.125          2,347.91         85
                                       6.875          2,347.91
    OCEANSIDE        CA   92057          5            09/28/01         04
    0433285186                           03           11/01/01         12
    28312936                             O            10/01/31
    0

    6088800          L76/G02             F          150,320.00         ZZ
                                         360        150,320.00          1
                                       6.500            950.12         80
                                       6.250            950.12
    EAGAN            MN   55123          1            10/18/01         00
    0433309606                           05           12/01/01          0
    9506088                              O            11/01/31
    0

    6090026          N74/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
                                       6.625            653.12         80
                                       6.375            653.12
    SHERWOOD         AR   72120          5            10/19/01         00
    0433324662                           05           12/01/01          0
    0029431010                           O            11/01/31
    0

    6091752          964/G02             F          158,000.00         ZZ
                                         360        158,000.00          1
                                       6.625          1,011.69         80
                                       6.375          1,011.69
    MILWAUKIE        OR   97222          1            10/31/01         00
    0433336591                           05           12/01/01          0
1

    163408                               O            11/01/31
    0

    6092254          W93/G02             F          149,600.00         ZZ
                                         360        149,483.29          1
                                       7.250          1,020.54         80
                                       7.000          1,020.54
    TWIN FALLS       ID   83301          1            09/18/01         00
    0433277795                           03           11/01/01          0
    35347519                             O            10/01/31
    0

    6099552          W93/G02             F          297,000.00         ZZ
                                         360        296,768.32          1
                                       7.250          2,026.06         70
                                       7.000          2,026.06
    LOS ANGELES      CA   90065          5            09/17/01         00
    0433280187                           05           11/01/01          0
    51294297                             O            10/01/31
    0

    6099896          W93/G02             F          315,000.00         ZZ
                                         360        314,748.09          1
                                       7.125          2,122.22         58
                                       6.875          2,122.22
    SAN JOSE         CA   95127          2            09/19/01         00
    0433282704                           05           11/01/01          0
    22337820                             O            10/01/31
    0

    6103004          U05/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       7.000            878.20         80
                                       6.750            878.20
    PLANO            TX   75023          5            10/26/01         00
    0433331543                           05           12/01/01          0
    3177860                              O            11/01/31
    0

    6106138          944/G02             F          516,000.00         ZZ
                                         360        516,000.00          1
                                       7.250          3,520.03         80
                                       7.000          3,520.03
    ASHLAND          OR   97520          1            10/26/01         00
    0433331527                           05           12/01/01          0
    W01080862                            O            11/01/31
    0

1

    6110936          E22/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.750          2,205.23         80
                                       6.500          2,205.23
    REDMOND          WA   98053          5            10/09/01         00
    0413084690                           05           12/01/01          0
    0413084690                           O            11/01/31
    0

    6110938          E22/G02             F          258,000.00         ZZ
                                         360        258,000.00          1
                                       7.500          1,803.97         80
                                       7.250          1,803.97
    AUBREY           TX   76227          5            10/17/01         00
    0413084716                           05           12/01/01          0
    0413084716                           O            11/01/31
    0

    6110952          E22/G02             F          214,000.00         ZZ
                                         360        214,000.00          1
                                       7.000          1,423.75         76
                                       6.750          1,423.75
    KENNEWICK        WA   99337          5            10/16/01         00
    0413092461                           05           12/01/01          0
    0413092461                           O            11/01/31
    0

    6110960          E22/G02             F          399,600.00         ZZ
                                         360        399,600.00          2
                                       7.500          2,794.06         90
                                       7.250          2,794.06
    STAMFORD         CT   06902          1            10/23/01         01
    0413097684                           05           12/01/01         25
    0413097684                           O            11/01/31
    0

    6110984          E22/G02             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       7.500          2,265.46         80
                                       7.250          2,265.46
    GILROY           CA   95020          5            10/08/01         00
    0413107194                           05           12/01/01          0
    0413107194                           O            11/01/31
    0

    6110988          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       7.125            781.51         80
                                       6.875            781.51
1

    AUSTIN           TX   78753          5            10/16/01         00
    0413108275                           03           12/01/01          0
    0413108275                           O            11/01/31
    0

    6110994          E22/G02             F          444,000.00         ZZ
                                         360        444,000.00          1
                                       7.625          3,142.60         80
                                       7.375          3,142.60
    DALLAS           TX   75287          5            10/18/01         00
    0413116518                           05           12/01/01          0
    0413116518                           O            11/01/31
    0

    6111018          E22/G02             F           99,750.00         ZZ
                                         360         99,750.00          2
                                       8.250            749.39         95
                                       8.000            749.39
    DESOTO           TX   75115          1            10/23/01         04
    0413129503                           05           12/01/01         30
    0413129503                           O            11/01/31
    0

    6111044          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       7.625          1,358.96         80
                                       7.375          1,358.96
    SEATTLE          WA   98155          5            10/16/01         00
    0413145038                           05           12/01/01          0
    0413145038                           O            11/01/31
    0

    6111046          E22/G02             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       7.375          2,182.53         80
                                       7.125          2,182.53
    SANDY            UT   84092          2            10/15/01         00
    0413145327                           05           12/01/01          0
    0413145327                           O            11/01/31
    0

    6112146          W93/G02             F          320,000.00         ZZ
                                         360        319,744.10          1
                                       7.125          2,155.90         80
                                       6.875          2,155.90
    SAN LUIS OBISPO  CA   93405          1            09/12/01         00
    0433288453                           05           11/01/01          0
    48286568                             O            10/01/31
    0
1

    6136520          E22/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
                                       7.750            881.19         85
                                       7.500            881.19
    BIRMINGHAM       AL   35215          5            10/19/01         01
    0413061169                           05           12/01/01         12
    0413061169                           O            11/01/31
    0

    6136540          E22/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
                                       8.000            627.37         95
                                       7.750            627.37
    CINCINNATI       OH   45248          5            10/19/01         11
    0413072125                           05           12/01/01         30
    0413072125                           O            11/01/31
    0

    6136554          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       7.500            475.47         80
                                       7.250            475.47
    BIRMINGHAM       AL   35215          1            10/24/01         00
    0413080912                           05           12/01/01          0
    0413080912                           N            11/01/31
    0

    6136562          E22/G02             F           81,600.00         ZZ
                                         360         81,600.00          1
                                       7.750            584.59         80
                                       7.500            584.59
    TOMBALL          TX   77375          5            10/18/01         00
    0413084781                           03           12/01/01          0
    0413084781                           O            11/01/31
    0

    6136612          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.750            573.13         80
                                       7.500            573.13
    SPRING           TX   77373          5            10/19/01         00
    0413109091                           03           12/01/01          0
    0413109091                           O            11/01/31
    0

    6136640          E22/G02             F          104,400.00         ZZ
                                         360        104,400.00          1
1

                                       7.875            756.97         95
                                       7.625            756.97
    DENHAM SPRINGS   LA   70726          1            10/23/01         01
    0413126400                           05           12/01/01         30
    0413126400                           O            11/01/31
    0

    6136648          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       7.500          1,048.82         78
                                       7.250          1,048.82
    LAKE WORTH       FL   33460          5            10/19/01         00
    0413130287                           05           12/01/01          0
    0413130287                           O            11/01/31
    0

    6136658          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.375            828.81         85
                                       7.125            828.81
    HOUSTON          TX   77064          2            10/19/01         01
    0413136672                           05           12/01/01         12
    0413136672                           O            11/01/31
    0

    6136676          E22/G02             F           67,050.00         ZZ
                                         360         67,050.00          1
                                       8.250            503.72         90
                                       8.000            503.72
    HOUSTON          TX   77014          1            10/23/01         01
    0413146085                           03           12/01/01         25
    0413146085                           N            11/01/31
    0

    6136682          E22/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.375          3,453.38         73
                                       7.125          3,453.38
    LILLIAN          AL   36549          5            10/19/01         00
    0413152620                           05           12/01/01          0
    0413152620                           O            11/01/31
    0

    6136708          E22/G02             F           41,400.00         ZZ
                                         360         41,400.00          1
                                       8.125            307.39         90
                                       7.875            307.39
    SOUTH BEND       IN   46628          1            10/24/01         04
    0413168956                           05           12/01/01         25
1

    0413168956                           N            11/01/31
    0

    6136724          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.625            637.01         78
                                       7.375            637.01
    PEMBROKE PINES   FL   33025          1            10/24/01         00
    0413185091                           09           12/01/01          0
    0413185091                           N            11/01/31
    0

    6137136          E82/G02             F          193,300.00         ZZ
                                         360        193,300.00          1
                                       7.375          1,335.08         95
                                       7.125          1,335.08
    DES PLAINES      IL   60018          2            10/22/01         04
    0400502076                           05           12/01/01         30
    0400502076                           O            11/01/31
    0

    6137196          W93/G02             F          312,200.00         ZZ
                                         360        311,956.45          1
                                       7.250          2,129.76         80
                                       7.000          2,129.76
    CLOVIS           CA   93611          1            09/27/01         00
    0433286911                           05           11/01/01          0
    45236649                             O            10/01/31
    0

    6137852          W93/G02             F          210,000.00         ZZ
                                         360        209,832.07          1
                                       7.125          1,414.81         59
                                       6.875          1,414.81
    SAN DIEGO        CA   92110          5            09/28/01         00
    0433289410                           01           11/01/01          0
    28297806                             O            10/01/31
    0

    6137974          K15/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       7.375          1,022.20         60
                                       7.125          1,022.20
    HANCOCK          NH   03449          5            10/19/01         00
    0433298775                           05           12/01/01          0
    003310005305951                      O            11/01/31
    0

1

    6138222          W93/G02             F          198,000.00         ZZ
                                         360        197,863.74          1
                                       7.875          1,435.64         71
                                       7.625          1,435.64
    ALBUQUERQUE      NM   87111          2            09/19/01         00
    0433288396                           05           11/01/01          0
    35326969                             O            10/01/31
    0

    6138736          W93/G02             F          161,500.00         ZZ
                                         360        161,377.11          1
                                       7.375          1,115.44         79
                                       7.125          1,115.44
    SACRAMENTO       CA   95821          5            09/20/01         00
    0433286788                           05           11/01/01          0
    21301652                             O            10/01/31
    0

    6138742          W93/G02             F          200,000.00         ZZ
                                         360        199,851.57          1
                                       7.500          1,398.43         45
                                       7.250          1,398.43
    ENGLEWOOD        CO   80111          5            09/27/01         00
    0433288586                           05           11/01/01          0
    77296423                             O            10/01/31
    0

    6139500          W93/G02             F          312,000.00         ZZ
                                         360        311,768.45          1
                                       7.500          2,181.55         80
                                       7.250          2,181.55
    SAN JOSE         CA   95122          5            09/20/01         00
    0433287240                           05           11/01/01          0
    21301553                             O            10/01/31
    0

    6140374          W93/G02             F          325,000.00         ZZ
                                         360        324,740.10          1
                                       7.125          2,189.59         67
                                       6.875          2,189.59
    LA MESA          CA   91941          5            09/27/01         00
    0433321304                           05           11/01/01          0
    28312932                             O            10/01/31
    0

    6140650          W93/G02             F          280,000.00         ZZ
                                         360        279,770.48          1
                                       7.000          1,862.85         80
                                       6.750          1,862.85
1

    CORVALLIS        OR   97330          5            09/19/01         00
    0433287067                           05           11/01/01          0
    81279646                             O            10/01/31
    0

    6150644          642/G02             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       6.875          2,049.62         80
                                       6.625          2,049.62
    FORT WAYNE       IN   46845          5            10/31/01         00
    0433331436                           05           12/01/01          0
    10177501                             O            11/01/31
    0

    6158468          N47/G02             F          169,500.00         ZZ
                                         360        169,500.00          1
                                       7.000          1,127.69         61
                                       6.750          1,127.69
    SEASIDE          CA   93955          5            10/22/01         00
    0433330123                           05           12/01/01          0
    20111967                             O            11/01/31
    0

    6161206          E22/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       6.750          1,193.42         80
                                       6.500          1,193.42
    ARLINGTON        TX   76013          5            10/19/01         00
    0413016346                           05           12/01/01          0
    0413016346                           O            11/01/31
    0

    6161238          E22/G02             F          203,350.00         ZZ
                                         360        203,350.00          1
                                       7.125          1,370.01         79
                                       6.875          1,370.01
    HOUSTON          TX   77098          2            10/22/01         00
    0413088899                           05           12/01/01          0
    0413088899                           O            11/01/31
    0

    6161256          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          3
                                       7.750            917.01         80
                                       7.500            917.01
    MERCED           CA   95340          1            10/19/01         00
    0413102963                           05           12/01/01          0
    0413102963                           N            11/01/31
    0
1

    6161356          E22/G02             F          337,500.00         ZZ
                                         360        337,500.00          1
                                       7.125          2,273.80         75
                                       6.875          2,273.80
    ROHNERT PARK     CA   94928          5            10/18/01         00
    0413191065                           05           12/01/01          0
    0413191065                           O            11/01/31
    0

    6161970          E82/G02             F          153,300.00         ZZ
                                         360        153,300.00          1
                                       7.000          1,019.91         70
                                       6.750          1,019.91
    MIAMI            FL   33016          2            10/22/01         00
    0400494308                           05           12/01/01          0
    3410750                              O            11/01/31
    0

    6163480          W93/G02             F          277,500.00         ZZ
                                         360        277,283.52          1
                                       7.250          1,893.04         75
                                       7.000          1,893.04
    REDDING          CA   96002          1            09/17/01         00
    0433289352                           05           11/01/01          0
    46316280                             O            10/01/31
    0

    6171020          964/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.000          2,448.31         80
                                       6.750          2,448.31
    ENCINITAS        CA   92024          5            10/19/01         00
    0433321643                           05           12/01/01          0
    148756                               O            11/01/31
    0

    6174840          W93/G02             F          212,400.00         ZZ
                                         360        212,238.37          1
                                       7.375          1,467.00         80
                                       7.125          1,467.00
    SANTA CLARITA    CA   91355          1            09/14/01         00
    0433289832                           03           11/01/01          0
    25302269                             O            10/01/31
    0

    6177274          W93/G02             F          383,200.00         ZZ
                                         360        382,901.07          1
1

                                       7.250          2,614.10         80
                                       7.000          2,614.10
    GLENDALE         CA   91206          1            09/18/01         00
    0433321791                           05           11/01/01          0
    03304999                             O            10/01/31
    0

    6177454          405/405             F          320,000.00         ZZ
                                         360        319,737.70          1
                                       7.000          2,128.97         80
                                       6.500          2,128.97
    GEORGETOWN       KY   40324          5            09/17/01         00
    0017725888                           05           11/01/01          0
    0017725888                           O            10/01/31
    0

    6177540          405/405             F          428,000.00         ZZ
                                         360        427,631.50          1
                                       6.750          2,776.00         80
                                       6.500          2,776.00
    SAN DIEGO        CA   92109          1            09/11/01         00
    0017750530                           05           11/01/01          0
    0017750530                           O            10/01/31
    0

    6177552          405/405             F          315,000.00         ZZ
                                         360        314,754.27          1
                                       7.250          2,148.86         56
                                       6.750          2,148.86
    BYRON            CA   94514          1            09/10/01         00
    0017754458                           03           11/01/01          0
    0017754458                           N            10/01/31
    0

    6177560          405/405             F          615,000.00         ZZ
                                         360        614,495.89          1
                                       7.000          4,091.61         75
                                       6.500          4,091.61
    HOBE SOUND       FL   33455          1            09/17/01         00
    0017757139                           05           11/01/01          0
    0017757139                           O            10/01/31
    0

    6177620          405/405             F          440,000.00         ZZ
                                         360        439,639.34          1
                                       7.000          2,927.33         80
                                       6.500          2,927.33
    PALOS VERDES ES  CA   90274          1            09/26/01         00
    0017772104                           05           11/01/01          0
1

    0017772104                           O            10/01/31
    0

    6177622          405/405             F          436,000.00         ZZ
                                         360        435,642.61          1
                                       7.000          2,900.72         80
                                       6.500          2,900.72
    SUNNYVALE        CA   94087          1            09/24/01         00
    0017772120                           05           11/01/01          0
    0017772120                           O            10/01/31
    0

    6177668          405/405             F          426,320.00         ZZ
                                         360        425,970.55          1
                                       7.000          2,836.32         80
                                       6.500          2,836.32
    SAN MARCOS       CA   92069          1            09/28/01         00
    0017783366                           03           11/01/01          0
    0017783366                           O            10/01/31
    0

    6177716          405/405             F          489,200.00         ZZ
                                         360        489,200.00          1
                                       6.875          3,213.70         80
                                       6.500          3,213.70
    SANTA CRUZ       CA   95065          1            10/04/01         00
    0017797325                           05           12/01/01          0
    0017797325                           O            11/01/31
    0

    6177790          405/405             F          356,000.00         ZZ
                                         360        355,708.19          1
                                       7.000          2,368.48         77
                                       6.500          2,368.48
    LA QUINTA        CA   92253          1            09/17/01         00
    0019935352                           05           11/01/01          0
    0019935352                           O            10/01/31
    0

    6181188          W93/G02             F          278,000.00         ZZ
                                         360        277,788.46          1
                                       7.375          1,920.08         78
                                       7.125          1,920.08
    UNION CITY       CA   94587          2            09/17/01         00
    0433289758                           05           11/01/01          0
    21301633                             O            10/01/31
    0

1

    6183940          286/286             F          198,000.00         ZZ
                                         360        198,000.00          1
                                       8.000          1,452.85         90
                                       7.750          1,452.85
    ATLANTA          GA   30317          1            10/08/01         10
    9908999                              05           12/01/01         25
    9908999                              N            11/01/31
    0

    6183942          286/286             F           56,000.00         ZZ
                                         360         56,000.00          1
                                       7.375            386.78         80
                                       7.125            386.78
    MIAMI BEACH      FL   33140          1            10/10/01         00
    9903330                              01           12/01/01          0
    9903330                              N            11/01/31
    0

    6183946          286/286             F           53,000.00         ZZ
                                         360         53,000.00          2
                                       7.625            375.13         90
                                       7.375            375.13
    WILKES-BARRE     PA   18702          1            10/09/01         11
    9900816                              05           12/01/01         25
    9900816                              N            11/01/31
    0

    6183950          286/286             F           26,650.00         ZZ
                                         360         26,650.00          1
                                       8.500            204.92         97
                                       8.250            204.92
    HEMET            CA   92543          1            10/03/01         14
    9900546                              03           12/01/01         35
    9900546                              O            11/01/31
    0

    6183954          286/286             F          284,500.00         ZZ
                                         360        284,273.67          1
                                       7.125          1,916.73         80
                                       6.875          1,916.73
    SAN DIEGO        CA   92123          5            09/10/01         00
    9893373                              01           11/01/01          0
    9893373                              O            10/01/31
    0

    6183956          286/286             F          104,760.00         ZZ
                                         360        104,760.00          1
                                       7.375            723.55         97
                                       7.125            723.55
1

    GLENDALE HEIGHT  IL   60139          1            10/09/01         11
    9893902                              01           12/01/01         35
    9893902                              O            11/01/31
    0

    6183960          286/286             F          177,500.00         ZZ
                                         360        177,500.00          1
                                       7.375          1,225.95         90
                                       7.125          1,225.95
    STOCKTON         CA   95206          1            10/01/01         10
    9821726                              05           12/01/01         25
    9821726                              N            11/01/31
    0

    6183972          286/286             F           95,700.00         ZZ
                                         360         95,634.54          1
                                       7.875            693.89         90
                                       7.625            693.89
    CANYON LAKE      CA   92587          1            09/25/01         12
    9895475                              05           11/01/01         25
    9895475                              N            10/01/31
    0

    6183974          286/286             F          150,400.00         ZZ
                                         360        150,400.00          1
                                       7.500          1,051.62         80
                                       7.250          1,051.62
    HAVERHILL        MA   01830          1            10/12/01         00
    9931097                              05           12/01/01          0
    9931097                              N            11/01/31
    0

    6183976          286/286             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.250            818.61         80
                                       7.000            818.61
    INDIO            CA   92201          1            10/02/01         00
    9892295                              05           12/01/01          0
    9892295                              N            11/01/31
    0

    6183978          286/286             F          284,500.00         ZZ
                                         360        283,647.48          1
                                       7.500          1,989.27         66
                                       7.250          1,989.27
    BETHESDA         MD   20816          5            06/29/01         00
    9941204                              05           08/01/01          0
    9941204                              N            07/01/31
    0
1

    6183980          286/286             F          106,000.00         ZZ
                                         360        105,923.72          1
                                       7.625            750.26         84
                                       7.375            750.26
    BRISTOW          OK   74010          2            09/14/01         14
    9890905                              05           11/01/01         17
    9890905                              O            10/01/31
    0

    6183986          286/286             F          284,500.00         ZZ
                                         360        283,689.07          1
                                       7.000          1,892.79         75
                                       6.750          1,892.79
    SAN JOSE         CA   95132          5            07/13/01         00
    9859922                              09           09/01/01          0
    9859922                              O            08/01/31
    0

    6183990          286/286             F          284,500.00         ZZ
                                         360        284,054.78          1
                                       7.250          1,940.79         67
                                       7.000          1,940.79
    SAN JOSE         CA   95133          5            08/02/01         00
    9873160                              05           10/01/01          0
    9873160                              N            09/01/31
    0

    6183992          286/286             F           74,400.00         ZZ
                                         360         74,400.00          1
                                       7.500            520.22         80
                                       7.250            520.22
    DECATUR          GA   30032          5            10/08/01         00
    9906672                              05           12/01/01          0
    9906672                              N            11/01/31
    0

    6183994          286/286             F           79,050.00         ZZ
                                         360         79,050.00          1
                                       6.875            519.30         85
                                       6.625            519.30
    LAFAYETE         IN   47904          5            10/05/01         14
    9904848                              05           12/01/01         12
    9904848                              O            11/01/31
    0

    6183998          286/286             F          284,500.00         ZZ
                                         360        284,076.40          1
1

                                       7.500          1,989.27         78
                                       7.250          1,989.27
    ROCKVILLE        MD   20852          1            08/31/01         00
    9933965                              07           10/01/01          0
    9933965                              N            09/01/31
    0

    6184000          286/286             F          130,000.00         ZZ
                                         360        129,893.44          1
                                       7.000            864.89         90
                                       6.750            864.89
    ISANTI           MN   55040          1            09/26/01         12
    9880954                              05           11/01/01         25
    9880954                              O            10/01/31
    0

    6184004          286/286             F          247,000.00         ZZ
                                         360        246,822.26          1
                                       7.625          1,748.25         62
                                       7.375          1,748.25
    OLYMPIC VALLEY   CA   96146          2            09/27/01         00
    9896599                              01           11/01/01          0
    9896599                              N            10/01/31
    0

    6184006          286/286             F          126,400.00         ZZ
                                         360        126,400.00          1
                                       7.125            851.58         80
                                       6.875            851.58
    PALMDALE         CA   93552          5            10/04/01         00
    9933045                              05           12/01/01          0
    9933045                              N            11/01/31
    0

    6184008          286/286             F          156,550.00         ZZ
                                         360        156,550.00          1
                                       7.875          1,135.10         90
                                       7.625          1,135.10
    SAN DIEGO        CA   92126          1            10/02/01         10
    9893109                              01           12/01/01         25
    9893109                              N            11/01/31
    0

    6184010          286/286             F          280,500.00         ZZ
                                         360        280,134.14          1
                                       8.125          2,082.70         85
                                       7.875          2,082.70
    ANTIOCH          CA   94509          5            08/06/01         12
    9880159                              05           10/01/01         12
1

    9880159                              N            09/01/31
    0

    6184014          286/286             F          180,000.00         ZZ
                                         360        179,863.78          2
                                       7.375          1,243.22         80
                                       7.125          1,243.22
    SACRAMENTO       CA   95825          1            09/25/01         00
    9936176                              05           11/01/01          0
    9936176                              N            10/01/31
    0

    6184016          286/286             F           66,000.00         ZZ
                                         360         66,000.00          1
                                       7.500            461.48         80
                                       7.250            461.48
    MARYSVILLE       CA   95901          1            10/03/01         00
    9898705                              05           12/01/01          0
    9898705                              N            11/01/31
    0

    6184020          286/286             F          102,400.00         ZZ
                                         360        102,400.00          1
                                       6.875            672.70         80
                                       6.625            672.70
    ST. AUGUSTINE    FL   32080          1            10/08/01         00
    9901824                              05           12/01/01          0
    9901824                              N            11/01/31
    0

    6184026          286/286             F           73,800.00         ZZ
                                         360         73,754.44          1
                                       8.375            560.93         90
                                       8.125            560.93
    PINELLAS PARK    FL   33781          1            09/28/01         14
    9899485                              05           11/01/01         25
    9899485                              N            10/01/31
    0

    6184028          286/286             F           81,000.00         ZZ
                                         360         81,000.00          1
                                       7.875            587.31         90
                                       7.625            587.31
    COTTONWOOD       CA   96022          1            10/04/01         14
    9899281                              03           12/01/01         25
    9899281                              N            11/01/31
    0

1

    6184036          286/286             F          170,000.00         ZZ
                                         360        169,860.66          1
                                       7.000          1,131.01         78
                                       6.750          1,131.01
    ROHNERT PARK     CA   94928          1            09/26/01         00
    9903593                              01           11/01/01          0
    9903593                              N            10/01/31
    0

    6184040          286/286             F          210,600.00         T
                                         360        210,455.94          1
                                       7.875          1,527.00         90
                                       7.625          1,527.00
    MASHPEE          MA   02649          1            09/26/01         14
    9885057                              05           11/01/01         25
    9885057                              O            10/01/31
    0

    6184044          286/286             F          284,500.00         ZZ
                                         360        283,796.28          1
                                       7.000          1,892.79         89
                                       6.750          1,892.79
    HELENA           MT   59602          5            07/20/01         10
    9866359                              05           09/01/01         25
    9866359                              O            08/01/31
    0

    6184046          286/286             F          260,000.00         ZZ
                                         360        259,797.17          2
                                       7.250          1,773.66         80
                                       7.000          1,773.66
    SEASIDE          CA   93955          1            09/26/01         00
    9899375                              05           11/01/01          0
    9899375                              N            10/01/31
    0

    6184048          286/286             F          198,750.00         ZZ
                                         360        198,627.30          1
                                       8.375          1,510.64         75
                                       8.125          1,510.64
    SOMERVILLE       MA   02145          1            10/03/01         00
    9896354                              01           11/01/01          0
    9896354                              N            10/01/31
    0

    6184052          286/286             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.250            613.96         79
                                       7.000            613.96
1

    HUDSON           WI   54016          5            10/04/01         00
    9877109                              05           12/01/01          0
    9877109                              N            11/01/31
    0

    6184054          286/286             F          132,000.00         ZZ
                                         360        131,905.01          2
                                       7.625            934.29         74
                                       7.375            934.29
    PAYSON           UT   84651          5            09/25/01         00
    9899387                              05           11/01/01          0
    9899387                              N            10/01/31
    0

    6184056          286/286             F          175,950.00         ZZ
                                         360        175,837.81          1
                                       8.250          1,321.85         90
                                       8.000          1,321.85
    POCASSET         MA   02559          1            09/28/01         14
    9892708                              05           11/01/01         25
    9892708                              N            10/01/31
    0

    6184058          286/286             F           51,400.00         ZZ
                                         360         51,400.00          2
                                       7.875            372.69         80
                                       7.625            372.69
    CRAWFORDSVILLE   IN   47933          5            10/04/01         00
    9862980                              05           12/01/01          0
    9862980                              N            11/01/31
    0

    6184060          286/286             F           86,200.00         ZZ
                                         360         86,141.04          1
                                       7.875            625.01         75
                                       7.625            625.01
    STOCKTON         CA   95206          5            09/26/01         00
    9902038                              05           11/01/01          0
    9902038                              N            10/01/31
    0

    6184066          286/286             F          276,500.00         ZZ
                                         360        275,629.36          1
                                       7.250          1,886.22         87
                                       7.000          1,886.22
    VALLEJO          CA   94591          5            06/28/01         10
    9863802                              05           08/01/01         25
    9863802                              O            07/01/31
    0
1

    6184068          286/286             F          112,500.00         T
                                         240        112,500.00          1
                                       7.250            889.17         90
                                       7.000            889.17
    BENTON           PA   17814          5            10/10/01         10
    9905537                              05           12/01/01         12
    9905537                              O            11/01/21
    0

    6184070          286/286             F          283,500.00         ZZ
                                         360        283,056.35          1
                                       7.250          1,933.97         90
                                       7.000          1,933.97
    ELK GROVE        CA   95758          5            08/23/01         10
    9889354                              05           10/01/01         25
    9889354                              O            09/01/31
    0

    6184072          286/286             F           67,600.00         ZZ
                                         360         67,556.06          1
                                       8.125            501.93         80
                                       7.875            501.93
    BILLERICA        MA   01821          1            10/03/01         00
    9931551                              01           11/01/01          0
    9931551                              N            10/01/31
    0

    6184076          286/286             F          284,500.00         ZZ
                                         360        284,262.17          1
                                       6.875          1,868.96         56
                                       6.625          1,868.96
    MALIBU           CA   90265          2            09/04/01         00
    9933811                              01           11/01/01          0
    9933811                              O            10/01/31
    0

    6184082          286/286             F          284,500.00         ZZ
                                         360        284,097.12          1
                                       7.750          2,038.19         66
                                       7.500          2,038.19
    WALNUT CREEK     CA   94596          1            08/02/01         00
    9879101                              05           10/01/01          0
    9879101                              N            09/01/31
    0

    6184086          286/286             F           73,530.00         ZZ
                                         360         73,483.11          1
1

                                       8.250            552.41         90
                                       8.000            552.41
    SPEEDWAY         IN   46224          1            09/28/01         14
    9903282                              05           11/01/01         25
    9903282                              N            10/01/31
    0

    6184090          286/286             F          277,000.00         ZZ
                                         360        276,600.07          1
                                       7.625          1,960.59         85
                                       7.375          1,960.59
    PHOENIX          AZ   85054          5            08/07/01         13
    9936988                              03           10/01/01         12
    9936988                              O            09/01/31
    0

    6184092          286/286             F           70,150.00         ZZ
                                         360         70,150.00          1
                                       7.625            496.52         90
                                       7.375            496.52
    WEED             CA   96094          5            10/01/01         14
    9884953                              05           12/01/01         25
    9884953                              O            11/01/31
    0

    6184096          286/286             F          271,950.00         ZZ
                                         360        271,950.00          1
                                       7.250          1,855.18         75
                                       7.000          1,855.18
    ESCONDIDO        CA   92027          1            10/09/01         00
    9930267                              05           12/01/01          0
    9930267                              N            11/01/31
    0

    6184098          286/286             F          280,000.00         ZZ
                                         360        279,777.26          1
                                       7.125          1,886.41         79
                                       6.875          1,886.41
    SAN JOSE         CA   95116          5            09/27/01         00
    9893360                              05           11/01/01          0
    9893360                              O            10/01/31
    0

    6184100          286/286             F          174,600.00         ZZ
                                         360        174,600.00          1
                                       7.125          1,176.31         97
                                       6.875          1,176.31
    ELLENSBURG       WA   98926          1            10/03/01         01
    9901029                              05           12/01/01         35
1

    9901029                              O            11/01/31
    0

    6184102          286/286             F          280,000.00         ZZ
                                         360        279,327.79          1
                                       7.125          1,886.41         79
                                       6.875          1,886.41
    WEST HILLS AREA  CA   91307          5            07/25/01         00
    9873062                              01           09/01/01          0
    9873062                              O            08/01/31
    0

    6184104          286/286             F          154,400.00         ZZ
                                         360        154,294.38          1
                                       7.875          1,119.51         80
                                       7.625          1,119.51
    SOUTH GATE       CA   90280          2            09/10/01         00
    9879697                              05           11/01/01          0
    9879697                              N            10/01/31
    0

    6184106          286/286             F          284,500.00         ZZ
                                         360        280,316.52          1
                                       8.250          2,137.35         89
                                       8.000          2,137.35
    SMYRNA           GA   30080          1            08/03/01         01
    9879477                              03           10/01/01         25
    9879477                              O            09/01/31
    0

    6184108          286/286             F          135,950.00         ZZ
                                         360        135,950.00          1
                                       7.375            938.97         85
                                       7.125            938.97
    VALLEJO          CA   94591          5            10/01/01         14
    9901283                              01           12/01/01         12
    9901283                              O            11/01/31
    0

    6184110          286/286             F          276,000.00         ZZ
                                         360        275,251.80          1
                                       8.000          2,025.19         80
                                       7.750          2,025.19
    CONCORD          CA   94523          5            06/29/01         00
    9867351                              05           08/01/01          0
    9867351                              N            07/01/31
    0

1

    6184114          286/286             F          133,500.00         ZZ
                                         360        133,398.98          1
                                       7.375            922.05         80
                                       7.125            922.05
    EUGENE           OR   97404          2            09/28/01         00
    9889793                              05           11/01/01          0
    9889793                              N            10/01/31
    0

    6184116          286/286             F          133,500.00         ZZ
                                         360        133,395.85          1
                                       7.250            910.71         80
                                       7.000            910.71
    EUGENE           OR   97404          2            09/28/01         00
    9898302                              05           11/01/01          0
    9898302                              N            10/01/31
    0

    6184118          286/286             F          133,500.00         ZZ
                                         360        133,395.85          1
                                       7.250            910.71         80
                                       7.000            910.71
    EUGENE           OR   97404          2            09/28/01         00
    9898417                              05           11/01/01          0
    9898417                              N            10/01/31
    0

    6184124          286/286             F          186,000.00         ZZ
                                         360        185,847.54          3
                                       7.000          1,237.46         36
                                       6.750          1,237.46
    HUNTINGTON BEAC  CA   92649          1            09/26/01         00
    9930264                              05           11/01/01          0
    9930264                              N            10/01/31
    0

    6184126          286/286             F          284,500.00         ZZ
                                         360        284,500.00          1
                                       6.875          1,868.96         64
                                       6.625          1,868.96
    AUSTIN           TX   78746          2            10/08/01         00
    9902871                              01           12/01/01          0
    9902871                              N            11/01/31
    0

    6184128          286/286             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       7.500          1,510.30         80
                                       7.250          1,510.30
1

    BIG BEAR LAKE    CA   92314          5            10/08/01         00
    9929588                              05           12/01/01          0
    9929588                              N            11/01/31
    0

    6184130          286/286             F          216,300.00         ZZ
                                         360        216,152.04          1
                                       7.875          1,568.33         75
                                       7.625          1,568.33
    SAVAGE           MN   55378          1            09/21/01         00
    9897790                              05           11/01/01          0
    9897790                              O            10/01/31
    0

    6184132          286/286             F          284,500.00         ZZ
                                         360        283,515.98          1
                                       6.875          1,868.96         67
                                       6.625          1,868.96
    VACAVILLE        CA   94500          5            06/26/01         00
    9862425                              05           08/01/01          0
    9862425                              O            07/01/31
    0

    6184134          286/286             F           30,400.00         ZZ
                                         240         30,346.76          1
                                       7.750            249.57         80
                                       7.500            249.57
    MUNCIE           IN   47302          5            09/18/01         00
    9894789                              05           11/01/01          0
    9894789                              N            10/01/21
    0

    6184138          286/286             F          165,300.00         ZZ
                                         360        165,183.33          1
                                       7.750          1,184.23         90
                                       7.500          1,184.23
    CHICO            CA   95928          1            09/21/01         14
    9897776                              05           11/01/01         25
    9897776                              N            10/01/31
    0

    6184140          286/286             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       7.000          1,250.77         80
                                       6.750          1,250.77
    EL CAJON         CA   92019          5            10/01/01         00
    9899149                              01           12/01/01          0
    9899149                              N            11/01/31
    0
1

    6184144          286/286             F          149,400.00         ZZ
                                         240        149,400.00          1
                                       6.875          1,147.11         90
                                       6.625          1,147.11
    ANDERSON         IN   46011          5            10/12/01         14
    9908986                              05           12/01/01         25
    9908986                              O            11/01/21
    0

    6184146          286/286             F          139,000.00         ZZ
                                         360        138,889.42          1
                                       7.125            936.47         79
                                       6.875            936.47
    NEWMAN           CA   95360          5            09/25/01         00
    9891424                              05           11/01/01          0
    9891424                              N            10/01/31
    0

    6184150          286/286             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       7.250          1,746.37         77
                                       7.000          1,746.37
    PALM DESERT      CA   92260          2            10/02/01         00
    9902119                              05           12/01/01          0
    9902119                              N            11/01/31
    0

    6184152          286/286             F          181,000.00         ZZ
                                         360        181,000.00          1
                                       7.250          1,234.74         78
                                       7.000          1,234.74
    RANCHO MIRAGE    CA   92270          5            10/02/01         00
    9902138                              05           12/01/01          0
    9902138                              N            11/01/31
    0

    6184154          286/286             F           85,050.00         ZZ
                                         360         85,050.00          1
                                       8.500            653.96         90
                                       8.250            653.96
    MIAMI            FL   33173          1            10/05/01         14
    9896297                              01           12/01/01         25
    9896297                              N            11/01/31
    0

    6184156          286/286             F          284,500.00         ZZ
                                         360        284,500.00          1
1

                                       7.000          1,892.79         74
                                       6.750          1,892.79
    LIVERMORE        CA   94550          1            10/01/01         00
    9899294                              05           12/01/01          0
    9899294                              N            11/01/31
    0

    6184158          286/286             F          197,250.00         ZZ
                                         360        197,250.00          4
                                       7.125          1,328.91         75
                                       6.875          1,328.91
    BOUNTIFUL        UT   84010          2            10/10/01         00
    9903887                              05           12/01/01          0
    9903887                              N            11/01/31
    0

    6184160          286/286             F          177,300.00         ZZ
                                         360        177,300.00          4
                                       7.125          1,194.50         67
                                       6.875          1,194.50
    BOUNTIFUL        UT   84010          2            10/10/01         00
    9903890                              05           12/01/01          0
    9903890                              N            11/01/31
    0

    6184162          286/286             F          120,000.00         ZZ
                                         300        120,000.00          1
                                       7.375            877.06         80
                                       7.125            877.06
    RICHMOND         VA   23229          5            10/11/01         00
    9930763                              05           12/01/01          0
    9930763                              N            11/01/26
    0

    6184164          286/286             F          149,600.00         ZZ
                                         360        149,488.98          1
                                       7.500          1,046.02         80
                                       7.250          1,046.02
    HEBER CITY       UT   84032          1            09/28/01         00
    9933441                              05           11/01/01          0
    9933441                              N            10/01/31
    0

    6184166          286/286             F          224,000.00         ZZ
                                         360        223,830.49          4
                                       7.375          1,547.11         70
                                       7.125          1,547.11
    MINNEAPOLIS      MN   55406          5            09/28/01         00
    9895254                              05           11/01/01          0
1

    9895254                              N            10/01/31
    0

    6184168          286/286             F          284,500.00         ZZ
                                         360        284,076.40          1
                                       7.500          1,989.27         67
                                       7.250          1,989.27
    SAN FRANCISCO    CA   94112          5            08/09/01         00
    9880583                              05           10/01/01          0
    9880583                              N            09/01/31
    0

    6184170          286/286             F          150,000.00         ZZ
                                         360        149,877.05          1
                                       7.000            997.95         75
                                       6.750            997.95
    RICHMOND         CA   94806          5            09/26/01         00
    9899929                              01           11/01/01          0
    9899929                              N            10/01/31
    0

    6184172          286/286             F          284,500.00         ZZ
                                         360        284,309.11          1
                                       8.000          2,087.56         50
                                       7.750          2,087.56
    SUDBURY          MA   01776          5            10/01/01         00
    9875210                              05           11/01/01          0
    9875210                              N            10/01/31
    0

    6184174          286/286             F           76,400.00         ZZ
                                         360         76,345.03          2
                                       7.625            540.75         80
                                       7.375            540.75
    ST.PAUL          MN   55106          1            09/28/01         00
    9897445                              05           11/01/01          0
    9897445                              N            10/01/31
    0

    6184176          286/286             F          150,350.00         ZZ
                                         360        150,224.32          1
                                       6.875            987.69         97
                                       6.625            987.69
    PICO RIVERA      CA   90660          1            09/20/01         14
    9899132                              05           11/01/01         35
    9899132                              O            10/01/31
    0

1

    6184178          286/286             F          236,650.00         ZZ
                                         360        236,650.00          1
                                       7.125          1,594.35         90
                                       6.875          1,594.35
    OAKLAND          CA   94619          1            10/02/01         12
    9905650                              05           12/01/01         25
    9905650                              N            11/01/31
    0

    6184182          286/286             F          224,000.00         ZZ
                                         360        223,837.87          1
                                       7.625          1,585.46         80
                                       7.375          1,585.46
    EL CAJON         CA   92019          5            09/20/01         00
    9871343                              05           11/01/01          0
    9871343                              N            10/01/31
    0

    6184186          286/286             F          233,500.00         ZZ
                                         360        233,500.00          1
                                       7.000          1,553.48         50
                                       6.750          1,553.48
    REDWOOD CITY     CA   94063          5            10/01/01         00
    9899900                              05           12/01/01          0
    9899900                              N            11/01/31
    0

    6184190          286/286             F          220,000.00         ZZ
                                         360        219,828.38          1
                                       7.250          1,500.79         52
                                       7.000          1,500.79
    SAN DIEGO        CA   92130          5            09/28/01         00
    9906632                              05           11/01/01          0
    9906632                              N            10/01/31
    0

    6188288          E22/G02             F          244,600.00         ZZ
                                         360        244,600.00          1
                                       6.625          1,566.20         65
                                       6.375          1,566.20
    HARRISON         NY   10528          1            10/26/01         00
    0413028309                           05           12/01/01          0
    0413028309                           O            11/01/31
    0

    6188290          E22/G02             F          103,550.00         ZZ
                                         360        103,550.00          1
                                       7.875            750.81         95
                                       7.625            750.81
1

    PHOENIX          AZ   85037          1            10/22/01         04
    0413031345                           05           12/01/01         30
    0413031345                           O            11/01/31
    0

    6188314          E22/G02             F          342,357.00         ZZ
                                         360        342,357.00          1
                                       6.750          2,220.52         80
                                       6.500          2,220.52
    PLEASANTON       CA   94588          5            10/19/01         00
    0413076688                           05           12/01/01          0
    0413076688                           O            11/01/31
    0

    6188336          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       7.000            997.95         66
                                       6.750            997.95
    DALLAS           TX   75287          5            10/22/01         00
    0413090655                           05           12/01/01          0
    0413090655                           O            11/01/31
    0

    6188396          E22/G02             F          181,000.00         ZZ
                                         360        181,000.00          1
                                       7.375          1,250.12         90
                                       7.125          1,250.12
    FONTANA          CA   92336          5            10/18/01         11
    0413128513                           05           12/01/01         25
    0413128513                           O            11/01/31
    0

    6188410          E22/G02             F          393,600.00         ZZ
                                         360        393,600.00          1
                                       7.000          2,618.63         80
                                       6.750          2,618.63
    DALLAS           TX   75208          5            10/22/01         00
    0413137332                           05           12/01/01          0
    0413137332                           O            11/01/31
    0

    6188430          E22/G02             F          169,000.00         ZZ
                                         360        169,000.00          1
                                       7.250          1,152.88         90
                                       7.000          1,152.88
    OLD BRIDGE TOWN  NJ   08857          1            10/26/01         04
    0413144056                           05           12/01/01         25
    0413144056                           O            11/01/31
    0
1

    6188440          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       7.500          1,090.77         80
                                       7.250          1,090.77
    HOUSTON          TX   77027          5            10/22/01         00
    0413148180                           05           12/01/01          0
    0413148180                           O            11/01/31
    0

    6188456          E22/G02             F          153,600.00         ZZ
                                         360        153,600.00          1
                                       7.125          1,034.83         80
                                       6.875          1,034.83
    RICHARDSON       TX   75082          5            10/22/01         00
    0413155714                           05           12/01/01          0
    0413155714                           O            11/01/31
    0

    6188472          E22/G02             F          183,200.00         ZZ
                                         360        183,200.00          1
                                       7.750          1,312.47         80
                                       7.500          1,312.47
    DALLAS           TX   75238          5            10/22/01         00
    0413164211                           05           12/01/01          0
    0413164211                           O            11/01/31
    0

    6188474          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          2
                                       8.125            735.07         90
                                       7.875            735.07
    CLEVELAND HEIGH  OH   44118          1            10/26/01         04
    0413165127                           05           12/01/01         25
    0413165127                           N            11/01/31
    0

    6188476          E22/G02             F          187,700.00         E
                                         360        187,700.00          1
                                       7.000          1,248.77         77
                                       6.750          1,248.77
    LAKEWOOD         CO   80228          1            10/26/01         00
    0413165515                           05           12/01/01          0
    0413165515                           N            11/01/31
    0

    6188488          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
1

                                       7.750            709.25         90
                                       7.500            709.25
    MIAMI            FL   33190          1            10/26/01         04
    0413175506                           09           12/01/01         30
    0413175506                           O            11/01/31
    0

    6188490          E22/G02             F          115,200.00         ZZ
                                         360        115,200.00          1
                                       6.625            737.64         90
                                       6.375            737.64
    PORTLAND         OR   97211          5            10/17/01         01
    0413176454                           05           12/01/01         25
    0413176454                           O            11/01/31
    0

    6188492          E22/G02             F           66,400.00         ZZ
                                         360         66,400.00          1
                                       8.125            493.02         80
                                       7.875            493.02
    FRIENDSWOOD      TX   77546          1            10/24/01         00
    0413176694                           03           12/01/01          0
    0413176694                           N            11/01/31
    0

    6188494          E22/G02             F           89,100.00         ZZ
                                         360         89,100.00          1
                                       8.125            661.56         90
                                       7.875            661.56
    SOUTH BEND       IN   46616          1            10/26/01         04
    0413177015                           05           12/01/01         30
    0413177015                           O            11/01/31
    0

    6188520          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.625            990.91         80
                                       7.375            990.91
    JERICHO          VT   05465          1            10/26/01         00
    0413204256                           05           12/01/01          0
    0413204256                           O            11/01/31
    0

    6190548          F28/G02             F          361,000.00         ZZ
                                         360        360,732.09          1
                                       7.500          2,524.16         95
                                       7.250          2,524.16
    FORT LAUDERDALE  FL   33305          1            09/14/01         04
    0433293909                           05           11/01/01         30
1

    7339850                              O            10/01/31
    0

    6211462          E82/G02             F          118,150.00         ZZ
                                         360        118,150.00          1
                                       7.500            826.12         78
                                       7.250            826.12
    PITTSBURGH       PA   15239          2            10/26/01         00
    0400500500                           05           12/01/01          0
    1689118                              O            11/01/31
    0

    6211466          E82/G02             F          197,500.00         ZZ
                                         360        197,500.00          1
                                       7.250          1,347.30         67
                                       7.000          1,347.30
    NORTH KINGSTOWN  RI   02852          5            10/26/01         00
    0400483293                           05           12/01/01          0
    0400483293                           O            11/01/31
    0

    6213152          E22/G02             F          292,500.00         T
                                         360        292,500.00          1
                                       8.250          2,197.45         65
                                       8.000          2,197.45
    BANDERA          TX   78003          5            10/02/01         00
    0412953911                           05           12/01/01          0
    0412953911                           O            11/01/31
    0

    6213166          E22/G02             F          174,000.00         ZZ
                                         360        174,000.00          1
                                       7.375          1,201.77         49
                                       7.125          1,201.77
    BOULDER          CO   80302          2            10/23/01         00
    0413037979                           05           12/01/01          0
    0413037979                           O            11/01/31
    0

    6213182          E22/G02             F          220,000.00         ZZ
                                         360        220,000.00          2
                                       7.125          1,482.18         85
                                       6.875          1,482.18
    LOS ANGELES      CA   90006          2            10/17/01         11
    0413056532                           05           12/01/01         12
    0413056532                           O            11/01/31
    0

1

    6213190          E22/G02             F           45,000.00         ZZ
                                         360         44,972.03          2
                                       8.375            342.03         75
                                       8.125            342.03
    LAKELAND         FL   33815          5            10/02/01         00
    0413064981                           05           11/01/01          0
    0413064981                           N            10/01/31
    0

    6213202          E22/G02             F           99,900.00         ZZ
                                         360         99,900.00          1
                                       7.500            698.52         90
                                       7.250            698.52
    SKOWHEGAN        ME   04976          5            10/23/01         01
    0413068842                           05           12/01/01         25
    0413068842                           O            11/01/31
    0

    6213204          E22/G02             F           73,150.00         ZZ
                                         360         73,150.00          1
                                       7.625            517.75         95
                                       7.375            517.75
    DAVENPORT        IA   52804          5            10/23/01         04
    0413070095                           05           12/01/01         30
    0413070095                           O            11/01/31
    0

    6213218          E22/G02             F          413,000.00         ZZ
                                         360        413,000.00          1
                                       7.250          2,817.39         72
                                       7.000          2,817.39
    SAN FRANCISCO    CA   94132          2            10/19/01         00
    0413076472                           05           12/01/01          0
    0413076472                           O            11/01/31
    0

    6213230          E22/G02             F          107,100.00         ZZ
                                         360        107,100.00          1
                                       7.500            748.86         85
                                       7.250            748.86
    HOLLYWOOD        FL   33024          5            10/24/01         04
    0413092560                           05           12/01/01         12
    0413092560                           O            11/01/31
    0

    6213252          E22/G02             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.125          2,263.69         80
                                       6.875          2,263.69
1

    SPICEWOOD        TX   78669          5            10/19/01         00
    0413099110                           03           12/01/01          0
    0413099110                           O            11/01/31
    0

    6213258          E22/G02             F          157,600.00         ZZ
                                         360        157,600.00          1
                                       7.000          1,048.52         80
                                       6.750          1,048.52
    CLACKAMAS        OR   97015          1            10/15/01         00
    0413101502                           05           12/01/01          0
    0413101502                           O            11/01/31
    0

    6213278          E22/G02             F          147,500.00         ZZ
                                         360        147,500.00          1
                                       6.875            968.97         90
                                       6.625            968.97
    LOVELAND         OH   45140          2            10/24/01         11
    0413110040                           05           12/01/01         25
    0413110040                           O            11/01/31
    0

    6213298          E22/G02             F          132,800.00         ZZ
                                         360        132,800.00          1
                                       7.125            894.70         80
                                       6.875            894.70
    AUSTIN           TX   78727          5            10/22/01         00
    0413115114                           05           12/01/01          0
    0413115114                           O            11/01/31
    0

    6213308          E22/G02             F          126,400.00         ZZ
                                         360        126,400.00          1
                                       7.000            840.94         80
                                       6.750            840.94
    AUSTIN           TX   78759          5            10/24/01         00
    0413117607                           05           12/01/01          0
    0413117607                           O            11/01/31
    0

    6213326          E22/G02             F          177,500.00         ZZ
                                         360        177,500.00          1
                                       7.375          1,225.95         60
                                       7.125          1,225.95
    PLYMOUTH         MI   48170          2            10/23/01         00
    0413124587                           05           12/01/01          0
    0413124587                           O            11/01/31
    0
1

    6213332          E22/G02             F          147,600.00         ZZ
                                         360        147,600.00          1
                                       7.750          1,057.42         90
                                       7.500          1,057.42
    PORT CHESTER     NY   10573          1            10/29/01         04
    0413126566                           08           12/01/01         25
    0413126566                           O            11/01/31
    0

    6213348          E22/G02             F          580,000.00         ZZ
                                         360        580,000.00          1
                                       6.875          3,810.19         69
                                       6.625          3,810.19
    STUART           FL   34997          5            10/24/01         00
    0413132127                           05           12/01/01          0
    0413132127                           O            11/01/31
    0

    6213368          E22/G02             F          343,200.00         ZZ
                                         360        343,200.00          1
                                       7.250          2,341.23         80
                                       7.000          2,341.23
    ALAMEDA          CA   94501          5            10/19/01         00
    0413135450                           03           12/01/01          0
    0413135450                           O            11/01/31
    0

    6213394          E22/G02             F           94,000.00         ZZ
                                         360         94,000.00          1
                                       7.875            681.57         80
                                       7.625            681.57
    MARBLE FALLS     TX   78654          5            10/23/01         00
    0413150699                           05           12/01/01          0
    0413150699                           O            11/01/31
    0

    6213410          E22/G02             F           62,700.00         ZZ
                                         360         62,700.00          1
                                       7.875            454.62         95
                                       7.625            454.62
    ANNISTON         AL   36206          5            10/23/01         01
    0413153784                           05           12/01/01         30
    0413153784                           O            11/01/31
    0

    6213418          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
1

                                       7.875          1,044.10         90
                                       7.625          1,044.10
    AUSTIN           TX   78759          1            10/29/01         04
    0413155227                           05           12/01/01         25
    0413155227                           N            11/01/31
    0

    6213422          E22/G02             F           69,750.00         ZZ
                                         360         69,750.00          1
                                       8.125            517.89         90
                                       7.875            517.89
    MEMPHIS          TN   38128          2            10/29/01         10
    0413155771                           05           12/01/01         25
    0413155771                           N            11/01/31
    0

    6213444          E22/G02             F          262,000.00         ZZ
                                         360        262,000.00          1
                                       6.750          1,699.33         73
                                       6.500          1,699.33
    HAYWARD          CA   94545          5            10/22/01         00
    0413161357                           05           12/01/01          0
    0413161357                           O            11/01/31
    0

    6213446          E22/G02             F          101,500.00         ZZ
                                         360        101,500.00          1
                                       7.500            709.70         89
                                       7.250            709.70
    HUNTINGTON       IN   46750          5            10/23/01         04
    0413162058                           05           12/01/01         25
    0413162058                           O            11/01/31
    0

    6213452          E22/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       6.875          1,149.63         75
                                       6.625          1,149.63
    VALLEJO          CA   94591          5            10/18/01         00
    0413165655                           05           12/01/01          0
    0413165655                           O            11/01/31
    0

    6213500          E22/G02             F          160,800.00         ZZ
                                         360        160,800.00          1
                                       7.250          1,096.94         80
                                       7.000          1,096.94
    MC KINNEY        TX   75070          5            10/24/01         00
    0413191453                           05           12/01/01          0
1

    0413191453                           O            11/01/31
    0

    6213506          E22/G02             F          124,800.00         ZZ
                                         360        124,800.00          1
                                       7.125            840.80         80
                                       6.875            840.80
    LOXAHATCHEE      FL   33470          2            10/23/01         00
    0413196635                           05           12/01/01          0
    0413196635                           O            11/01/31
    0

    6213522          E22/G02             F          108,300.00         ZZ
                                         360        108,300.00          1
                                       7.250            738.80         95
                                       7.000            738.80
    VERNON           NJ   07462          1            10/29/01         01
    0413216714                           01           12/01/01         30
    0413216714                           O            11/01/31
    0

    6217800          642/G02             F           61,500.00         ZZ
                                         360         61,500.00          2
                                       7.875            445.92         75
                                       7.625            445.92
    WASHINGTON       DC   20002          5            10/23/01         00
    0433328192                           05           12/01/01          0
    10160801                             N            11/01/31
    0

    6232650          A35/A35             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       6.875          2,621.15         75
                                       6.625          2,621.15
    DIX HILLS        NY   11746          2            10/16/01         00
    12541                                05           12/01/01          0
    12541                                O            11/01/31
    0

    6236892          E22/G02             F          191,000.00         ZZ
                                         360        191,000.00          1
                                       7.375          1,319.19         84
                                       7.125          1,319.19
    OLIVE BRANCH     MS   38654          5            10/25/01         01
    0413001553                           03           12/01/01         12
    0413001553                           O            11/01/31
    0

1

    6236912          E22/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       7.250          1,023.26         63
                                       7.000          1,023.26
    MIAMI            FL   33155          1            10/30/01         00
    0413069782                           09           12/01/01          0
    0413069782                           O            11/01/31
    0

    6236920          E22/G02             F           60,500.00         ZZ
                                         360         60,500.00          1
                                       7.375            417.86         80
                                       7.125            417.86
    NORTH PALM BEAC  FL   33408          5            10/25/01         00
    0413077280                           01           12/01/01          0
    0413077280                           O            11/01/31
    0

    6236928          E22/G02             F          138,750.00         ZZ
                                         360        138,750.00          1
                                       7.625            982.06         85
                                       7.375            982.06
    CHICAGO          IL   60645          2            10/25/01         04
    0413083544                           01           12/01/01         12
    0413083544                           O            11/01/31
    0

    6236976          E22/G02             F          149,800.00         ZZ
                                         360        149,800.00          1
                                       6.875            984.08         79
                                       6.625            984.08
    CITRUS HEIGHTS   CA   95610          5            10/19/01         00
    0413120239                           05           12/01/01          0
    0413120239                           O            11/01/31
    0

    6236980          E22/G02             F          467,000.00         ZZ
                                         360        467,000.00          1
                                       7.000          3,106.96         64
                                       6.750          3,106.96
    WEST WINDSOR TO  NJ   08550          5            10/25/01         00
    0413124009                           05           12/01/01          0
    0413124009                           O            11/01/31
    0

    6236996          E22/G02             F          158,400.00         ZZ
                                         360        158,400.00          1
                                       7.000          1,053.84         80
                                       6.750          1,053.84
1

    LEMON GROVE      CA   91945          5            10/19/01         00
    0413135559                           05           12/01/01          0
    0413135559                           O            11/01/31
    0

    6237002          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.375            966.95         68
                                       7.125            966.95
    SAGINAW          MI   48603          5            10/25/01         00
    0413138223                           05           12/01/01          0
    0413138223                           O            11/01/31
    0

    6237022          E22/G02             F           97,000.00         ZZ
                                         360         97,000.00          1
                                       7.750            694.92         89
                                       7.500            694.92
    WEST RICHLAND    WA   99353          2            10/23/01         01
    0413142571                           05           12/01/01         25
    0413142571                           O            11/01/31
    0

    6237064          E22/G02             F          131,200.00         ZZ
                                         360        131,200.00          1
                                       7.125            883.92         80
                                       6.875            883.92
    THE WOODLANDS    TX   77381          5            10/22/01         00
    0413154964                           03           12/01/01          0
    0413154964                           O            11/01/31
    0

    6237078          E22/G02             F           97,700.00         ZZ
                                         240         97,700.00          1
                                       6.875            750.15         85
                                       6.625            750.15
    EDMOND           OK   73003          5            10/25/01         04
    0413160128                           05           12/01/01         12
    0413160128                           O            11/01/21
    0

    6237108          E22/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
                                       7.375            849.53         90
                                       7.125            849.53
    ACWORTH          GA   30102          5            10/25/01         01
    0413174764                           05           12/01/01         25
    0413174764                           O            11/01/31
    0
1

    6237132          E22/G02             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       7.000          2,062.44         74
                                       6.750          2,062.44
    MIAMI            FL   33157          5            10/25/01         00
    0413183435                           05           12/01/01          0
    0413183435                           O            11/01/31
    0

    6237166          E22/G02             F          499,960.00         ZZ
                                         360        499,960.00          1
                                       6.875          3,284.38         80
                                       6.625          3,284.38
    AMBLER           PA   19002          5            10/25/01         00
    0413191370                           03           12/01/01          0
    0413191370                           O            11/01/31
    0

    6238568          E44/G02             F          148,800.00         ZZ
                                         360        148,800.00          1
                                       6.500            940.52         80
                                       6.250            940.52
    PLAIN CITY       UT   84404          1            10/25/01         00
    0433336682                           05           12/01/01          0
    58010312                             O            11/01/31
    0

    6239174          B28/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       7.500          1,258.59         80
                                       7.250          1,258.59
    DENVER           CO   80224          5            10/10/01         00
    0433324001                           05           12/01/01          0
    01000750                             O            11/01/31
    0

    6240970          E23/G02             F          118,350.00         ZZ
                                         360        118,350.00          3
                                       7.625            837.67         90
                                       7.375            837.67
    HEMET            CA   92544          1            10/11/01         04
    0433333226                           05           12/01/01         25
    11005587                             N            11/01/31
    0

    6248830          F28/G02             F          525,000.00         T
                                         360        524,569.66          1
1

                                       7.000          3,492.84         46
                                       6.750          3,492.84
    ISLE OF PALMS    SC   29451          2            10/04/01         00
    0433315751                           03           11/01/01          0
    7455209                              O            10/01/31
    0

    6253606          696/G02             F          464,000.00         ZZ
                                         360        464,000.00          1
                                       7.000          3,087.00         79
                                       6.750          3,087.00
    ROCKVILLE        MD   20850          2            10/23/01         00
    0433310299                           03           12/01/01          0
    32701246                             O            11/01/31
    0

    6256300          F28/G02             F          331,875.00         ZZ
                                         360        331,622.47          1
                                       7.375          2,292.18         75
                                       7.125          2,292.18
    DANVILLE         CA   94526          1            09/24/01         00
    0433297520                           09           11/01/01          0
    7461924                              N            10/01/31
    0

    6261468          964/G02             F          119,600.00         ZZ
                                         360        119,600.00          1
                                       7.125            805.77         80
                                       6.875            805.77
    GILBERT          AZ   85233          1            10/24/01         00
    0433310216                           03           12/01/01          0
    154909                               N            11/01/31
    0

    6262966          E82/G02             F          133,000.00         ZZ
                                         360        133,000.00          1
                                       7.250            907.29         90
                                       7.000            907.29
    RIVERSIDE        CA   92509          2            10/24/01         04
    0400477188                           05           12/01/01         25
    0400477188                           O            11/01/31
    0

    6264644          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.250          1,364.35         63
                                       7.000          1,364.35
    PARSIPPANY       NJ   07054          1            10/31/01         00
    0413094046                           09           12/01/01          0
1

    0413094046                           O            11/01/31
    0

    6264664          E22/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       6.875          1,123.35         79
                                       6.625          1,123.35
    LAS VEGAS        NV   89012          2            10/24/01         00
    0413100389                           05           12/01/01          0
    0413100389                           O            11/01/31
    0

    6264666          E22/G02             F          181,700.00         ZZ
                                         360        181,700.00          1
                                       7.500          1,270.47         85
                                       7.250          1,270.47
    ORLANDO          FL   32819          5            10/26/01         01
    0413101965                           03           12/01/01         12
    0413101965                           O            11/01/31
    0

    6264670          E22/G02             F           86,300.00         ZZ
                                         360         86,300.00          2
                                       8.125            640.78         80
                                       7.875            640.78
    PLAINFIELD       NJ   07063          1            10/31/01         00
    0413103193                           05           12/01/01          0
    0413103193                           O            11/01/31
    0

    6264672          E22/G02             F           73,000.00         ZZ
                                         360         73,000.00          1
                                       7.750            522.98         77
                                       7.500            522.98
    STONE MOUNTAIN   GA   30058          2            10/31/01         00
    0413103730                           05           12/01/01          0
    0413103730                           N            11/01/31
    0

    6264702          E22/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
                                       7.875            456.79         90
                                       7.625            456.79
    SPENCER          NC   28159          5            10/26/01         01
    0413121344                           05           12/01/01         25
    0413121344                           O            11/01/31
    0

1

    6264706          E22/G02             F          177,300.00         ZZ
                                         360        177,300.00          1
                                       7.000          1,179.58         72
                                       6.750          1,179.58
    SUGAR LAND       TX   77478          1            10/31/01         00
    0413122425                           03           12/01/01          0
    0413122425                           O            11/01/31
    0

    6264736          E22/G02             F           66,500.00         ZZ
                                         360         66,500.00          1
                                       7.875            482.17         95
                                       7.625            482.17
    PEIDMONT         AL   36272          1            10/31/01         10
    0413134479                           05           12/01/01         30
    0413134479                           O            11/01/31
    0

    6264760          E22/G02             F          246,800.00         ZZ
                                         360        246,800.00          1
                                       7.875          1,789.47         80
                                       7.625          1,789.47
    DALLAS           TX   75230          5            10/26/01         00
    0413141219                           05           12/01/01          0
    0413141219                           O            11/01/31
    0

    6264792          E22/G02             F          439,500.00         ZZ
                                         360        439,500.00          1
                                       6.750          2,850.59         78
                                       6.500          2,850.59
    ALBUQUERQUE      NM   87111          2            10/26/01         00
    0413153271                           03           12/01/01          0
    0413153271                           O            11/01/31
    0

    6264800          E22/G02             F          207,000.00         ZZ
                                         360        207,000.00          1
                                       7.750          1,482.97         90
                                       7.500          1,482.97
    GREAT BARRINGTO  MA   01230          1            10/31/01         04
    0413157405                           05           12/01/01         25
    0413157405                           O            11/01/31
    0

    6264842          E22/G02             F          136,800.00         ZZ
                                         360        136,800.00          1
                                       6.875            898.68         80
                                       6.625            898.68
1

    FRISCO           TX   75035          5            10/26/01         00
    0413170234                           05           12/01/01          0
    0413170234                           O            11/01/31
    0

    6264846          E22/G02             F          249,000.00         ZZ
                                         360        249,000.00          1
                                       7.375          1,719.78         85
                                       7.125          1,719.78
    DENVER           CO   80209          2            10/26/01         01
    0413171182                           05           12/01/01         12
    0413171182                           O            11/01/31
    0

    6264880          E22/G02             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       6.625          2,145.04         80
                                       6.375          2,145.04
    DALY CITY        CA   94014          2            10/24/01         00
    0413180324                           05           12/01/01          0
    0413180324                           O            11/01/31
    0

    6264908          E22/G02             F          210,000.00         ZZ
                                         360        210,000.00          2
                                       7.875          1,522.65         75
                                       7.625          1,522.65
    OAKLAND          CA   94603          2            10/25/01         00
    0413185752                           05           12/01/01          0
    0413185752                           N            11/01/31
    0

    6264910          E22/G02             F          117,600.00         ZZ
                                         360        117,600.00          1
                                       6.750            762.75         80
                                       6.500            762.75
    SAN ANTONIO      TX   78232          5            10/26/01         00
    0413186388                           09           12/01/01          0
    0413186388                           O            11/01/31
    0

    6264984          E22/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
                                       7.875            456.79         90
                                       7.625            456.79
    FRANKLIN         NC   28734          1            10/31/01         04
    0413203340                           05           12/01/01         25
    0413203340                           N            11/01/31
    0
1

    6264994          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       7.625          1,698.70         80
                                       7.375          1,698.70
    ORANGEVALE       CA   95662          5            10/24/01         00
    0413206723                           05           12/01/01          0
    0413206723                           O            11/01/31
    0

    6266152          642/G02             F           61,500.00         ZZ
                                         360         61,500.00          2
                                       7.875            445.92         75
                                       7.625            445.92
    WASHINGTON       DC   20002          2            10/23/01         00
    0433326105                           05           12/01/01          0
    10160601                             N            11/01/31
    0

    6290822          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.875            945.98         90
                                       6.625            945.98
    EL CAJON         CA   92021          5            10/17/01         04
    0413040833                           01           12/01/01         25
    0413040833                           O            11/01/31
    0

    6290926          E22/G02             F          288,868.00         ZZ
                                         360        288,868.00          1
                                       7.750          2,069.49         90
                                       7.500          2,069.49
    SACRAMENTO       CA   95833          1            10/24/01         01
    0413195868                           05           12/01/01         25
    0413195868                           O            11/01/31
    0

    6291506          E82/G02             F          125,200.00         ZZ
                                         360        125,200.00          1
                                       7.250            854.08         80
                                       7.000            854.08
    TEMPE            AZ   85283          5            10/30/01         00
    0400496212                           05           12/01/01          0
    0400496212                           O            11/01/31
    0

    6300240          R88/G02             F          556,500.00         ZZ
                                         360        555,607.32          1
1

                                       7.125          3,749.24         72
                                       6.875          3,749.24
    REDONDO BEACH    CA   90277          5            08/09/01         00
    0433321684                           05           10/01/01          0
    1230356                              O            09/01/31
    0

    6305724          M45/G02             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.750          3,113.28         84
                                       6.500          3,113.28
    ROHNERT PARK     CA   94928          2            10/16/01         04
    0433318060                           05           12/01/01         12
    A0298501                             O            11/01/31
    0

    6319660          E22/G02             F           86,000.00         ZZ
                                         360         86,000.00          1
                                       8.000            631.04         80
                                       7.750            631.04
    DECATUR          GA   30032          2            11/01/01         00
    0413130329                           05           12/01/01          0
    0413130329                           N            11/01/31
    0

    6319670          E22/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
                                       6.500          1,327.34         79
                                       6.250          1,327.34
    NEW CANEY        TX   77357          5            10/29/01         00
    0413137548                           05           12/01/01          0
    0413137548                           O            11/01/31
    0

    6319702          E22/G02             F           86,450.00         ZZ
                                         360         86,450.00          1
                                       7.000            575.15         95
                                       6.750            575.15
    FORT WAYNE       IN   46816          5            10/29/01         10
    0413162801                           05           12/01/01         30
    0413162801                           O            11/01/31
    0

    6319818          E22/G02             F          103,000.00         ZZ
                                         360        103,000.00          4
                                       7.500            720.19         90
                                       7.250            720.19
    WILMINGTON       DE   19805          1            11/02/01         01
    0413216359                           05           12/01/01         25
1

    0413216359                           N            11/01/31
    0

    6320420          E82/G02             F          159,500.00         ZZ
                                         360        159,500.00          1
                                       7.250          1,088.07         78
                                       7.000          1,088.07
    SYLMAR           CA   91342          2            10/31/01         00
    0400511556                           05           12/01/01          0
    0400511556                           O            11/01/31
    0

    6326398          W93/G02             F          320,500.00         ZZ
                                         360        320,500.00          1
                                       6.875          2,105.46         78
                                       6.625          2,105.46
    PARKER           CO   80138          5            10/09/01         00
    0433338001                           05           12/01/01          0
    30346822                             O            11/01/31
    0

    6377164          W93/G02             F          371,200.00         ZZ
                                         360        371,200.00          1
                                       7.000          2,469.61         80
                                       6.750          2,469.61
    ALBUQUERQUE      NM   87122          2            10/01/01         00
    0433338118                           05           12/01/01          0
    36351526                             O            11/01/31
    0

    6387972          964/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       6.625          1,408.68         80
                                       6.375          1,408.68
    GYPSUM           CO   81637          2            10/23/01         00
    0433326055                           05           12/01/01          0
    152690                               O            11/01/31
    0

    6401702          696/G02             F          178,400.00         ZZ
                                         360        178,400.00          1
                                       7.375          1,232.16         80
                                       7.125          1,232.16
    ROCKVILLE        MD   20852          1            10/31/01         00
    0433339702                           01           12/01/01          0
    30401145                             O            11/01/31
    0
1

   TOTAL NUMBER OF LOANS   :      1,440

   TOTAL ORIGINAL BALANCE  :   292,340,556.00

   TOTAL PRINCIPAL BALANCE :   292,085,592.16

   TOTAL ORIGINAL P+I      :     2,036,776.64

   TOTAL CURRENT P+I       :     2,036,776.64

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

<PAGE>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

Loan Number     Current Balance Net Mortgage Rate   Discount Fraction PO Balance
6075098 "$284,236.50 "  0.06095 0.0248  "$7,049.07 "
6030022 "$150,000.00 "  0.06095 0.0248  "$3,720.00 "
6319670 "$210,000.00 "  0.0622  0.0048  "$1,008.00 "
6238568 "$148,800.00 "  0.0622  0.0048  $714.24
6088800 "$150,320.00 "  0.0622  0.0048  $721.54
5726350 "$123,005.00 "  0.0622  0.0048  $590.42
5720744 "$132,259.79 "  0.0622  0.0048  $634.85

        "$1,198,621.29 "                        "$14,438.11 "

<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-6 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; 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

                                 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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<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

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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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<PAGE>

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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<PAGE>

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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          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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(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

(C)            Notwithstanding   the  delivery  of  a  Transfer   Affidavit  and
               Agreement by a proposed  Transferee  under clause (B) above, if a
               Responsible  Officer  of the  Trustee  who is  assigned  to  this
               Agreement has actual  knowledge  that the proposed  Transferee is
               not a Permitted Transferee,  no Transfer of an Ownership Interest
               in a Class R  Certificate  to such proposed  Transferee  shall be
               effected.

(D)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class  R  Certificate  shall  agree  (x) to  require  a  Transfer
               Affidavit and Agreement from any other Person to whom such Person
               attempts  to  transfer  its  Ownership  Interest  in  a  Class  R
               Certificate and (y) not to transfer its Ownership Interest unless
               it provides a  certificate  to the  Trustee in the form  attached
               hereto as Exhibit G-2.

(E)            Each Person holding or acquiring an Ownership Interest in a Class
               R  Certificate,  by  purchasing  an  Ownership  Interest  in such
               Certificate, agrees to give the Trustee written notice that it is
               a "pass-through  interest holder" within the meaning of Temporary
               Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon
               acquiring an Ownership  Interest in a Class R Certificate,  if it
               is, or is holding an Ownership  Interest in a Class R Certificate
               on behalf of, a "pass-through interest holder."

(ii)    The Trustee will register the Transfer of any Class R  Certificate  only
        if it shall have  received  the  Transfer  Affidavit  and  Agreement,  a
        certificate of the Holder  requesting such transfer in the form attached
        hereto as Exhibit G-2 and all of such other documents as shall have been
        reasonably  required by the Trustee as a condition to such registration.
        Transfers of the Class R Certificates  to Non-United  States Persons and
        Disqualified  Organizations  (as  defined in Section  860E(e)(5)  of the
        Code) are prohibited.

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<PAGE>

(iii)(A) If any  Disqualified  Organization  shall  become a holder of a Class R
     Certificate,   then  the  last  preceding  Permitted  Transferee  shall  be
     restored,  to the extent permitted by law, to all rights and obligations as
     Holder thereof  retroactive to the date of registration of such Transfer of
     such Class R  Certificate.  If a  Non-United  States  Person shall become a
     holder of a Class R  Certificate,  then the last  preceding  United  States
     Person shall be restored, to the extent permitted by law, to all rights and
     obligations as Holder thereof  retroactive to the date of  registration  of
     such  Transfer  of such Class R  Certificate.  If a  transfer  of a Class R
     Certificate  is   disregarded   pursuant  to  the  provisions  of  Treasury
     Regulations  Section 1.860E-1 or Section 1.860G-3,  then the last preceding
     Permitted Transferee shall be restored,  to the extent permitted by law, to
     all rights and  obligations  as Holder  thereof  retroactive to the date of
     registration  of such  Transfer  of such Class R  Certificate.  The Trustee
     shall be under no liability to any Person for any  registration of Transfer
     of a Class R  Certificate  that is in fact not  permitted  by this  Section
     5.02(f) or for making any  payments due on such  Certificate  to the holder
     thereof or for taking any other  action with  respect to such holder  under
     the provisions of this Agreement.

(B)  If any purported  Transferee shall become a Holder of a Class R Certificate
     in violation of the  restrictions in this Section 5.02(f) and to the extent
     that the retroactive  restoration of the rights of the Holder of such Class
     R  Certificate  as  described  in clause  (iii)(A)  above shall be invalid,
     illegal or  unenforceable,  then the Master  Servicer shall have the right,
     without  notice  to  the  holder  or any  prior  holder  of  such  Class  R
     Certificate,  to sell such Class R Certificate  to a purchaser  selected by
     the Master Servicer on such terms as the Master  Servicer may choose.  Such
     purported  Transferee  shall  promptly  endorse  and  deliver  each Class R
     Certificate in accordance  with the  instructions  of the Master  Servicer.
     Such  purchaser may be the Master  Servicer  itself or any Affiliate of the
     Master Servicer.  The proceeds of such sale, net of the commissions  (which
     may include  commissions payable to the Master Servicer or its Affiliates),
     expenses and taxes due, if any, will be remitted by the Master  Servicer to
     such purported Transferee.  The terms and conditions of any sale under this
     clause  (iii)(B)  shall be determined in the sole  discretion of the Master
     Servicer,  and the Master Servicer shall not be liable to any Person having
     an Ownership  Interest in a Class R Certificate as a result of its exercise
     of such discretion.

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified

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<PAGE>

     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

(v)     The  provisions  of this Section  5.02(f) set forth prior to this clause
        (v) may be modified,  added to or eliminated,  provided that there shall
        have been delivered to the Trustee the following:

(A)  written  notification  from  each  Rating  Agency  to the  effect  that the
     modification,  addition to or elimination of such provisions will not cause
     such Rating Agency to downgrade its  then-current  ratings,  if any, of any
     Class of the Senior, Class M or Class B Certificates below the lower of the
     then-current  rating or the rating assigned to such  Certificates as of the
     Closing Date by such Rating Agency; and

(B)  subject  to  Section  10.01(f),  an  Officers'  Certificate  of the  Master
     Servicer  stating  that the  Master  Servicer  has  received  an Opinion of
     Counsel, in form and substance  satisfactory to the Master Servicer, to the
     effect that such  modification,  addition to or absence of such  provisions
     will not cause any portion of any REMIC formed under the Series  Supplement
     to cease to  qualify  as a REMIC and will not cause (x) any  portion of any
     REMIC formed under the Series  Supplement to be subject to an  entity-level
     tax caused by the Transfer of any Class R Certificate to a Person that is a
     Disqualified  Organization or (y) a Certificateholder  or another Person to
     be  subject to a  REMIC-related  tax  caused by the  Transfer  of a Class R
     Certificate to a Person that is not a Permitted Transferee.

(g) No service charge shall be made for any transfer or exchange of Certificates
of any Class,  but the Trustee may require  payment of a sum sufficient to cover
any tax or  governmental  charge  that may be  imposed  in  connection  with any
transfer or exchange of Certificates.

(h) All Certificates surrendered for transfer and exchange shall be destroyed by
the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the

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Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

Section 5.04.  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

Section 5.05.  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

Section 6.02.  Merger or  Consolidation  of the Company or the Master  Servicer;
     Assignment of Rights and Delegation of Duties by Master Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of Fannie Mae or Freddie
Mac; and  provided  further that each Rating  Agency's  ratings,  if any, of the
Senior,  Class M or Class B  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's
rating of the Classes of Certificates that have been rated in effect immediately

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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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<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

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<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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<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>
<TABLE>
<CAPTION>

                                 EXHIBIT FIVE

                           PLANNED PRINCIPAL BALANCES

                                     TABLE I

                                 PLANNED PRINCIPAL  PLANNED PRINCIPAL
                                   BALANCES FOR        BALANCES FOR    PLANNED PRINCIPAL
                                -------------------     CLASS A-2         BALANCES FOR
                                     CLASS A-1         CERTIFICATES        CLASS A-7
  DISTRIBUTION DATE                CERTIFICATES                           CERTIFICATES

<S>                                 <C>                 <C>                <C>
  Initial Balance.............      $113,748,000.00     $31,308,300.00     $37,916,000.00
  December 2001 ..............       112,075,260.34      31,308,300.00      37,358,420.11
  January 2002 ...............       110,414,199.66      31,308,300.00      36,804,733.22
  February 2002 ..............       108,764,886.71      31,308,300.00      36,254,962.24
  March 2002 .................       107,127,240.79      31,308,300.00      35,709,080.26
  April 2002 .................       105,501,181.79      31,308,300.00      35,167,060.60
  May 2002 ...................       103,886,630.12      31,308,300.00      34,628,876.71
  June 2002 ..................       102,283,506.78      31,308,300.00      34,094,502.26
  July 2002 ..................       100,691,733.32      31,308,300.00      33,563,911.11
  August 2002 ................        99,111,231.82      31,308,300.00      33,037,077.27
  September 2002..............        97,541,924.92      31,308,300.00      32,513,974.97
  October 2002................        95,983,735.78      31,308,300.00      31,994,578.59
  November 2002...............        94,436,588.13      31,308,300.00      31,478,862.71
  December 2002...............        92,900,406.20      31,308,300.00      30,966,802.07
  January 2003................        91,375,114.77      31,308,300.00      30,458,371.59
  February 2003...............        89,860,639.14      31,308,300.00      29,953,546.38
  March 2003..................        88,356,905.13      31,308,300.00      29,452,301.71
  April 2003..................        86,863,839.08      31,308,300.00      28,954,613.03
  May 2003....................        85,381,367.85      31,308,300.00      28,460,455.95
  June 2003...................        83,909,418.81      31,308,300.00      27,969,806.27
  July 2003...................        82,447,919.82      31,308,300.00      27,482,639.94
  August 2003 ................        80,996,799.29      31,308,300.00      26,998,933.10
  September 2003..............        79,555,986.07      31,308,300.00      26,518,662.02
  October 2003................        78,125,409.56      31,308,300.00      26,041,803.19
  November 2003...............        76,704,999.63      31,308,300.00      25,568,333.21
  December 2003...............        75,294,686.63      31,308,300.00      25,098,228.88
  January 2004................        73,894,401.44      31,308,300.00      24,631,467.15
  February 2004...............        72,504,075.37      31,308,300.00      24,168,025.12
  March 2004..................        71,123,640.25      31,308,300.00      23,707,880.08
  April 2004..................        69,753,028.38      31,308,300.00      23,251,009.46
  May 2004....................        68,392,172.52      31,308,300.00      22,797,390.84
  June 2004...................        67,041,005.91      31,308,300.00      22,347,001.97
  July 2004...................        65,699,462.26      31,308,300.00      21,899,820.75
  August 2004 ................        64,367,475.74      31,308,300.00      21,455,825.25
  September 2004..............        63,044,981.00      31,308,300.00      21,014,993.67
  October 2004................        61,731,913.12      31,308,300.00      20,577,304.37
  November 2004...............        60,428,207.64      31,308,300.00      20,142,735.88
  December 2004...............        59,133,800.57      31,308,300.00      19,711,266.86
  January 2005................        57,848,628.37      31,308,300.00      19,282,876.12
  February 2005...............        56,572,627.91      31,308,300.00      18,857,542.64
  March 2005..................        55,305,736.55      31,308,300.00      18,435,245.52
  April 2005..................        54,047,892.05      31,308,300.00      18,015,964.02
  May 2005....................        52,799,032.63      31,308,300.00      17,599,677.54
  June 2005...................        51,559,096.95      31,308,300.00      17,186,365.65
  July 2005...................        50,328,024.07      31,308,300.00      16,776,008.02
  August 2005 ................        49,105,753.51      31,308,300.00      16,368,584.50
  September 2005..............        47,892,225.20      31,308,300.00      15,964,075.07
<PAGE>

  October 2005................       $46,687,379.48     $31,308,300.00     $15,562,459.83
  November 2005...............        45,491,157.14      31,308,300.00      15,163,719.05
  December 2005...............        44,303,499.37      31,308,300.00      14,767,833.12
  January 2006................        43,124,347.76      31,308,300.00      14,374,782.59
  February 2006...............        41,953,644.33      31,308,300.00      13,984,548.11
  March 2006..................        40,791,331.49      31,308,300.00      13,597,110.50
  April 2006..................        39,637,352.09      31,308,300.00      13,212,450.70
  May 2006....................        38,491,649.34      31,308,300.00      12,830,549.78
  June 2006...................        37,354,166.87      31,308,300.00      12,451,388.96
  July 2006...................        36,224,848.71      31,308,300.00      12,074,949.57
  August 2006 ................        35,103,639.28      31,308,300.00      11,701,213.09
  September 2006..............        33,990,483.38      31,308,300.00      11,330,161.13
  October 2006................        32,885,326.22      31,308,300.00      10,961,775.41
  November 2006...............        31,788,113.38      31,308,300.00      10,596,037.79
  December 2006...............        30,722,415.12      31,308,300.00      10,240,805.04
  January 2007................        29,664,449.01      31,308,300.00       9,888,149.67
  February 2007...............        28,614,161.54      31,308,300.00       9,538,053.85
  March 2007..................        27,571,499.57      31,308,300.00       9,190,499.86
  April 2007..................        26,536,410.32      31,308,300.00       8,845,470.11
  May 2007....................        25,508,841.40      31,308,300.00       8,502,947.13
  June 2007...................        24,488,740.77      31,308,300.00       8,162,913.59
  July 2007...................        23,476,056.75      31,308,300.00       7,825,352.25
  August 2007.................        22,470,738.03      31,308,300.00       7,490,246.01
  September 2007..............        21,472,733.65      31,308,300.00       7,157,577.88
  October 2007................        20,481,993.00      31,308,300.00       6,827,331.00
  November 2007...............        19,498,465.86      31,308,300.00       6,499,488.62
  December 2007...............        18,536,986.38      31,308,300.00       6,178,995.46
  January 2008................        17,595,030.92      31,308,300.00       5,865,010.31
  February 2008...............        16,672,222.07      31,308,300.00       5,557,407.36
  March 2008..................        15,768,189.56      31,308,300.00       5,256,063.19
  April 2008..................        14,882,570.14      31,308,300.00       4,960,856.71
  May 2008....................        14,015,007.39      31,308,300.00       4,671,669.13
  June 2008...................        13,165,151.67      31,308,300.00       4,388,383.89
  July 2008...................        12,332,659.94      31,308,300.00       4,110,886.65
  August 2008.................        11,517,195.65      31,308,300.00       3,839,065.22
  September 2008..............        10,718,428.61      31,308,300.00       3,572,809.54
  October 2008................         9,936,034.91      31,308,300.00       3,312,011.64
  November 2008...............         9,169,696.74      31,308,300.00       3,056,565.58
  December 2008...............         8,453,893.61      31,308,300.00       2,817,964.54
  January 2009................         7,752,790.56      31,308,300.00       2,584,263.52
  February 2009...............         7,066,098.28      31,308,300.00       2,355,366.09
  March 2009..................         6,393,533.00      31,308,300.00       2,131,177.67
  April 2009..................         5,734,816.40      31,308,300.00       1,911,605.47
  May 2009....................         5,089,675.51      31,308,300.00       1,696,558.50
  June 2009...................         4,457,842.58      31,308,300.00       1,485,947.53
  July 2009...................         3,839,055.02      31,308,300.00       1,279,685.01
  August 2009.................         3,233,055.29      31,308,300.00       1,077,685.10
  September 2009..............         2,639,590.78      31,308,300.00         879,863.59
  October 2009................         2,058,413.75      31,308,300.00         686,137.92
  November 2009...............         1,489,281.22      31,308,300.00         496,427.07
  December 2009...............           961,870.53      31,308,300.00         320,623.51
  January 2010................           445,169.77      31,308,300.00         148,389.92
  February 2010...............                 0.00      31,226,923.23               0.00
  March 2010..................                 0.00      30,565,708.10               0.00
  April 2010..................                 0.00      29,917,943.10               0.00
<PAGE>

  May 2010....................                $0.00     $29,283,362.30              $0.00
  June 2010...................                 0.00      28,661,704.92               0.00
  July 2010...................                 0.00      28,052,715.23               0.00
  August 2010.................                 0.00      27,456,142.45               0.00
  September 2010..............                 0.00      26,871,740.69               0.00
  October 2010................                 0.00      26,299,268.83               0.00
  November 2010...............                 0.00      25,738,490.40               0.00
  December 2010...............                 0.00      25,221,912.79               0.00
  January 2011................                 0.00      24,715,374.82               0.00
  February 2011...............                 0.00      24,218,685.08               0.00
  March 2011..................                 0.00      23,731,655.76               0.00
  April 2011..................                 0.00      23,254,102.62               0.00
  May 2011....................                 0.00      22,785,844.85               0.00
  June 2011...................                 0.00      22,326,705.07               0.00
  July 2011...................                 0.00      21,876,509.25               0.00
  August 2011.................                 0.00      21,435,086.63               0.00
  September 2011..............                 0.00      21,002,269.67               0.00
  October 2011................                 0.00      20,577,894.00               0.00
  November 2011...............                 0.00      20,161,798.32               0.00
  December 2011...............                 0.00      19,753,824.42               0.00
  January 2012................                 0.00      19,353,817.04               0.00
  February 2012...............                 0.00      18,961,623.85               0.00
  March 2012..................                 0.00      18,577,095.42               0.00
  April 2012..................                 0.00      18,200,085.11               0.00
  May 2012....................                 0.00      17,830,449.07               0.00
  June 2012...................                 0.00      17,468,046.16               0.00
  July 2012...................                 0.00      17,112,737.90               0.00
  August 2012.................                 0.00      16,764,388.43               0.00
  September 2012..............                 0.00      16,422,864.46               0.00
  October 2012................                 0.00      16,088,035.22               0.00
  November 2012...............                 0.00      15,759,772.39               0.00
  December 2012...............                 0.00      15,437,950.11               0.00
  January 2013................                 0.00      15,122,444.87               0.00
  February 2013...............                 0.00      14,813,135.51               0.00
  March 2013..................                 0.00      14,509,903.15               0.00
  April 2013..................                 0.00      14,212,631.17               0.00
  May 2013....................                 0.00      13,921,205.15               0.00
  June 2013...................                 0.00      13,635,512.84               0.00
  July 2013...................                 0.00      13,355,444.11               0.00
  August 2013.................                 0.00      13,080,890.91               0.00
  September 2013..............                 0.00      12,811,747.25               0.00
  October 2013................                 0.00      12,547,909.12               0.00
  November 2013...............                 0.00      12,289,274.51               0.00
  December 2013...............                 0.00      12,035,743.32               0.00
  January 2014................                 0.00      11,787,217.37               0.00
  February 2014...............                 0.00      11,543,600.31               0.00
  March 2014..................                 0.00      11,304,797.63               0.00
  April 2014..................                 0.00      11,070,716.62               0.00
  May 2014....................                 0.00      10,841,266.32               0.00
  June 2014...................                 0.00      10,616,357.50               0.00
  July 2014...................                 0.00      10,395,902.60               0.00
  August 2014.................                 0.00      10,179,815.75               0.00
  September 2014..............                 0.00       9,968,012.70               0.00
  October 2014................                 0.00       9,760,410.78               0.00
  November 2014...............                 0.00       9,556,928.93               0.00
<PAGE>

  December 2014...............                $0.00      $9,357,487.58              $0.00
  January 2015................                 0.00       9,162,008.70               0.00
  February 2015...............                 0.00       8,970,415.75               0.00
  March 2015..................                 0.00       8,782,633.61               0.00
  April 2015..................                 0.00       8,598,588.63               0.00
  May 2015....................                 0.00       8,418,208.51               0.00
  June 2015...................                 0.00       8,241,422.38               0.00
  July 2015...................                 0.00       8,068,160.67               0.00
  August 2015.................                 0.00       7,898,355.16               0.00
  September 2015..............                 0.00       7,731,938.92               0.00
  October 2015................                 0.00       7,568,846.28               0.00
  November 2015...............                 0.00       7,409,012.84               0.00
  December 2015...............                 0.00       7,252,375.42               0.00
  January 2016................                 0.00       7,098,872.04               0.00
  February 2016...............                 0.00       6,948,441.90               0.00
  March 2016..................                 0.00       6,801,025.35               0.00
  April 2016..................                 0.00       6,656,563.89               0.00
  May 2016....................                 0.00       6,515,000.13               0.00
  June 2016...................                 0.00       6,376,277.77               0.00
  July 2016...................                 0.00       6,240,341.59               0.00
  August 2016.................                 0.00       6,107,137.42               0.00
  September 2016..............                 0.00       5,976,612.11               0.00
  October 2016................                 0.00       5,848,713.54               0.00
  November 2016...............                 0.00       5,723,390.59               0.00
  December 2016...............                 0.00       5,600,593.09               0.00
  January 2017................                 0.00       5,480,271.85               0.00
  February 2017...............                 0.00       5,362,378.61               0.00
  March 2017..................                 0.00       5,246,866.03               0.00
  April 2017..................                 0.00       5,133,687.69               0.00
  May 2017....................                 0.00       5,022,798.04               0.00
  June 2017...................                 0.00       4,914,152.40               0.00
  July 2017...................                 0.00       4,807,706.95               0.00
  August 2017.................                 0.00       4,703,418.71               0.00
  September 2017..............                 0.00       4,601,245.52               0.00
  October 2017................                 0.00       4,501,146.02               0.00
  November 2017...............                 0.00       4,403,079.65               0.00
  December 2017...............                 0.00       4,307,006.63               0.00
  January 2018................                 0.00       4,212,887.93               0.00
  February 2018...............                 0.00       4,120,685.27               0.00
  March 2018..................                 0.00       4,030,361.10               0.00
  April 2018..................                 0.00       3,941,878.62               0.00
  May 2018....................                 0.00       3,855,201.68               0.00
  June 2018...................                 0.00       3,770,294.88               0.00
  July 2018...................                 0.00       3,687,123.45               0.00
  August 2018.................                 0.00       3,605,653.32               0.00
  September 2018..............                 0.00       3,525,851.07               0.00
  October 2018................                 0.00       3,447,683.90               0.00
  November 2018...............                 0.00       3,371,119.66               0.00
  December 2018...............                 0.00       3,296,126.81               0.00
  January 2019................                 0.00       3,222,674.43               0.00
  February 2019...............                 0.00       3,150,732.16               0.00
  March 2019..................                 0.00       3,080,270.26               0.00
  April 2019..................                 0.00       3,011,259.54               0.00
  May 2019....................                 0.00       2,943,671.38               0.00
  June 2019...................                 0.00       2,877,477.71               0.00
<PAGE>

  July 2019...................                $0.00      $2,812,650.99              $0.00
  August 2019.................                 0.00       2,749,164.23               0.00
  September 2019..............                 0.00       2,686,990.95               0.00
  October 2019................                 0.00       2,626,105.16               0.00
  November 2019...............                 0.00       2,566,481.41               0.00
  December 2019...............                 0.00       2,508,094.70               0.00
  January 2020................                 0.00       2,450,920.55               0.00
  February 2020...............                 0.00       2,394,934.92               0.00
  March 2020..................                 0.00       2,340,114.25               0.00
  April 2020..................                 0.00       2,286,435.44               0.00
  May 2020....................                 0.00       2,233,875.82               0.00
  June 2020...................                 0.00       2,182,413.16               0.00
  July 2020...................                 0.00       2,132,025.67               0.00
  August 2020.................                 0.00       2,082,691.98               0.00
  September 2020..............                 0.00       2,034,391.12               0.00
  October 2020................                 0.00       1,987,102.54               0.00
  November 2020...............                 0.00       1,940,806.08               0.00
  December 2020...............                 0.00       1,895,481.97               0.00
  January 2021................                 0.00       1,851,110.83               0.00
  February 2021...............                 0.00       1,807,673.64               0.00
  March 2021..................                 0.00       1,765,151.76               0.00
  April 2021..................                 0.00       1,723,526.91               0.00
  May 2021....................                 0.00       1,682,781.16               0.00
  June 2021...................                 0.00       1,642,896.94               0.00
  July 2021...................                 0.00       1,603,857.01               0.00
  August 2021.................                 0.00       1,565,644.45               0.00
  September 2021..............                 0.00       1,528,242.70               0.00
  October 2021................                 0.00       1,491,635.50               0.00
  November 2021...............                 0.00       1,455,806.91               0.00
  December 2021...............                 0.00       1,420,741.31               0.00
  January 2022................                 0.00       1,386,423.36               0.00
  February 2022...............                 0.00       1,352,838.04               0.00
  March 2022..................                 0.00       1,319,970.62               0.00
  April 2022..................                 0.00       1,287,806.65               0.00
  May 2022....................                 0.00       1,256,331.95               0.00
  June 2022...................                 0.00       1,225,532.65               0.00
  July 2022...................                 0.00       1,195,395.11               0.00
  August 2022.................                 0.00       1,165,905.99               0.00
  September 2022..............                 0.00       1,137,052.19               0.00
  October 2022................                 0.00       1,108,820.87               0.00
  November 2022...............                 0.00       1,081,199.44               0.00
  December 2022...............                 0.00       1,054,175.56               0.00
  January 2023................                 0.00       1,027,737.12               0.00
  February 2023...............                 0.00       1,001,872.27               0.00
  March 2023..................                 0.00         976,569.36               0.00
  April 2023..................                 0.00         951,817.00               0.00
  May 2023....................                 0.00         927,604.00               0.00
  June 2023...................                 0.00         903,919.38               0.00
  July 2023...................                 0.00         880,752.42               0.00
  August 2023.................                 0.00         858,092.56               0.00
  September 2023..............                 0.00         835,929.48               0.00
  October 2023................                 0.00         814,253.04               0.00
  November 2023...............                 0.00         793,053.31               0.00
  December 2023...............                 0.00         772,320.56               0.00
  January 2024................                 0.00         752,045.24               0.00
<PAGE>

  February 2024...............                $0.00        $732,217.99              $0.00
  March 2024..................                 0.00         712,829.65               0.00
  April 2024..................                 0.00         693,871.21               0.00
  May 2024....................                 0.00         675,333.86               0.00
  June 2024...................                 0.00         657,208.96               0.00
  July 2024...................                 0.00         639,488.03               0.00
  August 2024.................                 0.00         622,162.77               0.00
  September 2024..............                 0.00         605,225.04               0.00
  October 2024................                 0.00         588,666.84               0.00
  November 2024...............                 0.00         572,480.37               0.00
  December 2024...............                 0.00         556,657.95               0.00
  January 2025................                 0.00         541,192.06               0.00
  February 2025...............                 0.00         526,075.32               0.00
  March 2025..................                 0.00         511,300.53               0.00
  April 2025..................                 0.00         496,860.59               0.00
  May 2025....................                 0.00         482,748.56               0.00
  June 2025...................                 0.00         468,957.64               0.00
  July 2025...................                 0.00         455,481.16               0.00
  August 2025.................                 0.00         442,312.58               0.00
  September 2025..............                 0.00         429,445.49               0.00
  October 2025................                 0.00         416,873.62               0.00
  November 2025...............                 0.00         404,590.81               0.00
  December 2025...............                 0.00         392,591.03               0.00
  January 2026................                 0.00         380,868.35               0.00
  February 2026...............                 0.00         369,416.99               0.00
  March 2026..................                 0.00         358,231.27               0.00
  April 2026..................                 0.00         347,305.61               0.00
  May 2026....................                 0.00         336,634.57               0.00
  June 2026...................                 0.00         326,212.78               0.00
  July 2026...................                 0.00         316,035.02               0.00
  August 2026.................                 0.00         306,096.14               0.00
  September 2026..............                 0.00         296,391.10               0.00
  October 2026................                 0.00         286,914.99               0.00
  November 2026...............                 0.00         277,662.95               0.00
  December 2026...............                 0.00         268,630.26               0.00
  January 2027................                 0.00         259,812.27               0.00
  February 2027...............                 0.00         251,204.42               0.00
  March 2027..................                 0.00         242,802.26               0.00
  April 2027..................                 0.00         234,601.42               0.00
  May 2027....................                 0.00         226,597.61               0.00
  June 2027...................                 0.00         218,786.65               0.00
  July 2027...................                 0.00         211,164.41               0.00
  August 2027.................                 0.00         203,726.87               0.00
  September 2027..............                 0.00         196,470.07               0.00
  October 2027................                 0.00         189,390.16               0.00
  November 2027...............                 0.00         182,483.34               0.00
  December 2027...............                 0.00         175,745.89               0.00
  January 2028................                 0.00         169,174.17               0.00
  February 2028...............                 0.00         162,764.63               0.00
  March 2028..................                 0.00         156,513.75               0.00
  April 2028..................                 0.00         150,418.13               0.00
  May 2028....................                 0.00         144,474.41               0.00
  June 2028...................                 0.00         138,679.29               0.00
  July 2028...................                 0.00         133,029.56               0.00
  August 2028.................                 0.00         127,522.07               0.00
<PAGE>

  September 2028..............                $0.00        $122,153.72              $0.00
  October 2028................                 0.00         116,921.49               0.00
  November 2028...............                 0.00         111,822.41               0.00
  December 2028...............                 0.00         106,853.57               0.00
  January 2029................                 0.00         102,012.13               0.00
  February 2029...............                 0.00          97,295.30               0.00
  March 2029..................                 0.00          92,700.34               0.00
  April 2029..................                 0.00          88,224.58               0.00
  May 2029....................                 0.00          83,865.40               0.00
  June 2029...................                 0.00          79,620.22               0.00
  July 2029...................                 0.00          75,486.54               0.00
  August 2029.................                 0.00          71,461.89               0.00
  September 2029..............                 0.00          67,543.85               0.00
  October 2029................                 0.00          63,730.07               0.00
  November 2029...............                 0.00          60,018.21               0.00
  December 2029...............                 0.00          56,406.03               0.00
  January 2030................                 0.00          52,891.28               0.00
  February 2030...............                 0.00          49,471.81               0.00
  March 2030..................                 0.00          46,145.47               0.00
  April 2030..................                 0.00          42,910.18               0.00
  May 2030....................                 0.00          39,763.90               0.00
  June 2030...................                 0.00          36,704.62               0.00
  July 2030...................                 0.00          33,730.38               0.00
  August 2030.................                 0.00          30,839.27               0.00
  September 2030..............                 0.00          28,029.39               0.00
  October 2030................                 0.00          25,298.92               0.00
  November 2030...............                 0.00          22,646.04               0.00
  December 2030...............                 0.00          20,068.99               0.00
  January 2031................                 0.00          17,566.04               0.00
  February 2031...............                 0.00          15,135.50               0.00
  March 2031..................                 0.00          12,775.71               0.00
  April 2031..................                 0.00          10,485.04               0.00
  May 2031....................                 0.00           8,261.92               0.00
  June 2031...................                 0.00           6,104.77               0.00
  July 2031...................                 0.00           4,012.07               0.00
  August 2031.................                 0.00           1,982.34               0.00
  September 2031..............                 0.00              14.11               0.00
  October 2031................                 0.00               6.95               0.00
  November 2031...............                 0.00                  0               0.00

</TABLE>

<PAGE>

                         EXHIBIT SIX

                 PLANNED PRINCIPAL BALANCES

                          TABLE II

                                  PLANNED PRINCIPAL  PLANNED PRINCIPAL
                                    BALANCES FOR        BALANCES FOR
                                 -------------------     CLASS A-4
                                      CLASS A-3         CERTIFICATES
   DISTRIBUTION DATE                CERTIFICATES

   Initial Balance.............       $59,113,542.00      $5,000,000.00
   December 2001 ..............        57,463,202.26       5,026,041.67
   January 2002 ...............        55,846,722.09       5,052,218.97
   February 2002 ..............        54,263,580.11       5,078,532.61
   March 2002 .................        52,713,262.09       5,104,983.30
   April 2002 .................        51,195,260.87       5,131,571.75
   May 2002 ...................        49,709,076.27       5,158,298.69
   June 2002 ..................        48,254,214.98       5,185,164.83
   July 2002 ..................        46,830,190.50       5,212,170.89
   August 2002 ................        45,436,523.01       5,239,317.62
   September 2002..............        44,072,739.33       5,266,605.73
   October 2002................        42,738,372.79       5,294,035.97
   November 2002...............        41,432,963.17       5,321,609.07
   December 2002...............        40,156,056.60       5,349,325.79
   January 2003................        38,907,205.49       5,377,186.86
   February 2003...............        37,685,968.44       5,405,193.04
   March 2003..................        36,491,910.16       5,433,345.09
   April 2003..................        35,324,601.38       5,461,643.76
   May 2003....................        34,183,618.78       5,490,089.82
   June 2003...................        33,068,544.92       5,518,684.04
   July 2003...................        31,978,968.15       5,547,427.18
   August 2003 ................        30,914,482.54       5,576,320.03
   September 2003..............        29,874,687.78       5,605,363.37
   October 2003................        28,859,189.15       5,634,557.97
   November 2003...............        27,867,597.42       5,663,904.63
   December 2003...............        26,899,528.76       5,693,404.13
   January 2004................        25,954,604.71       5,723,057.27
   February 2004...............        25,032,452.08       5,752,864.86
   March 2004..................        24,132,702.89       5,782,827.70
   April 2004..................        23,254,994.29       5,812,946.60
   May 2004....................        22,398,968.52       5,843,222.36
   June 2004...................        21,564,272.80       5,873,655.81
   July 2004...................        20,750,559.30       5,904,247.77
   August 2004 ................        19,957,485.06       5,934,999.06
   September 2004..............        19,184,711.92       5,965,910.51
   October 2004................        18,431,906.48       5,996,982.96
   November 2004...............        17,698,740.00       6,028,217.25
   December 2004...............        16,984,888.38       6,059,614.21
   January 2005................        16,290,032.05       6,091,174.70
   February 2005...............        15,613,855.96       6,122,899.57
   March 2005..................        14,956,049.48       6,154,789.67
   April 2005..................        14,316,306.37       6,186,845.87
   May 2005....................        13,694,324.70       6,219,069.03
   June 2005...................        13,089,806.80       6,251,460.01
   July 2005...................        12,502,459.22       6,284,019.70
   August 2005 ................        11,931,992.64       6,316,748.97
   September 2005..............        11,378,121.84       6,349,648.70
<PAGE>

   October 2005................       $10,840,565.63      $6,382,719.79
   November 2005...............        10,319,046.83       6,415,963.12
   December 2005...............         9,813,292.16       6,449,379.60
   January 2006................         9,323,032.24       6,482,970.11
   February 2006...............         8,848,001.52       6,516,735.58
   March 2006..................         8,387,938.21       6,550,676.91
   April 2006..................         7,942,584.25       6,584,795.02
   May 2006....................         7,511,685.26       6,619,090.83
   June 2006...................         7,094,990.48       6,653,565.26
   July 2006...................         6,692,252.74       6,688,219.25
   August 2006 ................         6,303,228.39       6,723,053.72
   September 2006..............         5,927,677.26       6,758,069.63
   October 2006................         5,565,362.62       6,793,267.91
   November 2006...............         5,216,051.14       6,828,649.51
   December 2006...............         4,904,830.47       6,864,215.39
   January 2007................         4,606,650.71       6,899,966.52
   February 2007...............         4,327,759.05       6,935,903.84
   March 2007..................         4,067,720.84       6,972,028.34
   April 2007..................         3,826,109.36       7,008,340.99
   May 2007....................         3,602,505.67       7,044,842.76
   June 2007...................         3,396,498.49       7,081,534.65
   July 2007...................         3,207,684.07       7,118,417.65
   August 2007.................         3,035,666.06       7,155,492.74
   September 2007..............         2,880,055.37       7,192,760.93
   October 2007................         2,740,470.06       7,230,223.23
   November 2007...............         2,616,535.22       7,267,880.64
   December 2007...............         2,511,136.52       7,305,734.18
   January 2008................         2,403,788.23       7,343,784.88
   February 2008...............         2,294,576.15       7,382,033.76
   March 2008..................         2,183,583.53       7,420,481.85
   April 2008..................         2,070,891.16       7,459,130.20
   May 2008....................         1,956,577.43       7,497,979.83
   June 2008...................         1,840,718.37       7,537,031.81
   July 2008...................         1,723,387.74       7,576,287.19
   August 2008.................         1,604,657.05       7,615,747.02
   September 2008..............         1,484,595.64       7,655,412.36
   October 2008................         1,363,270.73       7,695,284.30
   November 2008...............         1,240,747.45       7,735,363.91
   December 2008...............         1,112,709.88       7,775,652.26
   January 2009................           983,775.91       7,816,150.45
   February 2009...............           854,000.81       7,856,859.57
   March 2009..................           723,438.06       7,897,780.71
   April 2009..................           592,139.36       7,938,914.99
   May 2009....................           460,154.70       7,980,263.50
   June 2009...................           327,532.40       8,021,827.38
   July 2009...................           194,319.16       8,063,607.73
   August 2009.................            60,560.07       8,105,605.68
   September 2009..............                 0.00       8,147,822.38
   October 2009................                 0.00       8,190,258.95
   November 2009...............                 0.00       8,232,916.55
   December 2009...............                 0.00       8,275,796.33
   January 2010................                 0.00       8,318,899.43
   February 2010...............                 0.00       8,362,227.03
   March 2010..................                 0.00       8,405,780.30
   April 2010..................                 0.00       8,449,560.41
<PAGE>

   May 2010....................                $0.00      $8,493,568.53
   June 2010...................                 0.00       8,537,805.87
   July 2010...................                 0.00       8,525,920.07
   August 2010.................                 0.00       8,431,481.41
   September 2010..............                 0.00       8,337,339.96
   October 2010................                 0.00       8,243,518.59
   November 2010...............                 0.00       8,150,039.23
   December 2010...............                 0.00       8,054,869.83
   January 2011................                 0.00       7,960,270.00
   February 2011...............                 0.00       7,866,251.19
   March 2011..................                 0.00       7,772,824.29
   April 2011..................                 0.00       7,679,999.61
   May 2011....................                 0.00       7,587,786.90
   June 2011...................                 0.00       7,496,195.34
   July 2011...................                 0.00       7,405,233.62
   August 2011.................                 0.00       7,314,909.91
   September 2011..............                 0.00       7,225,231.86
   October 2011................                 0.00       7,136,206.68
   November 2011...............                 0.00       7,047,841.07
   December 2011...............                 0.00       6,960,141.32
   January 2012................                 0.00       6,873,113.26
   February 2012...............                 0.00       6,786,762.29
   March 2012..................                 0.00       6,701,093.40
   April 2012..................                 0.00       6,616,111.21
   May 2012....................                 0.00       6,531,819.92
   June 2012...................                 0.00       6,448,223.36
   July 2012...................                 0.00       6,365,325.03
   August 2012.................                 0.00       6,283,128.03
   September 2012..............                 0.00       6,201,635.18
   October 2012................                 0.00       6,120,848.91
   November 2012...............                 0.00       6,040,771.38
   December 2012...............                 0.00       5,961,404.42
   January 2013................                 0.00       5,882,749.58
   February 2013...............                 0.00       5,804,808.10
   March 2013..................                 0.00       5,727,580.96
   April 2013..................                 0.00       5,651,068.88
   May 2013....................                 0.00       5,575,272.29
   June 2013...................                 0.00       5,500,191.41
   July 2013...................                 0.00       5,425,826.20
   August 2013.................                 0.00       5,352,176.37
   September 2013..............                 0.00       5,279,241.44
   October 2013................                 0.00       5,207,020.70
   November 2013...............                 0.00       5,135,513.22
   December 2013...............                 0.00       5,064,717.88
   January 2014................                 0.00       4,994,633.37
   February 2014...............                 0.00       4,925,258.19
   March 2014..................                 0.00       4,856,590.67
   April 2014..................                 0.00       4,788,628.94
   May 2014....................                 0.00       4,721,371.00
   June 2014...................                 0.00       4,654,814.67
   July 2014...................                 0.00       4,588,957.62
   August 2014.................                 0.00       4,523,797.38
   September 2014..............                 0.00       4,459,331.33
   October 2014................                 0.00       4,395,556.71
   November 2014...............                 0.00       4,332,470.66
<PAGE>

   December 2014...............                $0.00      $4,270,070.16
   January 2015................                 0.00       4,208,352.10
   February 2015...............                 0.00       4,147,313.24
   March 2015..................                 0.00       4,086,950.23
   April 2015..................                 0.00       4,027,259.62
   May 2015....................                 0.00       3,968,237.88
   June 2015...................                 0.00       3,909,881.36
   July 2015...................                 0.00       3,852,186.33
   August 2015.................                 0.00       3,795,148.98
   September 2015..............                 0.00       3,738,765.40
   October 2015................                 0.00       3,683,031.63
   November 2015...............                 0.00       3,627,943.61
   December 2015...............                 0.00       3,573,497.24
   January 2016................                 0.00       3,519,688.33
   February 2016...............                 0.00       3,466,512.63
   March 2016..................                 0.00       3,413,965.85
   April 2016..................                 0.00       3,362,043.63
   May 2016....................                 0.00       3,310,741.57
   June 2016...................                 0.00       3,260,055.19
   July 2016...................                 0.00       3,209,980.02
   August 2016.................                 0.00       3,160,511.49
   September 2016..............                 0.00       3,111,645.03
   October 2016................                 0.00       3,063,376.02
   November 2016...............                 0.00       3,015,699.81
   December 2016...............                 0.00       2,968,611.71
   January 2017................                 0.00       2,922,107.01
   February 2017...............                 0.00       2,876,180.98
   March 2017..................                 0.00       2,830,828.84
   April 2017..................                 0.00       2,786,045.83
   May 2017....................                 0.00       2,741,827.13
   June 2017...................                 0.00       2,698,167.94
   July 2017...................                 0.00       2,655,063.41
   August 2017.................                 0.00       2,612,508.71
   September 2017..............                 0.00       2,570,498.98
   October 2017................                 0.00       2,529,029.35
   November 2017...............                 0.00       2,488,094.96
   December 2017...............                 0.00       2,447,690.92
   January 2018................                 0.00       2,407,812.37
   February 2018...............                 0.00       2,368,454.43
   March 2018..................                 0.00       2,329,612.21
   April 2018..................                 0.00       2,291,280.83
   May 2018....................                 0.00       2,253,455.42
   June 2018...................                 0.00       2,216,131.12
   July 2018...................                 0.00       2,179,303.06
   August 2018.................                 0.00       2,142,966.38
   September 2018..............                 0.00       2,107,116.24
   October 2018................                 0.00       2,071,747.79
   November 2018...............                 0.00       2,036,856.22
   December 2018...............                 0.00       2,002,436.71
   January 2019................                 0.00       1,968,484.46
   February 2019...............                 0.00       1,934,994.68
   March 2019..................                 0.00       1,901,962.60
   April 2019..................                 0.00       1,869,383.48
   May 2019....................                 0.00       1,837,252.57
   June 2019...................                 0.00       1,805,565.16
<PAGE>

   July 2019...................                $0.00      $1,774,316.55
   August 2019.................                 0.00       1,743,502.07
   September 2019..............                 0.00       1,713,117.04
   October 2019................                 0.00       1,683,156.85
   November 2019...............                 0.00       1,653,616.88
   December 2019...............                 0.00       1,624,492.53
   January 2020................                 0.00       1,595,779.24
   February 2020...............                 0.00       1,567,472.48
   March 2020..................                 0.00       1,539,567.72
   April 2020..................                 0.00       1,512,060.47
   May 2020....................                 0.00       1,484,946.27
   June 2020...................                 0.00       1,458,220.69
   July 2020...................                 0.00       1,431,879.31
   August 2020.................                 0.00       1,405,917.74
   September 2020..............                 0.00       1,380,331.64
   October 2020................                 0.00       1,355,116.67
   November 2020...............                 0.00       1,330,268.55
   December 2020...............                 0.00       1,305,782.99
   January 2021................                 0.00       1,281,655.77
   February 2021...............                 0.00       1,257,882.68
   March 2021..................                 0.00       1,234,459.53
   April 2021..................                 0.00       1,211,382.19
   May 2021....................                 0.00       1,188,646.52
   June 2021...................                 0.00       1,166,248.45
   July 2021...................                 0.00       1,144,183.93
   August 2021.................                 0.00       1,122,448.92
   September 2021..............                 0.00       1,101,039.45
   October 2021................                 0.00       1,079,951.54
   November 2021...............                 0.00       1,059,181.28
   December 2021...............                 0.00       1,038,724.77
   January 2022................                 0.00       1,018,578.14
   February 2022...............                 0.00         998,737.57
   March 2022..................                 0.00         979,199.25
   April 2022..................                 0.00         959,959.43
   May 2022....................                 0.00         941,014.37
   June 2022...................                 0.00         922,360.37
   July 2022...................                 0.00         903,993.77
   August 2022.................                 0.00         885,910.93
   September 2022..............                 0.00         868,108.25
   October 2022................                 0.00         850,582.16
   November 2022...............                 0.00         833,329.13
   December 2022...............                 0.00         816,345.65
   January 2023................                 0.00         799,628.26
   February 2023...............                 0.00         783,173.52
   March 2023..................                 0.00         766,978.03
   April 2023..................                 0.00         751,038.41
   May 2023....................                 0.00         735,351.33
   June 2023...................                 0.00         719,913.48
   July 2023...................                 0.00         704,721.59
   August 2023.................                 0.00         689,772.42
   September 2023..............                 0.00         675,062.76
   October 2023................                 0.00         660,589.43
   November 2023...............                 0.00         646,349.30
   December 2023...............                 0.00         632,339.25
   January 2024................                 0.00         618,556.19
<PAGE>

   February 2024...............                $0.00        $604,997.09
   March 2024..................                 0.00         591,658.93
   April 2024..................                 0.00         578,538.72
   May 2024....................                 0.00         565,633.51
   June 2024...................                 0.00         552,940.38
   July 2024...................                 0.00         540,456.43
   August 2024.................                 0.00         528,178.82
   September 2024..............                 0.00         516,104.71
   October 2024................                 0.00         504,231.30
   November 2024...............                 0.00         492,555.83
   December 2024...............                 0.00         481,075.56
   January 2025................                 0.00         469,787.78
   February 2025...............                 0.00         458,689.82
   March 2025..................                 0.00         447,779.02
   April 2025..................                 0.00         437,052.79
   May 2025....................                 0.00         426,508.51
   June 2025...................                 0.00         416,143.64
   July 2025...................                 0.00         405,955.66
   August 2025.................                 0.00         395,942.04
   September 2025..............                 0.00         386,100.34
   October 2025................                 0.00         376,428.10
   November 2025...............                 0.00         366,922.90
   December 2025...............                 0.00         357,582.37
   January 2026................                 0.00         348,404.14
   February 2026...............                 0.00         339,385.88
   March 2026..................                 0.00         330,525.29
   April 2026..................                 0.00         321,820.09
   May 2026....................                 0.00         313,268.03
   June 2026...................                 0.00         304,866.90
   July 2026...................                 0.00         296,614.48
   August 2026.................                 0.00         288,508.62
   September 2026..............                 0.00         280,547.17
   October 2026................                 0.00         272,728.02
   November 2026...............                 0.00         265,049.06
   December 2026...............                 0.00         257,508.25
   January 2027................                 0.00         250,103.52
   February 2027...............                 0.00         242,832.88
   March 2027..................                 0.00         235,694.33
   April 2027..................                 0.00         228,685.90
   May 2027....................                 0.00         221,805.65
   June 2027...................                 0.00         215,051.66
   July 2027...................                 0.00         208,422.05
   August 2027.................                 0.00         201,914.94
   September 2027..............                 0.00         195,528.48
   October 2027................                 0.00         189,260.85
   November 2027...............                 0.00         183,110.26
   December 2027...............                 0.00         177,074.92
   January 2028................                 0.00         171,153.09
   February 2028...............                 0.00         165,343.02
   March 2028..................                 0.00         159,643.02
   April 2028..................                 0.00         154,051.39
   May 2028....................                 0.00         148,566.48
   June 2028...................                 0.00         143,186.62
   July 2028...................                 0.00         137,910.21
   August 2028.................                 0.00         132,735.65
<PAGE>

   September 2028..............                $0.00        $127,661.34
   October 2028................                 0.00         122,685.74
   November 2028...............                 0.00         117,807.30
   December 2028...............                 0.00         113,024.50
   January 2029................                 0.00         108,335.85
   February 2029...............                 0.00         103,739.87
   March 2029..................                 0.00          99,235.10
   April 2029..................                 0.00          94,820.09
   May 2029....................                 0.00          90,493.44
   June 2029...................                 0.00          86,253.73
   July 2029...................                 0.00          82,099.59
   August 2029.................                 0.00          78,029.65
   September 2029..............                 0.00          74,042.57
   October 2029................                 0.00          70,137.02
   November 2029...............                 0.00          66,311.69
   December 2029...............                 0.00          62,565.28
   January 2030................                 0.00          58,896.54
   February 2030...............                 0.00          55,304.20
   March 2030..................                 0.00          51,787.02
   April 2030..................                 0.00          48,343.78
   May 2030....................                 0.00          44,973.28
   June 2030...................                 0.00          41,674.32
   July 2030...................                 0.00          38,445.75
   August 2030.................                 0.00          35,286.39
   September 2030..............                 0.00          32,195.12
   October 2030................                 0.00          29,170.81
   November 2030...............                 0.00          26,212.35
   December 2030...............                 0.00          23,318.66
   January 2031................                 0.00          20,488.64
   February 2031...............                 0.00          17,721.25
   March 2031..................                 0.00          15,015.44
   April 2031..................                 0.00          12,370.18
   May 2031....................                 0.00           9,784.44
   June 2031...................                 0.00           7,257.23
   July 2031...................                 0.00           4,787.56
   August 2031.................                 0.00           2,374.46
   September 2031..............                 0.00              16.97
   October 2031................                 0.00               8.38
   November 2031...............                 0.00               0.00

<PAGE>

                                  EXHIBIT SEVEN

                           TARGETED PRINCIPAL BALANCES

                           TARGETED PRINCIPAL BALANCES

                                                     TARGETED PRINCIPAL
                                                        BALANCES FOR
                                                     -------------------
                                                          CLASS A-5
                         DISTRIBUTION DATE CERTIFICATES

                       Initial Balance.............       $19,220,158.00
                       December 2001 ..............        19,169,637.17
                       January 2002 ...............        19,118,853.20
                       February 2002 ..............        19,067,804.74
                       March 2002 .................        19,016,490.40
                       April 2002 .................        18,964,908.80
                       May 2002 ...................        18,913,058.54
                       June 2002 ..................        18,860,938.23
                       July 2002 ..................        18,808,546.46
                       August 2002 ................        18,755,881.82
                       September 2002..............        18,702,942.88
                       October 2002................        18,649,728.22
                       November 2002...............        18,596,236.40
                       December 2002...............        18,542,465.97
                       January 2003................        18,488,415.49
                       February 2003...............        18,434,083.50
                       March 2003..................        18,379,468.53
                       April 2003..................        18,324,569.11
                       May 2003....................        18,269,383.75
                       June 2003...................        18,213,910.97
                       July 2003...................        18,158,149.26
                       August 2003 ................        18,102,097.13
                       September 2003..............        18,045,753.07
                       October 2003................        17,989,115.54
                       November 2003...............        17,932,183.03
                       December 2003...............        17,874,953.99
                       January 2004................        17,817,426.89
                       February 2004...............        17,759,600.16
                       March 2004..................        17,701,472.26
                       April 2004..................        17,643,041.60
                       May 2004....................        17,584,306.62
                       June 2004...................        17,525,265.73
                       July 2004...................        17,465,917.33
                       August 2004 ................        17,406,259.83
                       September 2004..............        17,346,291.61
                       October 2004................        17,286,011.05
                       November 2004...............        17,225,416.54
                       December 2004...............        17,164,506.43
                       January 2005................        17,103,279.07
                       February 2005...............        17,041,732.83
                       March 2005..................        16,979,866.03
                       April 2005..................        16,917,677.01
                       May 2005....................        16,855,164.09
                       June 2005...................        16,792,325.58
                       July 2005...................        16,729,159.79
                       August 2005 ................        16,665,665.00
                       September 2005..............        16,601,839.52
<PAGE>

                       October 2005................       $16,537,681.61
                       November 2005...............        16,473,189.55
                       December 2005...............        16,408,361.59
                       January 2006................        16,343,195.98
                       February 2006...............        16,277,690.97
                       March 2006..................        16,211,844.79
                       April 2006..................        16,145,655.65
                       May 2006....................        16,079,121.79
                       June 2006...................        16,012,241.39
                       July 2006...................        15,945,012.66
                       August 2006 ................        15,877,433.78
                       September 2006..............        15,809,502.92
                       October 2006................        15,741,218.26
                       November 2006...............        15,672,577.95
                       December 2006...............        15,603,580.14
                       January 2007................        15,534,222.96
                       February 2007...............        15,464,504.55
                       March 2007..................        15,394,423.02
                       April 2007..................        15,323,976.48
                       May 2007....................        15,253,163.04
                       June 2007...................        15,181,980.77
                       July 2007...................        15,110,427.77
                       August 2007.................        15,038,502.09
                       September 2007..............        14,966,201.80
                       October 2007................        14,893,524.94
                       November 2007...............        14,820,469.56
                       December 2007...............        14,747,033.68
                       January 2008................        14,673,215.33
                       February 2008...............        14,599,012.50
                       March 2008..................        14,524,423.20
                       April 2008..................        14,449,445.42
                       May 2008....................        14,374,077.12
                       June 2008...................        14,298,316.28
                       July 2008...................        14,222,160.86
                       August 2008.................        14,145,608.79
                       September 2008..............        14,068,658.01
                       October 2008................        13,991,306.45
                       November 2008...............        13,913,552.02
                       December 2008...............        13,835,392.61
                       January 2009................        13,756,826.12
                       February 2009...............        13,677,850.44
                       March 2009..................        13,598,463.42
                       April 2009..................        13,518,662.92
                       May 2009....................        13,438,446.80
                       June 2009...................        13,357,812.89
                       July 2009...................        13,276,759.01
                       August 2009.................        13,195,282.97
                       September 2009..............        13,113,382.58
                       October 2009................        13,031,055.63
                       November 2009...............        12,948,299.89
                       December 2009...............        12,865,113.13
                       January 2010................        12,781,493.10
                       February 2010...............        12,697,437.55
                       March 2010..................        12,612,944.22
                       April 2010..................        12,528,010.81
<PAGE>

                       May 2010....................       $12,442,635.05
                       June 2010...................        12,356,814.61
                       July 2010...................        12,270,547.20
                       August 2010.................        12,183,830.48
                       September 2010..............        12,096,662.11
                       October 2010................        12,009,039.73
                       November 2010...............        11,920,960.99
                       December 2010...............        11,832,423.51
                       January 2011................        11,743,424.89
                       February 2011...............        11,653,962.74
                       March 2011..................        11,564,034.64
                       April 2011..................        11,473,638.16
                       May 2011....................        11,382,770.87
                       June 2011...................        11,291,430.31
                       July 2011...................        11,199,614.02
                       August 2011.................        11,107,319.52
                       September 2011..............        11,014,544.32
                       October 2011................        10,921,285.92
                       November 2011...............        10,827,541.79
                       December 2011...............        10,733,309.42
                       January 2012................        10,638,586.25
                       February 2012...............        10,543,369.73
                       March 2012..................        10,447,657.29
                       April 2012..................        10,351,446.35
                       May 2012....................        10,254,734.31
                       June 2012...................        10,157,518.56
                       July 2012...................        10,059,796.48
                       August 2012.................         9,961,565.43
                       September 2012..............         9,862,822.76
                       October 2012................         9,763,565.80
                       November 2012...............         9,663,791.89
                       December 2012...............         9,563,498.31
                       January 2013................         9,462,682.38
                       February 2013...............         9,361,341.36
                       March 2013..................         9,259,472.52
                       April 2013..................         9,157,073.12
                       May 2013....................         9,054,140.38
                       June 2013...................         8,950,671.54
                       July 2013...................         8,846,663.80
                       August 2013.................         8,742,114.35
                       September 2013..............         8,637,020.37
                       October 2013................         8,531,379.03
                       November 2013...............         8,425,187.48
                       December 2013...............         8,318,442.84
                       January 2014................         8,211,142.24
                       February 2014...............         8,103,282.78
                       March 2014..................         7,994,861.56
                       April 2014..................         7,885,875.64
                       May 2014....................         7,776,322.08
                       June 2014...................         7,666,197.94
                       July 2014...................         7,555,500.23
                       August 2014.................         7,444,225.97
                       September 2014..............         7,332,372.16
                       October 2014................         7,219,935.77
                       November 2014...............         7,106,913.78
<PAGE>

                       December 2014...............        $6,993,303.13
                       January 2015................         6,879,100.76
                       February 2015...............         6,764,303.59
                       March 2015..................         6,648,908.52
                       April 2015..................         6,532,912.43
                       May 2015....................         6,416,312.19
                       June 2015...................         6,299,104.66
                       July 2015...................         6,121,315.97
                       August 2015.................         5,944,580.69
                       September 2015..............         5,768,895.37
                       October 2015................         5,594,256.48
                       November 2015...............         5,420,660.34
                       December 2015...............         5,248,103.14
                       January 2016................         5,076,581.00
                       February 2016...............         4,906,089.88
                       March 2016..................         4,736,625.65
                       April 2016..................         4,568,184.09
                       May 2016....................         4,400,760.86
                       June 2016...................         4,234,351.52
                       July 2016...................         4,068,951.56
                       August 2016.................         3,904,556.34
                       September 2016..............         3,741,161.15
                       October 2016................         3,578,761.22
                       November 2016...............         3,417,351.66
                       December 2016...............         3,256,927.50
                       January 2017................         3,097,483.73
                       February 2017...............         2,939,015.23
                       March 2017..................         2,781,516.82
                       April 2017..................         2,624,983.25
                       May 2017....................         2,469,409.21
                       June 2017...................         2,314,789.31
                       July 2017...................         2,161,118.13
                       August 2017.................         2,008,390.15
                       September 2017..............         1,856,599.82
                       October 2017................         1,705,741.54
                       November 2017...............         1,378,879.88
                       December 2017...............           957,638.13
                       January 2018................           537,187.60
                       February 2018...............           117,532.09
                       March 2018..................                 0.00
<PAGE>EXECUTION COPY

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

                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                             BANKERS TRUST COMPANY,

                                     Trustee

                               SERIES SUPPLEMENT,

                          DATED AS OF NOVEMBER 1, 2001,

                                       TO

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

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2001-QS17

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

<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

Article IV  PAYMENTS TO CERTIFICATEHOLDERS.................................................24
        Section 4.01. Certificate Account.  (See Section 4.01 of the Standard Terms).......24

        Section 4.02. Distributions. ......................................................24

        Section 4.03. Statements to Certificateholders.  (See Section 4.03 of the
                      Standard Terms and Exhibit Three attached hereto)....................33

        Section 4.04. Distribution of Reports to the Trustee and the Company;
                      Advances by the Master Servicer. ....................................33

        Section 4.05. Allocation of Realized Losses. ......................................34

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
                      (See Section 4.06 of the Standard Terms).............................35

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section
                      4.07 of the Standard Terms)..........................................35

        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................35

        Section 4.09. Reserve Fund.........................................................35

                                        i
<PAGE>

Article V  THE CERTIFICATES................................................................37
        Section 5.01. The Certificates. (See Section 5.01 of the Standard Terms) ..........37

        Section 5.02. Registration of Transfer and Exchange of Certificates................37

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates. (See Section
                      5.03 of the Standard Terms)..........................................37

        Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard Terms)......37

        Section 5.05. Appointment of Paying Agent. (See Section 5.05 of the Standard
                      Terms)...............................................................37

Article VI    THE COMPANY AND THE MASTER SERVICER..........................................38

Article VII   DEFAULT......................................................................39

Article VIII  CONCERNING THE TRUSTEE.......................................................40

Article IX    TERMINATION..................................................................41

Article X      REMIC PROVISIONS............................................................42

        Section 10.01.REMIC Administration.  (See Section 10.01 of the Standard Terms).....42

        Section 10.02.Master Servicer; REMIC Administrator and Trustee
                      Indemnification.  (See Section 10.02 of the Standard Terms)..........42

        Section 10.03.Designation of REMICs................................................42

        Section 10.04.Distributions on the Uncertificated REMIC I and REMIC II
                      Regular Interests....................................................42

        Section 10.05.Compliance with Withholding Requirements.............................44

Article XI   MISCELLANEOUS PROVISIONS......................................................45

        Section 11.01.Amendment.  (See Section 11.01 of the Standard Terms)................45

        Section 11.02.Recordation of Agreement;  Counterparts.  (See Section 11.02 of
                      the Standard Terms)..................................................45

        Section 11.03.Limitation on Rights of Certificateholders.  (See Section 11.03
                      of the Standard Terms)...............................................45

        Section 11.04.Governing Laws.  (See Section 11.04 of the Standard Terms)...........45

        Section 11.05.Notices..............................................................45

        Section 11.06.Required Notices to Rating Agency and Subservicer.  (See
                      Section 11.06 of the Standard Terms).................................46

        Section 11.07.Severability of Provisions. (See Section 11.07 of the Standard
                      Terms)...............................................................47

                                        ii
<PAGE>

        Section 11.08.Supplemental Provisions for Resecuritization.  (See Section
                      11.08 of the Standard Terms).........................................47

        Section 11.09.Allocation of Voting Rights..........................................47

        Section 11.10.No Petition..........................................................47

 Article XII   CERTAIN MATTERS REGARDING THE CERTIFICATE INSURER...........................48

        Section 12.01.Rights of the Certifiate Insurer to Exercise Rights of Insured
                      Certificateholders...................................................48

        Section 12.02.Claims Upon the Certificate Policy; Certificate Insurance
                      Account..............................................................48

        Section 12.03.Effect of Payments by the Certificate Insurer; Subrogation...........49

        Section 12.04.Notices and Information to the Certifiate Insurer....................50

        Section 12.05.Trustee to Hold Certificate Policy...................................50

        Section 12.06.Ratings..............................................................50

        Section 12.07.Third Party Beneficiary..............................................50

                                        iii
</TABLE>

<PAGE>

                                    EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement Dated as of July 1, 2001
Exhibit Five:.........Planned Principal Balances
Exhibit Six:..........Certificate Policy of MBIA Insurance Corporation

<PAGE>

        This is a Series  Supplement,  dated as of November 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

                                      -
<S>     <C>       <C>        <C>                                     <C> <C>                   <C>
Class A-1         5.75%      $7,700,000.00    Senior/PAC    November 25, 2031    AAA/AAA       $25,000.00
Class A-2         5.50%     $51,000,000.00    Senior/PAC    November 25, 2031    AAA/AAA       $25,000.00
Class A-2A        0.25%              $0.003  Senior/InterestNovember 25, 2031    AAA/AAA     $2,000,000.00
                                                 Only
Class A-3         5.00%     $33,480,000.00    Senior/PAC    November 25, 2031    AAA/AAA       $25,000.00
Class A-4         6.00%     $27,791,666.00   Senior/Insured/November 25, 2031  AAA/AAA4        $25,000.00
                                               Companion
Class A-5         0.00%      $1,208,334.00      Senior/     November 25, 2031    AAA/AAA       $25,000.00
                                              Companion/
                                               Principal
                                                 Only

Class A-6      Adjustable   $10,154,771.00      Senior/     November 25, 2031    AAA/AAAA      $25,000.00
               Rate5                          Companion/
                                                Floater
Class A-7      Adjustable      $558,512.00      Senior/     November 25, 2031    AAA/AAA       $25,000.00
                  Rate5                       Companion/
                                                Inverse
                                                Floater
Class A-8      Adjustable    $4,298,117.00      Senior/     November 25, 2031    AAA/AAA       $25,000.00
                  Rate5                       Companion/
                                                Inverse
                                                Floater
Class A-9      Adjustable   $68,095,700.00   Senior/Floater November 25, 2031    AAA/AAA       $25,000.00
                  Rate5
Class A-9A     Adjustable            $0.006  Senior/InterestNovember 25, 2031    AAA/AAA     $2,000,000.00
                  Rate5                          Only/
                                                Inverse
                                                Floater
Class A-10        6.50%     $20,000,000.00      Senior      November 25, 2031    AAA/AAA       $25,000.00
Class A-11        6.50%     $26,600,000.00   Senior/Lockout November 25, 2031    AAA/AAA       $25,000.00
Class A-P         0.00%         $63,337.06     Principal    November 25, 2031    AAA/AAA       $25,000.00
                                              Only/Senior
Class A-V       Variable             $0.00     Variable     November 25, 2031    AAA/AAA        8
               Rate7                         Strip/Interest
                                              Only/Senior
Class R-I         6.50%            $100.00   Residual/SeniorNovember 25, 2031    AAA/AAA        9
Class R-II        6.50%            $100.00   Residual/SeniorNovember 25, 2031    AAA/AAA        9
Class M-1         6.50%      $8,099,900.00     Mezzanine    November 25, 2031     NA/AA        $25,000.00
Class M-2         6.50%      $2,390,100.00     Mezzanine    November 25, 2031      NA/A       $250,000.00
Class M-3         6.50%     $1,062,300.00      Mezzanine    November 25, 2031     NA/BBB      $250,000.00
Class B-1         6.50%     $1,327,800.00     Subordinate   November 25, 2031     NA/BB       $250,000.00
Class B-2         6.50%      $796,700.00      Subordinate   November 25, 2031      NA/B       $250,000.00
Class B-3         6.50%      $929,485.10      Subordinate   November 25, 2031     NA/NA       $250,000.00

</TABLE>

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

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

3    The  notional  amount of the Class A-2A  Certificates  will be equal to the
     product  of  1.79261363636364  multiplied  by the  sum  of the  Certificate
     Principal Balances of the Class A-2 Certificates and Class A-3 Certificates
     immediately prior to that date.

4    The  ratings on the Class A-4  Certificates  have been  determined  without
     regard to the Certificate Policy issued by the Certificate Insurer.

5
 -------------------------------------------------------------------------------
ADJUSTABLE      INITIAL        FORMULA                  MAXIMUM        MINIMUM
RATES:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  Class A-6:    3.48125%       LIBOR + 0.95000%         8.50000%       0.95000%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  Class A-7:    10.00000%      137.27273% - (18.18182 x 10.00000%      0.00000%
                               LIBOR)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  Class A-8:    10.55791%      16.538264% - (2.36261 x  16.538264%     0.00000%
                               LIBOR)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  Class A-9:    3.16250%       LIBOR + 0.60000%         8.00000%       0.60000%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  Class A-9A:   4.83750%       7.40000% - LIBOR         7.40000%       0.00000%

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

7    The initial Pass-Through Rate on the Class A-V Certificates is 0.6776%.

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

9    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%.

                                       2
<PAGE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $265,556,922.16.

        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-6, Class A-7, Class A-8,
Class A-9 or Class A-9A 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)
$111,435 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

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

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

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

                                       4
<PAGE>

        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-QS17" 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. 36811)
issued by the Certificate  Insurer for the benefit of the Holders of any Insured
Certificates,  including any  endorsements  thereto,  attached hereto as Exhibit
Six.

     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, minus

         (ii)  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

                                       5
<PAGE>

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-7, Class A-8, Class A-9,
Class  A-9A,  Class  A-10,  Class  A-11,  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:  November 29, 2001.

     Commitment  Letter:  The  letter,  dated  November  28,  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-QS17.

        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:  November 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 (i) any Prepayment Interest Shortfalls
allocated  to the  Insured  Certificates  that  were not  offset  by the  Master

                                       6
<PAGE>

Servicer  and were  otherwise  covered by the Reserve Fund and (ii) any interest
shortfalls  relating  to the  application  of the  Relief Act  allocated  to the
Insured  Certificates  that 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:  6.50% 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-6 or Class A-9 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.

                                       7
<PAGE>

        Initial Monthly Payment Fund: $15,748,  representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on December 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,
$151,440,000.  With respect to the Class A-9A  Certificates,  $68,095,700.  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:  3.05%           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%

        Insured Certificates: Any one of the Class A-4 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, 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-7, Class A-8 or Class
A-9A Certificates.

        Lockout Certificates:  Any one of the Class A-11 Certificates.

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

                                       8
<PAGE>

     Maturity  Date:  November  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  Certificates,  an amount  equal to the  product of  1.79261363636364
multiplied  by the sum of the  Certificate  Principal  Balances of the Class A-2
Certificates  and Class A-3  Certificates  immediately  prior to such date, (ii)
with respect to the Class A-9A Certificates,  an amount equal to the Certificate
Principal  Balance of the Class A-9 Certificates  immediately prior to such date
and (iii) with respect to any Class A-V  Certificates or Subclass thereof issued
pursuant to Section  5.01(c),  the  aggregate  Stated  Principal  Balance of the
Mortgage Loans  corresponding to the Uncertificated  REMIC I Regular Interests Z
represented by such Class or Subclass immediately prior to such date.

                                       9
<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 Class A-6  Certificates  and the initial
Interest  Accrual  Period,  3.48125% per annum,  and as to any Interest  Accrual
Period thereafter,  a per annum rate equal to 0.95000% plus LIBOR,  subject to a
maximum  rate of 8.50000%  per annum and a minimum  rate of 0.95000%  per annum.
With  respect to the Class A-7  Certificates  and the initial  Interest  Accrual
Period, 10.00000% per annum, and as to any Interest Accrual Period thereafter, a
per annum rate equal to 137.27273%  minus the product of 18.18182  multiplied by
LIBOR,  subject to a maximum rate of  10.00000%  per annum and a minimum rate of
0.00000% per annum.  With respect to the Class A-8  Certificates and the initial
Interest  Accrual Period,  10.55791% per annum,  and as to any Interest  Accrual
Period  thereafter,  a per annum rate equal to  16.538264%  minus the product of
2.36261  multiplied by LIBOR,  subject to a maximum rate of 16.538264% per annum
and a  minimum  rate of  0.00000%  per  annum.  With  respect  to the  Class A-9
Certificates and the initial Interest Accrual Period, 3.16250% per annum, and as
to any Interest  Accrual Period  thereafter,  a per annum rate equal to 0.60000%
plus LIBOR,  subject to a maximum  rate of 8.00000% per annum and a minimum rate
of  0.60000%  per annum.  With  respect to the Class A-9A  Certificates  and the
initial  Interest  Accrual  Period,  4.83750% per annum,  and as to any Interest
Accrual  Period  thereafter,  a per annum rate equal to  7.40000%  minus  LIBOR,
subject to a maximum  rate of 7.40000%  per annum and a minimum rate of 0.00000%
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  0.6776%  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.

        Planned Principal  Balance:  With respect to any of the Class A-1, Class
A-2 and Class A-3 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 4.0% per annum of the then  outstanding  principal
balance of the  related  Mortgage  Loans in the first  month of the life of such

                                       10
<PAGE>

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
               December 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

                      (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

                                       11
<PAGE>

          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-5 Certificates or 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
                      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.

                                       12
<PAGE>

     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-QS17, Class A-4."

        Reserve Fund Deposit: $5,000.

        Reserve Fund Withdrawal: As defined in Section 4.09.

        Scheduled Final Distribution Date:  November 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.

        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)(xvii)  and  4.02(a)(xviii)  of this Series
Supplement.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,655,569  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

                                       13
<PAGE>

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 34.9%
(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)
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;

                                       14
<PAGE>

(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.

        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.

        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.

                                       15
<PAGE>

        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>                    <C>
          U             Class A-1, Class A-4, Class A-5   5.75%                  $ 36,700,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          V             Class A-2, Class A-2A, Class A-3  5.75%                  $ 84,480,000.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          W             Class A-9, Class A-9A             8.00%                  $ 68,095,700.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          X             Class A-P                         0.00%                    $   63,337.06
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          Y             Class A-6, Class A-7, Class       6.50%                  $ 76,217,785.10
                        A-8, Class A-10, Class A-11,
                        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  1,270
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 1,270,  each relating to the particular
Mortgage  Loan  identified  by  such  sequential  number  on the  Mortgage  Loan
Schedule,  each having no principal  balance,  and each bearing  interest at the
respective  Pool  Strip  Rate on the Stated  Principal  Balance  of the  related
Mortgage Loan.

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

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

        Uncertificated   REMIC  II  Regular  Interests  Z:  Each  of  the  1,270
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  1,270 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).

                                       16
<PAGE>

        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:  Bear, Stearns & Co. Inc.

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
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

                                       17
<PAGE>

will be LIBOR  for the  prior  Distribution  Date,  or, in the case of the first
LIBOR Rate  Adjustment  Date,  2.53125% with respect to the Class A-6, Class A-7
and Class A-8 Certificates, and 2.56250% per annum with respect to the Class A-9
Certificates  and Class  A-9A  Certificates;  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 five Mortgage
     Loans representing  approximately 0.2% 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 0.7% of the Mortgage  Loans by aggregate  Stated  Principal
        Balance  as of the  Cut-off  Date are  secured by  Mortgaged  Properties
        located in any one zip code area in California  and no more than 0.5% of
        the  Mortgage  Loans by  aggregate  Stated  Principal  Balance as of the
        Cut-off Date are secured by Mortgaged  Properties located in any one zip
        code area outside California;

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

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

(ix)    Approximately 56.75% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  15.54% 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  2.93%
        of the Mortgage Loans by aggregate  Stated  Principal  Balance as of the
        Cut-off Date were underwritten under a no income/no asset program;

(x)     Except with respect to  approximately  13.56% 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) 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
is continuing shall constitute the sole remedy  respecting such breach available
to the  Certificateholders  or the Trustee on behalf of the  Certificateholders.

                                       21
<PAGE>

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

                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                       23
<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, 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), 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):

                                       24
<PAGE>

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

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

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

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

(B)  with respect to each  Mortgage Loan for which a Cash  Liquidation  or a REO
     Disposition  occurred during the preceding calendar month (or was deemed to
     have occurred  during such period in accordance with Section 3.07(b) of the
     Standard  Terms) and did not result in any Excess  Special  Hazard  Losses,
     Excess Fraud Losses,  Excess Bankruptcy Losses or Extraordinary  Losses, an
     amount  equal  to  the  lesser  of  (a)  the  Senior  Percentage  for  such
     Distribution  Date times the Stated Principal Balance of such Mortgage Loan
     (other than the related Discount Fraction of such Stated Principal Balance,
     with respect to each Discount Mortgage Loan) and (b) the Senior Accelerated

                                       25
<PAGE>

     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);

(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;

                                       26
<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;

                                       27
<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  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;

               (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:

                                       28
<PAGE>

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

(B)  the related Discount  Fraction of the principal  portion of all unscheduled
     collections  on each Discount  Mortgage Loan received  during the preceding
     calendar month or, in the case of Principal Prepayments in Full, during the
     related Prepayment Period (other than amounts received in connection with a
     Cash  Liquidation or REO Disposition of a Discount  Mortgage Loan described
     in clause (C) below), including Principal Prepayments in Full, Curtailments
     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-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; and

(iii)   third, the balance of the Senior Principal Distribution Amount remaining
        after the distribution  described in Section  4.02(b)(ii) above shall be
        distributed in the following manner and priority:

                                       29
<PAGE>

(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 Lockout  Percentage of the Lockout  Certificates' pro rata share (based
     on the aggregate  Certificate  Principal  Balance  thereof  relative to the
     aggregate  Certificate  Principal Balance of all of the Certificates (other
     than the Class  A-P  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;

     provided  that,  if the  aggregate of the amounts set forth in clauses (A),
     (B), (C), (D) 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 and the Class A-P Distribution  Amount
     have been distributed, the amount paid to the Lockout Certificates pursuant
     to this clause  (iii)(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 all
     classes of Senior  Certificates (other than the Class A-P Certificates)) of
     such difference;

(B)     second, concurrently, as follows:

(1)  33.33333333324% of the Senior Principal Distribution Amount remaining after
     the distributions described in clauses (ii) and (iii)(A) of Section 4.02(b)
     to the Class A-9 Certificates,  until the Certificate  Principal Balance of
     the Class A-9 Certificates has been reduced to zero; and

(2)  66.66666666676% of the Senior Principal Distribution Amount remaining after
     the  distributions  described  in  clauses  (ii) and  (iii)(A)  of  Section
     4.02(b), in the following order of priority:

                                    (a) to the Class A-1 Certificates, until the
                             Certificate  Principal  Balance  of the  Class  A-1
                             Certificates   has  been  reduced  to  its  Planned
                             Principal  Balance for such  Distribution  Date set
                             forth  in the  table  entitled  "Planned  Principal
                             Balances"  attached  to this  Agreement  as Exhibit
                             Five;

                                    (b)  concurrently,  on a pro rata basis,  in
                             accordance with the amount necessary to reduce each
                             such  class  to its  respective  Planned  Principal
                             Balance for such Distribution Date set forth in the
                             table   entitled   "Planned   Principal   Balances"
                             attached to this  Agreement as Exhibit Five, to the
                             Class A-2 Certificates and Class A-3  Certificates,
                             until the Certificate  Principal Balance of each of
                             the   Class   A-2   Certificates   and   Class  A-3
                             Certificates  has been  reduced  to its  respective
                             Planned Principal Balance;

                                    (c)  concurrently,  on a pro rata basis,  in
                             accordance   with  their   respective   Certificate
                             Principal  Balances,  to the Class A-4 Certificates
                             and Class A-5  Certificates,  until the Certificate
                             Principal   Balance   of  each  of  the  Class  A-4
                             Certificates  and Class A-5  Certificates  has been
                             reduced to zero;

                                       30
<PAGE>

                                    (d)  concurrently,  on a pro rata basis,  in
                             accordance   with  their   respective   Certificate
                             Principal Balances, to the Class A-6, Class A-7 and
                             Class  A-8  Certificates,   until  the  Certificate
                             Principal  Balance  of the each of the  Class  A-6,
                             Class  A-7 and  Class  A-8  Certificates  has  been
                             reduced to zero;

                                    (e) to the Class A-1  Certificates,  without
                             regard to its  Planned  Principal  Balance for such
                             Distribution Date, until the Certificate  Principal
                             Balance  of the  Class  A-1  Certificates  has been
                             reduced to zero; and

                                    (f)  concurrently,  on a pro rata basis,  in
                             accordance   with  their   respective   Certificate
                             Principal  Balances,  to the Class A-2 Certificates
                             and Class A-3 Certificates, without regard to their
                             respective  Planned  Principal  Balances  for  such
                             Distribution Date, until the Certificate  Principal
                             Balance of each of the Class A-2  Certificates  and
                             Class A-3 Certificates has been reduced to zero;

(C)            third,  after the payments of principal  made in accordance  with
               clauses (ii),  (iii)(A) and (iii)(B) of Section  4.02(b),  to the
               Class A-10 Certificates,  until the Certificate Principal Balance
               of the Class A-10 Certificates has been reduced to zero; and

(D)            fourth,  after the payments of principal made in accordance  with
               clauses (ii) and (iii)(A) through (iii)(C) of Section 4.02(b), 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.

(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.

                                       31
<PAGE>

(e) In addition to the  foregoing  distributions,  with  respect to any Mortgage
Loan that was previously the subject of a Cash Liquidation or an REO Disposition
that resulted in a Realized Loss, in the event that within two years of the date
on which such Realized Loss was determined to have occurred the Master  Servicer
receives  amounts,  which the Master Servicer  reasonably  believes to represent
subsequent recoveries (net of any related liquidation  expenses),  or determines
that it holds surplus amounts previously  reserved to cover estimated  expenses,
specifically  related to such  Mortgage  Loan  (including,  but not  limited to,
recoveries in respect of the  representations and warranties made by the related
Seller pursuant to the applicable Seller's Agreement and assigned to the Trustee
pursuant to Section 2.04),  the Master Servicer shall distribute such amounts to
the applicable Certificateholders of the Class or Classes to which such Realized
Loss  was  allocated  (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.

(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

                                       32
<PAGE>

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.

        (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)

                                       33
<PAGE>

Section 4.05.  Allocation of Realized Losses.

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

                                       34
<PAGE>

the  interest  portions of Realized  Losses shall be made in  proportion  to the
amount of Accrued  Certificate  Interest and by operation of the  definition  of
"Accrued  Certificate  Interest"  and by operation of the  provisions of Section
4.02(a).  Allocations of the principal portion of Debt Service  Reductions shall
be made by operation of the provisions of Section  4.02(a).  All Realized Losses
and all other losses  allocated  to a Class of  Certificates  hereunder  will be
allocated  among the  Certificates of such Class in proportion to the Percentage
Interests  evidenced  thereby;  provided that if any Subclasses of the Class A-V
Certificates have been issued pursuant to Section 5.01(c),  such Realized Losses
and other  losses  allocated  to the Class A-V  Certificates  shall be allocated
among  such  Subclasses  in  proportion  to the  respective  amounts  of Accrued
Certificate  Interest payable on such Distribution Date that would have resulted
absent such reductions.

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

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

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

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

                                      35
<PAGE>

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.

                                       36
<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)

                                       37
<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       38
<PAGE>

                                ARTICLE VII....

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       39
<PAGE>

                                ARTICLE VIII...

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       40
<PAGE>

                                ARTICLE IX.....

                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       41
<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-7, Class A-8, Class A-9, Class A-9A,  Class A-10, Class A-11,
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).

                                       42
<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
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest S;

               (iii) Realized Losses  allocated to the Class A-2, Class A-2A and
        Class A-3  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest T;

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

               (v) Realized  Losses  allocated  to the Class A-6,  Class A-7 and
        Class A-8  Certificates  under Section 4.05 shall be deemed allocated to
        Uncertificated REMIC I Regular Interest V;

               (vi) 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 W;

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

                                       43
<PAGE>

               (viii) Realized Losses  allocated to the Class A-10,  Class A-11,
        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

               (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.

                                       44
<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:

------------------------ -----------------------------------------------------
            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-QS17

                         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-QS17)
------------------------ ---------------------------------------------------

                                       45
<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.

                                       46
<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.

               96% of all of the Voting Rights shall be allocated  among Holders
of  Certificates,  other  than  the  Interest  Only  Certificates  and  Class  R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their  respective  Certificates,  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-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.

                                       47
<PAGE>

               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.

<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 to the extent covered by the Master Servicer or the Reserve
Fund and any interest  shortfalls  relating to the application of the Relief Act
allocated to the Insured Certificates that were otherwise covered by the Reserve
Fund) 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

                                       48
<PAGE>

accordance with the second succeeding  paragraph and disbursed by the Trustee to
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

                                       49
<PAGE>

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,
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  and shall  have the right to  enforce  the  related  provisions  of this
Agreement as if it were a party hereto.

                                       50
<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// Barbara Campbell
                                               -------------------------------
                                                 Name:  Barbara Campbell
                                                 Title:   Assistant Secretary

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

                                       51
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 29th day of November,  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]

                                       52
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 29th day of November,  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]

                                       53
<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 29th day of November,  2001 before me, a notary  public in
and for said State,  personally appeared Barbara Campbell,  known to me to be an
Assistant  Secretary of Bankers Trust Company,  the New York banking corporation
that executed the within  instrument,  and also known to me to be the person who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

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

                                                   //s// T.S. Tripp
                                                   ----------------------------
                                                          Notary Public
[Notarial Seal]

                                       54
<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 11/26/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 09.59.43           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2001-QS17                                 CUTOFF : 11/01/01
  POOL       : 0004554
             :
             :
  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
  ------------------------------------------------------------------------

      4290730                              .2500
      183,343.48                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      4672779                              .2500
      307,568.56                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      4723506                              .2500
       54,586.72                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      4806184                              .2500
      281,908.79                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450

      4816670                              .2500
      280,836.58                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      4840398                              .2500
       34,936.71                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200
1

      4857583                              .2500
       80,818.54                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      4899074                              .2500
      320,583.50                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      4907152                              .2500
      158,980.16                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      4910144                              .2500
       96,659.44                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      4934901                              .2500
       26,888.85                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.5000                        1.9200

      4950390                              .2500
      123,637.60                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      4954362                              .2500
      166,816.15                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      4955089                              .2500
      228,975.27                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200
1

      4956020                              .2500
      125,768.87                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.5000                        1.6700

      5001040                              .2500
      216,532.02                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      5001779                              .2500
       43,144.71                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      5002808                              .2500
       49,890.74                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      5003133                              .2500
       46,888.22                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      5019733                              .2500
       60,277.52                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      5039992                              .2500
      997,703.19                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5054563                              .2500
      238,764.27                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
1

      5074097                              .2500
      419,250.73                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.5000                        1.7950

      5074382                              .2500
      191,747.97                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      5079484                              .2500
      211,410.63                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      5087681                              .2500
      162,401.30                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.5000                        1.6700

      5090782                             1.0000
      395,197.55                          .0800
            8.0000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5094603                              .2500
      143,743.10                          .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            6.5000                        1.7950

      5099457                              .2500
      311,335.73                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5105273                              .2500
      557,617.75                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700
1

      5105946                              .2500
       79,845.92                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      5114038                              .2500
      107,692.15                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      5115713                              .2500
       84,179.05                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      5125272                              .2500
      272,572.77                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5132767                              .2500
       87,283.58                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5132932                              .2500
      193,206.39                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      5137236                              .2500
      103,823.60                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.5000                        1.6700

      5143249                              .2500
      179,781.13                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.5000                        1.6700
1

      5146181                              .2500
      124,302.95                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5146561                              .2500
      540,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5153939                              .2500
      378,691.28                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5158968                              .2500
       73,703.11                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      5162926                              .2500
       39,821.16                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      5165021                              .2500
      126,837.48                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      5166930                              .2500
       78,284.48                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.5000                        1.9200

      5171319                              .2500
       72,651.03                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700
1

      5172001                              .2500
       35,095.84                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450

      5177422                              .2500
       39,930.46                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.5000                        1.9200

      5181195                              .2500
       68,954.87                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      5182915                              .2500
      108,573.88                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      5185238                              .2500
      168,645.10                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450

      5187193                              .2500
       91,220.37                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450

      5190307                              .2500
      210,949.48                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5194708                              .2500
      255,454.43                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200
1

      5195591                              .2500
      171,638.82                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5203102                              .2500
      118,147.68                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5203117                              .2500
      138,203.99                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5205042                              .2500
      135,613.08                          .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            6.5000                        2.0450

      5205047                              .2500
      111,841.39                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5213560                              .2500
      151,779.26                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      5214233                              .2500
      137,130.36                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5216357                              .2500
      375,812.93                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      5221325                              .2500
       86,127.85                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5222401                              .2500
       53,135.29                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.5000                        1.6700

      5226254                              .2500
      503,230.62                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5226299                              .2500
      152,566.75                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5228223                              .2500
      294,113.42                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      5229752                              .2500
       49,369.29                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450

      5230463                              .2500
      259,640.95                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      5232486                              .2500
      642,627.61                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200
1

      5232596                              .2500
      156,609.34                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.5000                        1.6700

      5232653                              .2500
       75,508.08                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.5000                        1.6700

      5232722                              .2500
      435,469.85                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.5000                        1.6700

      5234444                              .2500
      105,461.37                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      5235496                              .2500
       71,401.26                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      5240899                              .2500
      141,128.18                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.5000                        1.6700

      5242957                              .2500
       97,432.90                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      5246746                              .2500
      118,640.05                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700
1

      5247350                              .2500
       59,908.40                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5248542                              .2500
      101,394.13                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      5249160                              .2500
      115,830.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      5250691                              .2500
       71,907.84                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      5257930                              .2500
      397,885.73                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5258485                              .2500
      138,203.99                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5260373                              .2500
      183,870.13                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5265841                              .2500
      271,614.82                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200
1

      5270040                              .2500
      436,675.68                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5273945                              .2500
      587,079.83                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5276017                              .2500
       46,743.08                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.5000                        1.6700

      5277292                              .2500
      159,865.58                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5278859                              .2500
      333,489.65                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5280929                              .2500
      327,535.51                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5281194                              .2500
      106,137.72                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5283980                              .2500
      177,341.80                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950
1

      5286395                              .2500
      207,773.26                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5287829                              .2500
       97,862.81                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      5287882                              .2500
      118,323.57                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5291083                              .2500
       56,179.81                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450

      5293107                              .2500
      198,945.09                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      5296176                              .2500
       87,884.47                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      5297222                              .2500
      130,804.95                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5298474                              .2500
      101,803.53                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200
1

      5299328                              .2500
      147,790.41                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      5299636                              .2500
       40,973.86                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      5305225                              .2500
      214,866.36                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450

      5305735                              .2500
      364,241.47                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      5307980                              .2500
      234,650.09                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5311816                              .2500
      142,211.25                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      5313045                              .2500
      328,755.83                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      5332288                              .2500
      220,359.40                          .0800
            8.2500                         .0000
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      6075118                              .2500
      269,818.84                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      6075120                              .2500
      134,916.09                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450

      6075122                              .2500
       66,559.65                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.5000                        1.6700

      6075146                              .2500
      274,780.08                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6075410                              .6250
      379,127.20                          .0800
            7.3750                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
1

      6075478                              .7500
      291,783.29                          .0800
            7.5000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6075494                              .6250
      599,084.09                          .0800
            7.3750                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6083608                              .2500
      104,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6083636                              .2500
      308,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      6083640                              .2500
      128,157.17                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      6083654                              .2500
      375,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      6083656                              .2500
      262,500.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6083658                              .2500
      166,500.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700
1

      6083670                              .2500
      392,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      6083674                              .2500
      364,000.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      6083678                              .2500
       94,400.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6083710                              .2500
      308,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6083718                              .2500
      159,840.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      6083724                              .2500
      264,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      6083730                              .2500
      185,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6083770                              .2500
      365,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6083792                              .2500
      147,600.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      6083794                              .2500
       65,550.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      6083800                              .2500
      312,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6083810                              .2500
      126,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      6083816                              .2500
      235,900.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6083842                              .2500
       81,600.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6083882                              .2500
      146,700.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6084634                              .2500
      115,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      6091258                              .2500
      274,824.64                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      6096656                              .2500
      271,782.48                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6103216                              .2500
      304,473.87                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6110912                              .2500
      242,500.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      6110930                              .2500
      309,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6110954                              .2500
      318,000.00                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      6110962                              .2500
      400,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      6110968                              .2500
      105,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950
1

      6111020                              .2500
      396,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6111098                              .2500
      264,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6113218                              .2500
      339,747.67                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6136504                              .2500
      152,000.00                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450

      6136516                              .2500
      292,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6136556                              .2500
      164,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6136558                              .2500
      136,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      6136566                              .2500
      148,500.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450
1

      6136568                              .2500
      169,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      6136570                              .2500
       56,850.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      6136614                              .2500
      125,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6136660                              .2500
      125,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      6136664                              .2500
      254,900.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      6136710                              .2500
      416,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6136732                              .2500
      138,550.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      6137110                              .2500
      376,400.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450
1

      6138076                              .2500
      314,172.44                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      6139434                              .2500
      306,742.08                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6142864                              .2500
      222,484.76                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6161208                              .2500
      299,250.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      6161252                              .2500
      160,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      6161266                              .2500
      368,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6161296                              .2500
      215,700.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      6161318                              .2500
      440,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6161352                              .2500
       59,400.00                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450

      6161976                              .2500
      248,700.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6161978                              .2500
      510,900.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      6170540                              .2500
      454,855.18                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6177374                              .2500
      417,640.10                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6177380                              .5000
      463,646.93                          .0800
            7.3750                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6177388                              .5000
      387,190.12                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6177438                              .5000
      459,658.61                          .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      6177444                              .3750
      630,000.00                          .0300
            6.8750                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6177474                              .5000
      387,689.72                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6177494                              .5000
      649,480.20                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6177522                              .5000
      445,634.42                          .0300
            7.0000                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6177610                              .5000
      375,813.74                          .0800
            7.3750                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6177628                              .5000
      499,609.95                          .0800
            7.2500                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6177684                              .3750
      380,000.00                          .0300
            6.8750                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6177694                              .5000
      353,594.41                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6177764                              .5000
      561,539.33                          .0300
            7.0000                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6177782                              .5000
      409,672.13                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6188268                              .2500
      201,150.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      6188292                              .2500
      223,000.00                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450

      6188300                              .2500
      255,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      6188304                              .2500
      139,650.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      6188306                              .2500
       47,220.64                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.5000                        1.5450

      6188386                              .2500
      275,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
1

      6188420                              .2500
      173,500.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      6188470                              .2500
      212,000.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      6188524                              .2500
      300,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      6189154                              .2500
      155,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6213180                              .2500
      275,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6213228                              .2500
      505,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6213256                              .2500
      142,500.00                          .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            6.5000                        1.2950

      6213288                              .2500
      368,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6213292                              .2500
      166,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6213300                              .2500
      326,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      6213340                              .2500
      171,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      6213344                              .2500
      170,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6213374                              .2500
      261,250.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      6213454                              .2500
      136,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450

      6213462                              .2500
      215,800.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      6213466                              .2500
      142,500.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700
1

      6213564                              .2500
      649,585.52                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      6236876                              .2500
      244,800.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      6236948                              .2500
      258,750.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6236986                              .2500
      595,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6237018                              .2500
      207,100.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6237024                              .2500
      147,250.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950

      6237076                              .2500
      274,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      6237178                              .2500
      252,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6243766                              .2500
      240,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6260962                              .2500
      208,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6262814                              .2500
      165,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.5000                         .9200

      6262976                              .2500
      191,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6264620                              .2500
      490,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      6264632                              .2500
      416,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      6264806                              .2500
      162,800.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.5000                        1.4200

      6264850                              .2500
      336,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      6264914                              .2500
      373,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      6264992                              .2500
      104,550.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      6286416                              .2500
      360,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6290818                              .2500
      148,500.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      6301790                              .2500
      372,999.39                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

      6319674                              .2500
      278,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6319730                              .2500
      216,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950
1

      6319838                              .2500
      166,000.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700

  TOTAL NUMBER OF LOANS:     1270
  TOTAL BALANCE........:        265,556,922.16

  RUN ON     : 11/26/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 09.59.43            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS17       FIXED SUMMARY REPORT      CUTOFF : 11/01/01
  POOL       : 0004554
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        7.5220            6.5000      9.1250
  RFC NET RATE                          7.2552            6.2500      8.8750
  NET MTG RATE(INVSTR RATE)             7.1761            6.2200      8.7950
  POST STRIP RATE                       6.4984            6.2200      6.5000
  SUB SERV FEE                           .2668             .2500      1.0000
  MSTR SERV FEE                          .0791             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .6776             .0000      2.2950

  TOTAL NUMBER OF LOANS:  1270
  TOTAL BALANCE........:     265,556,922.16

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 11/26/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 09.59.43          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS17                                 CUTOFF : 11/01/01
  POOL       : 0004554
             :
             :
  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 #
  ______________________________________________________________________________

    4290730          883/G02             F          184,000.00         ZZ
                                         240        183,343.48          1
                                       7.625          1,496.39         77
                                       7.375          1,496.39
    FORT MYERS       FL   33905          4            08/16/01         00
    0433198751                           05           10/01/01          0
    1TRIMMER                             O            09/01/21
    0

    4672779          994/G02             F          308,700.00         ZZ
                                         360        307,568.56          1
                                       7.625          2,184.96         36
                                       7.375          2,184.96
    OYSTER BAY COVE  NY   11771          5            05/21/01         00
    0433284122                           05           07/01/01          0
    1000227454                           O            06/01/31
    0

    4723506          E22/G02             F           54,800.00         T
                                         360         54,586.72          1
                                       8.250            411.69         80
                                       8.000            411.69
    APOPKA           FL   32712          1            04/30/01         00
    0412587941                           01           06/01/01          0
    0412587941                           O            05/01/31
    0

    4806184          994/G02             F          282,800.00         ZZ
                                         360        281,908.79          1
                                       8.375          2,149.48         70
                                       8.125          2,149.48
    ARLINGTON        VA   22207          2            05/29/01         00
    0433299492                           05           07/01/01          0
1

    918038465                            N            06/01/31
    0

    4816670          676/G02             F          281,600.00         ZZ
                                         360        280,836.58          1
                                       8.000          2,066.29         80
                                       7.750          2,066.29
    KULA             HI   96790          5            06/22/01         00
    0433304102                           05           08/01/01          0
    6001125740                           O            07/01/31
    0

    4840398          M66/G02             F           35,050.00         ZZ
                                         360         34,936.71          1
                                       8.250            263.32         95
                                       8.000            263.32
    MOUNT JOY        PA   17552          1            05/25/01         11
    0432972743                           01           07/01/01         30
    90500218                             O            06/01/31
    0

    4857583          742/G02             F           81,000.00         ZZ
                                         360         80,818.54          4
                                       7.500            566.36         90
                                       7.250            566.36
    BUFFALO          NY   14202          1            07/30/01         04
    0433129657                           05           09/01/01         25
    6387518                              O            08/01/31
    0

    4899074          E47/G02             F          321,500.00         ZZ
                                         360        320,583.50          1
                                       7.750          2,303.27         95
                                       7.500          2,303.27
    CERRITOS         CA   90703          2            06/20/01         12
    0432991636                           05           08/01/01         30
    7331013108                           O            07/01/31
    0

    4907152          W53/G02             F          159,200.00         ZZ
                                         360        158,980.16          1
                                       7.875          1,154.31         80
                                       7.625          1,154.31
    SARASOTA         FL   34241          1            08/06/01         00
    0433296860                           05           10/01/01          0
    7301011009                           O            09/01/31
    0

1

    4910144          742/G02             F           96,800.00         ZZ
                                         360         96,659.44          1
                                       7.625            685.14         80
                                       7.375            685.14
    RIDGEWOOD        NY   11385          1            08/17/01         00
    0433253739                           05           10/01/01          0
    01C2632                              O            09/01/31
    0

    4934901          286/286             F           27,000.00         ZZ
                                         360         26,888.85          1
                                       8.750            212.41         75
                                       8.500            212.41
    ANDERSON         IN   46016          5            03/28/01         00
    9825021                              05           05/01/01          0
    9825021                              N            04/01/31
    0

    4950390          U05/G02             F          124,000.00         ZZ
                                         360        123,637.60          1
                                       7.625            877.66         80
                                       7.375            877.66
    RICHARDS         TX   77873          5            06/18/01         00
    0433243623                           05           08/01/01          0
    3137203                              O            07/01/31
    0

    4954362          U05/G02             F          168,000.00         ZZ
                                         360        166,816.15          1
                                       8.250          1,262.13         80
                                       8.000          1,262.13
    LUBBOCK          TX   79410          5            06/25/01         00
    0433231321                           05           08/01/01          0
    3143308                              O            07/01/31
    0

    4955089          601/G02             F          229,300.00         ZZ
                                         360        228,975.27          1
                                       7.750          1,642.74         64
                                       7.500          1,642.74
    DENVER           CO   80209          2            08/13/01         00
    0433230299                           05           10/01/01          0
    60612835                             O            09/01/31
    0

    4956020          H37/G02             F          126,000.00         ZZ
                                         360        125,768.87          4
                                       8.500            969.00         90
                                       8.250            969.00
1

    SEASIDE HEIGHTS  NJ   08751          1            07/02/01         14
    0433268133                           05           09/01/01         25
    E0112852                             N            08/01/31
    0

    5001040          T68/G02             F          218,000.00         ZZ
                                         360        216,532.02          1
                                       8.250          1,637.76         75
                                       8.000          1,637.76
    LINDEN           AZ   85901          2            06/25/01         00
    0433270048                           05           08/01/01          0
    61678441S                            O            07/01/31
    0

    5001779          A50/G02             F           43,200.00         ZZ
                                         360         43,144.71          1
                                       8.250            324.55         90
                                       8.000            324.55
    AMERICUS         GA   31709          1            08/30/01         01
    0433218500                           05           10/01/01         25
    500979                               O            09/01/31
    0

    5002808          601/G02             F           50,000.00         ZZ
                                         360         49,890.74          1
                                       7.625            353.90         79
                                       7.375            353.90
    NIOTA            TN   37826          2            07/12/01         00
    0433052495                           05           09/01/01          0
    6066392                              N            08/01/31
    0

    5003133          601/G02             F           47,000.00         ZZ
                                         360         46,888.22          1
                                       7.625            332.67         77
                                       7.375            332.67
    NIOTA            TN   37826          2            07/12/01         00
    0433024783                           05           09/01/01          0
    60664026                             N            08/01/31
    0

    5019733          U42/G02             F           60,400.00         ZZ
                                         360         60,277.52          1
                                       8.000            443.19         80
                                       7.750            443.19
    SHERMAN          TX   75092          5            07/09/01         00
    0433260973                           05           09/01/01          0
    15100653                             O            08/01/31
    0
1

    5039992          T08/G02             F        1,000,000.00         ZZ
                                         360        997,703.19          1
                                       7.375          6,906.75         53
                                       7.125          6,906.75
    DULUTH           GA   30097          1            07/16/01         00
    0433233467                           03           09/01/01          0
    11017230                             O            08/01/31
    0

    5054563          E82/G02             F          239,500.00         ZZ
                                         360        238,764.27          1
                                       7.375          1,654.17         80
                                       7.125          1,654.17
    ASTORIA          NY   11105          2            06/27/01         00
    0400427159                           07           08/01/01          0
    0400427159                           O            07/01/31
    0

    5074097          994/G02             F          420,000.00         ZZ
                                         360        419,250.73          1
                                       8.625          3,266.72         70
                                       8.375          3,266.72
    UNION VALE       NY   12540          1            07/26/01         00
    0433283694                           05           09/01/01          0
    001999990181                         O            08/01/31
    0

    5074382          737/G02             F          192,000.00         ZZ
                                         360        191,747.97          4
                                       8.125          1,425.59         80
                                       7.875          1,425.59
    SNELLVILLE       GA   30078          1            08/20/01         00
    0433240405                           05           10/01/01          0
    2030378                              N            09/01/31
    0

    5079484          721/G02             F          212,000.00         ZZ
                                         360        211,410.63          1
                                       7.875          1,537.15         72
                                       7.625          1,537.15
    MESA             CO   81643          5            06/12/01         00
    0433267127                           05           08/01/01          0
    7884096517                           O            07/01/31
    0

    5087681          G52/G02             F          162,800.00         ZZ
                                         360        162,401.30          4
1

                                       8.500          1,251.79         95
                                       8.250          1,251.79
    HOUSTON          TX   77098          1            06/22/01         10
    0433242823                           05           08/01/01         30
    5705000072                           O            07/01/31
    0

    5090782          J95/J95             F          396,000.00         ZZ
                                         360        395,197.55          1
                                       8.000          2,905.71         80
                                       7.000          2,905.71
    RODANTHE         NC   27968          1            07/12/01         00
    18666065                             03           09/01/01          0
    18637546                             N            08/01/31
    0

    5094603          K89/G02             F          144,000.00         ZZ
                                         360        143,743.10          1
                                       8.625          1,120.02         90
                                       8.375          1,120.02
    MIAMI            FL   33175          1            07/06/01         10
    0433210358                           05           09/01/01         25
    200106101                            O            08/01/31
    0

    5099457          H37/G02             F          312,000.00         ZZ
                                         360        311,335.73          1
                                       7.750          2,235.00         80
                                       7.500          2,235.00
    CHARLTON         MA   01507          5            07/26/01         00
    0433123718                           05           09/01/01          0
    00273226                             O            08/01/31
    0

    5105273          U05/G02             F          558,750.00         ZZ
                                         360        557,617.75          1
                                       8.000          4,099.91         75
                                       7.750          4,099.91
    KERRVILLE        TX   78028          5            07/20/01         00
    0433247368                           05           09/01/01          0
    3141796                              O            08/01/31
    0

    5105946          U05/G02             F           80,000.00         ZZ
                                         360         79,845.92          1
                                       8.250            601.01         79
                                       8.000            601.01
    LUBBOCK          TX   79407          5            07/20/01         00
    0433231230                           05           09/01/01          0
1

    3134291                              O            08/01/31
    0

    5114038          601/G02             F          107,900.00         ZZ
                                         360        107,692.15          1
                                       8.250            810.62         90
                                       8.000            810.62
    PUEBLO           CO   81001          1            07/30/01         11
    0433246675                           05           09/01/01         25
    6070965                              O            08/01/31
    0

    5115713          601/G02             F           84,350.00         T
                                         360         84,179.05          1
                                       8.000            618.94         75
                                       7.750            618.94
    BLAIRSVILLE      GA   30512          5            08/07/01         00
    0433225521                           05           09/01/01          0
    6070251-1                            O            08/01/31
    0

    5125272          601/G02             F          273,000.00         ZZ
                                         360        272,572.77          2
                                       7.250          1,862.35         70
                                       7.000          1,862.35
    DENVER           CO   80203          2            08/10/01         00
    0433230570                           05           10/01/01          0
    6071681-8                            N            09/01/31
    0

    5132767          E22/G02             F           87,500.00         T
                                         360         87,283.58          1
                                       7.000            582.14         41
                                       6.750            582.14
    HARBOR SPRINGS   MI   49740          2            07/13/01         00
    0412755076                           20           09/01/01          0
    0412755076                           O            08/01/31
    0

    5132932          H37/G02             F          193,600.00         ZZ
                                         360        193,206.39          1
                                       8.000          1,421.00         80
                                       7.750          1,421.00
    TOM'S RIVER      NJ   08753          1            07/23/01         00
    0433238656                           05           09/01/01          0
    00273559                             O            08/01/31
    0

1

    5137236          601/G02             F          103,950.00         ZZ
                                         360        103,823.60          1
                                       8.500            799.29         90
                                       8.250            799.29
    KENNESAW         GA   30152          1            08/09/01         14
    0433222353                           05           10/01/01         25
    60719440                             O            09/01/31
    0

    5143249          601/G02             F          180,000.00         ZZ
                                         360        179,781.13          4
                                       8.500          1,384.05         90
                                       8.250          1,384.05
    DECATUR          GA   30032          2            08/10/01         14
    0433228046                           05           10/01/01         25
    60699188                             N            09/01/31
    0

    5146181          253/253             F          124,400.00         ZZ
                                         360        124,302.95          1
                                       7.250            848.63         78
                                       7.000            848.63
    PLANO            TX   75025          1            09/14/01         00
    9310                                 05           11/01/01          0
    9310                                 O            10/01/31
    0

    5146561          H22/G02             F          540,000.00         ZZ
                                         360        540,000.00          1
                                       7.500          3,775.76         77
                                       7.250          3,775.76
    SCARSDALE        NY   10583          5            09/27/01         00
    0433300241                           05           12/01/01          0
    0107009                              O            11/01/31
    0

    5153939          A50/G02             F          379,500.00         ZZ
                                         360        378,691.28          1
                                       7.750          2,718.78         64
                                       7.500          2,718.78
    PENSACOLA        FL   32506          5            07/21/01         00
    0433303252                           05           09/01/01          0
    442168                               O            08/01/31
    0

    5158968          822/G02             F           73,800.00         ZZ
                                         360         73,703.11          3
                                       8.125            547.97         90
                                       7.875            547.97
1

    PROVIDENCE       RI   02908          1            08/30/01         11
    0433255106                           05           10/01/01         25
    3806031894                           N            09/01/31
    0

    5162926          168/168             F           39,900.00         ZZ
                                         360         39,821.16          1
                                       8.125            296.26         51
                                       7.875            296.26
    CHURCHVILLE      NY   14428          1            07/02/01         00
    0059460318                           05           09/01/01          0
    0059460318                           O            08/01/31
    0

    5165021          601/G02             F          127,000.00         ZZ
                                         360        126,837.48          1
                                       8.250            954.11         72
                                       8.000            954.11
    SALIDA           CO   81201          5            07/27/01         00
    0433225406                           05           10/01/01          0
    60735651                             O            09/01/31
    0

    5166930          P01/G02             F           78,375.00         ZZ
                                         360         78,284.48          1
                                       8.750            616.58         95
                                       8.500            616.58
    SCHENECTADY      NY   12308          1            08/28/01         04
    0433235439                           05           10/01/01         30
    01005363                             O            09/01/31
    0

    5171319          601/G02             F           72,800.00         ZZ
                                         360         72,651.03          2
                                       8.000            534.19         80
                                       7.750            534.19
    NEW PORT RICHEY  FL   34652          1            07/30/01         00
    0433225224                           05           09/01/01          0
    60736832                             N            08/01/31
    0

    5172001          883/G02             F          187,300.00         ZZ
                                         360         35,095.84          1
                                       8.375          1,423.62         80
                                       8.125          1,423.62
    LOXAHATCHEE      FL   33470          1            07/10/01         00
    0433190469                           05           09/01/01          0
    00002493                             O            08/01/31
    0
1

    5177422          T68/G02             F           40,000.00         ZZ
                                         360         39,930.46          1
                                       8.750            314.68         80
                                       8.500            314.68
    BIRMINGHAM       AL   35211          5            07/26/01         00
    0433162872                           05           09/01/01          0
    63314250S                            N            08/01/31
    0

    5181195          742/G02             F           69,000.00         ZZ
                                         360         68,954.87          1
                                       8.125            512.32         75
                                       7.875            512.32
    BATAVIA          NY   14020          1            09/04/01         00
    0433226073                           05           11/01/01          0
    LN6427355                            O            10/01/31
    0

    5182915          601/G02             F          108,800.00         ZZ
                                         360        108,573.88          1
                                       7.875            788.88         80
                                       7.625            788.88
    ATLANTA          GA   30315          5            07/27/01         00
    0433230521                           05           09/01/01          0
    60719127                             O            08/01/31
    0

    5185238          883/G02             F          168,750.00         T
                                         360        168,645.10          1
                                       8.375          1,282.63         75
                                       8.125          1,282.63
    LOXAHATCHEE      FL   33470          2            09/11/01         00
    0433295631                           05           11/01/01          0
    0511184                              O            10/01/31
    0

    5187193          P01/G02             F           91,392.00         ZZ
                                         360         91,220.37          3
                                       8.375            694.65         90
                                       8.125            694.65
    NEW BRITAIN      CT   06051          1            08/01/01         04
    0433284395                           05           09/01/01         25
    01000416                             N            08/01/31
    0

    5190307          601/G02             F          211,400.00         ZZ
                                         360        210,949.48          1
1

                                       7.750          1,514.50         90
                                       7.500          1,514.50
    MARIETTA         GA   30068          1            07/27/01         10
    0433224904                           05           09/01/01         25
    60723285                             O            08/01/31
    0

    5194708          742/G02             F          256,000.00         ZZ
                                         360        255,454.43          2
                                       7.750          1,834.02         80
                                       7.500          1,834.02
    BELLE HARBOR     NY   11694          1            07/11/01         00
    0433102357                           05           09/01/01          0
    6380547                              O            08/01/31
    0

    5195591          F26/G02             F          172,000.00         ZZ
                                         360        171,638.82          1
                                       7.375          1,187.96         80
                                       7.125          1,187.96
    PUYALLUP         WA   98373          1            08/16/01         00
    0433210549                           05           10/01/01          0
    7142776507                           O            09/01/31
    0

    5203102          G52/G02             F          118,400.00         ZZ
                                         360        118,147.68          1
                                       7.750            848.23         80
                                       7.500            848.23
    LAGUNA NIGUEL    CA   92677          1            07/12/01         00
    0433304144                           01           09/01/01          0
    0205000853                           O            08/01/31
    0

    5203117          253/253             F          138,400.00         ZZ
                                         360        138,203.99          4
                                       7.750            991.52         80
                                       7.500            991.52
    AUSTIN           TX   78757          1            08/15/01         00
    977310                               05           10/01/01          0
    977310                               N            09/01/31
    0

    5205042          F19/G02             F          136,000.00         ZZ
                                         360        135,613.08          1
                                       8.875          1,082.08         80
                                       8.625          1,082.08
    WATSONVILLE      CA   95076          1            05/13/01         00
    0433129327                           05           07/01/01          0
1

    6793291                              O            06/01/31
    0

    5205047          G34/G02             F          112,000.00         ZZ
                                         360        111,841.39          1
                                       7.750            802.38         76
                                       7.500            802.38
    CERRITOS         CA   90703          5            08/22/01         00
    0433226883                           01           10/01/01          0
    7712071                              O            09/01/31
    0

    5213560          E11/G02             F          152,000.00         ZZ
                                         360        151,779.26          1
                                       7.625          1,075.85         84
                                       7.375          1,075.85
    MINNETRISTA      MN   55364          1            08/10/01         04
    0433266368                           05           10/01/01         12
    688406                               O            09/01/31
    0

    5214233          E84/G02             F          137,340.00         ZZ
                                         360        137,130.36          1
                                       7.375            948.57         80
                                       7.125            948.57
    BEND             OR   97702          1            08/03/01         00
    0433194768                           05           10/01/01          0
    61701564                             O            09/01/31
    0

    5216357          665/G02             F          377,000.00         ZZ
                                         360        375,812.93          1
                                       7.250          2,571.80         64
                                       7.000          2,571.80
    SCOTTS VALLEY    CA   95066          5            06/20/01         00
    0433012291                           05           08/01/01          0
    88101592                             O            07/01/31
    0

    5221325          U05/G02             F           86,250.00         ZZ
                                         360         86,127.85          1
                                       7.750            617.91         69
                                       7.500            617.91
    AUSTIN           TX   78745          5            08/02/01         00
    0433244910                           05           10/01/01          0
    3151662                              O            09/01/31
    0

1

    5222401          601/G02             F           53,200.00         ZZ
                                         360         53,135.29          2
                                       8.500            409.07         80
                                       8.250            409.07
    DALLAS           TX   75253          1            08/03/01         00
    0433226669                           05           10/01/01          0
    60746757                             N            09/01/31
    0

    5226254          253/253             F          504,000.00         ZZ
                                         360        503,230.62          1
                                       7.375          3,481.01         80
                                       7.125          3,481.01
    PARKER           TX   75002          5            08/03/01         00
    977544                               03           10/01/01          0
    977544                               O            09/01/31
    0

    5226299          588/G02             F          152,800.00         ZZ
                                         360        152,566.75          1
                                       7.375          1,055.35         80
                                       7.125          1,055.35
    RADNOR TOWNSHIP  PA   19010          1            08/07/01         00
    0433297686                           01           10/01/01          0
    1047080                              O            09/01/31
    0

    5228223          F89/G02             F          294,500.00         ZZ
                                         360        294,113.42          1
                                       8.125          2,186.65         95
                                       7.875          2,186.65
    CHINO            CA   91710          5            08/24/01         04
    0433172079                           05           10/01/01         35
    11112561                             O            09/01/31
    0

    5229752          664/G02             F           49,400.00         ZZ
                                         360         49,369.29          1
                                       8.375            375.48         90
                                       8.125            375.48
    FREEPORT         IL   61032          1            09/10/01         10
    0433259280                           05           11/01/01         25
    0008284036                           N            10/01/31
    0

    5230463          601/G02             F          260,000.00         ZZ
                                         360        259,640.95          2
                                       7.875          1,885.19         80
                                       7.625          1,885.19
1

    MINNEAPOLIS      MN   55408          1            08/15/01         00
    0433226446                           05           10/01/01          0
    60751443                             N            09/01/31
    0

    5232486          E84/G02             F          644,000.00         ZZ
                                         360        642,627.61          1
                                       7.750          4,613.69         70
                                       7.500          4,613.69
    WINNETKA         IL   60093          1            08/03/01         00
    0433184876                           05           09/01/01          0
    11208210                             N            08/01/31
    0

    5232596          W30/G02             F          156,800.00         ZZ
                                         360        156,609.34          2
                                       8.500          1,205.66         80
                                       8.250          1,205.66
    NASHUA           NH   03060          5            08/10/01         00
    0433312394                           05           10/01/01          0
    0482970                              N            09/01/31
    0

    5232653          313/G02             F           75,600.00         ZZ
                                         360         75,508.08          2
                                       8.500            581.30         70
                                       8.250            581.30
    DOUGLASVILLE     GA   30135          1            08/23/01         00
    0433207040                           05           10/01/01          0
    0008275182                           N            09/01/31
    0

    5232722          601/G02             F          436,000.00         ZZ
                                         360        435,469.85          1
                                       8.500          3,352.47         80
                                       8.250          3,352.47
    CLINTON          NJ   08809          1            08/20/01         00
    0433228368                           05           10/01/01          0
    60755055                             O            09/01/31
    0

    5234444          U05/G02             F          105,600.00         ZZ
                                         360        105,461.37          1
                                       8.125            784.08         80
                                       7.875            784.08
    KATY             TX   77450          5            08/13/01         00
    0433209145                           03           10/01/01          0
    3157341                              O            09/01/31
    0
1

    5235496          601/G02             F           71,500.00         ZZ
                                         360         71,401.26          1
                                       7.875            518.43         65
                                       7.625            518.43
    LAMPE            MO   65681          5            08/15/01         00
    0433222841                           05           10/01/01          0
    60751260                             O            09/01/31
    0

    5240899          601/G02             F          141,300.00         ZZ
                                         360        141,128.18          4
                                       8.500          1,086.48         90
                                       8.250          1,086.48
    SAN ANTONIO      TX   78250          1            08/21/01         14
    0433224045                           05           10/01/01         25
    60760626                             N            09/01/31
    0

    5242957          U05/G02             F           97,500.00         ZZ
                                         360         97,432.90          1
                                       7.875            706.94         60
                                       7.625            706.94
    SACRAMENTO       CA   95826          5            08/31/01         00
    0433281474                           05           11/01/01          0
    3158257                              N            10/01/31
    0

    5246746          601/G02             F          118,800.00         ZZ
                                         360        118,640.05          1
                                       8.000            871.71         90
                                       7.750            871.71
    SAINT LOUIS      MO   63144          1            08/10/01         11
    0433225299                           05           10/01/01         25
    60755477                             O            09/01/31
    0

    5247350          601/G02             F           60,000.00         ZZ
                                         360         59,908.40          1
                                       7.375            414.41         67
                                       7.125            414.41
    BROKEN ARROW     OK   74012          5            08/07/01         00
    0433233210                           05           10/01/01          0
    60669355                             N            09/01/31
    0

    5248542          696/G02             F          101,600.00         ZZ
                                         360        101,394.13          1
1

                                       8.000            745.50         80
                                       7.750            745.50
    CHEVY CHASE      MD   20815          1            07/30/01         00
    0433032026                           01           09/01/01          0
    31101152                             O            08/01/31
    0

    5249160          E40/G02             F          115,830.00         ZZ
                                         360        115,830.00          1
                                       7.875            839.85         90
                                       7.625            839.85
    WOBURN           MA   01801          1            10/02/01         01
    0433307527                           01           12/01/01         25
    200101587                            O            11/01/31
    0

    5250691          601/G02             F           72,000.00         ZZ
                                         360         71,907.84          1
                                       8.250            540.92         90
                                       8.000            540.92
    CANTON           NC   28716          1            08/20/01         11
    0433224938                           05           10/01/01         25
    60764065                             O            09/01/31
    0

    5257930          601/G02             F          398,450.00         ZZ
                                         360        397,885.73          1
                                       7.750          2,854.55         80
                                       7.500          2,854.55
    ATLANTA          GA   30318          1            08/15/01         00
    0433227410                           05           10/01/01          0
    6076993-2                            O            09/01/31
    0

    5258485          601/G02             F          138,400.00         ZZ
                                         360        138,203.99          1
                                       7.750            991.52         80
                                       7.500            991.52
    LOVELAND         CO   80538          1            08/13/01         00
    0433225497                           05           10/01/01          0
    60749702                             N            09/01/31
    0

    5260373          U05/G02             F          184,000.00         ZZ
                                         360        183,870.13          1
                                       7.750          1,318.20         80
                                       7.500          1,318.20
    SACRAMENTO       CA   95823          1            09/18/01         00
    0433242005                           05           11/01/01          0
1

    3163710                              O            10/01/31
    0

    5265841          588/G02             F          272,000.00         ZZ
                                         360        271,614.82          1
                                       7.750          1,948.64         80
                                       7.500          1,948.64
    TABERNACLE TOWN  NJ   08088          1            08/17/01         00
    0433313913                           05           10/01/01          0
    1047012                              O            09/01/31
    0

    5270040          B57/G02             F          437,000.00         ZZ
                                         360        436,675.68          1
                                       7.500          3,055.57         79
                                       7.250          3,055.57
    LOS ANGELES      CA   90045          1            09/14/01         00
    0433276318                           05           11/01/01          0
    2116274                              O            10/01/31
    0

    5273945          E84/G02             F          588,000.00         ZZ
                                         360        587,079.83          1
                                       7.250          4,011.20         70
                                       7.000          4,011.20
    GYPSUM           CO   81637          5            08/10/01         00
    0433184009                           03           10/01/01          0
    81060671                             O            09/01/31
    0

    5276017          601/G02             F           46,800.00         ZZ
                                         360         46,743.08          2
                                       8.500            359.86         90
                                       8.250            359.86
    SAINT JOSEPH     MO   64506          1            08/14/01         11
    0433224011                           05           10/01/01         25
    60753936                             N            09/01/31
    0

    5277292          B57/G02             F          160,000.00         ZZ
                                         360        159,865.58          1
                                       6.875          1,051.09         80
                                       6.625          1,051.09
    WATERFORD        CA   95386          5            09/05/01         00
    0433225216                           05           11/01/01          0
    2115880                              O            10/01/31
    0

1

    5278859          700/G02             F          333,750.00         ZZ
                                         360        333,489.65          1
                                       7.250          2,276.76         75
                                       7.000          2,276.76
    SHERMAN OAKS     CA   91423          5            09/01/01         00
    0433231347                           05           11/01/01          0
    00261005                             O            10/01/31
    0

    5280929          700/G02             F          328,000.00         ZZ
                                         360        327,535.51          1
                                       7.750          2,349.83         80
                                       7.500          2,349.83
    OAKLAND          CA   94609          5            08/27/01         00
    0433242815                           05           10/01/01          0
    00260949                             O            09/01/31
    0

    5281194          S11/G02             F          106,300.00         T
                                         360        106,137.72          1
                                       7.375            734.19         80
                                       7.125            734.19
    SPRING LAKE      MI   49456          1            08/30/01         00
    0433218906                           05           10/01/01          0
    10204038                             O            09/01/31
    0

    5283980          940/G02             F          177,600.00         ZZ
                                         360        177,341.80          1
                                       7.625          1,257.04         80
                                       7.375          1,257.04
    RANCHO CUCAMONG  CA   91701          5            08/13/01         00
    0433239787                           05           10/01/01          0
    23010178                             O            09/01/31
    0

    5286395          742/G02             F          207,920.00         ZZ
                                         360        207,773.26          1
                                       7.750          1,489.56         80
                                       7.500          1,489.56
    GARDINER         NY   12525          1            09/21/01         00
    0433254968                           05           11/01/01          0
    6435911                              O            10/01/31
    0

    5287829          E22/G02             F           98,000.00         ZZ
                                         360         97,862.81          1
                                       8.125            727.65         84
                                       7.875            727.65
1

    KAWKAWLIN        MI   48631          2            08/03/01         01
    0412803116                           27           10/01/01         12
    0412803116                           O            09/01/31
    0

    5287882          E22/G02             F          118,500.00         ZZ
                                         360        118,323.57          1
                                       7.500            828.57         75
                                       7.250            828.57
    NEW CASTLE       CO   81647          5            08/03/01         00
    0412885063                           05           10/01/01          0
    0412885063                           O            09/01/31
    0

    5291083          601/G02             F           56,250.00         ZZ
                                         360         56,179.81          1
                                       8.375            427.55         75
                                       8.125            427.55
    PETERSBURG       VA   23803          5            08/17/01         00
    0433224912                           05           10/01/01          0
    60756210                             N            09/01/31
    0

    5293107          G34/G02             F          199,200.00         ZZ
                                         360        198,945.09          4
                                       8.250          1,496.52         80
                                       8.000          1,496.52
    RANCHO CUCAMONG  CA   91701          1            08/17/01         00
    0433234739                           05           10/01/01          0
    77118701                             N            09/01/31
    0

    5296176          601/G02             F           88,000.00         ZZ
                                         360         87,884.47          1
                                       8.125            653.40         80
                                       7.875            653.40
    STILLWATER       OK   74074          5            08/27/01         00
    0433223823                           05           10/01/01          0
    60763497                             O            09/01/31
    0

    5297222          G34/G02             F          131,000.00         ZZ
                                         360        130,804.95          1
                                       7.500            915.97         66
                                       7.250            915.97
    COVINA           CA   91724          5            08/15/01         00
    0433224953                           07           10/01/01          0
    77121808                             O            09/01/31
    0
1

    5298474          U05/G02             F          102,000.00         ZZ
                                         360        101,803.53          1
                                       8.250            766.29         68
                                       8.000            766.29
    SUNRISE BEACH    TX   78643          5            07/26/01         00
    0433245032                           05           09/01/01          0
    3135886                              O            08/01/31
    0

    5299328          700/G02             F          148,000.00         T
                                         360        147,790.41          1
                                       7.750          1,060.29         80
                                       7.500          1,060.29
    GRAND TERRACE    CA   92313          1            08/29/01         00
    0433242484                           05           10/01/01          0
    00261068                             O            09/01/31
    0

    5299636          664/G02             F           41,000.00         ZZ
                                         360         40,973.86          1
                                       8.250            308.02         28
                                       8.000            308.02
    RIVER GROVE      IL   60171          5            08/15/01         00
    0433281151                           08           11/01/01          0
    0008304347                           O            10/01/31
    0

    5305225          737/G02             F          215,000.00         ZZ
                                         360        214,866.36          1
                                       8.375          1,634.16         84
                                       8.125          1,634.16
    LYONS            IL   60534          5            09/08/01         12
    0433258704                           05           11/01/01         12
    2035322                              O            10/01/31
    0

    5305735          168/168             F          365,000.00         ZZ
                                         360        364,241.47          1
                                       7.875          2,646.50         56
                                       7.625          2,646.50
    BROOKLYN         NY   11235          5            07/09/01         00
    0059425687                           05           09/01/01          0
    0059425687                           O            08/01/31
    0

    5307980          601/G02             F          235,000.00         ZZ
                                         360        234,650.09          1
1

                                       7.500          1,643.16         77
                                       7.250          1,643.16
    TOWACO           NJ   07082          5            08/20/01         00
    0433226016                           05           10/01/01          0
    60737517                             O            09/01/31
    0

    5311816          168/168             F          142,500.00         ZZ
                                         360        142,211.25          1
                                       8.000          1,045.61         75
                                       7.750          1,045.61
    HAMPTON BAYS     NY   11946          5            07/25/01         00
    0059432225                           05           09/01/01          0
    0059432225                           O            08/01/31
    0

    5313045          742/G02             F          329,000.00         ZZ
                                         360        328,755.83          2
                                       7.500          2,300.42         41
                                       7.250          2,300.42
    STATEN ISLAND    NY   10309          5            08/31/01         00
    0433239779                           05           11/01/01          0
    01C3170                              O            10/01/31
    0

    5332288          737/G02             F          220,500.00         ZZ
                                         360        220,359.40          2
                                       8.250          1,656.54         90
                                       8.000          1,656.54
    CHICAGO          IL   60618          1            09/21/01         12
    0433285624                           05           11/01/01         25
    2034942                              N            10/01/31
    0

    5336628          601/G02             F          146,228.00         ZZ
                                         360        146,031.11          1
                                       8.000          1,072.97         90
                                       7.750          1,072.97
    BRIGHTON         CO   80601          1            08/20/01         14
    0433232246                           03           10/01/01         25
    60758315                             O            09/01/31
    0

    5336788          E11/G02             F          189,000.00         ZZ
                                         360        188,869.93          3
                                       7.875          1,370.38         90
                                       7.625          1,370.38
    ST PAUL          MN   55103          1            09/24/01         04
    0433254935                           05           11/01/01         25
1

    0008001034211                        N            10/01/31
    0

    5340179          F44/G02             F          333,000.00         ZZ
                                         360        332,573.86          1
                                       8.250          2,501.72         90
                                       8.000          2,501.72
    SAN DIEGO        CA   92130          5            08/24/01         10
    0433288537                           05           10/01/01         25
    222054                               O            09/01/31
    0

    5342686          588/G02             F          110,500.00         ZZ
                                         360        110,422.01          1
                                       7.750            791.64         85
                                       7.500            791.64
    NEW CASTLE       DE   19720          1            09/25/01         04
    0433267531                           05           11/01/01         12
    00010437035                          O            10/01/31
    0

    5343802          W53/G02             F          204,000.00         ZZ
                                         360        203,758.25          2
                                       8.625          1,586.69         80
                                       8.375          1,586.69
    NYACK            NY   10960          5            08/15/01         00
    0433243003                           05           10/01/01          0
    5000625100                           O            09/01/31
    0

    5345311          664/G02             F          382,500.00         ZZ
                                         360        382,256.09          1
                                       8.250          2,873.60         90
                                       8.000          2,873.60
    SALEM            NH   03079          5            09/28/01         11
    0433308475                           05           11/01/01         25
    0008298911                           O            10/01/31
    0

    5347842          E44/G02             F          105,000.00         ZZ
                                         360        104,858.63          1
                                       8.000            770.45         83
                                       7.750            770.45
    WEST WENDOVER    NV   89883          2            08/23/01         10
    0433220068                           05           10/01/01         12
    55010203                             O            09/01/31
    0

1

    5348038          H58/G02             F           70,400.00         ZZ
                                         360         70,300.32          1
                                       7.750            504.35         80
                                       7.500            504.35
    DELHI            CA   95315          1            08/20/01         00
    0433214343                           05           10/01/01          0
    0000074265                           O            09/01/31
    0

    5348691          E23/G02             F          375,000.00         ZZ
                                         360        374,441.66          1
                                       7.500          2,622.05         71
                                       7.250          2,622.05
    EL GRANADA       CA   94018          5            08/23/01         00
    0433257169                           05           10/01/01          0
    51007048                             O            09/01/31
    0

    5349063          F89/G02             F          258,750.00         ZZ
                                         360        258,553.11          1
                                       7.375          1,787.12         90
                                       7.125          1,787.12
    SUN CITY         CA   92585          1            09/14/01         04
    0433255197                           03           11/01/01         25
    12465                                O            10/01/31
    0

    5350248          T44/G02             F          180,000.00         ZZ
                                         360        179,731.99          1
                                       7.500          1,258.59         75
                                       7.250          1,258.59
    GRASS VALLEY     CA   95945          5            08/29/01         00
    0433227055                           05           10/01/01          0
    1019497                              O            09/01/31
    0

    5352572          136/136             F          276,000.00         ZZ
                                         360        275,411.82          1
                                       7.750          1,977.30         80
                                       7.500          1,977.30
    ROXBURY TOWNSHI  NJ   07876          1            07/30/01         00
    4641070                              05           09/01/01          0
    4641070                              O            08/01/31
    0

    5354444          U05/G02             F          102,000.00         ZZ
                                         360        101,914.31          1
                                       6.875            670.07         80
                                       6.625            670.07
1

    SUGARLAND        TX   77479          5            09/20/01         00
    0433292349                           05           11/01/01          0
    3158667                              O            10/01/31
    0

    5356309          R68/G02             F           76,000.00         ZZ
                                         360         75,886.85          1
                                       7.500            531.40         80
                                       7.250            531.40
    TAMARAC          FL   33319          1            08/30/01         00
    0433191145                           01           10/01/01          0
    1                                    O            09/01/31
    0

    5358022          A48/G02             F          259,000.00         ZZ
                                         360        258,623.89          1
                                       7.625          1,833.19         70
                                       7.375          1,833.19
    FREMONT          CA   94538          5            08/20/01         00
    0433233970                           05           10/01/01          0
    8111015336                           O            09/01/31
    0

    5361387          G52/G02             F          222,400.00         ZZ
                                         360        221,937.83          1
                                       7.875          1,612.55         80
                                       7.625          1,612.55
    SAN DIEGO        CA   92116          1            07/27/01         00
    0433311529                           05           09/01/01          0
    7600000033                           O            08/01/31
    0

    5361573          G52/G02             F           74,400.00         ZZ
                                         360         74,270.63          2
                                       8.750            585.31         70
                                       8.500            585.31
    SAN DIEGO        CA   92116          1            07/27/01         00
    0433324415                           05           09/01/01          0
    7600000034                           N            08/01/31
    0

    5364029          E86/G02             F          128,250.00         ZZ
                                         360        128,090.02          3
                                       8.375            974.79         95
                                       8.125            974.79
    CHICAGO          IL   60612          1            08/31/01         04
    0433243185                           05           10/01/01         30
    137815                               O            09/01/31
    0
1

    5366126          601/G02             F          109,800.00         ZZ
                                         360        109,663.03          4
                                       8.375            834.56         90
                                       8.125            834.56
    TAMPA            FL   33613          1            08/28/01         14
    0433232550                           05           10/01/01         25
    60800836                             N            09/01/31
    0

    5369084          U62/G02             F           49,800.00         ZZ
                                         360         49,726.25          1
                                       7.750            356.77         69
                                       7.500            356.77
    PENNSAUKEN       NJ   08110          2            08/27/01         00
    0433164894                           05           10/01/01          0
    2001265743                           O            09/01/31
    0

    5369254          U53/G02             F          133,200.00         ZZ
                                         360        133,005.97          1
                                       7.625            942.78         90
                                       7.375            942.78
    TIONESTA         PA   16353          5            08/15/01         04
    0400450169                           05           10/01/01         25
    0400450169                           O            09/01/31
    0

    5370218          601/G02             F          101,200.00         ZZ
                                         360        101,056.68          1
                                       7.750            725.01         80
                                       7.500            725.01
    ATLANTA          GA   30316          1            08/30/01         00
    0433226065                           05           10/01/01          0
    60803541                             N            09/01/31
    0

    5370917          562/G02             F           69,000.00         ZZ
                                         360         68,913.92          1
                                       8.375            524.45         75
                                       8.125            524.45
    POUGHKEEPSIE     NY   12601          1            08/27/01         00
    0433234424                           05           10/01/01          0
    297024706                            N            09/01/31
    0

    5373899          E22/G02             F           60,800.00         ZZ
                                         360         60,709.48          1
1

                                       7.500            425.12         80
                                       7.250            425.12
    DENVER           CO   80231          5            08/17/01         00
    0412936429                           01           10/01/01          0
    0412936429                           N            09/01/31
    0

    5374944          E47/G02             F           90,400.00         ZZ
                                         360         90,275.17          1
                                       7.875            655.46         80
                                       7.625            655.46
    WOODBRIDGE       VA   22193          1            08/23/01         00
    0433251386                           05           10/01/01          0
    7339510272                           N            09/01/31
    0

    5375734          163/G02             F          150,000.00         ZZ
                                         360        149,888.67          1
                                       7.500          1,048.83         40
                                       7.250          1,048.83
    BAY SHORE        NY   11706          5            08/30/01         00
    0433291887                           03           11/01/01          0
    1000272869                           O            10/01/31
    0

    5375809          G52/G02             F          199,500.00         ZZ
                                         360        199,146.66          1
                                       7.000          1,327.28         95
                                       6.750          1,327.28
    SYRACUSE         UT   84075          5            08/01/01         10
    0433106903                           05           10/01/01         30
    7705000265                           O            09/01/31
    0

    5376527          F26/G02             F           82,500.00         ZZ
                                         360         82,377.17          1
                                       7.500            576.85         75
                                       7.250            576.85
    MOUNT VERNON     WA   98273          1            08/22/01         00
    0433220555                           05           10/01/01          0
    7142776605                           N            09/01/31
    0

    5376571          950/G02             F          100,000.00         ZZ
                                         360         99,868.72          1
                                       8.125            742.50         41
                                       7.875            742.50
    KIRKLAND         WA   98034          5            08/22/01         00
    0433252905                           05           10/01/01          0
1

    E0108004                             N            09/01/31
    0

    5377260          P44/G02             F          152,700.00         ZZ
                                         360        152,700.00          3
                                       8.000          1,120.46         95
                                       7.750          1,120.46
    WORCESTER        MA   01604          1            10/19/01         10
    0433331428                           05           12/01/01         30
    1                                    O            11/01/31
    0

    5377501          E46/G02             F          448,000.00         ZZ
                                         360        447,650.52          1
                                       7.250          3,056.15         80
                                       7.000          3,056.15
    NEW HOPE         PA   18938          1            10/01/01         00
    0433258035                           05           11/01/01          0
    00504896                             O            10/01/31
    0

    5377766          286/286             F           48,450.00         ZZ
                                         360         48,286.26          1
                                       8.375            368.26         85
                                       8.125            368.26
    DERBY            KS   67037          1            07/09/01         11
    434595                               05           09/01/01         12
    434595                               N            08/01/31
    0

    5378218          E44/G02             F           36,000.00         ZZ
                                         360         35,953.92          1
                                       8.250            270.46         80
                                       8.000            270.46
    BRIGHAM CITY     UT   84302          1            08/23/01         00
    0433190840                           05           10/01/01          0
    58010275                             N            09/01/31
    0

    5379156          M66/G02             F           40,000.00         ZZ
                                         360         39,951.35          1
                                       8.500            307.57         80
                                       8.250            307.57
    YORK             PA   17404          5            08/23/01         00
    0433161965                           05           10/01/01          0
    215734                               N            09/01/31
    0

1

    5380378          700/G02             F          358,150.00         ZZ
                                         360        357,877.48          1
                                       7.375          2,473.65         95
                                       7.000          2,473.65
    LOS ANGELES      CA   90008          1            09/25/01         01
    0433283827                           05           11/01/01         30
    00261697                             O            10/01/31
    0

    5382408          601/G02             F          225,000.00         ZZ
                                         360        224,856.53          1
                                       8.250          1,690.35         75
                                       8.000          1,690.35
    EDISON           NJ   08820          5            09/21/01         00
    0433223740                           05           11/01/01          0
    6079732-1                            N            10/01/31
    0

    5385031          E22/G02             F           56,000.00         ZZ
                                         360         55,918.69          1
                                       7.625            396.36         68
                                       7.375            396.36
    SLIDELL          LA   70458          2            08/15/01         00
    0412921074                           05           10/01/01          0
    0412921074                           O            09/01/31
    0

    5385625          G52/G02             F          100,000.00         ZZ
                                         360         99,881.50          1
                                       8.625            777.79         80
                                       8.375            777.79
    LA PUENTE        CA   91744          1            08/01/01         00
    0433290483                           05           10/01/01          0
    8915000162                           N            09/01/31
    0

    5386016          737/G02             F          415,000.00         ZZ
                                         360        414,412.29          1
                                       7.750          2,973.12         76
                                       7.500          2,973.12
    HERNDON          VA   20170          5            08/28/01         00
    0433319191                           05           10/01/01          0
    599752                               O            09/01/31
    0

    5386049          U19/G02             F           55,200.00         ZZ
                                         360         55,131.14          1
                                       8.375            419.56         80
                                       8.125            419.56
1

    GOLDEN           CO   80401          1            08/27/01         00
    0433262433                           01           10/01/01          0
    01080060                             N            09/01/31
    0

    5389042          L94/G02             F          372,000.00         ZZ
                                         360        371,709.80          1
                                       7.250          2,537.70         80
                                       7.000          2,537.70
    SALT LAKE CITY   UT   84124          5            09/07/01         00
    0433259330                           05           11/01/01          0
    1000005173                           O            10/01/31
    0

    5391241          H22/G02             F          216,000.00         ZZ
                                         360        215,847.55          1
                                       7.750          1,547.45         90
                                       7.500          1,547.45
    ASTORIA          NY   11105          1            09/20/01         10
    0433238912                           05           11/01/01         25
    0108023                              O            10/01/31
    0

    5391297          G52/G02             F          108,000.00         ZZ
                                         360        107,921.83          1
                                       7.625            764.42         80
                                       7.375            764.42
    MIRA LOMA        CA   91752          5            08/27/01         00
    0433315967                           05           10/01/01          0
    8905001647                           O            09/01/31
    0

    5392690          N47/G02             F          100,000.00         ZZ
                                         360         99,925.79          1
                                       7.500            699.21         76
                                       7.250            699.21
    SANTEE           CA   92071          5            09/25/01         00
    0433287711                           01           11/01/01          0
    30111481                             O            10/01/31
    0

    5393331          253/253             F          163,000.00         ZZ
                                         360        162,751.16          1
                                       7.375          1,125.81         78
                                       7.125          1,125.81
    DALLAS           TX   75218          5            08/27/01         00
    979109                               05           10/01/01          0
    979109                               O            09/01/31
    0
1

    5394535          830/G02             F           55,200.00         ZZ
                                         360         55,121.83          1
                                       7.750            395.46         80
                                       7.500            395.46
    ROBBINS          IL   60472          5            08/28/01         00
    0433259462                           05           10/01/01          0
    54589                                O            09/01/31
    0

    5396325          601/G02             F          250,000.00         ZZ
                                         360        249,654.77          1
                                       7.875          1,812.68         76
                                       7.625          1,812.68
    DULUTH           GA   30097          1            08/30/01         00
    0433223179                           03           10/01/01          0
    60800786                             O            09/01/31
    0

    5398099          E47/G02             F          395,900.00         ZZ
                                         360        395,339.34          1
                                       7.750          2,836.28         90
                                       7.500          2,836.28
    SPRING           TX   77379          1            08/31/01         11
    0433269941                           05           10/01/01         25
    7323011361                           O            09/01/31
    0

    5398232          F61/G02             F           60,000.00         ZZ
                                         360         59,923.22          2
                                       8.250            450.76         24
                                       8.000            450.76
    SEATTLE          WA   98133          5            08/23/01         00
    0433258605                           05           10/01/01          0
    011191S                              N            09/01/31
    0

    5398468          144/144             F          275,000.00         ZZ
                                         360        274,569.66          1
                                       7.250          1,875.98         69
                                       7.000          1,875.98
    OSSINING         NY   10562          5            08/28/01         00
    160672279                            05           10/01/01          0
    160672279                            O            09/01/31
    0

    5400394          L94/G02             F          360,000.00         ZZ
                                         360        359,719.17          1
1

                                       7.250          2,455.83         80
                                       7.000          2,455.83
    SALT LAKE CITY   UT   84108          1            09/18/01         00
    0433255288                           05           11/01/01          0
    1000005285                           O            10/01/31
    0

    5402254          X16/G02             F           69,920.00         ZZ
                                         360         69,832.78          1
                                       8.375            531.44         80
                                       8.125            531.44
    NEW ALEXANDRIA   PA   15670          1            08/16/01         00
    0433290863                           27           10/01/01          0
    0010067356                           N            09/01/31
    0

    5405620          601/G02             F           94,600.00         ZZ
                                         360         94,534.89          2
                                       7.875            685.92         90
                                       7.625            685.92
    CONESTOGA        PA   17516          1            09/17/01         11
    0433224094                           05           11/01/01         25
    6077247-2                            N            10/01/31
    0

    5406026          Q57/G02             F          152,000.00         ZZ
                                         360        151,633.18          1
                                       7.125          1,024.05         80
                                       6.875          1,024.05
    INDIO            CA   92201          5            07/25/01         00
    0433210952                           05           09/01/01          0
    40700072                             O            08/01/31
    0

    5407393          E22/G02             F          108,000.00         ZZ
                                         360        107,839.20          1
                                       7.500            755.15         80
                                       7.250            755.15
    KOUNTZE          TX   77625          5            08/03/01         00
    0412817421                           05           10/01/01          0
    0412817421                           O            09/01/31
    0

    5407403          E22/G02             F           45,600.00         ZZ
                                         360         45,537.03          1
                                       7.875            330.63         80
                                       7.625            330.63
    MCINTOSH         AL   36553          5            08/17/01         00
    0412844102                           05           10/01/01          0
1

    0412844102                           O            09/01/31
    0

    5407417          E22/G02             F          108,800.00         ZZ
                                         360        108,638.00          1
                                       7.500            760.75         80
                                       7.250            760.75
    SUGAR LAND       TX   77479          5            08/17/01         00
    0412876807                           03           10/01/01          0
    0412876807                           O            09/01/31
    0

    5407467          E22/G02             F           68,000.00         ZZ
                                         360         67,903.72          1
                                       7.750            487.16         62
                                       7.500            487.16
    MARBLE FALLS     TX   78654          5            08/17/01         00
    0412922130                           03           10/01/01          0
    0412922130                           O            09/01/31
    0

    5408310          A50/G02             F           40,500.00         ZZ
                                         360         40,473.51          3
                                       8.125            300.71         90
                                       7.875            300.71
    COLUMBUS         GA   31903          1            09/14/01         10
    0433258290                           05           11/01/01         25
    491989                               N            10/01/31
    0

    5409893          U42/G02             F          570,000.00         ZZ
                                         360        569,151.32          1
                                       7.500          3,985.52         75
                                       7.250          3,985.52
    FORT WORTH       TX   76107          5            08/27/01         00
    0433313822                           05           10/01/01          0
    33100038                             O            09/01/31
    0

    5410069          994/G02             F          543,750.00         ZZ
                                         360        542,919.95          1
                                       7.375          3,755.55         75
                                       7.125          3,755.55
    ALISO VIEJO      CA   92656          5            08/23/01         00
    0433236239                           05           10/01/01          0
    618418469                            O            09/01/31
    0

1

    5410536          U62/G02             F          212,800.00         ZZ
                                         360        212,297.50          1
                                       7.750          1,524.53         95
                                       7.500          1,524.53
    STATEN ISLAND    NY   10312          5            08/10/01         04
    0433105988                           05           10/01/01         30
    2001261266                           O            09/01/31
    0

    5411372          U05/G02             F           86,950.00         ZZ
                                         360         86,876.95          1
                                       6.875            571.20         80
                                       6.625            571.20
    KINGWOOD         TX   77339          5            09/10/01         00
    0433224722                           03           11/01/01          0
    3162002                              O            10/01/31
    0

    5412150          E76/G02             F          105,500.00         ZZ
                                         360        105,322.23          1
                                       6.875            693.06         79
                                       6.625            693.06
    BRADLEY          AR   71826          2            08/28/01         00
    0433228293                           05           10/01/01          0
    10007490                             O            09/01/31
    0

    5412232          M66/G02             F           84,960.00         ZZ
                                         360         84,839.67          2
                                       7.750            608.67         80
                                       7.500            608.67
    SCRANTON         PA   18509          5            08/27/01         00
    0433264322                           05           10/01/01          0
    216093                               O            09/01/31
    0

    5414398          T90/G02             F          116,600.00         ZZ
                                         360        116,509.04          1
                                       7.250            795.42         78
                                       7.000            795.42
    HICO             TX   76457          2            09/24/01         00
    0433290145                           05           11/01/01          0
    56536                                O            10/01/31
    0

    5414678          A46/G02             F           40,000.00         ZZ
                                         360         39,940.43          1
                                       7.500            279.69         50
                                       7.250            279.69
1

    AUSTIN           TX   78721          1            08/10/01         00
    0433235306                           05           10/01/01          0
    0711832                              N            09/01/31
    0

    5416703          U05/G02             F           30,400.00         ZZ
                                         360         30,359.08          1
                                       8.000            223.06         80
                                       7.750            223.06
    ALAMO            TX   78516          5            08/06/01         00
    0433165123                           05           10/01/01          0
    3146349                              O            09/01/31
    0

    5417788          U05/G02             F           61,200.00         ZZ
                                         360         61,123.67          1
                                       8.375            465.16         80
                                       8.125            465.16
    SPRING           TX   77373          5            08/29/01         00
    0433189412                           03           10/01/01          0
    3162721                              O            09/01/31
    0

    5418119          H76/G02             F          400,000.00         ZZ
                                         360        400,000.00          3
                                       7.875          2,900.28         89
                                       7.625          2,900.28
    FLUSHING         NY   11372          2            09/28/01         01
    0433287679                           05           12/01/01         25
    2001395937                           O            11/01/31
    0

    5418211          738/G02             F          140,000.00         ZZ
                                         360        139,903.65          1
                                       7.875          1,015.10         80
                                       7.625          1,015.10
    ATLANTA          GA   30329          1            09/07/01         00
    0433298288                           05           11/01/01          0
    5876398                              N            10/01/31
    0

    5418366          W17/G02             F          157,050.00         ZZ
                                         360        156,849.03          1
                                       8.250          1,179.86         90
                                       8.000          1,179.86
    PEMBROKE PINES   FL   33028          1            08/21/01         01
    0433209566                           03           10/01/01         25
    990670                               O            09/01/31
    0
1

    5420375          950/G02             F          194,200.00         ZZ
                                         360        193,938.53          3
                                       8.000          1,424.97         80
                                       7.750          1,424.97
    PORTLAND         OR   97266          1            08/29/01         00
    0433252889                           05           10/01/01          0
    Y2108022                             N            09/01/31
    0

    5422746          N74/G02             F          193,500.00         ZZ
                                         360        193,337.43          1
                                       6.875          1,271.16         80
                                       6.625          1,271.16
    ROUND ROCK       TX   78681          5            08/29/01         00
    0433244001                           05           11/01/01          0
    0029270010                           O            10/01/31
    0

    5424177          664/G02             F          140,250.00         ZZ
                                         360        140,160.56          1
                                       8.250          1,053.66         84
                                       8.000          1,053.66
    BERWYN           IL   60402          5            09/18/01         01
    0433298981                           05           11/01/01         12
    0008274094                           O            10/01/31
    0

    5424381          737/G02             F           58,050.00         ZZ
                                         360         58,013.92          4
                                       8.375            441.22         90
                                       8.125            441.22
    ST LOUIS         MO   63111          1            09/19/01         12
    0433298148                           05           11/01/01         25
    2035869                              N            10/01/31
    0

    5425419          883/G02             F           78,300.00         ZZ
                                         360         78,183.43          1
                                       7.500            547.48         90
                                       7.250            547.48
    MADISON          TN   37115          1            08/31/01         14
    0433234176                           05           10/01/01         25
    47000461                             O            09/01/31
    0

    5425530          253/253             F           48,000.00         ZZ
                                         360         47,964.37          1
1

                                       7.500            335.63         80
                                       7.250            335.63
    DALLAS           TX   75219          1            09/05/01         00
    978045                               01           11/01/01          0
    978045                               N            10/01/31
    0

    5426252          N47/G02             F          188,800.00         ZZ
                                         360        188,663.36          1
                                       7.625          1,336.31         80
                                       7.375          1,336.31
    CORONA           CA   92880          1            09/07/01         00
    0433234846                           05           11/01/01          0
    30111528                             O            10/01/31
    0

    5428101          E22/G02             F          101,146.00         ZZ
                                         360        101,002.77          1
                                       7.750            724.62         80
                                       7.500            724.62
    KINGWOOD         TX   77339          1            08/24/01         00
    0412972895                           03           10/01/01          0
    0412972895                           O            09/01/31
    0

    5428197          E82/G02             F          132,000.00         ZZ
                                         360        131,798.50          1
                                       7.375            911.69         79
                                       7.125            911.69
    DUNNELLON        FL   34432          2            08/21/01         00
    0400477147                           05           10/01/01          0
    4226661                              O            09/01/31
    0

    5428699          E86/G02             F           29,600.00         ZZ
                                         360         29,581.60          1
                                       8.375            224.98         80
                                       8.125            224.98
    CHICAGO          IL   60617          1            09/10/01         00
    0433242955                           05           11/01/01          0
    126614                               N            10/01/31
    0

    5431077          K89/G02             F          196,000.00         ZZ
                                         360        195,858.14          1
                                       7.625          1,387.28         80
                                       7.375          1,387.28
    MIAMI            FL   33174          5            09/06/01         00
    0433210614                           05           11/01/01          0
1

    200108153                            O            10/01/31
    0

    5431365          Q30/G02             F          412,000.00         ZZ
                                         360        411,670.53          1
                                       7.125          2,775.72         80
                                       6.875          2,775.72
    BORDEN           IN   47106          2            09/04/01         00
    0433253879                           05           11/01/01          0
    11014205                             O            10/01/31
    0

    5431741          U62/G02             F          351,000.00         ZZ
                                         360        350,436.96          1
                                       7.125          2,364.75         83
                                       6.875          2,364.75
    AUSTIN           TX   78738          5            08/30/01         04
    0433231115                           03           10/01/01         12
    2001265472                           O            09/01/31
    0

    5431802          A50/G02             F          100,000.00         ZZ
                                         360         99,927.63          1
                                       7.625            707.79         76
                                       7.375            707.79
    DOUGLASVILLE     GA   30135          1            09/14/01         00
    0433295888                           05           11/01/01          0
    448055                               O            10/01/31
    0

    5431954          B60/G02             F          275,000.00         ZZ
                                         360        274,590.54          2
                                       7.500          1,922.84         80
                                       7.250          1,922.84
    CHICAGO          IL   60647          5            08/21/01         00
    0433318714                           05           10/01/01          0
    346088                               O            09/01/31
    0

    5432027          U05/G02             F           75,000.00         ZZ
                                         360         74,893.78          1
                                       7.750            537.31         78
                                       7.500            537.31
    PEARLAND         TX   77581          5            08/30/01         00
    0433224326                           05           10/01/01          0
    3160407                              O            09/01/31
    0

1

    5432325          944/G02             F          352,000.00         ZZ
                                         360        351,725.40          1
                                       7.250          2,401.27         80
                                       7.000          2,401.27
    CONCORD          CA   94521          5            09/14/01         00
    0433235702                           05           11/01/01          0
    W01073380                            O            10/01/31
    0

    5433497          N74/G02             F           87,400.00         ZZ
                                         360         87,330.11          1
                                       7.125            588.83         95
                                       6.875            588.83
    NORTH WILKESBOR  NC   28659          2            08/30/01         10
    0433248564                           05           11/01/01         30
    0029275010                           O            10/01/31
    0

    5434706          738/G02             F          247,000.00         ZZ
                                         360        246,834.27          1
                                       8.000          1,812.40         80
                                       7.750          1,812.40
    MIAMI            FL   33131          1            09/07/01         00
    0433255239                           06           11/01/01          0
    40097420                             N            10/01/31
    0

    5434800          601/G02             F          100,000.00         ZZ
                                         360         99,932.90          1
                                       8.000            733.77         80
                                       7.750            733.77
    DECATUR          GA   30332          1            09/10/01         00
    0433232592                           05           11/01/01          0
    60820107                             N            10/01/31
    0

    5437022          F36/G02             F           60,000.00         ZZ
                                         360         59,960.75          1
                                       8.125            445.50         62
                                       7.875            445.50
    TACOMA           WA   98408          2            09/20/01         00
    0433297090                           05           11/01/01          0
    06402917                             N            10/01/31
    0

    5437744          944/G02             F          110,400.00         ZZ
                                         360        110,318.06          1
                                       7.500            771.94         80
                                       7.250            771.94
1

    VANCOUVER        WA   98684          5            09/06/01         00
    0433242047                           05           11/01/01          0
    W01070417                            O            10/01/31
    0

    5439047          E22/G02             F           58,000.00         ZZ
                                         360         57,912.50          1
                                       7.625            410.52         90
                                       7.375            410.52
    BIRMINGHAM       AL   35208          5            08/21/01         01
    0412821282                           05           10/01/01         25
    0412821282                           O            09/01/31
    0

    5439051          E22/G02             F           60,800.00         T
                                         360         60,726.08          1
                                       8.500            467.50         80
                                       8.250            467.50
    THEODORE         AL   36619          5            08/27/01         00
    0412828253                           05           10/01/01          0
    0412828253                           O            09/01/31
    0

    5439274          E82/G02             F           69,600.00         ZZ
                                         360         69,501.44          1
                                       7.750            498.62         80
                                       7.500            498.62
    MARYSVILLE       CA   95901          1            08/24/01         00
    0400484440                           05           10/01/01          0
    0400484440                           N            09/01/31
    0

    5439828          S68/G02             F           38,950.00         ZZ
                                         360         38,900.39          1
                                       8.375            296.05         95
                                       8.125            296.05
    DAYTON           OH   45427          1            08/31/01         14
    0433234457                           05           10/01/01         30
    42572                                O            09/01/31
    0

    5440233          601/G02             F          271,800.00         ZZ
                                         360        271,434.02          3
                                       8.000          1,994.38         90
                                       7.750          1,994.38
    ATLANTA          GA   30318          1            08/31/01         10
    0433231990                           05           10/01/01         25
    6076450                              O            09/01/31
    0
1

    5441139          455/G02             F          141,100.00         ZZ
                                         360        141,002.89          1
                                       7.875          1,023.08         85
                                       7.625          1,023.08
    WOODSTOCK        GA   30189          5            09/06/01         01
    0433290673                           05           11/01/01         25
    09001556                             O            10/01/31
    0

    5441770          E11/G02             F          185,000.00         ZZ
                                         360        184,862.70          1
                                       7.500          1,293.55         79
                                       7.250          1,293.55
    MINNEAPOLIS      MN   55414          5            09/24/01         00
    0433295383                           05           11/01/01          0
    0014001035382                        O            10/01/31
    0

    5441836          163/G02             F           93,600.00         ZZ
                                         360         93,467.43          2
                                       7.750            670.57         90
                                       7.500            670.57
    FITCHBURG        MA   01420          1            08/30/01         11
    0433230141                           05           10/01/01         25
    1000347531                           N            09/01/31
    0

    5444649          E47/G02             F          162,000.00         ZZ
                                         360        161,885.66          3
                                       7.750          1,160.59         80
                                       7.500          1,160.59
    TREASURE ISLAND  FL   33706          1            09/10/01         00
    0433230562                           05           11/01/01          0
    7361011309                           O            10/01/31
    0

    5444919          964/G02             F           59,500.00         ZZ
                                         360         59,415.73          1
                                       7.750            426.27         78
                                       7.500            426.27
    LAS VEGAS        NV   89128          1            08/30/01         00
    0433195914                           01           10/01/01          0
    143335                               N            09/01/31
    0

    5449115          U62/G02             F          222,000.00         ZZ
                                         360        221,839.33          1
1

                                       7.625          1,571.30         79
                                       7.375          1,571.30
    LITTLE SILVER    NJ   07739          5            09/10/01         00
    0433236320                           05           11/01/01          0
    2001289733                           O            10/01/31
    0

    5450031          J95/G02             F          109,600.00         ZZ
                                         360        109,516.60          1
                                       7.375            756.98         80
                                       7.125            756.98
    LAKELAND         FL   33809          1            09/19/01         00
    0433244464                           05           11/01/01          0
    0022018931                           O            10/01/31
    0

    5450404          601/G02             F           64,600.00         ZZ
                                         360         64,552.05          1
                                       7.500            451.70         95
                                       7.250            451.70
    GALLOWAY         NJ   08205          1            09/19/01         01
    0433232097                           05           11/01/01         30
    6076189-7                            O            10/01/31
    0

    5450537          E22/G02             F           81,000.00         T
                                         360         80,879.40          1
                                       7.500            566.36         80
                                       7.250            566.36
    WINSTAD          MN   55395          1            08/28/01         00
    0412903734                           09           10/01/01          0
    0412903734                           O            09/01/31
    0

    5451354          M66/G02             F           74,000.00         ZZ
                                         360         73,905.30          3
                                       8.250            555.94         80
                                       8.000            555.94
    PHILADELPHIA     PA   19150          1            09/04/01         00
    0433254638                           05           10/01/01          0
    144438                               N            09/01/31
    0

    5452148          U05/G02             F           50,000.00         ZZ
                                         360         49,865.60          1
                                       7.875            362.53         47
                                       7.625            362.53
    HUMBLE           TX   77396          5            09/06/01         00
    0433234200                           03           11/01/01          0
1

    3161784                              O            10/01/31
    0

    5452671          967/G02             F           77,400.00         ZZ
                                         360         77,343.98          1
                                       7.625            547.83         90
                                       7.375            547.83
    RIGBY            ID   83442          1            09/05/01         04
    0433252970                           05           11/01/01         17
    1                                    O            10/01/31
    0

    5454640          H22/G02             F          160,000.00         ZZ
                                         360        159,881.26          1
                                       7.500          1,118.74         50
                                       7.250          1,118.74
    ASTORIA          NY   11105          5            09/07/01         00
    0433226859                           05           11/01/01          0
    0108031                              O            10/01/31
    0

    5459519          E22/G02             F           71,900.00         ZZ
                                         360         71,795.60          1
                                       7.625            508.90         80
                                       7.375            508.90
    NILES            MI   49120          1            08/29/01         00
    0412972747                           05           10/01/01          0
    0412972747                           O            09/01/31
    0

    5461380          U05/G02             F          488,000.00         ZZ
                                         360        487,672.56          1
                                       8.000          3,580.77         80
                                       7.750          3,580.77
    AUSTIN           TX   78730          5            09/21/01         00
    0433256302                           03           11/01/01          0
    3156539                              O            10/01/31
    0

    5461400          J37/286             F           78,000.00         ZZ
                                         360         77,706.91          1
                                       7.500            545.39         63
                                       7.250            545.39
    SCOTTSDALE       AZ   85250          1            05/14/01         00
    5391838                              01           07/01/01          0
    5391838                              O            06/01/31
    0

1

    5461856          J37/286             F          145,800.00         ZZ
                                         240        143,637.10          1
                                       7.250          1,152.37         61
                                       7.000          1,152.37
    ELK RIVER        MN   55330          5            04/02/01         00
    0005390542                           05           06/01/01          0
    0005390542                           O            05/01/21
    0

    5462321          U05/G02             F           75,000.00         ZZ
                                         360         74,952.18          1
                                       8.250            563.45         79
                                       8.000            563.45
    SPLENDORA        TX   77372          5            09/20/01         00
    0433293578                           05           11/01/01          0
    3164913                              O            10/01/31
    0

    5466376          N47/G02             F           78,750.00         ZZ
                                         360         78,691.56          1
                                       7.500            550.63         75
                                       7.250            550.63
    CINCINNATI       OH   45239          5            09/27/01         00
    0433255122                           05           11/01/01          0
    40112095                             N            10/01/31
    0

    5467183          964/G02             F          133,200.00         ZZ
                                         360        133,103.60          1
                                       7.625            942.78         90
                                       7.375            942.78
    MESA             AZ   85210          1            09/19/01         01
    0433255080                           05           11/01/01         25
    145749                               O            10/01/31
    0

    5468601          L60/F27             F          484,000.00         ZZ
                                         360        481,642.95          1
                                       7.125          3,260.80         80
                                       6.875          3,260.80
    RICHMOND         VA   23233          1            05/01/01         00
    6920077569                           05           06/01/01          0
    6920077569                           O            05/01/31
    0

    5470760          B57/G02             F          275,000.00         ZZ
                                         360        274,768.97          1
                                       6.875          1,806.55         75
                                       6.625          1,806.55
1

    LA CRESCENTA     CA   91214          5            09/27/01         00
    0433279510                           29           11/01/01          0
    2117250                              O            10/01/31
    0

    5471149          R68/G02             F          246,400.00         ZZ
                                         360        246,226.09          1
                                       7.750          1,765.24         80
                                       7.500          1,765.24
    PLANTATION       FL   33323          1            09/14/01         00
    0433234556                           05           11/01/01          0
    20010603                             O            10/01/31
    0

    5471719          J37/286             F          107,000.00         ZZ
                                         360        106,347.52          1
                                       7.875            775.83         67
                                       7.625            775.83
    COLORADO SPRING  CO   80906          1            04/27/01         00
    5391370                              05           06/01/01          0
    5391370                              O            05/01/31
    0

    5471998          Q30/G02             F          110,000.00         ZZ
                                         360        109,924.30          1
                                       7.875            797.58         49
                                       7.625            797.58
    YONKERS          NY   10701          5            09/07/01         00
    0433295359                           05           11/01/01          0
    11014181                             O            10/01/31
    0

    5472819          562/G02             F           91,900.00         ZZ
                                         360         91,842.88          2
                                       8.375            698.51         74
                                       8.125            698.51
    POUGHKEEPSIE     NY   12601          5            09/18/01         00
    0433218815                           05           11/01/01          0
    297024979                            N            10/01/31
    0

    5473125          144/144             F          335,000.00         ZZ
                                         360        334,717.43          1
                                       7.625          2,371.11         85
                                       7.375          2,371.11
    WARWICK          NY   10990          1            09/11/01         01
    160673004                            05           11/01/01         12
    1                                    O            10/01/31
    0
1

    5476562          J37/286             F          105,000.00         ZZ
                                         360        104,624.65          1
                                       7.750            752.23         68
                                       7.500            752.23
    DAYTON           WA   99328          2            05/10/01         00
    5391856                              05           07/01/01          0
    5391856                              O            06/01/31
    0

    5480906          U62/G02             F           57,000.00         ZZ
                                         360         56,960.77          1
                                       7.875            413.29         95
                                       7.625            413.29
    ROANOKE          IL   61561          5            09/24/01         04
    0433255668                           05           11/01/01         30
    2001282160                           O            10/01/31
    0

    5485530          E47/G02             F          100,000.00         ZZ
                                         360         99,931.18          1
                                       7.875            725.07         47
                                       7.625            725.07
    COLUMBIA         MD   21045          5            09/14/01         00
    0433234697                           05           11/01/01          0
    7338510255                           O            10/01/31
    0

    5486689          U05/G02             F          106,400.00         ZZ
                                         360        106,326.78          1
                                       7.875            771.47         80
                                       7.625            771.47
    WEATHERFORD      TX   76085          5            09/17/01         00
    0433289220                           05           11/01/01          0
    3165807                              O            10/01/31
    0

    5487091          W39/G02             F           35,000.00         ZZ
                                         360         34,977.69          1
                                       8.250            262.94         70
                                       8.000            262.94
    DENHAM SPRINGS   LA   70726          2            09/19/01         00
    0433288925                           05           11/01/01          0
    991751                               O            10/01/31
    0

    5487380          N47/G02             F          335,000.00         ZZ
                                         360        334,738.67          1
1

                                       7.250          2,285.29         95
                                       7.000          2,285.29
    CASTAIC          CA   91384          1            09/12/01         04
    0433252954                           05           11/01/01         30
    30311151                             O            10/01/31
    0

    5488910          U62/G02             F          108,250.00         ZZ
                                         360        108,159.05          1
                                       6.875            711.13         59
                                       6.625            711.13
    PANORAMA CITY    CA   91402          5            09/10/01         00
    0433249968                           05           11/01/01          0
    2001288565                           O            10/01/31
    0

    5488952          601/G02             F           76,500.00         ZZ
                                         360         76,453.65          2
                                       8.500            588.22         50
                                       8.250            588.22
    LAGO VISTA       TX   78645          5            09/14/01         00
    0433232378                           05           11/01/01          0
    /077200-1                            N            10/01/31
    0

    5489335          950/G02             F          150,800.00         ZZ
                                         360        150,693.57          1
                                       7.750          1,080.35         69
                                       7.500          1,080.35
    VALLEJO          CA   94589          5            09/21/01         00
    0433271293                           05           11/01/01          0
    A3108027                             O            10/01/31
    0

    5490844          U05/G02             F           60,000.00         T
                                         360         59,957.65          1
                                       7.750            429.85         64
                                       7.500            429.85
    MIAMI            FL   33016          1            09/07/01         00
    0433178191                           01           11/01/01          0
    3161890                              O            10/01/31
    0

    5491207          L33/G02             F          130,200.00         ZZ
                                         360        130,108.10          1
                                       7.750            932.77         75
                                       7.500            932.77
    AURORA           CO   80013          5            09/07/01         00
    0433285707                           05           11/01/01          0
1

    00922231                             O            10/01/31
    0

    5491274          313/G02             F          116,900.00         ZZ
                                         360        116,825.45          3
                                       8.250            878.24         90
                                       8.000            878.24
    MILWAUKEE        WI   53212          1            09/17/01         10
    0433279692                           05           11/01/01         25
    0008324584                           N            10/01/31
    0

    5491286          700/G02             F          238,500.00         ZZ
                                         360        238,347.92          4
                                       8.250          1,791.77         79
                                       8.000          1,791.77
    AZUSA            CA   91702          2            09/06/01         00
    0433258647                           05           11/01/01          0
    00260987                             N            10/01/31
    0

    5492049          N47/G02             F          308,000.00         ZZ
                                         360        307,741.24          1
                                       6.875          2,023.34         80
                                       6.625          2,023.34
    FOUNTAIN VALLEY  CA   92708          5            09/13/01         00
    0433252525                           03           11/01/01          0
    30311137                             O            10/01/31
    0

    5492372          B39/G02             F          264,000.00         ZZ
                                         360        263,813.67          1
                                       7.750          1,891.33         80
                                       7.500          1,891.33
    WOODBURY         MN   55129          5            09/10/01         00
    0433234531                           05           11/01/01          0
    20012093F                            O            10/01/31
    0

    5492537          601/G02             F           90,000.00         ZZ
                                         360         89,944.06          1
                                       8.375            684.07         68
                                       8.125            684.07
    GLEN ALLEN       VA   23060          5            09/14/01         00
    0433225448                           05           11/01/01          0
    6083863-8                            N            10/01/31
    0

1

    5494119          G52/G02             F          199,000.00         ZZ
                                         360        198,703.70          1
                                       7.500          1,391.44         80
                                       7.250          1,391.44
    SALT LAKE CITY   UT   84106          1            08/23/01         00
    0433284544                           05           10/01/01          0
    7705000360                           N            09/01/31
    0

    5494602          601/G02             F          136,800.00         ZZ
                                         360        136,695.90          1
                                       7.375            944.85         90
                                       7.125            944.85
    GATLINBURG       TN   37738          1            09/18/01         11
    0433223898                           05           11/01/01         25
    6080430-9                            O            10/01/31
    0

    5495549          J37/286             F          157,500.00         ZZ
                                         360        156,751.57          1
                                       7.250          1,074.43         71
                                       7.000          1,074.43
    CHINO HILLS      CA   91709          2            04/26/01         00
    5391268                              05           06/01/01          0
    5391268                              O            05/01/31
    0

    5496258          U28/G02             F          353,600.00         ZZ
                                         360        353,337.58          1
                                       7.500          2,472.42         80
                                       7.250          2,472.42
    MT PLEASANT      SC   29466          1            09/28/01         00
    0433290186                           05           11/01/01          0
    NEWELL                               O            10/01/31
    0

    5496320          J37/286             F          106,300.00         ZZ
                                         360        105,807.15          1
                                       7.375            734.19         79
                                       7.125            734.19
    DOVER            PA   17315          1            04/27/01         00
    5391363                              05           06/01/01          0
    5391363                              O            05/01/31
    0

    5496773          950/G02             F           71,250.00         ZZ
                                         360         71,204.56          1
                                       8.250            535.28         75
                                       8.000            535.28
1

    TACOMA           WA   98407          1            09/06/01         00
    0433252335                           05           11/01/01          0
    E1108049                             N            10/01/31
    0

    5496881          950/G02             F           52,400.00         ZZ
                                         360         52,366.59          1
                                       8.250            393.66         75
                                       8.000            393.66
    TACOMA           WA   98404          1            09/06/01         00
    0433285756                           05           11/01/01          0
    1108050                              N            10/01/31
    0

    5497016          U28/G02             F          114,750.00         ZZ
                                         360        114,669.01          1
                                       7.750            822.08         75
                                       7.500            822.08
    RALEIGH          NC   27616          1            09/25/01         00
    0433288594                           05           11/01/01          0
    1                                    O            10/01/31
    0

    5498124          624/G02             F          181,450.00         ZZ
                                         360        181,315.34          1
                                       7.500          1,268.72         80
                                       7.250          1,268.72
    WINDSOR          CO   80550          1            09/18/01         00
    0433207750                           03           11/01/01          0
    73013911073F                         O            10/01/31
    0

    5499103          K39/G02             F          352,000.00         ZZ
                                         360        351,549.54          2
                                       8.250          2,644.46         80
                                       8.000          2,644.46
    CHICAGO          IL   60657          5            09/13/01         00
    0433242898                           05           10/18/01          0
    347481756                            O            09/18/31
    0

    5500030          664/G02             F           95,200.00         ZZ
                                         360         95,134.48          1
                                       7.875            690.27         80
                                       7.625            690.27
    TALLAHASSEE      FL   32303          2            09/28/01         00
    0433290822                           09           11/01/01          0
    0008342727                           N            10/01/31
    0
1

    5500332          P78/G02             F           82,300.00         ZZ
                                         360         82,177.47          1
                                       7.500            575.45         74
                                       7.250            575.45
    LINCOLN          NE   68506          2            08/20/01         00
    0433224995                           05           10/01/01          0
    7349                                 O            09/01/31
    0

    5501161          758/G02             F           80,500.00         ZZ
                                         360         80,435.63          1
                                       7.125            542.34         80
                                       6.875            542.34
    MESA             AZ   85201          1            09/10/01         00
    0433245412                           01           11/01/01          0
    660247                               N            10/01/31
    0

    5502719          U62/G02             F          233,300.00         ZZ
                                         360        233,108.77          2
                                       7.000          1,552.15         85
                                       6.750          1,552.15
    EAST ELMHURST    NY   11369          5            09/20/01         04
    0433231123                           05           11/01/01         12
    2001286903                           O            10/01/31
    0

    5505999          E82/G02             F          145,600.00         ZZ
                                         360        145,486.42          1
                                       7.250            993.25         71
                                       7.000            993.25
    DENVER           CO   80210          2            09/12/01         00
    0400486627                           05           11/01/01          0
    0400486627                           O            10/01/31
    0

    5506525          E22/G02             F           56,000.00         ZZ
                                         360         55,918.69          1
                                       7.625            396.36         80
                                       7.375            396.36
    COMFORT          TX   78013          5            08/29/01         00
    0412963407                           05           10/01/01          0
    0412963407                           O            09/01/31
    0

    5506932          A80/G02             F          247,200.00         ZZ
                                         360        247,016.54          1
1

                                       7.500          1,728.46         80
                                       7.250          1,728.46
    MIAMI            FL   33156          1            09/14/01         00
    0433291325                           05           11/01/01          0
    0153979                              O            10/01/31
    0

    5507658          964/G02             F          772,500.00         ZZ
                                         360        771,912.19          1
                                       7.375          5,335.47         75
                                       7.125          5,335.47
    LOS ANGELES      CA   90046          1            09/21/01         00
    0433287620                           05           11/01/01          0
    143515                               O            10/01/31
    0

    5507882          944/G02             F          104,500.00         ZZ
                                         360        103,002.75          1
                                       7.250            712.88         95
                                       7.000            712.88
    GERMANTOWN       MD   20874          1            06/15/01         01
    0433157484                           09           08/01/01         25
    W88015250                            O            07/01/31
    0

    5508906          A80/G02             F          207,000.00         ZZ
                                         360        207,000.00          4
                                       8.000          1,518.90         90
                                       7.750          1,518.90
    MIAMI            FL   33135          1            10/09/01         12
    0433313640                           05           12/01/01         25
    0117625                              N            11/01/31
    0

    5509224          A52/G02             F          200,000.00         ZZ
                                         360        199,851.57          1
                                       7.500          1,398.43         80
                                       7.250          1,398.43
    JEFFERSON CITY   TN   37760          5            09/12/01         00
    0433258274                           05           11/01/01          0
    16044                                O            10/01/31
    0

    5510023          624/G02             F          108,000.00         ZZ
                                         360        107,921.83          1
                                       7.625            764.42         90
                                       7.375            764.42
    SAN DIEGO        CA   92111          1            09/14/01         01
    0433222650                           05           11/01/01         25
1

    37020210083F                         O            10/01/31
    0

    5510175          664/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       7.500            922.97         80
                                       7.250            922.97
    BRIDGEVIEW       IL   60455          1            10/01/01         00
    0433291895                           05           12/01/01          0
    0008347072                           O            11/01/31
    0

    5511586          964/G02             F          295,000.00         ZZ
                                         360        294,802.06          4
                                       8.000          2,164.61         72
                                       7.750          2,164.61
    CULVER CITY      CA   90230          5            09/14/01         00
    0433237799                           05           11/01/01          0
    144013                               O            10/01/31
    0

    5512597          P34/G02             F           52,200.00         ZZ
                                         360         52,166.71          3
                                       8.250            392.17         90
                                       8.000            392.17
    PROVIDENCE       RI   02908          1            09/17/01         04
    0433282415                           05           11/01/01         25
    61713                                N            10/01/31
    0

    5514530          L96/G02             F          192,000.00         ZZ
                                         360        191,861.04          4
                                       7.625          1,358.96         67
                                       7.375          1,358.96
    NORTH HOLLYWOOD  CA   91606          2            09/12/01         00
    0433285822                           05           11/01/01          0
    492862                               O            10/01/31
    0

    5514769          944/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       7.250          1,125.60         68
                                       7.000          1,125.60
    DEWEY            AZ   86327          1            10/03/01         00
    0433278256                           05           12/01/01          0
    88020812                             O            11/01/31
    0

1

    5516993          E22/G02             F           87,200.00         ZZ
                                         360         87,131.97          1
                                       7.250            594.86         80
                                       7.000            594.86
    WYLIE            TX   75098          5            08/28/01         00
    0412945099                           05           11/01/01          0
    0412945099                           O            10/01/31
    0

    5517597          U42/G02             F          320,000.00         ZZ
                                         360        319,750.37          1
                                       7.250          2,182.96         80
                                       7.000          2,182.96
    COLORADO SPRING  CO   80908          5            09/14/01         00
    0433292430                           05           11/01/01          0
    32100369                             O            10/01/31
    0

    5518834          964/G02             F          123,500.00         ZZ
                                         360        123,406.03          1
                                       7.375            852.98         65
                                       7.125            852.98
    DES MOINES       WA   98198          5            09/18/01         00
    0433220720                           05           11/01/01          0
    141843                               O            10/01/31
    0

    5520310          F89/G02             F          138,249.00         ZZ
                                         360        138,138.44          1
                                       7.125            931.41         80
                                       6.875            931.41
    FONTANA          CA   92336          1            09/19/01         00
    0433267564                           05           11/01/01          0
    17212040                             O            10/01/31
    0

    5520674          X05/G02             F          275,000.00         ZZ
                                         360        274,800.97          1
                                       7.625          1,946.43         60
                                       7.375          1,946.43
    SAN CLEMENTE     CA   92672          1            09/19/01         00
    0433279106                           05           11/01/01          0
    03108002                             N            10/01/31
    0

    5520781          M96/G02             F          120,000.00         ZZ
                                         360        119,910.94          2
                                       7.500            839.06         70
                                       7.250            839.06
1

    GRAND RAPIDS     MI   49546          5            09/17/01         00
    0433234713                           05           11/01/01          0
    200101809                            N            10/01/31
    0

    5521691          Q99/G02             F           57,800.00         ZZ
                                         360         57,758.17          1
                                       7.625            409.10         79
                                       7.375            409.10
    NATCHEZ          MS   39120          2            09/12/01         00
    0433187705                           05           11/01/01          0
    587146135                            O            10/01/31
    0

    5522919          601/G02             F          132,000.00         ZZ
                                         360        131,897.02          1
                                       7.250            900.48         80
                                       7.000            900.48
    PUEBLO           CO   81007          1            09/19/01         00
    0433223294                           05           11/01/01          0
    8069550-9                            O            10/01/31
    0

    5523918          E22/G02             F           34,850.00         ZZ
                                         360         34,807.61          2
                                       8.500            267.97         75
                                       8.250            267.97
    MEMPHIS          TN   38108          5            09/07/01         00
    0412995276                           05           10/01/01          0
    0412995276                           N            09/01/31
    0

    5525571          N47/G02             F          108,000.00         ZZ
                                         360        107,927.53          2
                                       8.000            792.47         90
                                       7.750            792.47
    SAN ANTONIO      TX   78239          1            09/19/01         04
    0433238037                           05           11/01/01         25
    30310744                             N            10/01/31
    0

    5528281          601/G02             F           97,875.00         ZZ
                                         360         97,810.98          4
                                       8.125            726.72         90
                                       7.875            726.72
    TAMPA            FL   33610          1            09/21/01         11
    0433230166                           05           11/01/01         25
    60857869                             N            10/01/31
    0
1

    5528468          T90/G02             F          126,000.00         ZZ
                                         360        125,921.69          4
                                       8.375            957.69         90
                                       8.125            957.69
    METAIRIE         LA   70003          1            09/27/01         14
    0433326279                           05           11/01/01         25
    56925                                N            10/01/31
    0

    5528778          P34/G02             F          147,400.00         ZZ
                                         360        147,301.10          1
                                       8.000          1,081.57         65
                                       7.750          1,081.57
    REHOBOTH         MA   02769          2            09/28/01         00
    0433288354                           05           11/01/01          0
    61728                                N            10/01/31
    0

    5529169          B28/G02             F          123,600.00         ZZ
                                         360        123,512.76          1
                                       7.750            885.49         54
                                       7.500            885.49
    DENVER           CO   80218          2            09/12/01         00
    0433258480                           05           11/01/01          0
    01000391                             N            10/01/31
    0

    5530164          950/G02             F          115,100.00         ZZ
                                         360        115,003.30          1
                                       6.875            756.13         71
                                       6.625            756.13
    PORT ANGELES     WA   98362          5            09/17/01         00
    0433277613                           05           11/01/01          0
    EW108501                             O            10/01/31
    0

    5530614          623/985             F           49,950.00         ZZ
                                         360         49,645.63          1
                                       7.875            362.17         90
                                       7.625            362.17
    WORTH            IL   60482          1            04/30/01         10
    5344868                              01           06/01/01         25
    5344868                              N            05/01/31
    0

    5531220          967/G02             F          162,000.00         ZZ
                                         360        161,885.66          1
1

                                       7.750          1,160.59         90
                                       7.500          1,160.59
    PUYALLUP         WA   98372          2            09/20/01         11
    0433254489                           05           11/01/01         25
    6476881                              O            10/01/31
    0

    5531384          601/G02             F           97,875.00         ZZ
                                         360         97,810.98          4
                                       8.125            726.72         90
                                       7.875            726.72
    TAMPA            FL   33610          1            09/21/01         14
    0433230265                           05           11/01/01         25
    6085796-8                            N            10/01/31
    0

    5533089          F89/G02             F          242,900.00         ZZ
                                         360        242,719.74          1
                                       7.500          1,698.39         70
                                       7.250          1,698.39
    NEWPORT BEACH    CA   92660          1            09/21/01         00
    0433303948                           09           11/01/01          0
    15013432                             O            10/01/31
    0

    5534214          E22/G02             F          101,700.00         ZZ
                                         360        101,616.64          1
                                       7.000            676.61         79
                                       6.750            676.61
    NEWCASTLE        OK   73065          2            08/31/01         00
    0412937955                           05           11/01/01          0
    0412937955                           O            10/01/31
    0

    5534280          E22/G02             F           94,700.00         ZZ
                                         360         94,562.48          1
                                       7.625            670.28         83
                                       7.375            670.28
    PENSACOLA        FL   32526          5            09/04/01         04
    0412988909                           05           10/01/01         12
    0412988909                           O            09/01/31
    0

    5534326          601/G02             F           97,875.00         ZZ
                                         360         97,810.98          4
                                       8.125            726.72         90
                                       7.875            726.72
    TAMPA            FL   33610          1            09/21/01         14
    0433232063                           05           11/01/01         25
1

    60857547                             N            10/01/31
    0

    5535053          E82/G02             F          130,000.00         ZZ
                                         360        129,912.78          1
                                       8.000            953.89         90
                                       7.750            953.89
    WAPWALLOPEN      PA   18660          2            09/17/01         04
    0400486684                           05           11/01/01         25
    1939704                              O            10/01/31
    0

    5535065          E82/G02             F          149,400.00         ZZ
                                         360        149,280.52          1
                                       7.125          1,006.54         34
                                       6.875          1,006.54
    BURKE            VA   22015          2            09/06/01         00
    0400484135                           05           11/01/01          0
    1738281                              O            10/01/31
    0

    5535748          A50/G02             F           96,000.00         ZZ
                                         360         95,864.04          1
                                       7.750            687.76         77
                                       7.500            687.76
    FERNANDINA BEAC  FL   32034          5            08/24/01         00
    0433175775                           05           10/01/01          0
    459596                               O            09/01/31
    0

    5535810          U62/G02             F          228,000.00         ZZ
                                         360        227,830.79          1
                                       7.500          1,594.21         80
                                       7.250          1,594.21
    FREDERICKSBURG   TX   78624          5            09/17/01         00
    0433235991                           05           11/01/01          0
    2001289054                           O            10/01/31
    0

    5535871          H19/G02             F           96,000.00         ZZ
                                         360         95,853.45          1
                                       7.375            663.05         80
                                       7.125            663.05
    COVENTRY         VT   05825          1            08/24/01         00
    0433227394                           05           10/01/01          0
    0010084895                           O            09/01/31
    0

1

    5536952          H19/G02             F           64,999.00         ZZ
                                         360         64,957.55          4
                                       8.250            488.32         90
                                       8.000            488.32
    DAYTON           OH   45405          1            10/01/01         10
    0433307311                           05           11/01/01         25
    0002293827                           N            10/01/31
    0

    5537050          253/253             F          310,000.00         ZZ
                                         360        309,775.62          1
                                       7.625          2,194.17         84
                                       7.375          2,194.17
    UNINCORPORATED   TX   76052          1            09/28/01         14
    976848                               05           11/01/01         12
    976848                               O            10/01/31
    0

    5537085          E23/G02             F          283,500.00         ZZ
                                         360        283,289.61          1
                                       7.500          1,982.27         90
                                       7.250          1,982.27
    OCEANSIDE        CA   92057          1            09/07/01         04
    0433246105                           03           11/01/01         25
    11005374                             O            10/01/31
    0

    5537283          U62/G02             F           68,400.00         ZZ
                                         360         68,342.54          1
                                       6.875            449.34         95
                                       6.625            449.34
    JASPER           TN   37347          5            09/19/01         04
    0433231032                           05           11/01/01         30
    2001293539                           O            10/01/31
    0

    5537659          286/286             F           48,000.00         ZZ
                                         360         47,782.48          1
                                       8.875            381.91         80
                                       8.625            381.91
    ROCKFORD         IL   61107          2            06/18/01         00
    260781                               05           08/01/01          0
    260781                               N            07/01/31
    0

    5537750          286/286             F           70,000.00         ZZ
                                         360         69,850.81          1
                                       7.750            501.49         52
                                       7.500            501.49
1

    LOUISVILLE       KY   40207          1            07/02/01         00
    456139                               05           09/01/01          0
    456139                               O            08/01/31
    0

    5537765          286/286             F           74,150.00         ZZ
                                         360         73,987.97          1
                                       7.625            524.83         90
                                       7.375            524.83
    NORMAL           IL   61761          1            07/26/01         10
    476601                               05           09/01/01         25
    476601                               N            08/01/31
    0

    5537801          286/286             F          170,000.00         ZZ
                                         360        169,645.85          1
                                       7.875          1,232.62         88
                                       7.625          1,232.62
    TACOMA           WA   98407          2            07/17/01         10
    9869520                              05           09/01/01         25
    9869520                              O            08/01/31
    0

    5537802          286/286             F          288,000.00         ZZ
                                         360        287,400.49          1
                                       7.875          2,088.20         90
                                       7.625          2,088.20
    RICHMOND         CA   94803          1            07/16/01         10
    9869839                              05           09/01/01         25
    9869839                              O            08/01/31
    0

    5537818          286/286             F           46,000.00         ZZ
                                         360         22,396.36          1
                                       8.000            337.53         50
                                       7.750            337.53
    LLANO            CA   93544          1            06/12/01         00
    9955508                              05           08/01/01          0
    9955508                              O            07/01/31
    0

    5537916          286/286             F          460,000.00         ZZ
                                         360        459,332.02          1
                                       7.625          3,255.85         80
                                       7.375          3,255.85
    HAYWARD          CA   94544          5            08/01/01         00
    9870873                              03           10/01/01          0
    9870873                              O            09/01/31
    0
1

    5537924          286/286             F          180,000.00         ZZ
                                         360        179,745.10          1
                                       7.750          1,289.54         68
                                       7.500          1,289.54
    NEW ORLEANS      LA   70118          5            08/08/01         00
    9937628                              05           10/01/01          0
    9937628                              O            09/01/31
    0

    5540259          601/G02             F          160,000.00         ZZ
                                         360        159,865.58          1
                                       6.875          1,051.09         80
                                       6.625          1,051.09
    YOUNGSTOWN       FL   32466          5            09/14/01         00
    0433223021                           05           11/01/01          0
    60823515                             O            10/01/31
    0

    5540484          455/G02             F          205,600.00         ZZ
                                         360        205,462.05          1
                                       8.000          1,508.62         80
                                       7.750          1,508.62
    MONROE           NC   28112          5            09/19/01         00
    0433287190                           05           11/01/01          0
    25001079                             O            10/01/31
    0

    5541442          Q14/G02             F           63,000.00         ZZ
                                         360         62,957.73          1
                                       8.000            462.27         90
                                       7.750            462.27
    BENNETT          IA   52721          2            09/18/01         01
    0433262581                           05           11/01/01         25
    0104700                              O            10/01/31
    0

    5541824          964/G02             F          156,700.00         ZZ
                                         360        156,571.55          1
                                       7.000          1,042.53         80
                                       6.750          1,042.53
    CLACKAMAS        OR   97015          1            09/19/01         00
    0433218583                           05           11/01/01          0
    147941                               O            10/01/31
    0

    5542950          U05/G02             F          139,500.00         ZZ
                                         360        139,500.00          4
1

                                       8.250          1,048.02         90
                                       8.000          1,048.02
    HEMET            CA   92544          1            10/01/01         11
    0433335528                           05           12/01/01         25
    3167790                              N            11/01/31
    0

    5543308          964/G02             F          146,250.00         ZZ
                                         360        146,149.36          1
                                       7.875          1,060.41         75
                                       7.625          1,060.41
    OAKLAND          CA   94610          1            09/13/01         00
    0433235710                           05           11/01/01          0
    142080                               N            10/01/31
    0

    5543741          E22/G02             F           61,750.00         ZZ
                                         360         61,712.60          3
                                       8.500            474.80         95
                                       8.250            474.80
    CHICAGO          IL   60637          1            09/11/01         11
    0412894339                           05           11/01/01         30
    0412894339                           O            10/01/31
    0

    5543749          E22/G02             F           88,000.00         ZZ
                                         360         87,934.69          1
                                       7.500            615.31         90
                                       7.250            615.31
    FORT WAYNE       IN   46809          5            09/06/01         04
    0412923021                           05           11/01/01         25
    0412923021                           O            10/01/31
    0

    5543789          E22/G02             F           30,000.00         ZZ
                                         360         29,980.37          1
                                       8.125            222.75         57
                                       7.875            222.75
    MONTGOMERY       AL   36110          2            09/11/01         00
    0412990525                           05           11/01/01          0
    0412990525                           N            10/01/31
    0

    5543959          455/G02             F           53,200.00         ZZ
                                         360         53,136.97          2
                                       8.625            413.78         80
                                       8.375            413.78
    DALLAS           TX   75253          1            08/28/01         00
    0433243821                           05           10/01/01          0
1

    30002367                             N            09/01/31
    0

    5544025          163/G02             F          420,000.00         ZZ
                                         360        419,688.29          1
                                       7.500          2,936.71         77
                                       7.250          2,936.71
    MANALAPAN        NJ   07726          5            09/17/01         00
    0433295946                           05           11/01/01          0
    1000293253                           O            10/01/31
    0

    5544199          E82/G02             F          340,000.00         ZZ
                                         360        339,753.92          1
                                       7.625          2,406.50         80
                                       7.375          2,406.50
    WEST SAINT PAUL  MN   55118          5            09/07/01         00
    0400480851                           05           11/01/01          0
    0400480851                           O            10/01/31
    0

    5544242          455/G02             F           53,200.00         ZZ
                                         360         53,136.97          2
                                       8.625            413.78         80
                                       8.375            413.78
    DALLAS           TX   75253          1            08/28/01         00
    0433212503                           05           10/01/01          0
    30002365                             N            09/01/31
    0

    5544301          G52/G02             F          108,000.00         ZZ
                                         360        107,850.87          1
                                       7.875            783.07         80
                                       7.625            783.07
    CORONA           CA   92882          5            08/17/01         00
    0433234168                           01           10/01/01          0
    8905001472                           O            09/01/31
    0

    5544879          A06/G02             F          238,000.00         ZZ
                                         360        237,470.03          1
                                       7.875          1,725.67         83
                                       7.625          1,725.67
    PENSACOLA        FL   32507          5            08/31/01         12
    0433285392                           03           10/01/01         20
    1                                    O            09/01/31
    0

1

    5545762          T44/G02             F          118,000.00         ZZ
                                         360        117,926.65          1
                                       8.375            896.89         77
                                       8.125            896.89
    FAIRHOPE         AL   36532          5            09/14/01         00
    0433246998                           05           11/01/01          0
    1020094                              O            10/01/31
    0

    5547518          G52/G02             F          110,400.00         ZZ
                                         360        110,313.88          1
                                       7.250            753.12         80
                                       7.000            753.12
    TUCSON           AZ   85715          2            09/19/01         00
    0433243441                           05           11/01/01          0
    9900001744                           O            10/01/31
    0

    5548535          A48/G02             F          310,000.00         ZZ
                                         360        309,764.12          1
                                       7.375          2,141.09         80
                                       7.125          2,141.09
    SAN JOSE         CA   95111          1            09/18/01         00
    0433280625                           05           11/01/01          0
    8211015517                           O            10/01/31
    0

    5549841          A21/G02             F          436,000.00         ZZ
                                         360        436,000.00          1
                                       7.250          2,974.29         80
                                       7.000          2,974.29
    CRESSKILL        NJ   07626          1            10/04/01         00
    0433270402                           05           12/01/01          0
    0100121643                           O            11/01/31
    0

    5550348          253/253             F          124,600.00         ZZ
                                         360        124,490.56          4
                                       8.125            925.16         70
                                       7.875            925.16
    GARLAND          TX   75041          5            09/26/01         00
    977668                               05           11/01/01          0
    977668                               N            10/01/31
    0

    5552323          601/G02             F          138,350.00         ZZ
                                         360        138,244.73          1
                                       7.375            955.55         61
                                       7.125            955.55
1

    CORPUS CHRISTI   TX   78418          1            09/17/01         00
    0433222221                           03           11/01/01          0
    60852993                             O            10/01/31
    0

    5553201          E23/G02             F          176,400.00         ZZ
                                         360        176,275.50          1
                                       7.750          1,263.75         90
                                       7.500          1,263.75
    LOS ANGELES      CA   90008          1            09/24/01         04
    0433299898                           05           11/01/01         25
    51007689                             O            10/01/31
    0

    5553927          721/G02             F          448,000.00         ZZ
                                         360        447,411.90          1
                                       8.125          3,326.39         70
                                       7.875          3,326.39
    BEND             OR   97701          1            08/20/01         00
    0433249414                           05           10/01/01          0
    7884042076                           O            09/01/31
    0

    5553972          P78/G02             F           63,000.00         ZZ
                                         360         62,957.73          1
                                       8.000            462.27         68
                                       7.750            462.27
    OMAHA            NE   68132          1            09/05/01         00
    0433227170                           05           11/01/01          0
    992118                               O            10/01/31
    0

    5555705          E22/G02             F           68,000.00         ZZ
                                         360         67,950.78          2
                                       7.625            481.30         80
                                       7.375            481.30
    CLEARWATER       FL   33765          1            09/12/01         00
    0412971293                           05           11/01/01          0
    0412971293                           N            10/01/31
    0

    5557353          U28/G02             F          179,800.00         ZZ
                                         360        179,666.56          1
                                       7.500          1,257.19         84
                                       7.250          1,257.19
    CLAYTON          NC   27520          5            09/19/01         04
    0433282423                           05           11/01/01         12
    GABRIELNOBB                          O            10/01/31
    0
1

    5558897          P67/G02             F          205,200.00         ZZ
                                         360        205,069.15          3
                                       8.250          1,541.60         90
                                       8.000          1,541.60
    WORCESTER        MA   01602          1            09/17/01         11
    0433256849                           05           11/01/01         25
    1                                    N            10/01/31
    0

    5558905          E60/G02             F          222,400.00         ZZ
                                         360        222,234.94          1
                                       7.500          1,555.06         80
                                       7.250          1,555.06
    CAMBRIA          CA   93428          1            09/05/01         00
    0433267838                           01           11/01/01          0
    513663                               O            10/01/31
    0

    5559374          B60/G02             F          274,500.00         ZZ
                                         360        274,285.87          1
                                       7.250          1,872.57         90
                                       7.000          1,872.57
    LA MIRADA        CA   90638          1            09/11/01         01
    0433292679                           05           11/01/01         25
    355179                               O            10/01/31
    0

    5559726          N47/G02             F          360,000.00         ZZ
                                         360        359,719.17          1
                                       7.250          2,455.83         80
                                       7.000          2,455.83
    CLEARWATER       MN   55320          5            09/25/01         00
    0433270386                           05           11/01/01          0
    30311004                             O            10/01/31
    0

    5560038          F19/G02             F          412,000.00         ZZ
                                         360        411,686.50          1
                                       7.375          2,845.58         80
                                       7.125          2,845.58
    SANTA CRUZ       CA   95065          2            09/21/01         00
    0433257524                           05           11/01/01          0
    707223                               O            10/01/31
    0

    5560696          U05/G02             F          113,600.00         ZZ
                                         360        113,525.69          1
1

                                       8.125            843.48         80
                                       7.875            843.48
    AUSTIN           TX   78747          5            09/21/01         00
    0433295979                           05           11/01/01          0
    3168132                              O            10/01/31
    0

    5560719          E23/G02             F           88,125.00         ZZ
                                         360         88,056.25          1
                                       7.250            601.17         75
                                       7.000            601.17
    FOUNTAIN HILLS   AZ   85268          1            09/17/01         00
    0433279403                           09           11/01/01          0
    41002360                             O            10/01/31
    0

    5560727          N47/G02             F          460,000.00         ZZ
                                         360        459,667.07          1
                                       7.625          3,255.85         80
                                       7.375          3,255.85
    SALINAS          CA   93908          1            09/17/01         00
    0433234598                           05           11/01/01          0
    20111717                             O            10/01/31
    0

    5560754          H76/G02             F          200,000.00         ZZ
                                         360        199,851.57          1
                                       7.500          1,398.43         49
                                       7.250          1,398.43
    PHILADELPHIA     PA   19147          5            09/21/01         00
    0433231461                           07           11/01/01          0
    2001401288                           O            10/01/31
    0

    5566230          F96/G02             F           90,000.00         ZZ
                                         360         89,887.72          1
                                       8.375            684.07         95
                                       8.125            684.07
    HACKENSACK       NJ   07601          1            08/30/01         14
    0433210374                           08           10/01/01         30
    0105908                              O            09/01/31
    0

    5566541          624/G02             F          436,000.00         T
                                         360        435,659.88          1
                                       7.250          2,974.29         80
                                       7.000          2,974.29
    LAS VEGAS        NV   89011          1            09/19/01         00
    0433269701                           03           11/01/01          0
1

    36800310546F                         O            10/01/31
    0

    5566807          T44/G02             F          275,000.00         ZZ
                                         360        274,774.59          1
                                       7.000          1,829.58         75
                                       6.750          1,829.58
    PENN VALLEY      CA   95946          1            09/19/01         00
    0433293701                           05           11/01/01          0
    1021308                              O            10/01/31
    0

    5566934          964/G02             F          123,750.00         ZZ
                                         360        123,660.43          1
                                       7.625            875.90         65
                                       7.375            875.90
    PORTLAND         OR   97218          2            09/19/01         00
    0433230430                           05           11/01/01          0
    119089                               O            10/01/31
    0

    5569884          944/G02             F          361,600.00         ZZ
                                         360        361,296.21          1
                                       6.875          2,375.46         80
                                       6.625          2,375.46
    REDWOOD CITY     CA   94063          5            09/19/01         00
    0433235728                           05           11/01/01          0
    W01082357                            O            10/01/31
    0

    5570706          L86/G02             F          410,600.00         ZZ
                                         360        410,033.01          1
                                       7.875          2,977.13         79
                                       7.625          2,977.13
    RANCHO CUCAMONG  CA   91739          5            08/24/01         00
    0433239928                           05           10/01/01          0
    20508058                             O            09/01/31
    0

    5571255          B60/G02             F          212,000.00         ZZ
                                         360        211,838.69          1
                                       7.375          1,464.23         80
                                       7.125          1,464.23
    CORONA           CA   92879          5            09/01/01         00
    0433310349                           05           11/01/01          0
    351274                               O            10/01/31
    0

1

    5571361          477/G02             F          392,000.00         ZZ
                                         360        391,743.58          1
                                       8.125          2,910.59         80
                                       7.875          2,910.59
    DALY CITY        CA   94015          1            09/20/01         00
    0433290343                           05           11/01/01          0
    123349                               O            10/01/31
    0

    5572890          W53/G02             F          415,200.00         ZZ
                                         360        414,914.26          1
                                       7.875          3,010.49         80
                                       7.625          3,010.49
    TAMPA            FL   33609          1            09/18/01         00
    0433287182                           05           11/01/01          0
    7601410352                           O            10/01/31
    0

    5573674          408/G02             F          525,000.00         ZZ
                                         360        524,610.37          1
                                       7.500          3,670.88         78
                                       7.250          3,670.88
    PALM HARBOR      FL   34684          5            09/24/01         00
    0433260163                           05           11/01/01          0
    703018630                            O            10/01/31
    0

    5574349          R65/G02             F          297,000.00         ZZ
                                         360        296,762.50          1
                                       7.125          2,000.94         90
                                       6.875          2,000.94
    LIVINGSTON       NJ   07039          1            09/19/01         14
    0433210663                           05           11/01/01         25
    20014889                             O            10/01/31
    0

    5574407          N47/G02             F          316,000.00         ZZ
                                         360        315,747.30          1
                                       7.125          2,128.95         80
                                       6.875          2,128.95
    GOLDEN           CO   80403          5            11/01/01         00
    0433252434                           03           11/01/01          0
    30311155                             O            10/01/31
    0

    5574508          E22/G02             F           99,000.00         ZZ
                                         360         98,916.83          1
                                       6.875            650.36         90
                                       6.625            650.36
1

    BURLINGTON       CO   80807          5            09/10/01         04
    0413004011                           05           11/01/01         25
    0413004011                           O            10/01/31
    0

    5574533          E22/G02             F           66,400.00         T
                                         360         66,353.13          1
                                       7.750            475.70         78
                                       7.500            475.70
    HOUSTON          TX   77019          1            09/14/01         00
    0413024142                           01           11/01/01          0
    0413024142                           O            10/01/31
    0

    5574542          E22/G02             F          106,400.00         ZZ
                                         360        106,322.99          2
                                       7.625            753.09         95
                                       7.375            753.09
    JACKSONVILLE     FL   32204          1            09/14/01         01
    0413032087                           05           11/01/01         30
    0413032087                           O            10/01/31
    0

    5574927          U05/G02             F          139,000.00         ZZ
                                         360        138,896.84          1
                                       7.500            971.91         70
                                       7.250            971.91
    MISSOURI CITY    TX   77459          5            09/26/01         00
    0433256062                           05           11/01/01          0
    3168626                              O            10/01/31
    0

    5576871          U62/G02             F          145,500.00         ZZ
                                         360        145,377.76          1
                                       6.875            955.83         80
                                       6.625            955.83
    HUDSON           NH   03051          5            09/21/01         00
    0433264371                           05           11/01/01          0
    2001293580                           O            10/01/31
    0

    5580002          455/G02             F          176,000.00         ZZ
                                         240        175,400.39          1
                                       8.000          1,472.14         89
                                       7.750          1,472.14
    SUWANEE          GA   30024          2            08/31/01         01
    0433254034                           03           10/01/01         25
    09001554                             O            09/01/21
    0
1

    5580706          405/405             F          345,000.00         ZZ
                                         360        344,460.04          1
                                       7.250          2,353.51         79
                                       6.750          2,353.51
    BRENTWOOD        CA   94513          5            08/09/01         00
    0017651118                           05           10/01/01          0
    0017651118                           O            09/01/31
    0

    5580712          405/405             F          312,000.00         ZZ
                                         360        311,522.76          1
                                       7.375          2,154.91         80
                                       6.875          2,154.91
    BETHESDA         MD   20816          5            08/13/01         00
    0017662511                           05           10/01/01          0
    0017662511                           O            09/01/31
    0

    5580721          405/405             F          468,000.00         ZZ
                                         360        467,267.61          1
                                       7.250          3,192.59         80
                                       6.750          3,192.59
    CALABASAS        CA   91302          1            08/16/01         00
    0017671496                           03           10/01/01          0
    0017671496                           O            09/01/31
    0

    5580739          405/405             F          474,800.00         ZZ
                                         360        473,999.93          1
                                       6.875          3,119.10         80
                                       6.625          3,119.10
    LOS ANGELES      CA   90068          1            08/21/01         00
    0017694332                           05           10/01/01          0
    0017694332                           O            09/01/31
    0

    5580746          405/405             F          550,000.00         ZZ
                                         360        549,095.69          1
                                       7.000          3,659.17         72
                                       6.750          3,659.17
    SAN MATEO        CA   94402          5            08/03/01         00
    0019891001                           05           10/01/01          0
    0019891001                           O            09/01/31
    0

    5581844          405/405             F          575,000.00         ZZ
                                         360        574,077.61          1
1

                                       7.125          3,873.89         45
                                       6.750          3,873.89
    PLEASANTON       CA   94566          5            08/15/01         00
    0017605783                           05           10/01/01          0
    0017605783                           O            09/01/31
    0

    5581873          405/405             F          400,000.00         ZZ
                                         360        399,374.03          1
                                       7.250          2,728.71         80
                                       6.750          2,728.71
    AGUA DULCE       CA   91350          5            08/16/01         00
    0017669086                           05           10/01/01          0
    0017669086                           O            09/01/31
    0

    5581881          405/405             F          650,000.00         ZZ
                                         360        648,982.80          1
                                       7.250          4,434.15         77
                                       6.750          4,434.15
    PORT WASHINGTON  NY   11050          1            08/22/01         00
    0017675281                           05           10/01/01          0
    0017675281                           O            09/01/31
    0

    5581890          405/405             F          575,000.00         ZZ
                                         360        574,077.61          1
                                       7.125          3,873.89         75
                                       6.750          3,873.89
    REDWOOD CITY     CA   94062          1            08/07/01         00
    0017690504                           05           10/01/01          0
    0017690504                           O            09/01/31
    0

    5581988          405/405             F          495,000.00         ZZ
                                         360        493,956.97          1
                                       7.375          3,418.85         77
                                       7.125          3,418.85
    SILVER SPRING    MD   20905          5            08/01/01         00
    0017646225                           03           10/01/01          0
    0017646225                           O            09/01/31
    0

    5582086          405/405             F          495,000.00         ZZ
                                         360        494,089.90          1
                                       7.500          3,461.12         75
                                       6.750          3,461.12
    WEST HOLLYWOOD   CA   90069          2            08/08/01         00
    0017624149                           05           10/01/01          0
1

    0017624149                           O            09/01/31
    0

    5582089          405/405             F          391,200.00         ZZ
                                         360        390,572.46          1
                                       7.125          2,635.59         80
                                       6.750          2,635.59
    GLENDORA         CA   91741          1            08/02/01         00
    0017631060                           05           10/01/01          0
    0017631060                           O            09/01/31
    0

    5582105          405/405             F          607,500.00         ZZ
                                         360        606,572.64          1
                                       7.375          4,195.85         75
                                       6.750          4,195.85
    LOS ANGELES      CA   90069          1            08/10/01         00
    0017659277                           05           10/01/01          0
    0017659277                           O            09/01/31
    0

    5582110          405/405             F          469,200.00         ZZ
                                         360        468,462.70          1
                                       7.500          3,280.72         80
                                       6.750          3,280.72
    LA MESA          CA   91941          2            08/06/01         00
    0017668526                           05           10/01/01          0
    0017668526                           O            09/01/31
    0

    5582146          405/405             F          607,500.00         ZZ
                                         360        606,572.63          1
                                       7.375          4,195.85         75
                                       6.875          4,195.85
    POTOMAC          MD   20854          5            08/02/01         00
    0012351987                           03           10/01/01          0
    0012351987                           O            09/01/31
    0

    5582166          405/405             F          412,000.00         ZZ
                                         360        411,355.26          1
                                       7.250          2,810.57         80
                                       6.750          2,810.57
    HAYWARD          CA   94542          1            08/09/01         00
    0017659533                           03           10/01/01          0
    0017659533                           O            09/01/31
    0

1

    5582176          405/405             F          425,000.00         ZZ
                                         360        424,334.92          1
                                       7.250          2,899.25         79
                                       6.750          2,899.25
    ELLICOTT CITY    MD   21042          5            09/19/01         00
    0017694225                           05           10/01/01          0
    0017694225                           O            09/01/31
    0

    5582186          405/405             F          628,750.00         ZZ
                                         360        627,690.52          1
                                       6.875          4,130.44         73
                                       6.625          4,130.44
    LOS ANGELES      CA   90046          5            08/21/01         00
    0019903244                           05           10/01/01          0
    0019903244                           O            09/01/31
    0

    5582324          405/405             F          488,000.00         ZZ
                                         360        487,236.32          1
                                       7.250          3,329.02         80
                                       6.750          3,329.02
    LAGUNA BEACH     CA   92651          1            08/30/01         00
    0017683426                           05           10/01/01          0
    0017683426                           O            09/01/31
    0

    5582327          405/405             F          517,500.00         ZZ
                                         360        516,710.02          1
                                       7.375          3,574.25         75
                                       6.875          3,574.25
    CLAYTON          CA   94517          5            08/16/01         00
    0017687716                           05           10/01/01          0
    0017687716                           O            09/01/31
    0

    5582330          405/405             F          355,000.00         ZZ
                                         360        354,522.01          1
                                       8.000          2,604.87         79
                                       7.500          2,604.87
    HUNTINGTON BEAC  CA   92648          2            08/24/01         00
    0017691965                           05           10/01/01          0
    0017691965                           O            09/01/31
    0

    5582353          405/405             F          368,000.00         ZZ
                                         360        367,379.89          1
                                       6.875          2,417.50         80
                                       6.625          2,417.50
1

    WASHINGTON       DC   20015          5            08/27/01         00
    0017710310                           05           10/01/01          0
    0017710310                           O            09/01/31
    0

    5582358          405/405             F          400,000.00         ZZ
                                         360        398,601.92          1
                                       7.500          2,796.86         78
                                       7.000          2,796.86
    LOS ANGELES      CA   91423          5            08/27/01         00
    0017715947                           05           10/01/01          0
    0017715947                           O            09/01/31
    0

    5582379          405/405             F          521,000.00         ZZ
                                         360        520,484.90          1
                                       6.875          3,422.60         75
                                       6.625          3,422.60
    LA CANADA        CA   91011          1            09/04/01         00
    0019905793                           05           11/01/01          0
    0019905793                           O            10/01/31
    0

    5582396          P67/G02             F           84,000.00         ZZ
                                         360         83,946.44          3
                                       8.250            631.06         80
                                       8.000            631.06
    FITCHBURG        MA   01420          5            09/21/01         00
    0433292539                           05           11/01/01          0
    495852                               O            10/01/31
    0

    5583040          F96/G02             F          218,500.00         ZZ
                                         360        218,174.68          2
                                       7.500          1,527.78         95
                                       7.250          1,527.78
    TOWN OF KEARNY   NJ   07032          1            08/31/01         12
    0433304391                           05           10/01/01         30
    0105455                              O            09/01/31
    0

    5583534          M66/G02             F          144,000.00         ZZ
                                         360        143,900.90          1
                                       7.875          1,044.10         80
                                       7.625          1,044.10
    FORKS TWP        PA   18040          5            09/21/01         00
    0433262789                           05           11/01/01          0
    216570                               O            10/01/31
    0
1

    5584066          601/G02             F          186,300.00         ZZ
                                         360        186,178.13          4
                                       8.125          1,383.28         90
                                       7.875          1,383.28
    COLORADO SPRING  CO   80909          1            09/21/01         11
    0433223765                           05           11/01/01         25
    60866480                             N            10/01/31
    0

    5586927          U62/G02             F           70,000.00         ZZ
                                         360         69,949.33          1
                                       7.625            495.46         35
                                       7.375            495.46
    MEBANE           NC   27302          5            09/26/01         00
    0433255700                           05           11/01/01          0
    2001279112                           O            10/01/31
    0

    5588154          E22/G02             F           79,000.00         ZZ
                                         360         78,944.24          1
                                       7.750            565.97         80
                                       7.500            565.97
    SYLVA            NC   28779          2            09/11/01         00
    0412957698                           27           11/01/01          0
    0412957698                           O            10/01/31
    0

    5588212          E22/G02             F           57,000.00         ZZ
                                         360         56,958.75          1
                                       7.625            403.44         57
                                       7.375            403.44
    TUSCOLA TOWNSHI  MI   48768          2            09/12/01         00
    0413008129                           05           11/01/01          0
    0413008129                           O            10/01/31
    0

    5588274          964/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       7.375          2,375.92         80
                                       7.125          2,375.92
    FELTON           CA   95018          5            10/03/01         00
    0433276920                           05           12/01/01          0
    148899                               O            11/01/31
    0

    5588609          E82/G02             F          250,000.00         ZZ
                                         360        249,809.77          1
1

                                       7.375          1,726.69         72
                                       7.125          1,726.69
    QUILCENE         WA   98376          2            09/10/01         00
    0400481537                           05           11/01/01          0
    0400481537                           O            10/01/31
    0

    5588757          N47/G02             F          412,000.00         ZZ
                                         360        411,653.87          1
                                       6.875          2,706.55         69
                                       6.625          2,706.55
    SAN DIEGO        CA   92131          5            09/20/01         00
    0433247095                           05           11/01/01          0
    30111692                             O            10/01/31
    0

    5589714          A46/G02             F           83,200.00         ZZ
                                         360         83,138.25          1
                                       7.500            581.75         80
                                       7.250            581.75
    ALBUQUERQUE      NM   87108          1            09/28/01         00
    0433281292                           05           11/01/01          0
    0807067                              O            10/01/31
    0

    5591053          076/076             F           45,000.00         ZZ
                                         360         44,908.80          1
                                       8.000            330.20         70
                                       7.750            330.20
    GARLAND          TX   75042          1            07/17/01         00
    5409764                              05           09/01/01          0
    5409764                              O            08/01/31
    0

    5591411          N47/G02             F          340,000.00         ZZ
                                         360        339,728.11          1
                                       7.125          2,290.64         80
                                       6.875          2,290.64
    SANTA BARBARA    CA   93111          1            09/21/01         00
    0433252558                           05           11/01/01          0
    30111726                             O            10/01/31
    0

    5594807          286/286             F          121,400.00         ZZ
                                         360        121,252.38          3
                                       8.500            933.47         90
                                       8.250            933.47
    PROVIDENCE       RI   02909          1            08/09/01         12
    207536                               05           10/01/01         30
1

    207536                               O            09/01/31
    0

    5594810          286/286             F           65,000.00         ZZ
                                         360         64,914.66          1
                                       8.125            482.63         30
                                       7.875            482.63
    LITTLE FERRY     NJ   07643          5            08/09/01         00
    254072                               05           10/01/01          0
    254072                               O            09/01/31
    0

    5594822          286/286             F          159,150.00         ZZ
                                         360        158,813.60          1
                                       7.750          1,140.18         85
                                       7.500          1,140.18
    GOLD CANYON      AZ   85219          1            08/13/01         12
    313879                               03           10/01/01         12
    313879                               O            09/01/31
    0

    5594823          286/286             F           94,700.00         ZZ
                                         360         94,559.00          1
                                       7.500            662.16         80
                                       7.250            662.16
    HOMESTEAD        FL   33032          1            08/03/01         00
    316108                               03           10/01/01          0
    316108                               N            09/01/31
    0

    5594826          286/286             F           34,400.00         ZZ
                                         360         34,305.77          1
                                       8.000            252.42         58
                                       7.750            252.42
    EDWARDS          MO   65326          2            08/06/01         00
    318784                               05           10/01/01          0
    318784                               O            09/01/31
    0

    5594829          286/286             F          126,000.00         ZZ
                                         360        125,719.00          1
                                       8.500            968.84         90
                                       8.250            968.84
    MIDDLEBORO       MA   02346          1            07/31/01         12
    319879                               05           09/01/01         25
    319879                               O            08/01/31
    0

1

    5594844          286/286             F          167,310.00         ZZ
                                         360        166,875.93          1
                                       7.500          1,169.86         90
                                       7.250          1,169.86
    FORT COLLINS     CO   80526          1            08/01/01         21
    322640                               05           09/01/01         25
    322640                               O            08/01/31
    0

    5594846          286/286             F           48,700.00         ZZ
                                         360         48,593.89          1
                                       8.625            378.79         75
                                       8.375            378.79
    WARREN           MI   48089          1            08/01/01         00
    322676                               05           09/01/01          0
    322676                               N            08/01/31
    0

    5594852          286/286             F          144,000.00         T
                                         360        143,722.61          1
                                       8.250          1,081.83         90
                                       8.000          1,081.83
    PHOENIX          AZ   85048          1            07/23/01         11
    371138                               01           09/01/01         25
    371138                               O            08/01/31
    0

    5594854          286/286             F           99,400.00         ZZ
                                         360         99,203.59          4
                                       8.125            738.05         70
                                       7.875            738.05
    POHATCONG TWP.   NJ   08865          1            07/30/01         00
    406769                               05           09/01/01          0
    406769                               N            08/01/31
    0

    5594861          286/286             F           55,500.00         ZZ
                                         360         53,648.61          1
                                       7.500            388.07         30
                                       7.250            388.07
    MATTAPAN         MA   02126          5            08/01/01         00
    423064                               05           10/01/01          0
    423064                               O            09/01/31
    0

    5594868          286/286             F           97,900.00         ZZ
                                         360         97,710.41          1
                                       8.250            735.49         80
                                       8.000            735.49
1

    NORCROSS         GA   30092          1            07/27/01         00
    426350                               05           09/01/01          0
    426350                               N            08/01/31
    0

    5594869          286/286             F          104,000.00         ZZ
                                         360        103,783.85          1
                                       7.875            754.08         78
                                       7.625            754.08
    MEDFORD          NJ   08055          1            07/31/01         00
    428834                               03           09/01/01          0
    428834                               O            08/01/31
    0

    5594870          286/286             F           80,000.00         T
                                         360         79,845.89          1
                                       8.250            601.02         56
                                       8.000            601.02
    WASHINGTON       DC   20009          5            08/03/01         00
    428968                               01           09/01/01          0
    428968                               O            08/01/31
    0

    5594876          286/286             F          108,000.00         ZZ
                                         360        107,858.22          2
                                       8.125            801.90         80
                                       7.875            801.90
    INDIANAPOLIS     IN   46218          5            08/01/01         00
    434871                               05           10/01/01          0
    434871                               O            09/01/31
    0

    5594882          286/286             F           56,250.00         ZZ
                                         360         56,156.13          1
                                       8.500            432.52         90
                                       8.250            432.52
    RIVERDALE        IL   60627          1            08/09/01         12
    445746                               05           10/01/01         25
    445746                               N            09/01/31
    0

    5594884          286/286             F          103,450.00         ZZ
                                         360        103,307.69          4
                                       8.000            759.08         90
                                       7.750            759.08
    RIALTO           CA   92376          1            08/03/01         11
    451741                               05           10/01/01         25
    451741                               O            09/01/31
    0
1

    5594886          286/286             F           84,000.00         ZZ
                                         360         83,846.25          4
                                       8.500            645.89         65
                                       8.250            645.89
    WESTFIELD        MA   01085          5            07/31/01         00
    454166                               05           09/01/01          0
    454166                               N            08/01/31
    0

    5594894          286/286             F           49,500.00         ZZ
                                         360         49,411.68          1
                                       8.625            385.01         90
                                       8.375            385.01
    CHARLOTTE        NC   28216          1            07/31/01         10
    463091                               05           09/01/01         25
    463091                               N            08/01/31
    0

    5594896          286/286             F           76,850.00         T
                                         360         76,698.17          1
                                       8.125            570.61         35
                                       7.875            570.61
    HOBOKEN          NJ   07030          2            07/27/01         00
    463127                               01           09/01/01          0
    463127                               O            08/01/31
    0

    5594897          286/286             F          147,200.00         ZZ
                                         360        146,623.58          1
                                       8.375          1,118.83         90
                                       8.125          1,118.83
    NORTH OLMSTED    OH   44070          1            07/27/01         10
    463151                               01           09/01/01         25
    463151                               O            08/01/31
    0

    5594898          286/286             F           45,600.00         ZZ
                                         360         45,514.35          1
                                       8.375            346.60         80
                                       8.125            346.60
    MCLEAN           IL   61754          1            07/31/01         00
    463346                               05           09/01/01          0
    463346                               O            08/01/31
    0

    5594900          286/286             F           83,200.00         ZZ
                                         360         83,085.10          1
1

                                       7.875            603.26         80
                                       7.625            603.26
    PHILADELPHIA     PA   19146          1            08/08/01         00
    476300                               05           10/01/01          0
    476300                               N            09/01/31
    0

    5594901          286/286             F          148,000.00         ZZ
                                         360        147,785.08          1
                                       7.625          1,047.54         80
                                       7.375          1,047.54
    PEORIA           IL   61535          1            08/10/01         00
    478639                               05           10/01/01          0
    478639                               O            09/01/31
    0

    5594902          286/286             F           68,000.00         ZZ
                                         360         67,869.29          1
                                       8.125            504.90         80
                                       7.875            504.90
    GRAFTON          OH   44044          5            08/08/01         00
    479077                               05           10/01/01          0
    479077                               N            09/01/31
    0

    5594903          286/286             F           82,400.00         ZZ
                                         360         82,283.30          1
                                       7.750            590.33         80
                                       7.500            590.33
    PENSACOLA        FL   32514          5            07/31/01         00
    480392                               05           10/01/01          0
    480392                               O            09/01/31
    0

    5594908          286/286             F          126,400.00         ZZ
                                         360        126,216.44          1
                                       7.625            894.66         80
                                       7.375            894.66
    WARWICK          RI   02886          5            08/08/01         00
    497982                               05           10/01/01          0
    497982                               O            09/01/31
    0

    5594919          286/286             F           49,500.00         ZZ
                                         360         49,411.68          1
                                       8.625            385.01         90
                                       8.375            385.01
    CHARLOTTE        NC   28206          1            07/31/01         10
    507892                               05           09/01/01         25
1

    507892                               N            08/01/31
    0

    5594920          286/286             F           54,000.00         ZZ
                                         360         53,934.33          2
                                       8.500            415.22         90
                                       8.250            415.22
    WASHINGTON       DC   20002          1            08/07/01         12
    507938                               05           10/01/01         25
    507938                               N            09/01/31
    0

    5594930          286/286             F          192,000.00         ZZ
                                         360        191,754.28          1
                                       8.250          1,442.44         80
                                       8.000          1,442.44
    OXNARD           CA   93033          5            08/01/01         00
    511474                               05           10/01/01          0
    511474                               O            09/01/31
    0

    5594934          286/286             F           45,500.00         ZZ
                                         360         45,405.43          3
                                       7.875            329.91         42
                                       7.625            329.91
    MILWAUKEE        WI   53207          5            07/31/01         00
    513338                               05           09/01/01          0
    513338                               N            08/01/31
    0

    5594942          286/286             F          141,210.00         ZZ
                                         360        140,909.06          1
                                       7.750          1,011.65         90
                                       7.500          1,011.65
    LILBURN          GA   30047          1            08/03/01         10
    514219                               05           09/01/01         25
    514219                               O            08/01/31
    0

    5594944          286/286             F           46,800.00         ZZ
                                         360         46,744.54          1
                                       8.625            364.01         90
                                       8.375            364.01
    PAGEDALE         MO   63133          1            08/09/01         21
    514658                               05           10/01/01         25
    514658                               N            09/01/31
    0

1

    5594954          286/286             F           72,900.00         T
                                         360         72,799.33          1
                                       7.875            528.58         90
                                       7.625            528.58
    CRYSTAL LAKE     IL   60014          1            08/10/01         12
    516142                               01           10/01/01         25
    516142                               O            09/01/31
    0

    5594955          286/286             F           70,400.00         ZZ
                                         360         70,302.78          1
                                       7.875            510.45         80
                                       7.625            510.45
    CRYSTAL LAKE     IL   60014          1            08/10/01         00
    516155                               01           10/01/01          0
    516155                               N            09/01/31
    0

    5594960          286/286             F          140,852.00         ZZ
                                         360        138,649.00          1
                                       8.000          1,033.53         80
                                       7.750          1,033.53
    MESA             AZ   85205          1            08/10/01         00
    535157                               03           10/01/01          0
    535157                               O            09/01/31
    0

    5594961          286/286             F           51,000.00         ZZ
                                         360         50,885.74          1
                                       7.500            356.60         80
                                       7.250            356.60
    EVANS            NY   14047          1            08/02/01         00
    9520015                              03           09/01/01          0
    9520015                              N            08/01/31
    0

    5594964          286/286             F           84,150.00         ZZ
                                         360         84,042.29          2
                                       8.250            632.20         90
                                       8.000            632.20
    WATERBURY        CT   06708          1            08/10/01         11
    9649003                              05           10/01/01         25
    9649003                              N            09/01/31
    0

    5594972          286/286             F           50,000.00         ZZ
                                         360         49,881.41          1
                                       7.875            362.53         36
                                       7.625            362.53
1

    PORTLAND         OR   97219          5            07/27/01         00
    9860513                              01           09/01/01          0
    9860513                              O            08/01/31
    0

    5594974          286/286             F          136,000.00         ZZ
                                         360        135,687.63          1
                                       7.375            939.32         85
                                       7.125            939.32
    MAGALIA          CA   95954          5            07/24/01         11
    9863635                              05           09/01/01         12
    9863635                              O            08/01/31
    0

    5594979          286/286             F          191,200.00         ZZ
                                         360        190,935.98          1
                                       7.875          1,386.33         80
                                       7.625          1,386.33
    CHINO            CA   91710          1            08/07/01         00
    9868965                              05           10/01/01          0
    9868965                              O            09/01/31
    0

    5594985          286/286             F          106,650.00         ZZ
                                         360        106,428.35          1
                                       7.875            773.29         89
                                       7.625            773.29
    PORTLAND         OR   97218          1            07/27/01         10
    9875063                              05           09/01/01         25
    9875063                              O            08/01/31
    0

    5594988          286/286             F          176,800.00         ZZ
                                         360        176,432.59          1
                                       7.875          1,281.92         80
                                       7.625          1,281.92
    SAN PABLO        CA   94806          5            07/19/01         00
    9875672                              05           09/01/01          0
    9875672                              O            08/01/31
    0

    5594990          286/286             F           62,250.00         ZZ
                                         360         62,136.06          1
                                       8.500            478.65         75
                                       8.250            478.65
    COLUMBUS         OH   43228          1            07/31/01         00
    9875857                              05           09/01/01          0
    9875857                              N            08/01/31
    0
1

    5594991          286/286             F           68,250.00         ZZ
                                         360         68,167.02          1
                                       8.500            524.78         75
                                       8.250            524.78
    COLUMBUS         OH   43207          1            08/03/01         00
    9875866                              05           10/01/01          0
    9875866                              N            09/01/31
    0

    5594999          286/286             F           94,500.00         ZZ
                                         360         94,148.18          4
                                       8.625            735.01         70
                                       8.375            735.01
    NEW ORLEANS      LA   70127          5            08/07/01         00
    9878906                              05           10/01/01          0
    9878906                              N            09/01/31
    0

    5595003          286/286             F           80,500.00         ZZ
                                         360         80,352.64          3
                                       8.500            618.98         70
                                       8.250            618.98
    POTTSTOWN        PA   19464          5            08/01/01         00
    9879941                              05           09/01/01          0
    9879941                              N            08/01/31
    0

    5595010          286/286             F           84,000.00         T
                                         360         83,783.34          1
                                       7.875            609.06         57
                                       7.625            609.06
    SAYLORSBURG      PA   18353          1            08/10/01         00
    9883523                              05           10/01/01          0
    9883523                              O            09/01/31
    0

    5595016          286/286             F           80,000.00         ZZ
                                         360         79,860.91          1
                                       8.750            629.36         80
                                       8.500            629.36
    HAGERSTOWN       MD   21740          1            07/31/01         00
    9940224                              05           09/01/01          0
    9940224                              O            08/01/31
    0

    5595180          286/286             F           92,000.00         ZZ
                                         360         91,251.09          1
1

                                       8.250            691.17         71
                                       8.000            691.17
    PITTSBURGH       PA   15237          2            08/09/01         00
    454925                               05           10/01/01          0
    454925                               O            09/01/31
    0

    5595342          H47/G02             F          250,680.00         ZZ
                                         360        250,474.51          1
                                       7.000          1,667.79         72
                                       6.750          1,667.79
    LOVELAND         CO   80538          1            09/21/01         00
    0433279783                           05           11/01/01          0
    1621192127                           O            10/01/31
    0

    5596718          624/G02             F          308,000.00         ZZ
                                         360        307,765.64          1
                                       7.375          2,127.28         80
                                       7.125          2,127.28
    LAKE FOREST      CA   92630          1            09/21/01         00
    0433234770                           05           11/01/01          0
    36800511516F                         O            10/01/31
    0

    5596798          U05/G02             F          177,750.00         ZZ
                                         360        177,624.55          1
                                       7.750          1,273.42         75
                                       7.500          1,273.42
    OREGON CITY      OR   97045          5            09/26/01         00
    0433255924                           05           11/01/01          0
    3162974                              N            10/01/31
    0

    5597012          B60/G02             F          255,000.00         ZZ
                                         360        254,805.97          1
                                       7.375          1,761.22         32
                                       7.125          1,761.22
    SPARTA           NJ   07871          5            09/24/01         00
    0433281383                           09           11/01/01          0
    350608                               O            10/01/31
    0

    5597401          E86/G02             F          114,750.00         ZZ
                                         360        114,587.50          1
                                       7.750            822.08         90
                                       7.500            822.08
    SURPRISE         AZ   85379          1            08/30/01         04
    0433239084                           05           10/01/01         30
1

    0000138647                           O            09/01/31
    0

    5597878          H19/G02             F          123,750.00         ZZ
                                         360        123,669.04          4
                                       8.125            918.85         90
                                       7.875            918.85
    KETTERING        OH   45419          1            10/04/01         10
    0433324167                           05           11/01/01         25
    000224239                            N            10/01/31
    0

    5598050          940/G02             F          328,500.00         ZZ
                                         360        328,273.93          1
                                       7.875          2,381.85         90
                                       7.625          2,381.85
    LOS ANGELES      CA   90230          1            09/25/01         10
    0433253549                           05           11/01/01         25
    40010958                             O            10/01/31
    0

    5599137          624/G02             F          122,400.00         ZZ
                                         360        122,309.16          1
                                       7.500            855.84         80
                                       7.250            855.84
    HANFORD          CA   93230          1            09/21/01         00
    0433235926                           05           11/01/01          0
    36500315626                          O            10/01/31
    0

    5599718          964/G02             F           95,920.00         ZZ
                                         360         95,847.01          2
                                       7.375            662.50         80
                                       7.125            662.50
    DESERT HOT SPRI  CA   92240          1            09/21/01         00
    0433215720                           05           11/01/01          0
    420142784                            N            10/01/31
    0

    5600286          E22/G02             F           34,400.00         ZZ
                                         360         34,373.83          1
                                       7.375            237.59         77
                                       7.125            237.59
    MIDWEST CITY     OK   73110          2            09/18/01         00
    0412907180                           05           11/01/01          0
    0412907180                           N            10/01/31
    0

1

    5600310          E22/G02             F           48,000.00         ZZ
                                         360         47,970.92          1
                                       8.500            369.08         80
                                       8.250            369.08
    LAKE WORTH       FL   33461          1            09/18/01         00
    0412967069                           05           11/01/01          0
    0412967069                           N            10/01/31
    0

    5600456          E82/G02             F           89,500.00         ZZ
                                         360         89,441.46          1
                                       8.125            664.53         82
                                       7.875            664.53
    PICKENS          SC   29671          2            09/21/01         04
    0400478574                           27           11/01/01         12
    0400478574                           O            10/01/31
    0

    5600636          F89/G02             F           56,428.00         ZZ
                                         360         56,388.17          1
                                       7.750            404.26         80
                                       7.500            404.26
    SAN BERNARDINO   CA   92404          1            09/20/01         00
    0433295169                           05           11/01/01          0
    11113747                             O            10/01/31
    0

    5600666          144/144             F          236,000.00         ZZ
                                         360        235,820.43          1
                                       7.375          1,629.99         68
                                       7.125          1,629.99
    CARMEL           NY   10512          2            09/28/01         00
    160674127                            05           11/01/01          0
    160674127                            O            10/01/31
    0

    5601145          A21/G02             F          355,000.00         ZZ
                                         360        354,716.10          1
                                       7.125          2,391.71         80
                                       6.875          2,391.71
    ANDOVER TWP (NE  NJ   07860          5            09/07/01         00
    0433239035                           05           11/01/01          0
    0100120821                           O            10/01/31
    0

    5601612          B28/G02             F          167,000.00         ZZ
                                         360        166,852.66          1
                                       6.625          1,069.32         72
                                       6.375          1,069.32
1

    DENVER           CO   80219          5            09/26/01         00
    0433279619                           05           11/01/01          0
    01000741                             O            10/01/31
    0

    5602349          A06/G02             F          380,000.00         ZZ
                                         360        379,703.56          1
                                       7.250          2,592.27         53
                                       7.000          2,592.27
    BIRMINGHAMQ      MI   48009          5            09/24/01         00
    0433233673                           05           11/01/01          0
    1                                    O            10/01/31
    0

    5603006          967/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.375          1,899.36         95
                                       7.125          1,899.36
    BELLEVUE         ID   83313          1            10/09/01         04
    0433307550                           05           12/01/01         30
    6468375                              O            11/01/31
    0

    5603545          P04/G02             F          168,000.00         ZZ
                                         360        167,884.38          1
                                       7.875          1,218.12         80
                                       7.625          1,218.12
    ANOKA            MN   55303          5            09/21/01         00
    0433282191                           05           11/01/01          0
    990175                               O            10/01/31
    0

    5604570          A48/G02             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       7.500          2,587.09         74
                                       7.250          2,587.09
    MORGAN HILL      CA   95037          5            10/01/01         00
    0433279791                           05           12/01/01          0
    8511015526                           O            11/01/31
    0

    5606316          550/550             F          522,750.00         ZZ
                                         360        522,304.31          1
                                       6.800          3,407.94         79
                                       6.550          3,407.94
    EAST GREENBUSH   NY   12061          1            09/13/01         00
    120541946                            05           11/01/01          0
    120541946                            O            10/01/31
    0
1

    5606370          N74/G02             F           70,400.00         ZZ
                                         360         70,342.30          1
                                       7.000            468.37         80
                                       6.750            468.37
    CONWAY           AR   72032          1            09/24/01         00
    0433248432                           05           11/01/01          0
    0029341010                           O            10/01/31
    0

    5606487          G52/G02             F          324,000.00         ZZ
                                         360        323,753.46          1
                                       7.375          2,237.79         80
                                       7.125          2,237.79
    MURRIETA         CA   92562          1            09/25/01         00
    0433322559                           05           11/01/01          0
    8905001894                           O            10/01/31
    0

    5607152          964/G02             F          209,500.00         ZZ
                                         360        209,323.99          1
                                       6.875          1,376.27         80
                                       6.625          1,376.27
    REDMOND          WA   98053          5            09/21/01         00
    0433262607                           05           11/01/01          0
    146166                               O            10/01/31
    0

    5607576          R65/G02             F          261,500.00         ZZ
                                         360        261,280.31          1
                                       6.875          1,717.87         34
                                       6.625          1,717.87
    WASHINGTON       DC   20008          5            09/28/01         00
    0433290590                           05           11/01/01          0
    9999999999                           O            10/01/31
    0

    5607596          E23/G02             F          320,500.00         ZZ
                                         360        320,500.00          1
                                       7.625          2,268.48         45
                                       7.375          2,268.48
    SAN JOSE         CA   95120          2            10/04/01         00
    0433306826                           05           12/01/01          0
    51007590                             N            11/01/31
    0

    5609686          N47/G02             F          342,400.00         ZZ
                                         360        342,145.89          1
1

                                       7.500          2,394.11         80
                                       7.250          2,394.11
    CARLSBAD         CA   92009          5            09/24/01         00
    0433244944                           01           11/01/01          0
    30111680                             O            10/01/31
    0

    5610740          F61/G02             F          297,200.00         ZZ
                                         360        296,990.24          1
                                       7.750          2,129.18         80
                                       7.500          2,129.18
    SEATTLE          WA   98103          1            09/24/01         00
    0433282464                           05           11/01/01          0
    011422S                              O            10/01/31
    0

    5611560          B60/G02             F          275,000.00         ZZ
                                         360        274,785.47          1
                                       7.250          1,875.99         58
                                       7.000          1,875.99
    COSTA MESA       CA   92626          1            09/15/01         00
    0433262920                           05           11/01/01          0
    348690                               O            10/01/31
    0

    5613026          U62/G02             F           99,000.00         ZZ
                                         360         98,922.78          1
                                       7.250            675.35         90
                                       7.000            675.35
    DELTON           MI   49046          5            09/24/01         04
    0433255734                           05           11/01/01         25
    2001295700                           O            10/01/31
    0

    5613219          B57/G02             F          117,000.00         ZZ
                                         360        117,000.00          4
                                       7.625            828.12         90
                                       7.375            828.12
    APPLE VALLEY     CA   92307          1            10/09/01         10
    0433319324                           05           12/01/01         25
    2117179                              N            11/01/31
    0

    5613351          U62/G02             F          215,000.00         ZZ
                                         360        214,840.44          3
                                       7.500          1,503.31         79
                                       7.250          1,503.31
    BROOKLYN         NY   11205          5            09/25/01         00
    0433269156                           05           11/01/01          0
1

    2001276056                           O            10/01/31
    0

    5614360          964/G02             F          140,400.00         ZZ
                                         360        140,295.80          1
                                       7.500            981.70         90
                                       7.250            981.70
    VANCOUVER        WA   98682          1            09/26/01         11
    0433231263                           05           11/01/01         25
    148622                               O            10/01/31
    0

    5614917          E22/G02             F          198,700.00         T
                                         360        198,559.76          1
                                       7.750          1,423.51         75
                                       7.500          1,423.51
    PORT ARANSAS     TX   78373          1            09/19/01         00
    0412988404                           22           11/01/01          0
    0412988404                           O            10/01/31
    0

    5614929          E22/G02             F          135,500.00         ZZ
                                         360        135,404.36          1
                                       7.750            970.74         95
                                       7.500            970.74
    KAYSVILLE        UT   84037          5            09/17/01         01
    0412994378                           05           11/01/01         30
    0412994378                           O            10/01/31
    0

    5614964          E22/G02             F           89,300.00         ZZ
                                         360         89,240.08          1
                                       8.000            655.25         95
                                       7.750            655.25
    GERING           NE   69341          5            09/17/01         01
    0413004185                           05           11/01/01         30
    0413004185                           O            10/01/31
    0

    5615005          E22/G02             F           54,000.00         ZZ
                                         360         53,965.57          1
                                       8.250            405.68         90
                                       8.000            405.68
    MEMPHIS          TN   38128          5            09/14/01         10
    0413019837                           05           11/01/01         25
    0413019837                           O            10/01/31
    0

1

    5615044          E22/G02             F           99,450.00         ZZ
                                         360         99,389.76          4
                                       8.500            764.68         85
                                       8.250            764.68
    HOUSTON          TX   77091          1            09/21/01         01
    0413033044                           05           11/01/01         20
    0413033044                           N            10/01/31
    0

    5615545          S64/G02             F           56,900.00         ZZ
                                         360         56,858.81          1
                                       7.625            402.74         68
                                       7.375            402.74
    NASHVILLE        IN   47448          2            09/25/01         00
    0433265832                           05           11/01/01          0
    P107050231                           O            10/01/31
    0

    5615700          U05/G02             F           85,500.00         ZZ
                                         360         85,438.12          1
                                       7.625            605.16         75
                                       7.375            605.16
    CONVINGTON       GA   30014          5            09/25/01         00
    0433234358                           05           11/01/01          0
    3169344                              N            10/01/31
    0

    5615971          U05/G02             F           85,500.00         ZZ
                                         360         85,438.12          1
                                       7.625            605.16         75
                                       7.375            605.16
    COVINGTON        GA   30014          5            09/25/01         00
    0433223260                           05           11/01/01          0
    3169367                              N            10/01/31
    0

    5616240          N74/G02             F          556,000.00         ZZ
                                         360        555,532.90          1
                                       6.875          3,652.52         68
                                       6.625          3,652.52
    MOUNT PLEASANT   SC   29464          5            09/24/01         00
    0433262318                           05           11/01/01          0
    0029343010                           O            10/01/31
    0

    5616413          Q73/G02             F          415,000.00         ZZ
                                         360        414,692.01          1
                                       7.500          2,901.74         80
                                       7.250          2,901.74
1

    ROSWELL          GA   30075          5            09/10/01         00
    0433248572                           05           11/01/01          0
    1                                    O            10/01/31
    0

    5616417          U05/G02             F          242,950.00         ZZ
                                         360        242,760.47          1
                                       7.250          1,657.35         70
                                       7.000          1,657.35
    DALLAS           TX   75225          5            09/27/01         00
    0433255783                           05           11/01/01          0
    3162933                              O            10/01/31
    0

    5616523          758/G02             F          275,000.00         ZZ
                                         360        274,785.48          1
                                       7.250          1,875.98         71
                                       7.000          1,875.98
    HOUSTON          TX   77007          1            09/24/01         00
    0433255072                           05           11/01/01          0
    160216                               O            10/01/31
    0

    5616959          Q59/G02             F          224,000.00         ZZ
                                         360        223,845.84          4
                                       7.875          1,624.16         70
                                       7.625          1,624.16
    LOS ANGELES      CA   90047          5            09/25/01         00
    0433284718                           05           11/01/01          0
    304070                               N            10/01/31
    0

    5619406          964/G02             F          130,000.00         ZZ
                                         360        129,893.44          1
                                       7.000            864.89         77
                                       6.750            864.89
    TUCSON           AZ   85718          5            09/16/01         00
    0433235652                           03           11/01/01          0
    139003                               O            10/01/31
    0

    5620264          758/G02             F          275,000.00         ZZ
                                         360        274,790.74          1
                                       7.375          1,899.36         71
                                       7.125          1,899.36
    SUPERIOR         CO   80027          5            09/20/01         00
    0433298403                           03           11/01/01          0
    620081                               O            10/01/31
    0
1

    5620468          Q57/G02             F           81,000.00         ZZ
                                         360         80,944.25          1
                                       7.875            587.31         90
                                       7.625            587.31
    VALLEJO          CA   94589          1            09/27/01         11
    0433282134                           01           11/01/01         30
    43300002                             O            10/01/31
    0

    5621647          642/G02             F          191,000.00         ZZ
                                         360        190,839.54          1
                                       6.875          1,254.73         68
                                       6.625          1,254.73
    WINDSOR          CO   80550          2            09/24/01         00
    0433267523                           05           11/01/01          0
    09133901                             O            10/01/31
    0

    5621877          964/G02             F          176,000.00         ZZ
                                         360        175,852.13          1
                                       6.875          1,156.20         80
                                       6.625          1,156.20
    PRESCOTT         AZ   86303          5            09/24/01         00
    0433220712                           05           11/01/01          0
    147396                               O            10/01/31
    0

    5621981          E76/G02             F          288,000.00         ZZ
                                         360        287,806.76          1
                                       8.000          2,113.24         90
                                       7.750          2,113.24
    COLORADO SPRING  CO   80920          2            09/13/01         10
    0433233830                           05           11/01/01         25
    10008359                             O            10/01/31
    0

    5623869          967/G02             F          248,000.00         ZZ
                                         360        247,811.30          1
                                       7.375          1,712.87         80
                                       7.125          1,712.87
    KETCHUM          ID   83340          5            09/25/01         00
    0433295474                           05           11/01/01          0
    1                                    O            10/01/31
    0

    5624210          U05/G02             F          133,000.00         ZZ
                                         360        132,903.73          1
1

                                       7.625            941.37         95
                                       7.375            941.37
    MIAMI            FL   33125          1            09/28/01         01
    0433266798                           05           11/01/01         30
    3169655                              O            10/01/31
    0

    5624790          U42/G02             F          189,550.00         ZZ
                                         360        189,390.75          1
                                       6.875          1,245.21         79
                                       6.625          1,245.21
    PLANO            TX   75023          2            09/20/01         00
    0433282936                           05           11/01/01          0
    12102254                             O            10/01/31
    0

    5625231          624/G02             F           87,000.00         ZZ
                                         360         86,932.14          1
                                       7.250            593.49         49
                                       7.000            593.49
    CITRUS HEIGHTS   CA   95610          5            09/24/01         00
    0433253630                           05           11/01/01          0
    85603410583F                         O            10/01/31
    0

    5625279          E47/G02             F          123,750.00         ZZ
                                         360        123,655.84          1
                                       7.375            854.71         79
                                       7.125            854.71
    DENVER           CO   80212          1            09/28/01         00
    0433262557                           01           11/01/01          0
    7332019387                           O            10/01/31
    0

    5625540          U62/G02             F          394,500.00         ZZ
                                         360        394,168.58          1
                                       6.875          2,591.58         88
                                       6.625          2,591.58
    SANTA CRUZ       CA   95060          5            09/25/01         04
    0433290640                           05           11/01/01         25
    2001300629                           O            10/01/31
    0

    5626090          E22/G02             F           85,500.00         ZZ
                                         360         85,436.55          1
                                       7.500            597.83         95
                                       7.250            597.83
    OSCEOLA          IN   46561          5            09/19/01         04
    0412947434                           05           11/01/01         30
1

    0412947434                           O            10/01/31
    0

    5626100          E22/G02             F           80,000.00         ZZ
                                         360         79,926.87          1
                                       7.500            559.37         78
                                       7.250            559.37
    KANSAS CITY      MO   64136          2            09/19/01         00
    0412966251                           05           11/01/01          0
    0412966251                           O            10/01/31
    0

    5626222          E22/G02             F           90,000.00         ZZ
                                         360         89,924.39          1
                                       6.875            591.24         93
                                       6.625            591.24
    CLEMMONS         NC   27012          1            09/24/01         10
    0413059890                           05           11/01/01         25
    0413059890                           O            10/01/31
    0

    5626322          E82/G02             F          244,000.00         ZZ
                                         360        243,832.08          1
                                       7.875          1,769.17         79
                                       7.625          1,769.17
    HAYWARD          CA   94545          2            09/18/01         00
    0400461125                           05           11/01/01          0
    0400461125                           O            10/01/31
    0

    5626694          N74/G02             F          185,250.00         ZZ
                                         360        185,094.37          1
                                       6.875          1,216.96         95
                                       6.625          1,216.96
    WARRENTON        VA   20187          2            09/26/01         10
    0433295698                           05           11/01/01         30
    0029344010                           O            10/01/31
    0

    5627185          623/G02             F          399,900.00         ZZ
                                         360        399,289.55          1
                                       7.375          2,762.01         69
                                       7.124          2,762.01
    LAGUNA BEACH     CA   92651          2            08/31/01         00
    0433222155                           05           10/01/01          0
    1934598                              O            09/01/31
    0

1

    5627193          623/G02             F           82,000.00         ZZ
                                         360         81,778.93          1
                                       7.875            594.56         52
                                       7.624            594.56
    DENVER           CO   80216          5            07/26/01         00
    0433221991                           05           09/01/01          0
    1985537                              O            08/01/31
    0

    5627202          623/G02             F          184,000.00         ZZ
                                         360        183,732.81          1
                                       7.625          1,302.34         80
                                       7.374          1,302.34
    BIRMINGHAM       AL   35216          2            08/14/01         00
    0433221777                           05           10/01/01          0
    5302374                              O            09/01/31
    0

    5627207          623/G02             F          306,000.00         ZZ
                                         360        304,850.22          1
                                       7.500          2,139.60         80
                                       7.249          2,139.60
    ALPHARETTA       GA   30022          1            05/25/01         00
    0433222148                           03           07/01/01          0
    5356367                              O            06/01/31
    0

    5627209          623/G02             F          100,000.00         ZZ
                                         360         99,792.18          1
                                       7.875            725.07         80
                                       7.624            725.07
    URBANA           OH   43078          2            07/16/01         00
    0433222049                           05           09/01/01          0
    5362918                              O            08/01/31
    0

    5627211          623/G02             F          100,000.00         ZZ
                                         360         99,878.41          1
                                       8.500            768.91         28
                                       8.249            768.91
    MARSHALL         VA   20115          5            08/29/01         00
    0433222270                           05           10/01/01          0
    5363372                              O            09/01/31
    0

    5627217          623/G02             F           96,000.00         ZZ
                                         360         95,880.24          1
                                       8.375            729.67         80
                                       8.124            729.67
1

    KISSIMMEE        FL   34741          5            08/15/01         00
    0433221587                           03           10/01/01          0
    5369073                              O            09/01/31
    0

    5627218          623/G02             F           86,250.00         T
                                         360         86,071.04          1
                                       8.250            647.97         75
                                       7.999            647.97
    BARTLETT         NH   03812          5            08/09/01         00
    0433222213                           01           10/01/01          0
    5369080                              O            09/01/31
    0

    5627219          623/G02             F           76,000.00         ZZ
                                         360         75,895.06          1
                                       7.875            551.05         80
                                       7.624            551.05
    ROCKY HILL       CT   06067          1            08/29/01         00
    0433221371                           01           10/01/01          0
    5369250                              O            09/01/31
    0

    5627220          623/G02             F           68,000.00         ZZ
                                         360         67,898.74          2
                                       7.500            475.47         80
                                       7.249            475.47
    ROANOKE          VA   24012          1            08/30/01         00
    0433221322                           05           10/01/01          0
    5369437                              O            09/01/31
    0

    5627223          623/G02             F          131,920.00         ZZ
                                         360        131,723.59          1
                                       7.500            922.40         80
                                       7.249            922.40
    NARAGANSETT      RI   02882          1            08/15/01         00
    0433221579                           05           10/01/01          0
    5369709                              O            09/01/31
    0

    5627225          623/G02             F          162,750.00         ZZ
                                         360        162,552.10          2
                                       8.500          1,251.41         75
                                       8.249          1,251.41
    LOWELL           MA   01850          1            08/27/01         00
    0433221298                           05           10/01/01          0
    5369809                              O            09/01/31
    0
1

    5627226          623/G02             F           90,000.00         ZZ
                                         360         89,869.32          1
                                       7.625            637.01         67
                                       7.374            637.01
    PELHAM           AL   35124          5            08/17/01         00
    0433221405                           05           10/01/01          0
    5370002                              O            09/01/31
    0

    5627238          623/G02             F          132,000.00         ZZ
                                         240        131,514.37          1
                                       7.375          1,053.32         66
                                       7.124          1,053.32
    METHUEN          MA   01844          2            08/24/01         00
    0433221116                           05           10/01/01          0
    5371967                              O            09/01/21
    0

    5627242          623/G02             F          184,000.00         ZZ
                                         360        183,745.91          1
                                       7.875          1,334.13         80
                                       7.624          1,334.13
    EASTON           PA   18040          1            08/27/01         00
    0433221538                           05           10/01/01          0
    5373955                              O            09/01/31
    0

    5627503          253/253             F          173,888.00         ZZ
                                         360        173,752.35          1
                                       7.250          1,186.22         80
                                       7.000          1,186.22
    AVON             IN   46123          1            09/28/01         00
    979682                               09           11/01/01          0
    979682                               O            10/01/31
    0

    5627822          737/G02             F          300,000.00         ZZ
                                         360        299,808.70          4
                                       8.250          2,253.80         94
                                       8.000          2,253.80
    NEW ORLEANS      LA   70115          1            09/27/01         01
    0433283397                           05           11/01/01         30
    2036454                              O            10/01/31
    0

    5630564          F96/G02             F          115,200.00         ZZ
                                         360        115,128.40          4
1

                                       8.375            875.60         90
                                       8.125            875.60
    TOWN OF PHILLIP  NJ   08856          1            09/28/01         12
    0433284171                           05           11/01/01         25
    0106152                              N            10/01/31
    0

    5632016          W53/G02             F          525,000.00         ZZ
                                         360        524,610.37          1
                                       7.500          3,670.88         75
                                       7.250          3,670.88
    SARASOTA         FL   34240          1            09/25/01         00
    0433310026                           05           11/01/01          0
    1301000047                           O            10/01/31
    0

    5632186          E86/G02             F          428,000.00         ZZ
                                         360        427,690.22          2
                                       7.625          3,029.36         80
                                       7.375          3,029.36
    CHICAGO          IL   60657          1            09/28/01         00
    0433283736                           05           11/01/01          0
    316691                               O            10/01/31
    0

    5633737          B68/G02             F          286,450.00         ZZ
                                         360        286,012.72          1
                                       7.375          1,978.44         85
                                       7.125          1,978.44
    DOWNEY           CA   91770          5            08/17/01         04
    0433211893                           05           10/01/01         12
    1031036700                           O            09/01/31
    0

    5634299          E86/G02             F          149,150.00         ZZ
                                         360        148,963.94          4
                                       8.375          1,133.65         95
                                       8.125          1,133.65
    AURORA           IL   60506          1            09/05/01         04
    0433260106                           05           10/01/01         30
    000138601                            O            09/01/31
    0

    5635367          K31/G02             F          258,400.00         ZZ
                                         360        258,235.23          1
                                       8.250          1,941.27         80
                                       8.000          1,941.27
    FAIRBURN         GA   30213          1            09/14/01         00
    0433231446                           05           11/01/01          0
1

    1122410568                           O            10/01/31
    0

    5636017          964/G02             F          163,500.00         ZZ
                                         360        163,362.64          2
                                       6.875          1,074.08         55
                                       6.625          1,074.08
    PORTLAND         OR   97214          5            10/01/01         00
    0433271434                           05           11/01/01          0
    147466                               O            10/01/31
    0

    5637712          U05/G02             F          226,900.00         ZZ
                                         360        226,900.00          1
                                       7.750          1,625.54         67
                                       7.500          1,625.54
    SPRING           TX   77380          5            10/03/01         00
    0433288461                           03           12/01/01          0
    3166623                              O            11/01/31
    0

    5638969          X05/G02             F          130,800.00         ZZ
                                         360        130,697.96          1
                                       7.250            892.29         80
                                       7.000            892.29
    SAN DIEGO        CA   92110          1            09/24/01         00
    0433261252                           01           11/01/01          0
    01109025                             O            10/01/31
    0

    5639731          E22/G02             F          165,200.00         ZZ
                                         360        165,064.59          2
                                       7.000          1,099.08         80
                                       6.750          1,099.08
    SACRAMENTO       CA   95821          1            09/19/01         00
    0413021007                           05           11/01/01          0
    0413021007                           O            10/01/31
    0

    5639766          E22/G02             F          248,000.00         ZZ
                                         360        247,806.53          1
                                       7.250          1,691.80         64
                                       7.000          1,691.80
    NORTH PLAINS     OR   97133          2            09/13/01         00
    0413046681                           05           11/01/01          0
    0413046681                           O            10/01/31
    0

1

    5640932          F62/G02             F           91,100.00         ZZ
                                         240         90,940.47          1
                                       7.750            747.88         68
                                       7.500            747.88
    MIAMI            FL   33138          5            09/29/01         00
    0433251675                           06           11/01/01          0
    21904                                O            10/01/21
    0

    5643937          253/253             F          126,000.00         ZZ
                                         360        125,919.65          4
                                       8.250            946.60         87
                                       8.000            946.60
    KETTERING        OH   45419          1            09/27/01         10
    979752                               05           11/01/01         25
    979752                               N            10/01/31
    0

    5644067          624/G02             F          120,000.00         ZZ
                                         360        119,921.50          1
                                       8.125            891.00         64
                                       7.875            891.00
    HURRICANE        UT   84737          1            09/14/01         00
    0433223534                           05           11/01/01          0
    64500610383F                         O            10/01/31
    0

    5644132          E84/G02             F          548,000.00         ZZ
                                         360        547,142.42          1
                                       7.250          3,738.33         80
                                       7.000          3,738.33
    SAN RAMON        CA   94583          1            08/01/01         00
    0433186251                           05           10/01/01          0
    73210255                             O            09/01/31
    0

    5644133          964/G02             F           59,500.00         ZZ
                                         360         59,460.08          1
                                       8.000            436.59         85
                                       7.750            436.59
    VISALIA          CA   93291          2            09/17/01         01
    0433230083                           05           11/01/01         12
    139324                               O            10/01/31
    0

    5644172          T44/G02             F          254,625.00         ZZ
                                         360        254,426.37          1
                                       7.250          1,736.99         67
                                       7.000          1,736.99
1

    SEASIDE          CA   93955          1            09/28/01         00
    0433296068                           05           11/01/01          0
    1022035                              N            10/01/31
    0

    5645277          313/G02             F          264,850.00         ZZ
                                         360        264,663.07          1
                                       7.750          1,897.42         90
                                       7.500          1,897.42
    CHANDLER         AZ   85225          1            09/21/01         10
    0433295706                           03           11/01/01         25
    0007101917                           O            10/01/31
    0

    5646532          U05/G02             F          316,000.00         ZZ
                                         360        315,782.53          1
                                       7.875          2,291.22         80
                                       7.625          2,291.22
    GLEN MILLS       PA   19342          1            09/27/01         00
    0433333432                           05           11/01/01          0
    3169480                              O            10/01/31
    0

    5646548          E84/G02             F          500,000.00         ZZ
                                         360        499,291.94          1
                                       7.750          3,582.06         58
                                       7.500          3,582.06
    BODEGA BAY       CA   94923          1            08/16/01         00
    0433213675                           03           10/01/01          0
    75512312                             N            09/01/31
    0

    5647348          N74/G02             F          103,000.00         ZZ
                                         360        103,000.00          1
                                       7.000            685.26         94
                                       6.750            685.26
    LEXINGTON        OK   73051          5            09/27/01         10
    0433256989                           05           12/01/01         30
    5133904                              O            11/01/31
    0

    5648091          W17/G02             F          154,800.00         ZZ
                                         360        154,701.29          1
                                       8.250          1,162.96         90
                                       8.000          1,162.96
    WESTON           FL   33327          1            09/27/01         01
    0433290061                           03           11/01/01         25
    990659                               O            10/01/31
    0
1

    5648404          286/286             F          189,000.00         ZZ
                                         360        188,625.23          1
                                       7.625          1,337.73         70
                                       7.375          1,337.73
    PLACERVILLE      CA   95667          5            08/20/01         00
    9879665                              05           10/01/01          0
    9879665                              O            09/01/31
    0

    5648406          286/286             F          284,500.00         ZZ
                                         360        284,054.78          1
                                       7.250          1,940.79         60
                                       7.000          1,940.79
    MISSION VIEJO    CA   92692          5            08/20/01         00
    9871010                              03           10/01/01          0
    9871010                              O            09/01/31
    0

    5648407          286/286             F          425,000.00         ZZ
                                         360        424,334.92          1
                                       7.250          2,899.25         70
                                       7.000          2,899.25
    SANTA ROSA       CA   95404          5            08/22/01         00
    9882131                              05           10/01/01          0
    9882131                              O            09/01/31
    0

    5648410          286/286             F          285,000.00         ZZ
                                         360        284,531.42          1
                                       7.000          1,896.11         65
                                       6.750          1,896.11
    SAN FRANCISCO    CA   94112          5            08/17/01         00
    9882050                              05           10/01/01          0
    9882050                              O            09/01/31
    0

    5648415          286/286             F          306,000.00         ZZ
                                         360        305,496.88          1
                                       7.000          2,035.83         75
                                       6.750          2,035.83
    FREMONT          CA   94538          5            08/22/01         00
    9880584                              05           10/01/01          0
    9880584                              O            09/01/31
    0

    5648617          461/G02             F          294,000.00         ZZ
                                         360        293,764.89          1
1

                                       7.125          1,980.74         79
                                       6.875          1,980.74
    FULLERTON        CA   92833          5            09/05/01         00
    0433230869                           05           11/01/01          0
    9030779458                           O            10/01/31
    0

    5648790          F96/G02             F          326,800.00         ZZ
                                         360        326,557.47          2
                                       7.500          2,285.03         95
                                       7.250          2,285.03
    CITY OF BAYONNE  NJ   07002          1            09/05/01         12
    0433279379                           05           11/01/01         30
    0105518                              O            10/01/31
    0

    5648857          E23/G02             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       7.625          2,165.85         75
                                       7.375          2,165.85
    SANTA ROSA       CA   95407          5            10/01/01         00
    0433313152                           05           12/01/01          0
    62000034                             O            11/01/31
    0

    5650275          253/253             F          570,000.00         ZZ
                                         360        569,576.97          1
                                       7.500          3,985.53         75
                                       7.250          3,985.53
    BOULDER          CO   80302          5            09/28/01         00
    980852                               05           11/01/01          0
    980852                               O            10/01/31
    0

    5651280          N47/G02             F          328,500.00         ZZ
                                         360        328,256.21          1
                                       7.500          2,296.92         85
                                       7.250          2,296.92
    SALINAS          CA   93905          1            09/24/01         10
    0433247525                           05           11/01/01         12
    20111840                             O            10/01/31
    0

    5652489          E22/G02             F           40,800.00         ZZ
                                         360         40,771.92          1
                                       7.875            295.83         80
                                       7.625            295.83
    SAN ANTONIO      TX   78213          2            09/25/01         00
    0412978454                           05           11/01/01          0
1

    0412978454                           N            10/01/31
    0

    5652496          E22/G02             F           71,250.00         ZZ
                                         360         71,206.84          1
                                       8.500            547.85         95
                                       8.250            547.85
    MARION           SC   29571          5            09/21/01         01
    0412989097                           05           11/01/01         30
    0412989097                           O            10/01/31
    0

    5652515          E22/G02             F          184,000.00         ZZ
                                         360        183,859.99          1
                                       7.375          1,270.84         80
                                       7.125          1,270.84
    AURORA           CO   80012          5            09/21/01         00
    0413006743                           05           11/01/01          0
    0413006743                           O            10/01/31
    0

    5652528          E22/G02             F          193,600.00         ZZ
                                         360        193,463.36          1
                                       7.750          1,386.97         80
                                       7.500          1,386.97
    GODLEY           TX   76044          5            09/21/01         00
    0413022799                           05           11/01/01          0
    0413022799                           O            10/01/31
    0

    5652540          E22/G02             F           65,000.00         ZZ
                                         360         64,954.12          1
                                       7.750            465.67         87
                                       7.500            465.67
    PORT CHARLOTTE   FL   33952          5            09/21/01         04
    0413032897                           05           11/01/01         12
    0413032897                           O            10/01/31
    0

    5652544          E22/G02             F           86,700.00         ZZ
                                         360         86,638.81          1
                                       7.750            621.13         85
                                       7.500            621.13
    JACKSON          MI   49201          5            09/21/01         04
    0413035031                           05           11/01/01         12
    0413035031                           O            10/01/31
    0

1

    5652595          E22/G02             F          118,400.00         ZZ
                                         360        118,314.30          1
                                       7.625            838.03         80
                                       7.375            838.03
    LITTLE ELM       TX   75068          1            09/25/01         00
    0413070871                           03           11/01/01          0
    0413070871                           O            10/01/31
    0

    5652746          168/168             F          275,000.00         ZZ
                                         360        274,800.97          1
                                       7.625          1,946.43         79
                                       7.375          1,946.43
    SETAUKET         NY   11733          1            09/14/01         00
    0059540575                           05           11/01/01          0
    0059540575                           O            10/01/31
    0

    5652923          E84/G02             F          212,000.00         ZZ
                                         360        211,570.41          1
                                       8.000          1,555.58         80
                                       7.750          1,555.58
    ARLINGTON HEIGH  IL   60004          2            07/27/01         10
    0433229952                           05           09/01/01         12
    11104073                             O            08/01/31
    0

    5653060          E84/G02             F          423,250.00         ZZ
                                         360        422,603.90          1
                                       7.375          2,923.28         80
                                       7.125          2,923.28
    DAVIE            FL   33324          1            08/24/01         00
    0433190386                           03           10/01/01          0
    69610042                             O            09/01/31
    0

    5653234          E84/G02             F           48,150.00         ZZ
                                         360         48,085.17          1
                                       8.000            353.31         90
                                       7.750            353.31
    LAUDERHILL       FL   33319          1            08/27/01         12
    0433191301                           01           10/01/01         25
    69610031                             O            09/01/31
    0

    5653476          M66/G02             F           49,000.00         ZZ
                                         360         48,967.12          1
                                       8.000            359.55         74
                                       7.750            359.55
1

    PHILADELPHIA     PA   19144          2            09/27/01         00
    0433291341                           07           11/01/01          0
    92401226                             N            10/01/31
    0

    5653486          E84/G02             F          620,000.00         ZZ
                                         360        619,121.99          1
                                       7.750          4,441.76         80
                                       7.500          4,441.76
    RIVER FOREST     IL   60045          1            08/24/01         00
    0433195237                           05           10/01/01          0
    11009060                             O            09/01/31
    0

    5653591          E84/G02             F           51,200.00         T
                                         360         51,129.29          1
                                       7.875            371.24         26
                                       7.625            371.24
    BEND             OR   97702          1            08/02/01         00
    0433192531                           07           10/01/01          0
    61701233                             O            09/01/31
    0

    5653770          E84/G02             F          359,000.00         ZZ
                                         360        358,395.07          1
                                       6.875          2,358.37         70
                                       6.625          2,358.37
    LARKSPUR         CO   80118          2            08/08/01         00
    0433192622                           05           10/01/01          0
    32800807                             O            09/01/31
    0

    5653858          E84/G02             F          196,000.00         T
                                         360        195,729.33          1
                                       7.875          1,421.14         80
                                       7.625          1,421.14
    ELIZABETH        CO   80107          1            08/29/01         00
    0433198231                           03           10/01/01          0
    81080526                             O            09/01/31
    0

    5654049          E84/G02             F          333,000.00         ZZ
                                         360        332,528.43          1
                                       7.750          2,385.65         64
                                       7.500          2,385.65
    SAN RAFAEL       CA   94903          2            07/27/01         00
    0433197852                           05           10/01/01          0
    50710116                             O            09/01/31
    0
1

    5654401          E84/G02             F          167,000.00         ZZ
                                         360        166,802.09          1
                                       8.625          1,298.91         70
                                       8.375          1,298.91
    RENTON           WA   98055          5            08/03/01         00
    0433198942                           05           10/01/01          0
    61002294                             O            09/01/31
    0

    5654696          U05/G02             F           92,100.00         ZZ
                                         360         92,031.65          2
                                       7.500            643.98         78
                                       7.250            643.98
    WEST PALM BEACH  FL   33402          1            09/28/01         00
    0433249182                           05           11/01/01          0
    3168108                              N            10/01/31
    0

    5655103          W09/G02             F           68,400.00         ZZ
                                         360         68,312.46          2
                                       8.250            513.87         90
                                       8.000            513.87
    LANCASTER        OH   43130          1            09/25/01         01
    0433267333                           05           10/25/01         25
    20017199                             N            09/25/31
    0

    5655174          N74/G02             F           51,600.00         ZZ
                                         360         51,600.00          1
                                       7.375            356.39         80
                                       7.125            356.39
    MCGHEE           AR   71654          5            09/28/01         00
    0433265360                           05           12/01/01          0
    0029375010                           O            11/01/31
    0

    5655514          G34/G02             F          379,850.00         ZZ
                                         360        379,530.88          1
                                       6.875          2,495.34         71
                                       6.625          2,495.34
    MCKINNEY         TX   75070          1            09/28/01         00
    0433310042                           05           11/01/01          0
    850210452                            O            10/01/31
    0

    5656425          975/G02             F          270,000.00         ZZ
                                         360        269,794.55          1
1

                                       7.375          1,864.82         60
                                       7.125          1,864.82
    NEWPORT BEACH    CA   92663          1            09/27/01         00
    0433253614                           05           11/01/01          0
    2014255                              N            10/01/31
    0

    5656532          E84/G02             F           86,400.00         ZZ
                                         360         86,286.58          1
                                       8.125            641.52         90
                                       7.875            641.52
    MILWAUKEE        WI   53216          5            08/06/01         10
    0433195633                           05           10/01/01         25
    91000216                             O            09/01/31
    0

    5656802          N47/G02             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       7.625          2,180.00         78
                                       7.375          2,180.00
    SALINAS          CA   93905          5            10/01/01         00
    0433255882                           05           12/01/01          0
    20111818                             O            11/01/31
    0

    5657433          B60/G02             F          340,000.00         ZZ
                                         360        339,741.28          1
                                       7.375          2,348.30         80
                                       7.125          2,348.30
    SAN DIEGO        CA   92131          5            09/21/01         00
    0433267242                           05           11/01/01          0
    355934                               O            10/01/31
    0

    5657735          N47/G02             F          148,000.00         ZZ
                                         360        147,869.42          1
                                       6.625            947.66         48
                                       6.375            947.66
    SALINAS          CA   93906          5            09/20/01         00
    0433252582                           05           11/01/01          0
    20111804                             O            10/01/31
    0

    5658453          N47/G02             F          444,000.00         ZZ
                                         360        444,000.00          1
                                       7.625          3,142.60         80
                                       7.375          3,142.60
    PLEASANTON       CA   94588          5            10/01/01         00
    0433271640                           03           12/01/01          0
1

    20510820                             O            11/01/31
    0

    5658983          964/G02             F          576,000.00         ZZ
                                         360        575,550.66          1
                                       7.250          3,929.34         80
                                       7.000          3,929.34
    ROCKLIN          CA   95677          5            09/24/01         00
    0433245016                           05           11/01/01          0
    147248                               O            10/01/31
    0

    5660562          U05/G02             F          159,750.00         ZZ
                                         360        159,750.00          4
                                       8.250          1,200.15         90
                                       8.000          1,200.15
    HEMET            CA   92544          1            10/05/01         11
    0433308277                           05           12/01/01         25
    3169496                              N            11/01/31
    0

    5660713          E82/G02             F          189,700.00         ZZ
                                         360        189,559.22          4
                                       7.500          1,326.41         73
                                       7.250          1,326.41
    BROOKLYN CENTER  MN   55430          2            09/20/01         00
    0400483988                           05           11/01/01          0
    0400483988                           O            10/01/31
    0

    5660727          E82/G02             F           39,100.00         ZZ
                                         360         39,073.09          1
                                       7.875            283.50         40
                                       7.625            283.50
    PARIS            MI   49338          5            09/20/01         00
    0400486130                           27           11/01/01          0
    0400486130                           O            10/01/31
    0

    5662280          624/G02             F          265,000.00         ZZ
                                         360        265,000.00          1
                                       6.875          1,740.86         48
                                       6.625          1,740.86
    SAN LUIS OBISPO  CA   93401          5            10/05/01         00
    0433307360                           03           12/01/01          0
    72014611923F                         O            11/01/31
    0

1

    5664131          253/253             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.875          2,719.01         73
                                       7.625          2,719.01
    BRECKENRIDGE     CO   80424          1            10/01/01         00
    979218                               01           12/01/01          0
    979218                               N            11/01/31
    0

    5665016          E22/G02             F           65,000.00         T
                                         360         64,954.12          1
                                       7.750            465.67         73
                                       7.500            465.67
    KALISPELL        MT   59901          2            09/21/01         00
    0412885287                           03           11/01/01          0
    0412885287                           O            10/01/31
    0

    5665050          E22/G02             F          345,000.00         ZZ
                                         360        344,737.48          1
                                       7.375          2,382.83         64
                                       7.125          2,382.83
    BRENTWOOD        CA   94513          1            09/24/01         00
    0413016403                           03           11/01/01          0
    0413016403                           N            10/01/31
    0

    5665056          E22/G02             F           78,750.00         ZZ
                                         360         78,691.56          1
                                       7.500            550.63         75
                                       7.250            550.63
    THE COLONY       TX   75056          5            09/27/01         00
    0413023540                           05           11/01/01          0
    0413023540                           N            10/01/31
    0

    5665059          E22/G02             F           82,000.00         ZZ
                                         360         81,943.57          1
                                       7.875            594.56         56
                                       7.625            594.56
    MORENO VALLEY    CA   92551          5            09/19/01         00
    0413026881                           05           11/01/01          0
    0413026881                           O            10/01/31
    0

    5665064          E22/G02             F          134,100.00         ZZ
                                         360        134,002.94          1
                                       7.625            949.15         75
                                       7.375            949.15
1

    SPRING           TX   77379          4            09/24/01         00
    0413030966                           03           11/01/01          0
    0413030966                           O            10/01/31
    0

    5665073          E22/G02             F          154,300.00         ZZ
                                         360        154,193.81          1
                                       7.875          1,118.78         70
                                       7.625          1,118.78
    CANTON           GA   30114          2            09/27/01         00
    0413038415                           05           11/01/01          0
    0413038415                           N            10/01/31
    0

    5665074          E22/G02             F          108,500.00         ZZ
                                         360        108,417.44          1
                                       7.375            749.38         80
                                       7.125            749.38
    PORTLAND         OR   97211          2            09/19/01         00
    0413041377                           05           11/01/01          0
    0413041377                           O            10/01/31
    0

    5665090          E22/G02             F           62,910.00         ZZ
                                         360         62,866.71          1
                                       7.875            456.14         90
                                       7.625            456.14
    GREENACRES       FL   33463          1            09/27/01         04
    0413055526                           07           11/01/01         25
    0413055526                           O            10/01/31
    0

    5665111          E22/G02             F          181,560.00         ZZ
                                         360        181,421.85          1
                                       7.375          1,253.99         80
                                       7.125          1,253.99
    AUBURN           WA   98092          1            09/24/01         00
    0413078460                           05           11/01/01          0
    0413078460                           O            10/01/31
    0

    5665423          076/076             F          141,200.00         ZZ
                                         360        139,222.29          1
                                       8.375          1,073.23         80
                                       8.125          1,073.23
    BUSHLAND         TX   79012          1            02/04/00         00
    4509363                              05           03/01/00          0
    4509363                              O            02/01/30
    0
1

    5665424          076/076             F          238,500.00         ZZ
                                         360        238,126.81          4
                                       8.375          1,812.77         90
                                       8.125          1,812.77
    BRONX            NY   10462          1            08/17/01         10
    5362455                              05           10/01/01         25
    5362455                              O            09/01/31
    0

    5665427          076/076             F          100,000.00         ZZ
                                         360         99,759.13          2
                                       7.750            716.42         34
                                       7.500            716.42
    CHICAGO          IL   60622          5            08/07/01         00
    5528525                              05           10/01/01          0
    5528525                              O            09/01/31
    0

    5665430          076/076             F           64,500.00         T
                                         360         64,362.53          1
                                       7.750            462.09         77
                                       7.500            462.09
    BETTENDORF       IA   52722          1            07/30/01         00
    5565483                              01           09/01/01          0
    5565483                              O            08/01/31
    0

    5665432          076/076             F          109,800.00         ZZ
                                         360        109,663.03          4
                                       8.375            834.56         90
                                       8.125            834.56
    MIAMI            FL   33150          1            08/10/01         10
    5655684                              05           10/01/01         25
    5655684                              N            09/01/31
    0

    5665755          696/G02             F          356,000.00         ZZ
                                         360        355,729.12          1
                                       7.375          2,458.80         80
                                       7.125          2,458.80
    GAITHERSBURG     MD   20878          1            09/21/01         00
    0433260577                           05           11/01/01          0
    30401115                             O            10/01/31
    0

    5666001          L20/G02             F          197,600.00         ZZ
                                         360        197,453.35          4
1

                                       7.500          1,381.65         95
                                       7.250          1,381.65
    MERIDIAN         ID   83642          1            10/02/01         12
    0433280138                           05           11/01/01         30
    703037                               O            10/01/31
    0

    5668434          N47/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.875          2,890.49         80
                                       6.625          2,890.49
    WALNUT CREEK     CA   94596          5            10/04/01         00
    0433297900                           05           12/01/01          0
    20510821                             O            11/01/31
    0

    5668521          N47/G02             F          318,000.00         ZZ
                                         360        318,000.00          1
                                       6.875          2,089.03         78
                                       6.625          2,089.03
    SEASIDE          CA   93955          5            10/01/01         00
    0433271590                           05           12/01/01          0
    20111785                             O            11/01/31
    0

    5669025          168/168             F           64,100.00         ZZ
                                         360         63,887.49          1
                                       8.125            475.94         80
                                       7.875            475.94
    INDIANAPOLIS     IN   46219          1            05/16/01         00
    0059397713                           05           07/01/01          0
    0059397713                           O            06/01/31
    0

    5669578          A46/G02             F          275,000.00         ZZ
                                         360        274,805.91          1
                                       7.750          1,970.13         80
                                       7.500          1,970.13
    FRIENDSWOOD      TX   77546          1            09/27/01         00
    0433297124                           05           11/01/01          0
    0290634                              O            10/01/31
    0

    5669912          944/G02             F          263,950.00         ZZ
                                         360        263,950.00          1
                                       6.875          1,733.97         80
                                       6.625          1,733.97
    RIVERBANK        CA   95367          5            10/18/01         00
    0433332400                           05           12/01/01          0
1

    W01100164                            O            11/01/31
    0

    5670149          U62/G02             F          340,000.00         ZZ
                                         360        339,741.28          1
                                       7.375          2,348.30         85
                                       7.125          2,348.30
    SALINAS          CA   93907          5            09/25/01         04
    0433264439                           05           11/01/01         12
    2001296183                           O            10/01/31
    0

    5670388          964/G02             F          312,000.00         ZZ
                                         360        311,737.88          1
                                       6.875          2,049.62         80
                                       6.625          2,049.62
    IRVINE           CA   92620          1            09/28/01         00
    0433261021                           03           11/01/01          0
    148619                               O            10/01/31
    0

    5670421          E23/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.000          1,995.91         76
                                       6.750          1,995.91
    EL CAJON         CA   92019          5            10/02/01         00
    0433280542                           05           12/01/01          0
    11006242                             O            11/01/31
    0

    5670661          964/G02             F          119,200.00         ZZ
                                         360        119,200.00          1
                                       7.500            833.46         80
                                       7.250            833.46
    GILBERT          AZ   85296          1            10/04/01         00
    0433253713                           03           12/01/01          0
    152094                               O            11/01/31
    0

    5673128          B60/G02             F          148,500.00         ZZ
                                         360        148,500.00          1
                                       7.125          1,000.47         90
                                       6.875          1,000.47
    WEBSTER          WI   54893          1            10/02/01         01
    0433267481                           05           12/01/01         25
    320891                               O            11/01/31
    0

1

    5673720          964/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       6.875            998.53         77
                                       6.625            998.53
    SHERWOOD         OR   97140          5            10/12/01         00
    0433288370                           05           12/01/01          0
    151913                               O            11/01/31
    0

    5674003          Q44/G02             F          310,000.00         ZZ
                                         360        309,745.89          1
                                       7.000          2,062.44         41
                                       6.750          2,062.44
    BLOOMFIELD HILL  MI   48302          5            09/20/01         00
    0433244399                           05           11/01/01          0
    12252                                O            10/01/31
    0

    5675316          964/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       7.250          2,564.98         80
                                       7.000          2,564.98
    RANCHO MURIETA   CA   95683          1            10/03/01         00
    0433258555                           03           12/01/01          0
    148344                               O            11/01/31
    0

    5678148          E82/G02             F          119,000.00         ZZ
                                         360        118,904.83          1
                                       7.125            801.73         80
                                       6.875            801.73
    MOUNTAIN VIEW    CA   94043          2            09/19/01         00
    0400488987                           01           11/01/01          0
    1718904                              O            10/01/31
    0

    5678154          E82/G02             F          121,000.00         ZZ
                                         360        120,912.42          1
                                       7.625            856.43         85
                                       7.375            856.43
    SOUTH LYON       MI   48178          2            09/21/01         04
    0400483574                           05           11/01/01         12
    4252167                              O            10/01/31
    0

    5678155          E82/G02             F           93,500.00         ZZ
                                         360         93,435.65          1
                                       7.875            677.94         80
                                       7.625            677.94
1

    COLLIERVILLE     TN   38017          2            09/27/01         00
    0400483715                           05           11/01/01          0
    0400483715                           N            10/01/31
    0

    5678168          E82/G02             F          169,750.00         ZZ
                                         360        169,633.17          1
                                       7.875          1,230.81         85
                                       7.625          1,230.81
    HOMESTEAD        FL   33031          5            09/21/01         04
    0400478046                           05           11/01/01         12
    0400478046                           O            10/01/31
    0

    5678174          E82/G02             F           55,000.00         ZZ
                                         360         54,961.18          1
                                       7.750            394.03         42
                                       7.500            394.03
    OCEANSIDE        CA   92056          2            09/20/01         00
    0400488102                           05           11/01/01          0
    0400488102                           N            10/01/31
    0

    5678181          E82/G02             F          289,000.00         ZZ
                                         360        288,785.52          1
                                       7.500          2,020.73         69
                                       7.250          2,020.73
    IRVINE           CA   92604          5            09/20/01         00
    0400488201                           05           11/01/01          0
    0400488201                           O            10/01/31
    0

    5678182          E82/G02             F          191,600.00         ZZ
                                         360        191,457.81          2
                                       7.500          1,339.69         77
                                       7.250          1,339.69
    WEST ORANGE      NJ   07052          2            09/24/01         00
    0400480182                           05           11/01/01          0
    0400480182                           O            10/01/31
    0

    5678184          E82/G02             F          238,500.00         ZZ
                                         360        238,327.38          1
                                       7.625          1,688.09         90
                                       7.375          1,688.09
    SYRACUSE         NY   13215          1            09/25/01         04
    0400471819                           05           11/01/01         25
    0400471819                           O            10/01/31
    0
1

    5679296          E65/G02             F          134,400.00         ZZ
                                         360        134,300.26          1
                                       7.500            939.74         80
                                       7.250            939.74
    WEST BLOOMFIELD  MI   48324          1            09/21/01         00
    0433275203                           05           11/01/01          0
    238181                               O            10/01/31
    0

    5682253          E47/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       7.375          1,726.69         59
                                       7.125          1,726.69
    DEL MAR          CA   92014          1            10/02/01         00
    0433256799                           01           12/01/01          0
    7331013456                           O            11/01/31
    0

    5682828          G52/G02             F          137,350.00         ZZ
                                         360        137,253.06          2
                                       7.750            983.99         80
                                       7.500            983.99
    AUSTIN           TX   78745          2            09/17/01         00
    0433245362                           05           11/01/01          0
    7405002783                           O            10/01/31
    0

    5684103          964/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       7.500          1,230.62         80
                                       7.250          1,230.62
    HENDERSON        NV   89052          1            10/01/01         00
    0433254836                           03           12/01/01          0
    148832                               N            11/01/31
    0

    5684315          U05/G02             F          275,400.00         ZZ
                                         360        275,400.00          2
                                       7.750          1,973.00         90
                                       7.500          1,973.00
    BAYONNE          NJ   07002          5            10/03/01         11
    0433286812                           05           12/01/01         25
    3158130                              O            11/01/31
    0

    5685401          944/G02             F          311,200.00         ZZ
                                         360        311,200.00          1
1

                                       7.875          2,256.42         80
                                       7.625          2,256.42
    PORTLAND         OR   97218          5            10/02/01         00
    0433254406                           05           12/01/01          0
    W01080692                            O            11/01/31
    0

    5686276          964/G02             F          260,400.00         ZZ
                                         360        260,400.00          1
                                       6.875          1,710.64         80
                                       6.625          1,710.64
    ELK GROVE        CA   95624          1            10/02/01         00
    0433256112                           05           12/01/01          0
    141946                               O            11/01/31
    0

    5687438          E23/G02             F          350,000.00         ZZ
                                         360        349,771.05          1
                                       8.125          2,598.74         78
                                       7.875          2,598.74
    SEBASTOPOL       CA   95472          1            09/26/01         00
    0433279452                           05           11/01/01          0
    62000030                             O            10/01/31
    0

    5687633          U62/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.000          3,326.51         82
                                       6.750          3,326.51
    CARLSBAD         CA   92009          5            10/02/01         04
    0433268281                           03           12/01/01         12
    2001295597                           O            11/01/31
    0

    5687993          G18/G02             F          163,000.00         ZZ
                                         360        162,887.83          2
                                       7.875          1,181.86         54
                                       7.625          1,181.86
    MINNEAPOLIS      MN   55408          5            09/18/01         00
    0433281953                           05           11/01/01          0
    09DM101053                           N            10/01/31
    0

    5689042          E82/G02             F          465,000.00         ZZ
                                         360        464,671.80          1
                                       7.750          3,331.32         75
                                       7.500          3,331.32
    LAGUNA HILLS     CA   92653          5            09/24/01         00
    0400488284                           03           11/01/01          0
1

    0400488284                           O            10/01/31
    0

    5689310          G52/G02             F          258,500.00         ZZ
                                         360        258,308.16          1
                                       7.500          1,807.47         64
                                       7.250          1,807.47
    SAN FRANCISCO    CA   94112          5            09/12/01         00
    0433282456                           05           11/01/01          0
    6205001120                           O            10/01/31
    0

    5689427          U05/G02             F           50,850.00         ZZ
                                         360         50,816.74          4
                                       8.125            377.56         90
                                       7.875            377.56
    GREENSBURG       PA   15601          1            10/03/01         11
    0433281391                           05           11/01/01         25
    3168345                              N            10/01/31
    0

    5691065          286/286             F           76,000.00         ZZ
                                         360         75,888.97          1
                                       7.625            537.92         54
                                       7.375            537.92
    SCOTTSDALE       AZ   85259          2            08/06/01         00
    0000512743                           01           10/01/01          0
    0000512743                           O            09/01/31
    0

    5693376          964/G02             F          104,300.00         ZZ
                                         360        104,231.78          1
                                       8.125            774.42         70
                                       7.875            774.42
    DENVER           CO   80204          5            09/21/01         00
    0433262995                           05           11/01/01          0
    143805                               N            10/01/31
    0

    5695302          U62/G02             F          138,750.00         ZZ
                                         360        138,750.00          2
                                       6.875            911.49         75
                                       6.625            911.49
    NORTH HAMPTON    NH   03862          5            10/09/01         00
    0433268422                           05           12/01/01          0
    2001288711                           N            11/01/31
    0

1

    5695935          Q99/G02             F          108,000.00         ZZ
                                         360        107,923.77          1
                                       7.750            773.73         90
                                       7.500            773.73
    PAWTUCKET        RI   02860          1            09/28/01         14
    0433259041                           05           11/01/01         25
    012315                               N            10/01/31
    0

    5696702          X16/G02             F           90,000.00         ZZ
                                         360         90,000.00          4
                                       8.375            684.07         90
                                       8.125            684.07
    CLEVELAND        OH   44120          1            10/05/01         10
    0433297983                           05           12/01/01         30
    0010067578                           N            11/01/31
    0

    5697261          E86/G02             F          207,000.00         ZZ
                                         360        206,871.34          4
                                       8.375          1,573.35         90
                                       8.125          1,573.35
    BROOKLYN         NY   11207          1            09/21/01         11
    0433256740                           07           11/01/01         25
    0000085592                           N            10/01/31
    0

    5704463          E22/G02             F          222,750.00         ZZ
                                         360        222,600.54          1
                                       8.000          1,634.46         90
                                       7.750          1,634.46
    BILLERICA        MA   01821          1            09/28/01         01
    0412902199                           05           11/01/01         25
    0412902199                           O            10/01/31
    0

    5704464          E22/G02             F          172,000.00         ZZ
                                         360        171,872.35          1
                                       7.500          1,202.65         80
                                       7.250          1,202.65
    NAPERVILLE       IL   60565          2            09/24/01         00
    0412903254                           09           11/01/01          0
    0412903254                           O            10/01/31
    0

    5704467          E22/G02             F           36,000.00         ZZ
                                         360         35,975.84          1
                                       8.000            264.16         90
                                       7.750            264.16
1

    BAKER            LA   70714          1            09/28/01         04
    0412914970                           05           11/01/01         25
    0412914970                           N            10/01/31
    0

    5704482          E22/G02             F           85,500.00         ZZ
                                         360         85,355.48          4
                                       8.250            642.33         90
                                       8.000            642.33
    GRAND RAPIDS     MI   49505          1            09/28/01         01
    0412956955                           05           11/01/01         25
    0412956955                           N            10/01/31
    0

    5704485          E22/G02             F           51,550.00         ZZ
                                         360         51,514.53          1
                                       7.875            373.77         51
                                       7.625            373.77
    PEARLAND         TX   77581          5            09/14/01         00
    0412959272                           05           11/01/01          0
    0412959272                           O            10/01/31
    0

    5704502          E22/G02             F           77,500.00         ZZ
                                         360         77,445.30          1
                                       7.750            555.22         79
                                       7.500            555.22
    ATLANTA          GA   30310          2            09/28/01         00
    0412983801                           05           11/01/01          0
    0412983801                           N            10/01/31
    0

    5704509          E22/G02             F          153,600.00         ZZ
                                         360        153,483.12          1
                                       7.375          1,060.88         75
                                       7.125          1,060.88
    CARDIFF          CA   92007          2            09/14/01         00
    0412988537                           09           11/01/01          0
    0412988537                           O            10/01/31
    0

    5704514          E22/G02             F          139,500.00         ZZ
                                         360        139,391.17          1
                                       7.250            951.64         90
                                       7.000            951.64
    CARSON CITY      NV   89701          1            09/24/01         01
    0412991317                           05           11/01/01         25
    0412991317                           O            10/01/31
    0
1

    5704539          E22/G02             F           64,000.00         ZZ
                                         360         63,952.50          1
                                       7.500            447.50         80
                                       7.250            447.50
    VERO BEACH       FL   32968          5            09/24/01         00
    0413008822                           05           11/01/01          0
    0413008822                           O            10/01/31
    0

    5704561          E22/G02             F          187,000.00         ZZ
                                         360        186,880.76          1
                                       8.250          1,404.87         70
                                       8.000          1,404.87
    BOSTON           MA   02113          5            09/24/01         00
    0413022088                           01           11/01/01          0
    0413022088                           O            10/01/31
    0

    5704564          E22/G02             F          175,000.00         ZZ
                                         360        174,860.05          1
                                       7.125          1,179.01         78
                                       6.875          1,179.01
    CEDAR PARK       TX   78613          5            09/24/01         00
    0413023086                           05           11/01/01          0
    0413023086                           O            10/01/31
    0

    5704568          E22/G02             F           96,000.00         ZZ
                                         360         95,870.00          1
                                       7.125            646.77         63
                                       6.875            646.77
    HOUSTON          TX   77063          5            09/24/01         00
    0413024373                           05           11/01/01          0
    0413024373                           O            10/01/31
    0

    5704577          E22/G02             F          170,400.00         ZZ
                                         360        170,282.73          1
                                       7.875          1,235.52         80
                                       7.625          1,235.52
    PROSPER          TX   75078          1            09/17/01         00
    0413028119                           03           11/01/01          0
    0413028119                           O            10/01/31
    0

    5704584          E22/G02             F           55,000.00         ZZ
                                         360         54,967.53          1
1

                                       8.625            427.78         57
                                       8.375            427.78
    HOUSTON          TX   77043          5            09/28/01         00
    0413029976                           05           11/01/01          0
    0413029976                           N            10/01/31
    0

    5704588          E22/G02             F          140,500.00         ZZ
                                         360        140,398.31          1
                                       7.625            994.45         62
                                       7.375            994.45
    MELISSA          TX   75454          5            09/21/01         00
    0413030800                           03           11/01/01          0
    0413030800                           O            10/01/31
    0

    5704604          E22/G02             F          148,000.00         ZZ
                                         360        147,887.38          1
                                       7.375          1,022.20         65
                                       7.125          1,022.20
    SANTA ANA        CA   92706          2            09/19/01         00
    0413039652                           05           11/01/01          0
    0413039652                           O            10/01/31
    0

    5704612          E22/G02             F          164,800.00         ZZ
                                         360        164,683.68          1
                                       7.750          1,180.65         95
                                       7.500          1,180.65
    BIRMINGHAM       AL   35244          2            09/24/01         10
    0413043522                           05           11/01/01         30
    0413043522                           O            10/01/31
    0

    5704627          E22/G02             F          136,500.00         ZZ
                                         360        136,388.11          1
                                       7.000            908.14         80
                                       6.750            908.14
    ORLANDO          FL   32828          5            09/24/01         00
    0413047671                           03           11/01/01          0
    0413047671                           O            10/01/31
    0

    5704634          E22/G02             F          495,000.00         ZZ
                                         360        494,623.35          1
                                       7.375          3,418.84         75
                                       7.125          3,418.84
    HOUSTON          TX   77068          5            09/24/01         00
    0413050089                           03           11/01/01          0
1

    0413050089                           O            10/01/31
    0

    5704660          E22/G02             F           83,500.00         ZZ
                                         360         83,448.10          1
                                       8.375            634.66         75
                                       8.125            634.66
    CORAM            NY   11727          5            09/28/01         00
    0413060062                           05           11/01/01          0
    0413060062                           N            10/01/31
    0

    5704667          E22/G02             F          148,500.00         ZZ
                                         360        148,378.28          1
                                       7.000            987.97         90
                                       6.750            987.97
    WOODBRIDGE       VA   22193          5            09/24/01         04
    0413060922                           05           11/01/01         25
    0413060922                           O            10/01/31
    0

    5704677          E22/G02             F           56,800.00         ZZ
                                         360         56,761.89          1
                                       8.000            416.78         80
                                       7.750            416.78
    DAYTON           OH   45322          1            09/28/01         00
    0413066374                           05           11/01/01          0
    0413066374                           N            10/01/31
    0

    5704685          E22/G02             F           47,500.00         ZZ
                                         360         47,470.48          1
                                       8.375            361.03         74
                                       8.125            361.03
    DALLAS           TX   75216          2            09/28/01         00
    0413069808                           05           11/01/01          0
    0413069808                           N            10/01/31
    0

    5705018          E82/G02             F           84,600.00         ZZ
                                         360         84,547.42          1
                                       8.375            643.02         90
                                       8.125            643.02
    INDIAN TRAIL     NC   28079          5            09/27/01         04
    0400485132                           05           11/01/01         25
    0400485132                           O            10/01/31
    0

1

    5705020          E82/G02             F          171,000.00         ZZ
                                         360        170,890.96          4
                                       8.250          1,284.67         90
                                       8.000          1,284.67
    PORTLAND         ME   04101          1            10/01/01         04
    0400503306                           05           11/01/01         25
    0400503306                           N            10/01/31
    0

    5705027          E82/G02             F          272,000.00         ZZ
                                         360        271,812.81          3
                                       7.875          1,972.19         42
                                       7.625          1,972.19
    SOMERVILLE       MA   02144          2            09/26/01         00
    0400455580                           05           11/01/01          0
    1982126                              O            10/01/31
    0

    5705032          E82/G02             F           75,200.00         ZZ
                                         360         75,145.57          1
                                       7.625            532.26         80
                                       7.375            532.26
    NASHVILLE        TN   37214          5            09/25/01         00
    0400486270                           05           11/01/01          0
    0400486270                           O            10/01/31
    0

    5705037          E82/G02             F          133,000.00         ZZ
                                         360        133,000.00          1
                                       8.250            999.18         95
                                       8.000            999.18
    PRICE            UT   84501          5            09/26/01         04
    0400468245                           05           12/01/01         30
    0400468245                           O            11/01/31
    0

    5705169          E86/G02             F          500,000.00         ZZ
                                         360        499,681.17          1
                                       8.250          3,756.33         80
                                       8.000          3,756.33
    RADNOR           PA   19087          1            09/14/01         00
    0433335668                           05           11/01/01          0
    0000137976                           O            10/01/31
    0

    5706444          964/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.875          1,576.63         80
                                       6.625          1,576.63
1

    SALEM            OR   97302          5            10/08/01         00
    0433263480                           05           12/01/01          0
    149097                               O            11/01/31
    0

    5706689          U85/G02             F          128,000.00         ZZ
                                         360        127,927.87          1
                                       8.850          1,016.13         80
                                       8.600          1,016.13
    CHICAGO          IL   60617          5            09/24/01         00
    0433274859                           05           11/01/01          0
    01IL136                              O            10/01/31
    0

    5707161          964/G02             F          247,500.00         ZZ
                                         360        247,500.00          4
                                       7.500          1,730.56         79
                                       7.250          1,730.56
    MILWAUKIE        OR   97267          2            10/05/01         00
    0433273299                           05           12/01/01          0
    146820                               N            11/01/31
    0

    5707329          964/G02             F          114,000.00         ZZ
                                         360        114,000.00          1
                                       6.750            739.40         77
                                       6.500            739.40
    NORTH LAS VEGAS  NV   89032          1            10/03/01         00
    0433254745                           05           12/01/01          0
    151579                               O            11/01/31
    0

    5707771          T44/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       8.000            851.17         80
                                       7.750            851.17
    LAS VEGAS        NV   89108          5            10/05/01         00
    0433284072                           05           12/01/01          0
    1021312                              N            11/01/31
    0

    5710444          P44/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.625            990.91         80
                                       7.375            990.91
    SANDWICH (FORES  MA   02644          5            10/09/01         00
    0433308616                           05           12/01/01          0
    99999999                             O            11/01/31
    0
1

    5716127          U62/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       6.625            742.76         80
                                       6.375            742.76
    MCDONOUGH        GA   30253          2            10/18/01         00
    0433297066                           05           12/01/01          0
    2001307270                           O            11/01/31
    0

    5718791          U05/G02             F          440,000.00         ZZ
                                         360        439,656.75          1
                                       7.250          3,001.58         80
                                       7.000          3,001.58
    FREMONT          CA   94536          1            09/27/01         00
    0433281417                           05           11/01/01          0
    3170810                              O            10/01/31
    0

    5718948          168/168             F          228,000.00         ZZ
                                         360        227,715.59          4
                                       8.375          1,732.96         95
                                       8.125          1,732.96
    PEEKSKILL        NY   10566          1            08/30/01         14
    0059708492                           05           10/01/01         30
    0059708492                           O            09/01/31
    0

    5719384          A52/G02             F          272,000.00         ZZ
                                         360        272,000.00          1
                                       7.625          1,925.20         80
                                       7.375          1,925.20
    SUWANEE          GA   30024          5            10/10/01         00
    0433327657                           05           12/01/01          0
    16490                                O            11/01/31
    0

    5720027          168/168             F          250,000.00         ZZ
                                         360        249,663.39          1
                                       8.000          1,834.42         63
                                       7.750          1,834.42
    SEATTLE          WA   98115          5            08/03/01         00
    0059710691                           05           10/01/01          0
    0059710691                           O            09/01/31
    0

    5720340          P01/G02             F          132,300.00         ZZ
                                         360        132,300.00          1
1

                                       7.750            947.81         90
                                       7.500            947.81
    TROY             NY   12180          1            10/11/01         10
    0433333150                           05           12/01/01         25
    01006774                             O            11/01/31
    0

    5720659          286/286             F          180,000.00         ZZ
                                         360        179,763.70          2
                                       8.125          1,336.50         90
                                       7.875          1,336.50
    WARREN           MI   48092          1            08/31/01         11
    521147                               05           10/01/01         25
    521147                               N            09/01/31
    0

    5720662          286/286             F          194,000.00         ZZ
                                         360        193,688.79          2
                                       7.125          1,307.02         60
                                       6.875          1,307.02
    SAUGUS           MA   01906          2            08/08/01         00
    319892                               05           10/01/01          0
    319892                               O            09/01/31
    0

    5720663          286/286             F          164,350.00         ZZ
                                         360        164,122.49          2
                                       7.875          1,191.66         95
                                       7.625          1,191.66
    BROCKTON         MA   02301          1            08/10/01         12
    510852                               05           10/01/01         30
    510852                               O            09/01/31
    0

    5720664          286/286             F           99,200.00         ZZ
                                         360         99,044.76          2
                                       7.250            676.72         80
                                       7.000            676.72
    ERIE             PA   16505          5            08/23/01         00
    507146                               05           10/01/01          0
    507146                               O            09/01/31
    0

    5720667          286/286             F          115,000.00         ZZ
                                         360        114,799.30          3
                                       7.375            794.28         42
                                       7.125            794.28
    DORCHESTER       MA   02124          2            08/29/01         00
    320122                               05           10/01/01          0
1

    320122                               N            09/01/31
    0

    5720668          286/286             F          209,000.00         ZZ
                                         360        208,637.38          4
                                       7.375          1,443.52         47
                                       7.125          1,443.52
    JAMAICA PLAIN    MA   02130          5            08/29/01         00
    320123                               05           10/01/01          0
    320123                               N            09/01/31
    0

    5720672          286/286             F          305,200.00         ZZ
                                         360        304,734.09          4
                                       7.375          2,107.95         70
                                       7.125          2,107.95
    E BOSTON         MA   02128          5            08/07/01         00
    319763                               05           10/01/01          0
    319763                               N            09/01/31
    0

    5720673          286/286             F           69,992.00         ZZ
                                         354         69,717.74          2
                                       7.500            491.62         71
                                       7.250            491.62
    DAYTON           OH   45408          1            05/31/01         00
    20376                                05           07/01/01          0
    20376                                N            12/01/30
    0

    5720674          286/286             F          187,500.00         ZZ
                                         360        187,227.71          3
                                       7.625          1,327.12         59
                                       7.375          1,327.12
    DORCHESTER       MA   02122          2            08/17/01         00
    319896                               05           10/01/01          0
    319896                               N            09/01/31
    0

    5720675          286/286             F          215,000.00         ZZ
                                         360        214,687.79          3
                                       7.625          1,521.76         70
                                       7.375          1,521.76
    DORCHESTER       MA   02125          2            08/17/01         00
    319899                               05           10/01/01          0
    319899                               N            09/01/31
    0

1

    5720676          286/286             F          179,500.00         ZZ
                                         360        179,239.34          3
                                       7.625          1,270.49         54
                                       7.375          1,270.49
    DORCHESTER       MA   02125          2            08/17/01         00
    320128                               05           10/01/01          0
    320128                               N            09/01/31
    0

    5720677          286/286             F          139,500.00         ZZ
                                         360        139,297.41          3
                                       7.625            987.38         43
                                       7.375            987.38
    DORCHESTER       MA   02121          2            08/17/01         00
    320129                               05           10/01/01          0
    320129                               N            09/01/31
    0

    5720678          286/286             F          186,500.00         ZZ
                                         360        186,229.16          3
                                       7.625          1,320.04         61
                                       7.375          1,320.04
    DORCHESTER       MA   02125          2            08/17/01         00
    320130                               05           10/01/01          0
    320130                               N            09/01/31
    0

    5720679          286/286             F          185,000.00         ZZ
                                         360        184,731.35          3
                                       7.625          1,309.42         58
                                       7.375          1,309.42
    DORCHESTER       MA   02125          2            08/17/01         00
    320131                               05           10/01/01          0
    320131                               N            09/01/31
    0

    5720680          286/286             F           54,900.00         ZZ
                                         360         54,833.23          2
                                       8.500            422.14         90
                                       8.250            422.14
    INDIANAPOLIS     IN   46201          1            08/31/01         12
    555759                               05           10/01/01         25
    555759                               N            09/01/31
    0

    5720682          286/286             F           84,000.00         ZZ
                                         360         83,886.88          2
                                       8.000            616.37         69
                                       7.750            616.37
1

    COLUMBUS         OH   43202          5            08/28/01         00
    544075                               05           10/01/01          0
    544075                               N            09/01/31
    0

    5720683          286/286             F          142,000.00         ZZ
                                         360        141,880.70          2
                                       6.875            932.84         90
                                       6.625            932.84
    HAMDEN           CT   06517          1            08/31/01         12
    543801                               05           11/01/01         25
    543801                               O            10/01/31
    0

    5720685          286/286             F           60,000.00         ZZ
                                         360         59,900.93          2
                                       7.250            409.31         80
                                       7.000            409.31
    DULUTH           MN   55807          2            08/31/01         00
    514681                               05           10/01/01          0
    514681                               N            09/01/31
    0

    5720690          286/286             F           77,500.00         ZZ
                                         360         77,373.76          2
                                       7.125            522.14         87
                                       6.875            522.14
    SPRINGFIELD      OH   45502          2            08/27/01         12
    144975                               05           10/01/01         25
    144975                               O            09/01/31
    0

    5720693          286/286             F           74,700.00         ZZ
                                         360         74,596.84          2
                                       7.875            541.63         90
                                       7.625            541.63
    EVANSVILLE       IN   47714          1            08/31/01         11
    547372                               05           10/01/01         25
    547372                               N            09/01/31
    0

    5720694          286/286             F          228,750.00         ZZ
                                         360        228,400.81          2
                                       7.375          1,579.92         75
                                       7.125          1,579.92
    ATLANTA          GA   30318          2            08/31/01         00
    441640                               05           10/01/01          0
    441640                               N            09/01/31
    0
1

    5720695          286/286             F          130,000.00         ZZ
                                         360        129,425.49          2
                                       7.125            875.84         80
                                       6.875            875.84
    SOMERSET         MA   02726          1            08/16/01         00
    303279                               05           10/01/01          0
    303279                               O            09/01/31
    0

    5720697          286/286             F          122,400.00         ZZ
                                         360        122,176.65          2
                                       7.125            824.64         68
                                       6.875            824.64
    ZION             IL   60099          5            08/30/01         00
    542203                               05           10/01/01          0
    542203                               N            09/01/31
    0

    5720698          286/286             F          122,400.00         ZZ
                                         360        122,203.64          2
                                       7.125            824.64         68
                                       6.875            824.64
    ZION             IL   60099          5            08/30/01         00
    542210                               05           10/01/01          0
    542210                               N            09/01/31
    0

    5720701          286/286             F          108,800.00         ZZ
                                         360        108,645.92          2
                                       7.750            779.46         80
                                       7.500            779.46
    WEBSTER          MA   01570          2            08/27/01         00
    539587                               05           10/01/01          0
    539587                               O            09/01/31
    0

    5720704          286/286             F          151,920.00         ZZ
                                         360        151,676.29          2
                                       7.125          1,023.52         80
                                       6.875          1,023.52
    CLINTON          MA   01510          1            08/15/01         00
    9627492                              05           10/01/01          0
    9627492                              O            09/01/31
    0

    5720708          286/286             F          140,000.00         ZZ
                                         360        139,763.64          2
1

                                       6.875            919.71         51
                                       6.625            919.71
    WOBURN           MA   01801          5            08/31/01         00
    533903                               05           10/01/01          0
    533903                               N            09/01/31
    0

    5720709          286/286             F           64,350.00         ZZ
                                         360         64,160.47          2
                                       7.875            466.59         90
                                       7.625            466.59
    AKRON            OH   44306          1            08/31/01         01
    517220                               05           10/01/01         25
    517220                               N            09/01/31
    0

    5720711          286/286             F          125,000.00         ZZ
                                         360        124,786.73          2
                                       6.875            821.17         63
                                       6.625            821.17
    LYNN             MA   01902          5            07/31/01         00
    320134                               05           10/01/01          0
    320134                               O            09/01/31
    0

    5720712          286/286             F          238,500.00         ZZ
                                         360        238,178.87          2
                                       8.000          1,750.03         90
                                       7.750          1,750.03
    WOODHAVEN        NY   11421          1            08/28/01         04
    406158                               05           10/01/01         25
    406158                               O            09/01/31
    0

    5720713          286/286             F          113,750.00         ZZ
                                         360        113,558.32          4
                                       6.875            747.26         65
                                       6.625            747.26
    LEOMINSTER       MA   01453          2            08/30/01         00
    538564                               05           10/01/01          0
    538564                               O            09/01/31
    0

    5720714          286/286             F          321,750.00         ZZ
                                         360        321,233.87          4
                                       7.125          2,167.69         66
                                       6.875          2,167.69
    DENVER           CO   80203          1            08/30/01         00
    543022                               05           10/01/01          0
1

    543022                               N            09/01/31
    0

    5720715          286/286             F          384,000.00         ZZ
                                         360        383,352.93          4
                                       6.875          2,522.61         80
                                       6.625          2,522.61
    LONG BEACH       CA   90803          2            08/15/01         00
    479467                               05           10/01/01          0
    479467                               O            09/01/31
    0

    5720716          286/286             F           39,000.00         ZZ
                                         360         38,928.24          2
                                       7.375            269.37         80
                                       7.125            269.37
    TROUT CREEK      NY   13847          1            08/30/01         00
    501024                               05           10/01/01          0
    501024                               O            09/01/31
    0

    5720717          286/286             F          203,000.00         ZZ
                                         360        202,580.55          2
                                       6.500          1,283.10         66
                                       6.250          1,283.10
    BEVERLY          MA   01915          2            08/22/01         00
    319521                               05           10/01/01          0
    319521                               O            09/01/31
    0

    5720722          286/286             F          200,000.00         ZZ
                                         300        199,533.39          2
                                       7.375          1,461.76         69
                                       7.125          1,461.76
    MARLBORO         MA   01752          5            08/27/01         00
    501572                               05           10/01/01          0
    501572                               O            09/01/26
    0

    5720723          286/286             F           62,000.00         ZZ
                                         360         61,907.67          2
                                       7.500            433.52         80
                                       7.250            433.52
    CLEVELAND        OH   44102          2            09/04/01         00
    547394                               05           10/01/01          0
    547394                               O            09/01/31
    0

1

    5720724          286/286             F          186,000.00         ZZ
                                         360        185,686.58          3
                                       6.875          1,221.89         80
                                       6.625          1,221.89
    METHUEN          MA   01844          2            08/17/01         00
    319809                               05           10/01/01          0
    319809                               O            09/01/31
    0

    5720726          286/286             F          105,750.00         ZZ
                                         360        105,550.83          3
                                       6.875            694.71         75
                                       6.625            694.71
    WORCESTER        MA   01604          1            08/03/01         00
    510638                               05           10/01/01          0
    510638                               O            09/01/31
    0

    5720729          286/286             F           49,500.00         ZZ
                                         360         49,439.79          2
                                       8.500            380.62         90
                                       8.250            380.62
    ST LOUIS         MO   63107          1            08/31/01         21
    539640                               05           10/01/01         25
    539640                               N            09/01/31
    0

    5720730          286/286             F          187,500.00         ZZ
                                         360        187,213.77          2
                                       7.375          1,295.02         75
                                       7.125          1,295.02
    CRANFORD         NJ   07016          2            08/29/01         00
    385767                               05           10/01/01          0
    385767                               O            09/01/31
    0

    5720731          286/286             F          119,700.00         ZZ
                                         360        119,554.45          2
                                       8.500            920.39         90
                                       8.250            920.39
    MINNEAPOLIS      MN   55411          1            08/31/01         01
    536020                               05           10/01/01         25
    536020                               N            09/01/31
    0

    5720734          286/286             F          109,000.00         ZZ
                                         360        108,816.33          2
                                       6.875            716.05         63
                                       6.625            716.05
1

    SACRAMENTO       CA   95825          2            08/14/01         00
    9885130                              05           10/01/01          0
    9885130                              O            09/01/31
    0

    5720735          286/286             F           90,000.00         ZZ
                                         360         89,852.03          2
                                       7.000            598.77         72
                                       6.750            598.77
    NEW BEDFORD      MA   02740          5            08/28/01         00
    9889888                              05           10/01/01          0
    9889888                              O            09/01/31
    0

    5720737          286/286             F          351,950.00         ZZ
                                         360        351,356.95          2
                                       6.875          2,312.06         55
                                       6.625          2,312.06
    SANTA CRUZ       CA   95062          5            08/16/01         00
    9881283                              05           10/01/01          0
    9881283                              O            09/01/31
    0

    5720742          286/286             F           72,000.00         ZZ
                                         360         71,912.45          2
                                       8.500            553.62         89
                                       8.250            553.62
    COLUMBUS         OH   43206          1            08/23/01         14
    9885374                              05           10/01/01         25
    9885374                              O            09/01/31
    0

    5720743          286/286             F          147,000.00         ZZ
                                         360        146,781.12          4
                                       7.500          1,027.85         70
                                       7.250          1,027.85
    PARADISE         CA   95969          5            08/14/01         00
    9883214                              05           10/01/01          0
    9883214                              N            09/01/31
    0

    5720745          286/286             F          233,050.00         ZZ
                                         360        232,666.82          2
                                       7.000          1,550.49         76
                                       6.750          1,550.49
    SANTA ROSA       CA   95409          5            08/23/01         00
    9850201                              05           10/01/01          0
    9850201                              O            09/01/31
    0
1

    5720749          286/286             F          259,000.00         ZZ
                                         360        258,633.22          4
                                       7.750          1,855.51         69
                                       7.500          1,855.51
    ANTIOCH          CA   94509          5            08/24/01         00
    9934811                              05           10/01/01          0
    9934811                              N            09/01/31
    0

    5720751          286/286             F          131,000.00         ZZ
                                         360        130,828.04          2
                                       8.125            972.67         75
                                       7.875            972.67
    SAN DIEGO        CA   92113          5            08/17/01         00
    9875685                              05           10/01/01          0
    9875685                              N            09/01/31
    0

    5720758          286/286             F          314,950.00         ZZ
                                         360        314,427.62          2
                                       7.000          2,095.37         90
                                       6.750          2,095.37
    IMPERIAL BEACH   CA   91932          1            08/23/01         10
    9888125                              05           10/01/01         17
    9888125                              O            09/01/31
    0

    5720759          286/286             F          160,000.00         ZZ
                                         360        159,736.94          2
                                       7.000          1,064.48         80
                                       6.750          1,064.48
    PASADENA         CA   91104          5            08/16/01         00
    9870605                              05           10/01/01          0
    9870605                              O            09/01/31
    0

    5720762          286/286             F          252,000.00         ZZ
                                         360        251,615.32          3
                                       7.375          1,740.50         61
                                       7.125          1,740.50
    MINNEAPOLIS      MN   55410          2            08/29/01         00
    9866612                              05           10/01/01          0
    9866612                              N            09/01/31
    0

    5720763          286/286             F           92,250.00         ZZ
                                         360         92,143.47          2
1

                                       8.750            725.73         90
                                       8.500            725.73
    AURORA           IL   60505          1            08/29/01         11
    9889181                              05           10/01/01         25
    9889181                              N            09/01/31
    0

    5720764          286/286             F           58,400.00         ZZ
                                         360         58,301.58          2
                                       6.875            383.65         80
                                       6.625            383.65
    COLUMBUS         OH   43205          5            09/04/01         00
    9849529                              05           10/01/01          0
    9849529                              N            09/01/31
    0

    5720768          286/286             F          527,350.00         ZZ
                                         360        526,544.99          4
                                       7.375          3,642.28         80
                                       7.125          3,642.28
    SAN DIEGO        CA   92103          1            08/22/01         00
    9883093                              05           10/01/01          0
    9883093                              O            09/01/31
    0

    5724039          E22/G02             F          179,900.00         ZZ
                                         360        179,756.14          1
                                       7.125          1,212.02         80
                                       6.875          1,212.02
    MIDLAND          MI   48640          1            10/01/01         00
    0412969511                           05           11/01/01          0
    0412969511                           O            10/01/31
    0

    5724043          E22/G02             F           43,900.00         ZZ
                                         360         43,868.23          1
                                       7.625            310.72         88
                                       7.375            310.72
    AVENTURA         FL   33160          1            10/01/01         04
    0412979940                           08           11/01/01         25
    0412979940                           N            10/01/31
    0

    5724048          E22/G02             F           51,000.00         ZZ
                                         360         50,964.01          1
                                       7.750            365.37         68
                                       7.500            365.37
    COUNCIL BLUFFS   IA   51501          2            09/18/01         00
    0412989865                           05           11/01/01          0
1

    0412989865                           O            10/01/31
    0

    5724070          E22/G02             F          128,700.00         ZZ
                                         360        128,606.85          1
                                       7.625            910.93         61
                                       7.375            910.93
    BELLS            TX   75414          2            09/19/01         00
    0413016437                           05           11/01/01          0
    0413016437                           O            10/01/31
    0

    5724088          E22/G02             F           59,500.00         ZZ
                                         360         59,463.02          2
                                       8.375            452.24         70
                                       8.125            452.24
    CROWLEY          TX   76036          5            10/01/01         00
    0413033028                           05           11/01/01          0
    0413033028                           N            10/01/31
    0

    5724093          E22/G02             F          115,500.00         ZZ
                                         240        115,300.85          1
                                       7.875            957.12         89
                                       7.625            957.12
    WINDSOR LOCKS    CT   06096          5            09/26/01         04
    0413037003                           05           11/01/01         25
    0413037003                           O            10/01/21
    0

    5724099          E22/G02             F          265,600.00         T
                                         360        265,376.87          1
                                       6.875          1,744.80         80
                                       6.625          1,744.80
    BIGFORK          MT   59911          1            10/01/01         00
    0413043076                           05           11/01/01          0
    0413043076                           O            10/01/31
    0

    5724101          E22/G02             F          129,600.00         ZZ
                                         360        129,513.04          1
                                       8.000            950.96         80
                                       7.750            950.96
    RICHARDSON       TX   75080          5            09/26/01         00
    0413043332                           05           11/01/01          0
    0413043332                           O            10/01/31
    0

1

    5724115          E22/G02             F          181,800.00         ZZ
                                         360        181,678.02          1
                                       8.000          1,333.98         90
                                       7.750          1,333.98
    LAGUNA NIGUEL    CA   92677          5            09/20/01         04
    0413053380                           01           11/01/01         25
    0413053380                           O            10/01/31
    0

    5724123          E22/G02             F          115,600.00         ZZ
                                         360        115,507.56          1
                                       7.125            778.82         85
                                       6.875            778.82
    SCHAUMBURG       IL   60194          5            09/26/01         04
    0413057324                           09           11/01/01         12
    0413057324                           O            10/01/31
    0

    5724143          E22/G02             F           58,500.00         ZZ
                                         360         58,459.74          1
                                       7.875            424.17         90
                                       7.625            424.17
    PUEBLO           CO   81001          2            09/26/01         01
    0413065392                           05           11/01/01         25
    0413065392                           O            10/01/31
    0

    5724154          E22/G02             F          143,500.00         ZZ
                                         360        143,410.81          1
                                       8.375          1,090.70         69
                                       8.125          1,090.70
    BOTHELL          WA   98021          5            09/25/01         00
    0413074980                           09           11/01/01          0
    0413074980                           N            10/01/31
    0

    5724162          E22/G02             F          360,000.00         ZZ
                                         360        359,719.17          1
                                       7.250          2,455.83         80
                                       7.000          2,455.83
    SAN CARLOS       CA   94070          1            09/27/01         00
    0413080367                           05           11/01/01          0
    0413080367                           O            10/01/31
    0

    5724316          994/X14             F          400,000.00         ZZ
                                         360        399,058.20          1
                                       7.250          2,728.71         80
                                       7.000          2,728.71
1

    YORBA LINDA      CA   92886          5            07/18/01         00
    80586872                             05           09/01/01          0
    80586872                             O            08/01/31
    0

    5724363          994/X14             F          691,500.00         ZZ
                                         360        690,615.07          1
                                       8.250          5,195.01         70
                                       8.000          5,195.01
    BURR RIDGE       IL   60521          2            08/21/01         00
    3918603193                           05           10/01/01          0
    3918603193                           O            09/01/31
    0

    5724395          994/X14             F          440,000.00         ZZ
                                         360        427,032.36          1
                                       7.375          3,038.97         79
                                       7.125          3,038.97
    DENVILLE         NJ   07834          5            05/17/01         00
    4318302903                           05           07/01/01          0
    4318302903                           O            06/01/31
    0

    5724579          994/X14             F          624,000.00         ZZ
                                         360        623,513.22          1
                                       7.250          4,256.78         72
                                       7.000          4,256.78
    RYE              NH   03871          5            09/05/01         00
    3218726093                           05           11/01/01          0
    3218726093                           O            10/01/31
    0

    5725290          964/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.875          1,970.79         80
                                       6.625          1,970.79
    SACRAMENTO       CA   95834          5            10/16/01         00
    0433320991                           05           12/01/01          0
    137457                               O            11/01/31
    0

    5725800          E86/G02             F          153,000.00         ZZ
                                         360        153,000.00          2
                                       8.250          1,149.44         90
                                       8.000          1,149.44
    CHARLOTTE        NC   28206          1            10/10/01         01
    0433325289                           05           12/01/01         25
    0000136852                           N            11/01/31
    0
1

    5725934          E11/G02             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       7.125          1,697.77         68
                                       6.875          1,697.77
    WATERTOWN        MN   55388          5            10/08/01         00
    0433303039                           05           12/01/01          0
    0010001035775                        O            11/01/31
    0

    5726089          K15/G02             F          133,000.00         ZZ
                                         360        133,000.00          1
                                       7.625            941.37         77
                                       7.375            941.37
    WHITE BEAR LAKE  MN   55110          5            10/05/01         00
    0433273422                           05           12/01/01          0
    013105305244                         O            11/01/31
    0

    5727363          742/G02             F           54,000.00         ZZ
                                         360         53,959.92          1
                                       7.500            377.58         80
                                       7.250            377.58
    SYRACUSE         NY   13215          1            09/24/01         00
    0433260494                           05           11/01/01          0
    6402168                              O            10/01/31
    0

    5728312          E82/G02             F          144,000.00         ZZ
                                         360        143,890.43          1
                                       7.375            994.57         76
                                       7.125            994.57
    ANTELOPE         CA   95843          2            09/28/01         00
    0400482899                           05           11/01/01          0
    0400482899                           O            10/01/31
    0

    5728314          E82/G02             F          367,000.00         ZZ
                                         360        366,734.38          1
                                       7.625          2,597.60         74
                                       7.375          2,597.60
    ESTES PARK       CO   80517          2            09/28/01         00
    0400486247                           05           11/01/01          0
    3727160                              O            10/01/31
    0

    5728691          U05/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
1

                                       7.625            605.16         75
                                       7.375            605.16
    COVINGTON        GA   30014          5            10/12/01         00
    0433293123                           05           12/01/01          0
    3171966                              N            11/01/31
    0

    5729592          E23/G02             F          495,000.00         ZZ
                                         360        494,594.25          1
                                       7.000          3,293.25         75
                                       6.750          3,293.25
    CORONA           CA   92881          5            09/27/01         00
    0433277365                           05           11/01/01          0
    51007888                             O            10/01/31
    0

    5734180          N47/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       6.875          1,681.74         80
                                       6.625          1,681.74
    SAN JOSE         CA   95116          5            10/09/01         00
    0433316940                           05           12/01/01          0
    20311101                             O            11/01/31
    0

    5736132          E22/G02             F          208,000.00         ZZ
                                         360        207,845.63          1
                                       7.500          1,454.37         80
                                       7.250          1,454.37
    SEABROOK         TX   77586          5            09/27/01         00
    0412780223                           03           11/01/01          0
    0412780223                           O            10/01/31
    0

    5736138          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       8.000          2,568.18         90
                                       7.750          2,568.18
    MALVERNE         NY   11565          1            10/02/01         01
    0412894669                           05           12/01/01         25
    0412894669                           O            11/01/31
    0

    5736146          E22/G02             F           85,500.00         ZZ
                                         360         85,433.30          1
                                       7.250            583.26         32
                                       7.000            583.26
    LOWER LAKE       CA   95457          2            09/24/01         00
    0412908212                           05           11/01/01          0
1

    0412908212                           O            10/01/31
    0

    5736170          E22/G02             F          108,000.00         ZZ
                                         360        107,917.82          1
                                       7.375            745.93         80
                                       7.125            745.93
    TEXAS CITY       TX   77590          5            09/27/01         00
    0412965998                           05           11/01/01          0
    0412965998                           O            10/01/31
    0

    5736172          E22/G02             F           92,000.00         ZZ
                                         360         91,931.72          1
                                       7.500            643.28         80
                                       7.250            643.28
    LOCH LOMOND      CA   95426          1            09/25/01         00
    0415736172                           05           11/01/01          0
    0412966046                           N            10/01/31
    0

    5736182          E22/G02             F          335,000.00         ZZ
                                         360        334,751.38          1
                                       7.500          2,342.37         70
                                       7.250          2,342.37
    DALY CITY        CA   94015          2            09/27/01         00
    0412973737                           05           11/01/01          0
    0412973737                           N            10/01/31
    0

    5736188          E22/G02             F           38,400.00         ZZ
                                         360         38,373.57          1
                                       7.875            278.43         80
                                       7.625            278.43
    ALBANY           KY   42602          5            09/27/01         00
    0412984239                           05           11/01/01          0
    0412984239                           O            10/01/31
    0

    5736200          E22/G02             F          164,825.00         ZZ
                                         360        164,725.15          1
                                       8.500          1,267.36         95
                                       8.250          1,267.36
    COLORADO SPRING  CO   80917          2            09/24/01         04
    0412998239                           05           11/01/01         30
    0412998239                           O            10/01/31
    0

1

    5736226          E22/G02             F          100,000.00         ZZ
                                         360         99,927.63          1
                                       7.625            707.79         80
                                       7.375            707.79
    OXFORD           MA   01540          5            09/27/01         00
    0413020538                           05           11/01/01          0
    0413020538                           O            10/01/31
    0

    5736228          E22/G02             F          296,000.00         ZZ
                                         360        295,669.09          1
                                       7.250          2,019.24         80
                                       7.000          2,019.24
    HAYWARD          CA   94542          5            09/19/01         00
    0413024902                           05           11/01/01          0
    0413024902                           O            10/01/31
    0

    5736236          E22/G02             F           97,000.00         ZZ
                                         360         96,938.15          1
                                       8.250            728.73         78
                                       8.000            728.73
    METAIRIE         LA   70001          2            09/27/01         00
    0413028739                           05           11/01/01          0
    0413028739                           O            10/01/31
    0

    5736258          E22/G02             F          222,000.00         ZZ
                                         360        221,835.24          1
                                       7.500          1,552.26         80
                                       7.250          1,552.26
    DAVIS            CA   95615          2            09/24/01         00
    0413040478                           05           11/01/01          0
    0413040478                           O            10/01/31
    0

    5736280          E22/G02             F           80,000.00         ZZ
                                         360         79,940.63          1
                                       7.500            559.37         79
                                       7.250            559.37
    POMPANO BEACH    FL   33060          2            09/27/01         00
    0413049917                           05           11/01/01          0
    0413049917                           O            10/01/31
    0

    5736300          E22/G02             F          173,750.00         ZZ
                                         360        173,604.03          1
                                       6.875          1,141.41         78
                                       6.625          1,141.41
1

    BAYONNE          NJ   07002          5            09/27/01         00
    0413055062                           05           11/01/01          0
    0413055062                           O            10/01/31
    0

    5736306          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.250          2,728.71         70
                                       7.000          2,728.71
    CUPERTINO        CA   95014          1            09/25/01         00
    0413058504                           05           12/01/01          0
    0413058504                           O            11/01/31
    0

    5736346          E22/G02             F          126,400.00         ZZ
                                         360        126,298.92          1
                                       7.125            851.58         80
                                       6.875            851.58
    PORTLAND         OR   97202          1            09/27/01         00
    0413076399                           05           11/01/01          0
    0413076399                           O            10/01/31
    0

    5736350          E22/G02             F           73,100.00         ZZ
                                         360         73,049.69          1
                                       7.875            530.03         73
                                       7.625            530.03
    RICHARDSON       TX   75081          2            10/02/01         00
    0413080755                           05           11/01/01          0
    0413080755                           N            10/01/31
    0

    5736372          E22/G02             F           43,200.00         ZZ
                                         360         43,170.27          1
                                       7.875            313.23         80
                                       7.625            313.23
    MEMPHIS          TN   38122          1            10/02/01         00
    0413092982                           05           11/01/01          0
    0413092982                           N            10/01/31
    0

    5737196          601/G02             F          649,990.00         ZZ
                                         360        649,158.19          1
                                       8.250          4,883.16         45
                                       8.000          4,883.16
    NORTH HAVEN      NY   11963          5            08/06/01         00
    0433222528                           05           10/01/01          0
    60657202                             O            09/01/31
    0
1

    5737394          601/G02             F          108,000.00         ZZ
                                         360        107,775.54          1
                                       7.875            783.08         80
                                       7.625            783.08
    PLYMOUTH         CT   06786          1            08/06/01         00
    0433222395                           05           09/01/01          0
    60722915                             O            08/01/31
    0

    5737620          601/G02             F           72,000.00         ZZ
                                         360         71,905.48          1
                                       8.125            534.60         80
                                       7.875            534.60
    WILLIS           TX   77318          1            08/03/01         00
    0433229317                           03           10/01/01          0
    6070476-4                            O            09/01/31
    0

    5738196          601/G02             F          460,000.00         ZZ
                                         360        459,658.61          1
                                       7.500          3,216.39         80
                                       7.250          3,216.39
    FARMINGDALE      NY   11735          5            09/18/01         00
    0433307659                           05           11/01/01          0
    60802246                             O            10/01/31
    0

    5739666          964/G02             F          389,600.00         ZZ
                                         360        389,600.00          1
                                       6.875          2,559.40         80
                                       6.625          2,559.40
    SCOTTSDALE       AZ   85259          5            10/12/01         00
    0433310307                           05           12/01/01          0
    154770                               O            11/01/31
    0

    5743440          E82/G02             F          166,000.00         ZZ
                                         360        165,867.26          1
                                       7.125          1,118.37         37
                                       6.875          1,118.37
    OJAI             CA   93023          2            09/25/01         00
    0400481255                           05           11/01/01          0
    1961526                              O            10/01/31
    0

    5744658          964/G02             F          458,500.00         ZZ
                                         360        458,500.00          1
1

                                       7.500          3,205.90         70
                                       7.250          3,205.90
    BEND             OR   97702          5            10/16/01         00
    0433300696                           03           12/01/01          0
    150502                               O            11/01/31
    0

    5747138          144/144             F          275,000.00         ZZ
                                         360        274,768.97          1
                                       6.875          1,806.55         43
                                       6.625          1,806.55
    SOUTHAMPTON      NY   11942          5            09/19/01         00
    160673384                            05           11/01/01          0
    160673384                            O            10/01/31
    0

    5748414          253/253             F          131,350.00         ZZ
                                         360        131,350.00          1
                                       7.875            952.38         80
                                       7.625            952.38
    AVON             IN   46123          1            10/08/01         00
    979841                               01           12/01/01          0
    979841                               O            11/01/31
    0

    5751436          964/G02             F          110,320.00         ZZ
                                         360        110,320.00          1
                                       7.500            771.37         80
                                       7.250            771.37
    PHOENIX          AZ   85050          1            10/11/01         00
    0433275955                           03           12/01/01          0
    155165                               O            11/01/31
    0

    5764694          A06/G02             F          165,300.00         T
                                         360        165,174.22          1
                                       7.375          1,141.69         80
                                       7.125          1,141.69
    KISSIMMEE        FL   34747          1            09/26/01         00
    0433273729                           03           11/01/01          0
    021000020018039                      O            10/01/31
    0

    5764710          601/G02             F           64,000.00         ZZ
                                         360         63,896.52          1
                                       7.750            458.51         80
                                       7.500            458.51
    CLEARWATER       FL   33755          1            08/23/01         00
    0433229812                           05           10/01/01          0
1

    60779758                             O            09/01/31
    0

    5765220          253/253             F          200,800.00         ZZ
                                         360        200,650.97          1
                                       7.500          1,404.03         80
                                       7.250          1,404.03
    OMAHA            NE   68116          1            09/21/01         00
    979251                               05           11/01/01          0
    979251                               O            10/01/31
    0

    5766570          N47/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.500          3,496.07         75
                                       7.250          3,496.07
    CARMEL VALLEY    CA   93924          1            10/10/01         00
    0433298106                           05           12/01/01          0
    20111923                             O            11/01/31
    0

    5766852          E82/G02             F          604,500.00         ZZ
                                         360        604,051.38          1
                                       7.500          4,226.75         61
                                       7.250          4,226.75
    WEST BLOOMFIELD  MI   48324          2            10/01/01         00
    0400495511                           05           11/01/01          0
    4560393                              O            10/01/31
    0

    5766874          E82/G02             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       7.375          2,451.90         89
                                       7.125          2,451.90
    CHINO HILLS      CA   91709          5            10/01/01         04
    0400486858                           05           12/01/01         25
    0400486858                           O            11/01/31
    0

    5767054          420/G02             F          215,000.00         ZZ
                                         360        215,000.00          1
                                       7.000          1,430.40         64
                                       6.750          1,430.40
    GUERNEVILLE      CA   95446          2            10/09/01         00
    0433308228                           05           12/01/01          0
    51001738                             O            11/01/31
    0

1

    5767224          E22/G02             F           36,700.00         E
                                         360         36,674.74          2
                                       7.875            266.10         90
                                       7.625            266.10
    CAVE SPRING      GA   30124          1            10/03/01         01
    0412938854                           05           11/01/01         25
    0412938854                           N            10/01/31
    0

    5767234          E22/G02             F          235,000.00         ZZ
                                         360        234,829.91          1
                                       7.625          1,663.32         86
                                       7.375          1,663.32
    ALTO             MI   49302          5            09/28/01         01
    0412961351                           05           11/01/01         25
    0412961351                           O            10/01/31
    0

    5767240          E22/G02             F          129,100.00         ZZ
                                         360        128,991.54          1
                                       6.875            848.10         90
                                       6.625            848.10
    GARDNERVILLE     NV   89410          2            09/20/01         01
    0412965394                           05           11/01/01         25
    0412965394                           O            10/01/31
    0

    5767254          E22/G02             F          246,500.00         ZZ
                                         360        246,330.36          1
                                       7.875          1,787.30         85
                                       7.625          1,787.30
    PAGOSA SPRINGS   CO   81147          5            09/28/01         01
    0412980641                           03           11/01/01         12
    0412980641                           O            10/01/31
    0

    5767268          E22/G02             F          205,190.00         ZZ
                                         360        205,021.81          1
                                       7.000          1,365.13         75
                                       6.750          1,365.13
    NORCO            CA   92860          2            09/28/01         00
    0412994618                           05           11/01/01          0
    0412994618                           O            10/01/31
    0

    5767282          E22/G02             F          248,000.00         ZZ
                                         360        247,791.65          2
                                       6.875          1,629.18         80
                                       6.625          1,629.18
1

    QUINCY           MA   02169          1            10/03/01         00
    0413007691                           05           11/01/01          0
    0413007691                           O            10/01/31
    0

    5767286          E22/G02             F          305,000.00         ZZ
                                         360        304,784.73          1
                                       7.750          2,185.06         94
                                       7.500          2,185.06
    NANTUCKET        MA   02554          2            09/28/01         04
    0413009705                           07           11/01/01         30
    0413009705                           O            10/01/31
    0

    5767294          E22/G02             F          360,000.00         ZZ
                                         360        359,732.83          1
                                       7.500          2,517.17         80
                                       7.250          2,517.17
    HOUSTON          TX   77024          5            09/28/01         00
    0413012873                           03           11/01/01          0
    0413012873                           O            10/01/31
    0

    5767296          E22/G02             F          437,600.00         ZZ
                                         360        437,267.03          1
                                       7.375          3,022.39         80
                                       7.125          3,022.39
    SANTA CLARITA    CA   91351          5            09/25/01         00
    0413015090                           05           11/01/01          0
    0413015090                           O            10/01/31
    0

    5767316          E22/G02             F          172,800.00         ZZ
                                         360        172,668.51          1
                                       7.375          1,193.49         80
                                       7.125          1,193.49
    TROPHY CLUB      TX   76262          5            09/28/01         00
    0413022823                           03           11/01/01          0
    0413022823                           O            10/01/31
    0

    5767336          E22/G02             F          444,000.00         ZZ
                                         360        443,662.15          1
                                       7.375          3,066.60         80
                                       7.125          3,066.60
    BURLINGAME       CA   94010          1            09/14/01         00
    0413030677                           05           11/01/01          0
    0413030677                           O            10/01/31
    0
1

    5767356          E22/G02             F          125,300.00         ZZ
                                         360        125,220.10          1
                                       8.250            941.34         70
                                       8.000            941.34
    ALLEN            TX   75002          5            09/27/01         00
    0413037839                           05           11/01/01          0
    0413037839                           O            10/01/31
    0

    5767360          E22/G02             F          118,750.00         ZZ
                                         360        118,650.24          1
                                       6.875            780.10         90
                                       6.625            780.10
    COVENTRY         RI   02816          5            09/28/01         01
    0413041096                           05           11/01/01         25
    0413041096                           O            10/01/31
    0

    5767374          E22/G02             F          134,400.00         ZZ
                                         360        134,205.14          1
                                       7.750            962.86         80
                                       7.500            962.86
    GARDEN CITY      MI   48135          5            09/28/01         00
    0413049206                           05           11/01/01          0
    0413049206                           O            10/01/31
    0

    5767404          E22/G02             F          130,400.00         ZZ
                                         360        130,298.27          1
                                       7.250            889.56         80
                                       7.000            889.56
    HARMONY          NC   28634          2            09/28/01         00
    0413067331                           05           11/01/01          0
    0413067331                           O            10/01/31
    0

    5767418          E22/G02             F          112,000.00         ZZ
                                         360        111,926.73          1
                                       8.125            831.60         80
                                       7.875            831.60
    SANGER           TX   76266          5            09/28/01         00
    0413071804                           05           11/01/01          0
    0413071804                           O            10/01/31
    0

    5767434          E22/G02             F          288,000.00         ZZ
                                         360        287,775.33          1
1

                                       7.250          1,964.67         80
                                       7.000          1,964.67
    COLORADO SPRING  CO   80921          5            09/28/01         00
    0413075599                           05           11/01/01          0
    0413075599                           O            10/01/31
    0

    5767440          E22/G02             F          139,900.00         ZZ
                                         360        139,785.32          1
                                       7.000            930.76         94
                                       6.750            930.76
    KENNER           LA   70065          5            09/28/01         01
    0413077488                           05           11/01/01         30
    0413077488                           O            10/01/31
    0

    5767462          E22/G02             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       8.375          2,052.20         90
                                       8.125          2,052.20
    ASBURY PARK      NJ   07712          1            10/03/01         04
    0413082934                           05           12/01/01         25
    0413082934                           N            11/01/31
    0

    5767468          E22/G02             F          106,500.00         ZZ
                                         360        106,500.00          1
                                       7.750            762.98         75
                                       7.500            762.98
    EUGENE           OR   97401          5            10/01/01         00
    0413085911                           05           12/01/01          0
    0413085911                           N            11/01/31
    0

    5785344          E22/G02             F          366,750.00         ZZ
                                         360        366,456.72          1
                                       7.125          2,470.86         90
                                       6.875          2,470.86
    CHATSWORTH       CA   91311          5            09/28/01         04
    0412986978                           05           11/01/01         25
    0412986978                           O            10/01/31
    0

    5785368          E22/G02             F          121,600.00         ZZ
                                         360        121,511.99          1
                                       7.625            860.68         80
                                       7.375            860.68
    PORT VINCENT     LA   70726          5            09/20/01         00
    0413029091                           05           11/01/01          0
1

    0413029091                           O            10/01/31
    0

    5785372          E22/G02             F          382,375.00         ZZ
                                         360        382,124.88          1
                                       8.125          2,839.12         95
                                       7.875          2,839.12
    STAR             ID   83669          1            10/02/01         01
    0413032749                           03           11/01/01         35
    0413032749                           O            10/01/31
    0

    5785380          E22/G02             F           80,500.00         ZZ
                                         360         80,445.99          4
                                       8.000            590.68         70
                                       7.750            590.68
    POMPANO BEACH    FL   33060          2            10/04/01         00
    0413042888                           05           11/01/01          0
    0413042888                           N            10/01/31
    0

    5785414          E22/G02             F          460,000.00         ZZ
                                         360        459,649.97          1
                                       7.375          3,177.11         80
                                       7.125          3,177.11
    ANTIOCH          CA   94509          5            09/27/01         00
    0413062399                           05           11/01/01          0
    0413062399                           O            10/01/31
    0

    5785422          E22/G02             F          135,850.00         ZZ
                                         360        135,765.56          1
                                       8.375          1,032.56         95
                                       8.125          1,032.56
    COLLINSVILLE     OK   74021          5            09/28/01         04
    0413070731                           05           11/01/01         30
    0413070731                           O            10/01/31
    0

    5785668          950/G02             F           94,200.00         ZZ
                                         360         94,144.38          1
                                       8.625            732.68         60
                                       8.375            732.68
    BELLEVUE         WA   98007          5            09/07/01         00
    0433288511                           01           11/01/01          0
    EW107335                             O            10/01/31
    0

1

    5788436          P67/G02             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.625          2,335.72         78
                                       7.375          2,335.72
    TYNGSBOROUGH     MA   01879          5            10/12/01         00
    0433323359                           05           12/01/01          0
    L0485                                O            11/01/31
    0

    5790586          964/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       6.875          1,471.52         80
                                       6.625          1,471.52
    ROCKLIN          CA   95677          5            10/16/01         00
    0433303443                           05           12/01/01          0
    152310                               O            11/01/31
    0

    5792234          601/G02             F          171,000.00         ZZ
                                         360        170,769.76          3
                                       8.000          1,254.74         90
                                       7.750          1,254.74
    NEW HAVEN        CT   06511          1            08/30/01         11
    0433267473                           05           10/01/01         25
    60787791                             N            09/01/31
    0

    5795902          964/G02             F          298,000.00         ZZ
                                         360        298,000.00          1
                                       6.750          1,932.82         80
                                       6.500          1,932.82
    BOTHELL          WA   98012          2            10/10/01         00
    0433288289                           03           12/01/01          0
    154759                               O            11/01/31
    0

    5796586          964/G02             F          114,000.00         ZZ
                                         360        114,000.00          2
                                       8.000            836.49         75
                                       7.750            836.49
    PORTLAND         OR   97211          5            10/04/01         00
    0433257086                           05           12/01/01          0
    141782                               N            11/01/31
    0

    5803454          601/G02             F          152,000.00         ZZ
                                         360        151,762.13          1
                                       7.250          1,036.91         76
                                       7.000          1,036.91
1

    DENVER           CO   80222          5            08/20/01         00
    0433225000                           05           10/01/01          0
    60766748                             O            09/01/31
    0

    5804618          601/G02             F          340,000.00         ZZ
                                         360        339,493.76          1
                                       7.500          2,377.33         80
                                       7.250          2,377.33
    DALLAS           TX   75230          1            08/14/01         00
    0433224987                           05           10/01/01          0
    60766045                             O            09/01/31
    0

    5811686          E22/G02             F          390,900.00         ZZ
                                         360        390,900.00          1
                                       7.000          2,600.67         80
                                       6.750          2,600.67
    BOERNE           TX   78006          2            10/05/01         00
    0412935074                           03           12/01/01          0
    0412935074                           O            11/01/31
    0

    5811704          E22/G02             F          300,000.00         ZZ
                                         360        299,747.96          3
                                       6.875          1,970.79         75
                                       6.625          1,970.79
    LONG BEACH       NY   11561          2            10/01/01         00
    0412962581                           05           11/01/01          0
    0412962581                           O            10/01/31
    0

    5811706          E22/G02             F          315,000.00         ZZ
                                         360        314,754.27          1
                                       7.250          2,148.86         88
                                       7.000          2,148.86
    SALINAS          CA   93907          2            09/19/01         04
    0412970246                           05           11/01/01         25
    0412970246                           O            10/01/31
    0

    5811730          E22/G02             F           92,000.00         ZZ
                                         360         91,930.00          1
                                       7.375            635.42         80
                                       7.125            635.42
    SAN ANTONIO      TX   78216          5            10/01/01         00
    0413006776                           05           11/01/01          0
    0413006776                           O            10/01/31
    0
1

    5811734          E22/G02             F          308,000.00         ZZ
                                         360        307,771.42          2
                                       7.500          2,153.58         80
                                       7.250          2,153.58
    BRONX            NY   10469          1            10/05/01         00
    0413008996                           05           11/01/01          0
    0413008996                           O            10/01/31
    0

    5811766          E22/G02             F          428,000.00         ZZ
                                         360        428,000.00          1
                                       7.625          3,029.36         80
                                       7.375          3,029.36
    KATY             TX   77450          1            10/05/01         00
    0413029430                           03           12/01/01          0
    0413029430                           O            11/01/31
    0

    5811782          E22/G02             F           90,500.00         ZZ
                                         360         90,442.29          1
                                       8.250            679.90         95
                                       8.000            679.90
    OMAHA            NE   68137          5            10/01/01         04
    0413035726                           05           11/01/01         30
    0413035726                           O            10/01/31
    0

    5811798          E22/G02             F          196,200.00         ZZ
                                         360        196,050.71          1
                                       7.375          1,355.10         90
                                       7.125          1,355.10
    ANTELOPE         CA   95843          5            09/25/01         04
    0413040296                           05           11/01/01         25
    0413040296                           O            10/01/31
    0

    5811816          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          2
                                       7.750          1,031.63         80
                                       7.500          1,031.63
    BRANFORD         CT   06405          1            10/05/01         00
    0413051079                           05           12/01/01          0
    0413051079                           N            11/01/31
    0

    5811836          E22/G02             F          500,000.00         ZZ
                                         360        499,590.16          1
1

                                       7.000          3,326.51         80
                                       6.750          3,326.51
    BIRMINGHAM       AL   35222          5            10/01/01         00
    0413057233                           05           11/01/01          0
    0413057233                           O            10/01/31
    0

    5811854          E22/G02             F          125,000.00         ZZ
                                         360        124,913.97          4
                                       7.875            906.34         90
                                       7.625            906.34
    MIAMISBURG       OH   45342          1            10/05/01         04
    0413064551                           05           11/01/01         25
    0413064551                           N            10/01/31
    0

    5811860          E22/G02             F          350,000.00         ZZ
                                         360        349,726.96          1
                                       7.250          2,387.62         75
                                       7.000          2,387.62
    ESTES PARK       CO   80517          5            10/01/01         00
    0413070707                           03           11/01/01          0
    0413070707                           O            10/01/31
    0

    5811882          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.250          2,046.53         80
                                       7.000          2,046.53
    ALAMEDA          CA   94501          5            09/26/01         00
    0413079682                           05           12/01/01          0
    0413079682                           O            11/01/31
    0

    5811884          E22/G02             F          207,000.00         ZZ
                                         360        207,000.00          1
                                       7.625          1,465.13         50
                                       7.375          1,465.13
    LAS VEGAS        NV   89120          5            09/27/01         00
    0413079740                           03           12/01/01          0
    0413079740                           O            11/01/31
    0

    5811888          E22/G02             F           67,000.00         ZZ
                                         360         67,000.00          1
                                       7.250            457.06         77
                                       7.000            457.06
    AMARILLO         TX   79109          5            10/01/01         00
    0413081027                           05           12/01/01          0
1

    0413081027                           O            11/01/31
    0

    5811898          E22/G02             F          130,500.00         ZZ
                                         360        130,500.00          1
                                       7.625            923.67         90
                                       7.375            923.67
    HIALEAH          FL   33012          1            10/05/01         04
    0413082389                           05           12/01/01         30
    0413082389                           O            11/01/31
    0

    5811906          E22/G02             F           66,600.00         ZZ
                                         360         66,600.00          1
                                       8.000            488.69         90
                                       7.750            488.69
    SOUTH BEND       IN   46628          1            10/08/01         04
    0413085838                           05           12/01/01         25
    0413085838                           N            11/01/31
    0

    5811914          E22/G02             F          144,000.00         ZZ
                                         360        143,895.78          1
                                       7.625          1,019.22         80
                                       7.375          1,019.22
    TARPON SPRINGS   FL   34689          5            10/01/01         00
    0413089004                           03           11/01/01          0
    0413089004                           O            10/01/31
    0

    5811916          E22/G02             F          130,500.00         ZZ
                                         360        130,412.44          4
                                       8.000            957.56         90
                                       7.750            957.56
    AUSTIN           TX   78723          1            10/03/01         04
    0413089137                           05           11/01/01         25
    0413089137                           N            10/01/31
    0

    5811922          E22/G02             F          130,500.00         ZZ
                                         360        130,412.44          4
                                       8.000            957.56         90
                                       7.750            957.56
    AUSTIN           TX   78723          1            10/03/01         04
    0413090945                           05           11/01/01         25
    0413090945                           N            10/01/31
    0

1

    5811944          E22/G02             F          196,000.00         E
                                         360        195,858.14          1
                                       7.625          1,387.28         80
                                       7.375          1,387.28
    BRENTWOOD        CA   94513          1            10/02/01         00
    0413108994                           05           11/01/01          0
    0413108994                           N            10/01/31
    0

    5812106          696/G02             F          304,600.00         ZZ
                                         360        304,395.62          1
                                       8.000          2,235.05         85
                                       7.750          2,235.05
    GERMANTOWN       MD   20876          1            09/27/01         12
    0433243904                           03           11/01/01         12
    31201214                             O            10/01/31
    0

    5818310          964/G02             F          100,000.00         ZZ
                                         360         99,925.79          1
                                       7.500            699.21         59
                                       7.250            699.21
    FORT COLLINS     CO   80521          5            09/24/01         00
    0433235587                           05           11/01/01          0
    141664                               O            10/01/31
    0

    5818592          624/G02             F          299,250.00         ZZ
                                         360        299,250.00          1
                                       7.250          2,041.41         95
                                       7.000          2,041.41
    CHULA VISTA      CA   91910          5            10/10/01         01
    0433295201                           05           12/01/01         30
    37006210996F                         O            11/01/31
    0

    5821784          696/G02             F          131,600.00         ZZ
                                         360        131,502.33          4
                                       7.500            920.17         80
                                       7.250            920.17
    SHEPHERDSTOWN    WV   25443          1            09/29/01         00
    0433244951                           05           11/01/01          0
    22601186                             N            10/01/31
    0

    5821844          X05/G02             F          280,000.00         ZZ
                                         360        280,000.00          3
                                       7.500          1,957.80         80
                                       7.250          1,957.80
1

    SAN DIEGO        CA   92104          2            10/10/01         00
    0433313251                           05           12/01/01          0
    01109127                             O            11/01/31
    0

    5823032          U62/G02             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       6.875          1,773.71         85
                                       6.625          1,773.71
    FARMINGDALE      NY   11735          5            10/12/01         04
    0433290731                           05           12/01/01         12
    2001308146                           O            11/01/31
    0

    5824252          E84/G02             F          138,000.00         ZZ
                                         360        137,740.88          1
                                       8.375          1,048.90         79
                                       8.125          1,048.90
    LAKEWOOD         CO   80226          2            08/06/01         00
    0433228582                           05           09/01/01          0
    32800785                             O            08/01/31
    0

    5826872          964/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       6.875          2,470.05         69
                                       6.625          2,470.05
    FOUNTAIN HILLS   AZ   85268          5            10/16/01         00
    0433316064                           03           12/01/01          0
    155767                               O            11/01/31
    0

    5830568          U87/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       7.000          2,501.54         80
                                       6.750          2,501.54
    DOVE CANYON      CA   92679          5            10/04/01         00
    0433319571                           03           12/01/01          0
    2386                                 O            11/01/31
    0

    5831528          L33/G02             F          209,600.00         ZZ
                                         360        209,600.00          1
                                       6.875          1,376.92         80
                                       6.625          1,376.92
    WESTMINSTER      CO   80030          5            10/15/01         00
    0433310158                           03           12/01/01          0
    00922212                             O            11/01/31
    0
1

    5835820          E82/G02             F          206,900.00         ZZ
                                         360        206,734.55          1
                                       7.125          1,393.92         80
                                       6.875          1,393.92
    UNITY            ME   04988          2            09/27/01         00
    0400496345                           05           11/01/01          0
    3733616                              O            10/01/31
    0

    5835850          E82/G02             F           39,500.00         ZZ
                                         360         39,500.00          1
                                       8.500            303.72         76
                                       8.250            303.72
    RICHMOND         VA   23224          2            10/09/01         00
    0400476693                           05           12/01/01          0
    0400476693                           N            11/01/31
    0

    5835872          E82/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
                                       7.625            407.69         80
                                       7.375            407.69
    CHICAGO          IL   60636          5            10/04/01         00
    0400486288                           05           12/01/01          0
    0400486288                           O            11/01/31
    0

    5836022          696/G02             F           87,000.00         ZZ
                                         360         87,000.00          1
                                       7.875            630.81         76
                                       7.625            630.81
    WASHINGTON       DC   20036          1            10/01/01         00
    0433259058                           08           12/01/01          0
    25701078                             N            11/01/31
    0

    5842056          624/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.250          1,875.98         76
                                       7.000          1,875.98
    AUSTIN           TX   78731          1            10/11/01         00
    0433292513                           05           12/01/01          0
    82700110193                          O            11/01/31
    0

    5850654          L60/F27             F          200,000.00         ZZ
                                         360        199,702.21          1
1

                                       7.500          1,398.43         77
                                       7.250          1,398.43
    GREENVILLE       SC   29609          1            08/03/01         00
    6610754358                           03           10/01/01          0
    6610754358                           O            09/01/31
    0

    5850660          L60/F27             F          237,000.00         ZZ
                                         360        236,469.02          1
                                       7.500          1,657.14         80
                                       7.250          1,657.14
    VIRGINIA BEACH   VA   23454          1            07/06/01         00
    6920084662                           05           09/01/01          0
    6920084662                           O            08/01/31
    0

    5850816          L60/F27             F          395,500.00         T
                                         360        394,911.14          1
                                       7.500          2,765.39         69
                                       7.250          2,765.39
    HOLDEN BEACH     NC   28462          2            08/10/01         00
    6610776564                           05           10/01/01          0
    6610776564                           O            09/01/31
    0

    5850850          L60/F27             F          431,250.00         ZZ
                                         360        429,200.73          1
                                       7.250          2,941.89         75
                                       7.000          2,941.89
    NORTH POTOMAC    MD   20878          2            04/06/01         00
    6920036706                           05           06/01/01          0
    6920036706                           O            05/01/31
    0

    5850854          L60/F27             F          443,000.00         ZZ
                                         360        441,335.48          1
                                       7.500          3,097.52         74
                                       7.250          3,097.52
    BALTIMORE        MD   21210          5            05/24/01         00
    6990374013                           05           07/01/01          0
    6990374013                           O            06/01/31
    0

    5850862          L60/F27             F          462,400.00         ZZ
                                         360        461,676.40          1
                                       7.250          3,154.38         80
                                       7.000          3,154.38
    CLIFTON          VA   20124          1            08/02/01         00
    6920009954                           05           10/01/01          0
1

    6920009954                           O            09/01/31
    0

    5850866          L60/F27             F          480,000.00         T
                                         360        478,897.54          1
                                       7.375          3,315.24         80
                                       7.125          3,315.24
    COROLLA          NC   27927          1            08/01/01         00
    6990393662                           05           09/01/01          0
    6990393662                           O            08/01/31
    0

    5858226          286/286             F          650,000.00         ZZ
                                         360        648,003.29          1
                                       7.375          4,489.39         60
                                       7.125          4,489.39
    MOUNT AIRY       MD   21771          2            06/29/00         00
    9971638                              05           08/01/01          0
    9971638                              O            07/01/31
    0

    5858244          286/286             F          124,100.00         ZZ
                                         360        123,956.68          1
                                       8.750            976.30         74
                                       8.500            976.30
    GLENDALE         AZ   85303          1            08/01/01         00
    511154                               03           10/01/01          0
    511154                               N            09/01/31
    0

    5858250          286/286             F          112,400.00         ZZ
                                         360        112,270.19          1
                                       8.750            884.25         90
                                       8.500            884.25
    POULSBO          WA   98370          1            08/08/01         01
    9938567                              05           10/01/01         25
    9938567                              O            09/01/31
    0

    5860330          E22/G02             F           69,500.00         ZZ
                                         360         69,445.79          1
                                       7.250            474.11         52
                                       7.000            474.11
    POWDERLY         TX   75473          5            09/26/01         00
    0412885394                           05           11/01/01          0
    0412885394                           O            10/01/31
    0

1

    5860350          E22/G02             F          528,000.00         ZZ
                                         360        528,000.00          1
                                       7.000          3,512.80         80
                                       6.750          3,512.80
    RENO             NV   89509          5            10/03/01         00
    0412970063                           05           12/01/01          0
    0412970063                           O            11/01/31
    0

    5860354          E22/G02             F          255,000.00         T
                                         360        254,785.77          1
                                       6.875          1,675.17         75
                                       6.625          1,675.17
    FRENCHTOWN       MT   59834          4            10/09/01         00
    0412973562                           05           11/01/01          0
    0412973562                           O            10/01/31
    0

    5860380          E22/G02             F          188,000.00         ZZ
                                         360        187,860.48          1
                                       7.500          1,314.52         80
                                       7.250          1,314.52
    LAKEWOOD         CA   90713          5            09/28/01         00
    0413015827                           05           11/01/01          0
    0413015827                           O            10/01/31
    0

    5860394          E22/G02             F          105,200.00         ZZ
                                         360        105,129.41          1
                                       8.000            771.92         63
                                       7.750            771.92
    KENOSHA          WI   53142          2            09/18/01         00
    0413024464                           03           11/01/01          0
    0413024464                           O            10/01/31
    0

    5860400          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       8.000          2,568.18         65
                                       7.750          2,568.18
    POPE VALLEY      CA   94567          5            09/28/01         00
    0413026287                           05           12/01/01          0
    0413026287                           O            11/01/31
    0

    5860422          E22/G02             F           57,950.00         ZZ
                                         360         57,950.00          1
                                       7.750            415.16         95
                                       7.500            415.16
1

    MEMPHIS          TN   38108          5            10/02/01         10
    0413032632                           05           12/01/01         30
    0413032632                           O            11/01/31
    0

    5860428          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       7.125            727.62         79
                                       6.875            727.62
    BONITA SPRINGS   FL   34135          5            10/03/01         00
    0413035676                           05           12/01/01          0
    0413035676                           O            11/01/31
    0

    5860482          E22/G02             F          112,000.00         ZZ
                                         360        111,908.19          1
                                       7.000            745.14         79
                                       6.750            745.14
    SAN ANTONIO      TX   78216          5            10/01/01         00
    0413062852                           05           11/01/01          0
    0413062852                           O            10/01/31
    0

    5860502          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       7.375            932.41         38
                                       7.125            932.41
    DALLAS           TX   75205          5            10/02/01         00
    0413070715                           05           12/01/01          0
    0413070715                           O            11/01/31
    0

    5860524          E22/G02             F          118,980.00         ZZ
                                         240        118,980.00          1
                                       7.000            922.45         90
                                       6.750            922.45
    MIAMI            FL   33177          2            10/02/01         04
    0413076902                           05           12/01/01         25
    0413076902                           O            11/01/21
    0

    5860530          E22/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
                                       7.250            600.32         88
                                       7.000            600.32
    ALBANY           GA   31705          5            10/03/01         10
    0413078510                           05           12/01/01         25
    0413078510                           O            11/01/31
    0
1

    5860538          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.500          1,398.43         58
                                       7.250          1,398.43
    DUBLIN           CA   94568          5            09/28/01         00
    0413080409                           05           12/01/01          0
    0413080409                           O            11/01/31
    0

    5860546          E22/G02             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       7.250          2,721.88         84
                                       7.000          2,721.88
    AVALON           CA   90704          1            09/28/01         04
    0413082256                           03           12/01/01         12
    0413082256                           O            11/01/31
    0

    5860548          E22/G02             F          307,700.00         ZZ
                                         360        307,700.00          1
                                       7.625          2,177.88         85
                                       7.375          2,177.88
    SALT LAKE CITY   UT   84121          2            10/02/01         01
    0413083064                           05           12/01/01         12
    0413083064                           O            11/01/31
    0

    5860558          E22/G02             F           54,400.00         ZZ
                                         360         54,400.00          1
                                       8.375            413.48         80
                                       8.125            413.48
    DALLAS           TX   75211          1            10/08/01         00
    0413085531                           05           12/01/01          0
    0413085531                           N            11/01/31
    0

    5860568          E22/G02             F          200,700.00         ZZ
                                         360        200,700.00          1
                                       7.250          1,369.13         84
                                       7.000          1,369.13
    OLD LYME         CT   06371          2            10/03/01         04
    0413089269                           05           12/01/01         12
    0413089269                           O            11/01/31
    0

    5860572          E22/G02             F          637,500.00         ZZ
                                         360        637,500.00          1
1

                                       7.375          4,403.05         75
                                       7.125          4,403.05
    BELLEVUE         WA   98004          5            10/02/01         00
    0413092214                           05           12/01/01          0
    0413092214                           O            11/01/31
    0

    5860580          E22/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.125          3,368.59         73
                                       6.875          3,368.59
    SAN JUAN BAUTIS  CA   95045          1            10/02/01         00
    0413094665                           05           12/01/01          0
    0413094665                           O            11/01/31
    0

    5860582          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       7.875            391.54         90
                                       7.625            391.54
    HOBE SOUND       FL   33455          1            10/09/01         01
    0413097478                           01           12/01/01         25
    0413097478                           N            11/01/31
    0

    5860604          E22/G02             F           87,400.00         ZZ
                                         360         87,400.00          1
                                       6.875            574.16         95
                                       6.625            574.16
    PINSON           AL   35126          1            10/08/01         10
    0413109737                           05           12/01/01         30
    0413109737                           O            11/01/31
    0

    5860610          E22/G02             F           73,710.00         ZZ
                                         360         73,710.00          1
                                       8.250            553.76         90
                                       8.000            553.76
    HAMDEN           CT   06514          1            10/09/01         01
    0413110636                           01           12/01/01         25
    0413110636                           N            11/01/31
    0

    5860618          E22/G02             F          345,500.00         ZZ
                                         360        345,500.00          1
                                       6.875          2,269.69         80
                                       6.625          2,269.69
    MARIETTA         GA   30066          1            10/08/01         00
    0413115676                           03           12/01/01          0
1

    0413115676                           O            11/01/31
    0

    5867970          K15/G02             F          178,800.00         ZZ
                                         360        178,800.00          1
                                       8.000          1,311.97         92
                                       7.750          1,311.97
    COLORADO SPRING  CO   80922          5            10/15/01         26
    0433294733                           05           12/01/01         30
    021805301686                         O            11/01/31
    0

    5875956          B23/G02             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       6.875          1,773.71         75
                                       6.625          1,773.71
    LA HABRA         CA   90631          2            10/03/01         00
    0433302296                           05           12/01/01          0
    88004764                             O            11/01/31
    0

    5881438          E82/G02             F          130,500.00         ZZ
                                         360        130,500.00          1
                                       7.875            946.22         95
                                       7.625            946.22
    JAMAICA          NY   11432          2            10/08/01         04
    0400479218                           08           12/01/01         30
    0400479218                           O            11/01/31
    0

    5884506          A52/G02             F          253,000.00         ZZ
                                         360        253,000.00          1
                                       7.875          1,834.43         72
                                       7.625          1,834.43
    ATLANTA          GA   30305          5            10/19/01         00
    0433335437                           05           12/01/01          0
    16729                                O            11/01/31
    0

    5886862          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       7.500            867.03         80
                                       7.250            867.03
    KATY             TX   77450          5            10/02/01         00
    0413040940                           03           12/01/01          0
    0413040940                           O            11/01/31
    0

1

    5886864          E22/G02             F          148,000.00         ZZ
                                         360        148,000.00          2
                                       7.125            997.10         78
                                       6.875            997.10
    CANOGA PARK      CA   91303          2            10/01/01         00
    0413043449                           05           12/01/01          0
    0413043449                           O            11/01/31
    0

    5886870          E22/G02             F          165,600.00         ZZ
                                         360        165,600.00          1
                                       7.875          1,200.71         80
                                       7.625          1,200.71
    NOTTINGHAM       NH   03290          5            10/04/01         00
    0413049719                           05           12/01/01          0
    0413049719                           O            11/01/31
    0

    5886880          E22/G02             F           54,900.00         ZZ
                                         360         54,900.00          2
                                       8.375            417.28         90
                                       8.125            417.28
    NEW ORLEANS      LA   70117          2            10/10/01         04
    0413056367                           05           12/01/01         25
    0413056367                           N            11/01/31
    0

    5886882          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.125          1,347.44         80
                                       6.875          1,347.44
    SANTA CLARITA    CA   91350          1            10/02/01         00
    0413056623                           05           12/01/01          0
    0413056623                           O            11/01/31
    0

    5886890          E22/G02             F          192,500.00         ZZ
                                         360        192,500.00          1
                                       6.875          1,264.59         64
                                       6.625          1,264.59
    CROCKETT         CA   94525          2            10/02/01         00
    0413062597                           05           12/01/01          0
    0413062597                           O            11/01/31
    0

    5886896          E22/G02             F          146,000.00         ZZ
                                         360        146,000.00          1
                                       7.000            971.34         36
                                       6.750            971.34
1

    RESCUE           CA   95672          5            09/28/01         00
    0413067307                           05           12/01/01          0
    0413067307                           O            11/01/31
    0

    5886898          E22/G02             F          242,000.00         ZZ
                                         360        242,000.00          1
                                       6.875          1,589.77         79
                                       6.625          1,589.77
    CROCKETT         CA   94525          2            09/28/01         00
    0413067844                           05           12/01/01          0
    0413067844                           O            11/01/31
    0

    5886908          E22/G02             F           50,000.00         ZZ
                                         360         49,968.92          1
                                       8.375            380.04         72
                                       8.125            380.04
    MIAMI            FL   33142          5            09/28/01         00
    0413073404                           05           11/01/01          0
    0413073404                           N            10/01/31
    0

    5886912          E22/G02             F          139,200.00         ZZ
                                         360        139,200.00          1
                                       6.875            914.44         80
                                       6.625            914.44
    HENDERSONVILLE   NC   28739          2            10/04/01         00
    0413077041                           03           12/01/01          0
    0413077041                           O            11/01/31
    0

    5886920          E22/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       8.250          2,704.56         90
                                       8.000          2,704.56
    HIALEAH          FL   33015          1            10/10/01         01
    0413080631                           05           12/01/01         30
    0413080631                           O            11/01/31
    0

    5886930          E22/G02             F           94,500.00         ZZ
                                         360         94,500.00          1
                                       7.500            660.76         90
                                       7.250            660.76
    COLORADO SPRING  CO   80911          2            10/04/01         04
    0413084070                           05           12/01/01         25
    0413084070                           O            11/01/31
    0
1

    5886942          E22/G02             F          113,850.00         ZZ
                                         360        113,850.00          1
                                       7.750            815.64         90
                                       7.500            815.64
    JUPITER          FL   33458          1            10/10/01         01
    0413088576                           05           12/01/01         25
    0413088576                           O            11/01/31
    0

    5886946          E22/G02             F          125,600.00         ZZ
                                         360        125,600.00          1
                                       6.875            825.10         80
                                       6.625            825.10
    AUSTIN           TX   78749          5            10/04/01         00
    0413090242                           05           12/01/01          0
    0413090242                           O            11/01/31
    0

    5886972          E22/G02             F          144,500.00         ZZ
                                         360        144,500.00          1
                                       7.250            985.74         93
                                       7.000            985.74
    LYNNWOOD         WA   98036          2            10/03/01         01
    0413100199                           05           12/01/01         30
    0413100199                           O            11/01/31
    0

    5886984          E22/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       6.875          1,734.29         80
                                       6.625          1,734.29
    TRINIDAD         CO   81082          1            10/10/01         00
    0413111907                           05           12/01/01          0
    0413111907                           O            11/01/31
    0

    5886988          E22/G02             F           71,900.00         ZZ
                                         360         71,900.00          3
                                       7.000            478.35         90
                                       6.750            478.35
    GRETNA           LA   70056          1            10/10/01         04
    0413121989                           05           12/01/01         25
    0413121989                           N            11/01/31
    0

    5890400          S48/S48             F          384,000.00         ZZ
                                         360        383,182.83          1
1

                                       7.125          2,587.08         80
                                       6.875          2,587.08
    HOUSTON          TX   77077          1            08/23/01         00
    0029788502                           03           10/01/01          0
    0029788502                           O            09/01/31
    0

    5890404          S48/S48             F          500,000.00         ZZ
                                         360        499,291.92          1
                                       7.750          3,582.07         69
                                       7.500          3,582.07
    ALTANTA          GA   30328          5            08/02/01         00
    0099133936                           05           10/01/01          0
    0099133936                           O            09/01/31
    0

    5890410          S48/S48             F          382,500.00         ZZ
                                         360        382,178.65          1
                                       6.875          2,512.76         75
                                       6.625          2,512.76
    PALM DESERT      CA   92211          5            08/28/01         00
    6018692316                           03           11/01/01          0
    6018692316                           O            10/01/31
    0

    5890418          S48/S48             F          319,914.00         ZZ
                                         360        319,693.84          1
                                       7.875          2,319.60         79
                                       7.625          2,319.60
    RENO             NV   89509          1            09/10/01         00
    6043833869                           03           11/01/01          0
    6043833869                           O            10/01/31
    0

    5890424          S48/S48             F          455,000.00         ZZ
                                         360        454,627.04          1
                                       7.000          3,027.13         70
                                       6.750          3,027.13
    EDGEWOOD         WA   98371          2            09/20/01         00
    6103601081                           05           11/01/01          0
    6103601081                           O            10/01/31
    0

    5890434          S48/S48             F          339,000.00         ZZ
                                         360        338,728.90          1
                                       7.125          2,283.91         54
                                       6.875          2,283.91
    HAYWARD          CA   94544          1            09/06/01         00
    6147953951                           03           11/01/01          0
1

    6147953951                           O            10/01/31
    0

    5890440          S48/S48             F          465,000.00         ZZ
                                         360        464,341.49          1
                                       7.750          3,331.32         69
                                       7.500          3,331.32
    SEATTLE          WA   98116          5            08/27/01         00
    6158684388                           05           10/01/01          0
    6158684388                           O            09/01/31
    0

    5890446          S48/S48             F          313,000.00         ZZ
                                         360        312,761.83          1
                                       7.375          2,161.82         75
                                       7.125          2,161.82
    ELLICOTT CITY    MD   21042          2            09/05/01         00
    6210384928                           05           11/01/01          0
    6210384928                           O            10/01/31
    0

    5890448          S48/S48             F          313,600.00         ZZ
                                         360        313,155.89          1
                                       7.750          2,246.67         80
                                       7.500          2,246.67
    THOUSAND OAKS    CA   91361          1            08/08/01         00
    6212637315                           01           10/01/01          0
    6212637315                           O            09/01/31
    0

    5890450          S48/S48             F          376,000.00         ZZ
                                         360        375,727.86          1
                                       7.625          2,661.31         59
                                       7.375          2,661.31
    VENETIA          PA   15367          2            09/24/01         00
    6213236109                           05           11/01/01          0
    6213236109                           O            10/01/31
    0

    5890452          S48/S48             F          574,550.00         ZZ
                                         360        574,079.04          1
                                       7.000          3,822.50         68
                                       6.750          3,822.50
    REDWOOD CIT      CA   94061          5            09/06/01         00
    6232053691                           05           11/01/01          0
    6232053691                           O            10/01/31
    0

1

    5890454          S48/S48             F          340,000.00         ZZ
                                         360        339,741.28          1
                                       7.375          2,348.30         49
                                       7.125          2,348.30
    BEVERLY HILLS    CA   90211          2            09/14/01         00
    6269229818                           05           11/01/01          0
    6269229818                           N            10/01/31
    0

    5890458          S48/S48             F          498,750.00         ZZ
                                         360        498,370.48          1
                                       7.375          3,444.75         75
                                       7.125          3,444.75
    LEAWOOD          KS   66223          2            09/13/01         00
    6317529771                           03           11/01/01          0
    6317529771                           O            10/01/31
    0

    5890462          S48/S48             F          650,000.00         T
                                         360        649,492.93          1
                                       7.250          4,434.15         43
                                       7.000          4,434.15
    CARMEL           CA   93921          2            09/14/01         00
    6338916585                           05           11/01/01          0
    6338916585                           O            10/01/31
    0

    5890464          S48/S48             F          365,000.00         ZZ
                                         360        364,715.26          1
                                       7.250          2,489.95         46
                                       7.000          2,489.95
    PINECREST        FL   33156          5            09/18/01         00
    6341984067                           05           11/01/01          0
    6341984067                           O            10/01/31
    0

    5890466          S48/S48             F          322,000.00         ZZ
                                         360        321,778.40          1
                                       7.875          2,334.73         54
                                       7.625          2,334.73
    E.FALMOUTH       MA   02536          2            09/18/01         00
    6362509264                           05           11/01/01          0
    6362509264                           O            10/01/31
    0

    5890472          S48/S48             F          300,000.00         ZZ
                                         360        299,777.35          1
                                       7.500          2,097.65         66
                                       7.250          2,097.65
1

    NEWARK           CA   94560          5            09/14/01         00
    6387474130                           05           11/01/01          0
    6387474130                           O            10/01/31
    0

    5890474          S48/S48             F          393,750.00         ZZ
                                         360        393,419.20          1
                                       6.875          2,586.66         75
                                       6.625          2,586.66
    OLNEY            MD   20832          5            09/17/01         00
    6396229194                           03           11/01/01          0
    6396229194                           O            10/01/31
    0

    5890478          S48/S48             F          335,000.00         ZZ
                                         360        334,745.08          1
                                       7.375          2,313.77         61
                                       7.125          2,313.77
    SANTA CRUZ       CA   95060          5            09/10/01         00
    6405653756                           05           11/01/01          0
    6405653756                           O            10/01/31
    0

    5890488          S48/S48             F          374,500.00         ZZ
                                         360        373,934.81          1
                                       7.625          2,650.69         70
                                       7.375          2,650.69
    CARMEL VALLEY    CA   93924          1            08/20/01         00
    6456340626                           05           10/01/01          0
    6456340626                           N            09/01/31
    0

    5890490          S48/S48             F          441,000.00         ZZ
                                         360        440,638.51          1
                                       7.000          2,933.99         59
                                       6.750          2,933.99
    SANTA CRUZ       CA   95060          2            09/25/01         00
    6481153432                           05           11/01/01          0
    6481153432                           O            10/01/31
    0

    5890492          S48/S48             F          300,000.00         ZZ
                                         360        299,777.35          1
                                       7.500          2,097.65         75
                                       7.250          2,097.65
    BLYTHEWOOD       SC   29016          5            09/21/01         00
    6483784143                           03           11/01/01          0
    6483784143                           O            10/01/31
    0
1

    5890494          S48/S48             F          308,500.00         ZZ
                                         360        308,271.05          1
                                       7.500          2,157.08         35
                                       7.250          2,157.08
    ENGLEWOOD        CO   80111          2            09/10/01         00
    6500310500                           05           11/01/01          0
    6500310500                           O            10/01/31
    0

    5890500          S48/S48             F          291,500.00         ZZ
                                         360        291,065.96          1
                                       7.500          2,038.22         77
                                       7.250          2,038.22
    OVERLAND PARK    KS   66223          5            08/17/01         00
    6556678560                           03           10/01/01          0
    6556678560                           O            09/01/31
    0

    5890506          S48/S48             F          595,000.00         ZZ
                                         360        594,580.05          1
                                       7.750          4,262.66         70
                                       7.500          4,262.66
    BROOKLINE        MA   02445          2            09/06/01         00
    6645116655                           05           11/01/01          0
    6645116655                           O            10/01/31
    0

    5890520          S48/S48             F          345,000.00         ZZ
                                         360        344,737.48          1
                                       7.375          2,382.83         50
                                       7.125          2,382.83
    BEVERLY HIL      CA   90211          2            09/04/01         00
    6776180355                           05           11/01/01          0
    6776180355                           N            10/01/31
    0

    5890534          S48/S48             F          334,950.00         ZZ
                                         360        334,475.65          1
                                       7.750          2,399.63         53
                                       7.500          2,399.63
    CINCINNATI       OH   45227          1            08/31/01         00
    6909396274                           05           10/01/01          0
    6909396274                           O            09/01/31
    0

    5890538          S48/S48             F          475,000.00         ZZ
                                         360        474,638.56          1
1

                                       7.375          3,280.71         65
                                       7.125          3,280.71
    KITTY HAWK       NC   27949          2            09/07/01         00
    6986341748                           03           11/01/01          0
    6986341748                           O            10/01/31
    0

    5890540          S48/S48             F          665,000.00         ZZ
                                         360        664,518.69          1
                                       7.625          4,706.83         61
                                       7.375          4,706.83
    BERKELEY         CA   94704          5            08/28/01         00
    6988800279                           05           11/01/01          0
    6988800279                           O            10/01/31
    0

    5890544          S48/S48             F          295,400.00         ZZ
                                         360        294,949.06          1
                                       7.375          2,040.26         70
                                       7.125          2,040.26
    LOS ANGELES      CA   91307          5            08/15/01         00
    6507521281                           05           10/01/01          0
    6507521281                           O            09/01/31
    0

    5890546          S48/S48             F          424,000.00         ZZ
                                         360        423,669.24          1
                                       7.250          2,892.43         69
                                       7.000          2,892.43
    SILVERTHORN      CO   80498          2            09/24/01         00
    6509226434                           03           11/01/01          0
    6509226434                           O            10/01/31
    0

    5890560          S48/S48             F          575,000.00         ZZ
                                         360        574,562.46          1
                                       7.375          3,971.39         52
                                       7.125          3,971.39
    MILPITAS         CA   95035          2            09/13/01         00
    6668064659                           05           11/01/01          0
    6668064659                           O            10/01/31
    0

    5890564          S48/S48             F          385,600.00         ZZ
                                         360        385,299.19          1
                                       7.250          2,630.48         80
                                       7.000          2,630.48
    SEATTLE          WA   98116          1            09/25/01         00
    6693256189                           05           11/01/01          0
1

    6693256189                           O            10/01/31
    0

    5890566          S48/S48             F          400,000.00         ZZ
                                         360        399,724.72          1
                                       7.875          2,900.28         66
                                       7.625          2,900.28
    WOODBURY         MN   55129          5            09/05/01         00
    6730502009                           05           11/01/01          0
    6730502009                           O            10/01/31
    0

    5890568          S48/S48             F          600,000.00         ZZ
                                         360        599,543.44          1
                                       7.375          4,144.06         75
                                       7.125          4,144.06
    SARASOTA         FL   34236          1            09/17/01         00
    6749011638                           05           11/01/01          0
    6749011638                           O            10/01/31
    0

    5890570          S48/S48             F          348,750.00         ZZ
                                         360        348,477.94          1
                                       7.250          2,379.09         75
                                       7.000          2,379.09
    SAN LEANDRO      CA   94577          1            09/14/01         00
    6763556161                           05           11/01/01          0
    6763556161                           O            10/01/31
    0

    5890574          S48/S48             F          358,000.00         ZZ
                                         360        357,246.47          1
                                       7.500          2,503.19         66
                                       7.250          2,503.19
    SAN JOSE         CA   95127          1            08/06/01         00
    6765038010                           05           10/01/01          0
    6765038010                           O            09/01/31
    0

    5890578          S48/S48             F          500,000.00         ZZ
                                         360        499,217.53          1
                                       7.250          3,410.89         56
                                       7.000          3,410.89
    ANGWIN           CA   94508          1            08/17/01         00
    6840032665                           05           10/01/01          0
    6840032665                           O            09/01/31
    0

1

    5890580          S48/S48             F          405,000.00         ZZ
                                         360        404,381.75          2
                                       7.375          2,797.24         62
                                       7.125          2,797.24
    MOUNTAIN VI      CA   94041          2            08/08/01         00
    6842074152                           05           10/01/01          0
    6842074152                           O            09/01/31
    0

    5890584          S48/S48             F          303,000.00         ZZ
                                         360        302,763.63          1
                                       7.250          2,067.00         57
                                       7.000          2,067.00
    NOVATO           CA   94945          2            09/19/01         00
    6921939937                           05           11/01/01          0
    6921939937                           O            10/01/31
    0

    5890592          S48/S48             F          334,400.00         ZZ
                                         360        333,889.53          1
                                       7.375          2,309.62         80
                                       7.125          2,309.62
    CYPRESS          CA   90630          1            08/28/01         00
    6990958172                           05           10/01/01          0
    6990958172                           O            09/01/31
    0

    5895442          624/G02             F          119,200.00         ZZ
                                         360        119,200.00          1
                                       7.375            823.28         80
                                       7.125            823.28
    RANCHO CORDOVA   CA   95670          1            10/09/01         00
    0433290848                           05           12/01/01          0
    38800611873F                         O            11/01/31
    0

    5899554          S11/G02             F          155,500.00         ZZ
                                         360        155,378.70          1
                                       7.250          1,060.78         73
                                       7.000          1,060.78
    SAN JUAN CAPIST  CA   92675          2            09/25/01         00
    0433258381                           03           11/01/01          0
    10203188                             O            10/01/31
    0

    5905546          L16/G02             F          125,100.00         ZZ
                                         360        125,100.00          4
                                       8.000            917.94         90
                                       7.750            917.94
1

    BAKERSFIELD      CA   93304          1            10/19/01         04
    0433332178                           05           12/01/01         30
    W0108124                             N            11/01/31
    0

    5907078          K15/G02             F          341,500.00         ZZ
                                         360        341,500.00          1
                                       7.875          2,476.11         85
                                       7.625          2,476.11
    BRENTWOOD        CA   94513          5            10/22/01         11
    0433312485                           05           12/01/01         12
    026605303426                         O            11/01/31
    0

    5910478          E22/G02             F           55,000.00         ZZ
                                         360         55,000.00          1
                                       7.125            370.55         86
                                       6.875            370.55
    RICHMOND         VA   23222          2            10/05/01         10
    0413002262                           05           12/01/01         25
    0413002262                           O            11/01/31
    0

    5910490          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       7.125            458.13         73
                                       6.875            458.13
    SPRING           TX   77379          5            10/05/01         00
    0413023896                           03           12/01/01          0
    0413023896                           O            11/01/31
    0

    5910506          E22/G02             F           84,600.00         ZZ
                                         360         84,600.00          1
                                       7.250            577.12         90
                                       7.000            577.12
    COVINGTON        KY   41014          5            10/05/01         11
    0413039827                           05           12/01/01         25
    0413039827                           O            11/01/31
    0

    5910512          E22/G02             F          104,500.00         ZZ
                                         360        104,500.00          1
                                       8.500            803.51         95
                                       8.250            803.51
    WILMONT TOWNSHI  MI   49799          5            10/05/01         01
    0413054040                           05           12/01/01         30
    0413054040                           O            11/01/31
    0
1

    5910528          E22/G02             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       6.500          2,527.64         42
                                       6.250          2,527.64
    PETALUMA         CA   94952          1            10/04/01         00
    0413061615                           05           12/01/01          0
    0413061615                           O            11/01/31
    0

    5910562          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       7.750          1,117.60         80
                                       7.500          1,117.60
    MARBLE FALLS     TX   78654          5            10/05/01         00
    0413073842                           05           12/01/01          0
    0413073842                           O            11/01/31
    0

    5910564          E22/G02             F          267,000.00         ZZ
                                         360        267,000.00          1
                                       7.500          1,866.90         52
                                       7.250          1,866.90
    SAN BRUNO        CA   94066          2            10/04/01         00
    0413074352                           05           12/01/01          0
    0413074352                           O            11/01/31
    0

    5910570          E22/G02             F          221,500.00         ZZ
                                         360        221,500.00          1
                                       7.500          1,548.76         80
                                       7.250          1,548.76
    DALLAS           TX   75208          5            10/05/01         00
    0413077298                           05           12/01/01          0
    0413077298                           O            11/01/31
    0

    5910586          E22/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
                                       7.500          1,622.18         80
                                       7.250          1,622.18
    AMESBURY         MA   01913          1            10/11/01         00
    0413082629                           05           12/01/01          0
    0413082629                           O            11/01/31
    0

    5910592          E22/G02             F          242,000.00         ZZ
                                         360        242,000.00          1
1

                                       6.875          1,589.77         80
                                       6.625          1,589.77
    EDEN             UT   84310          2            10/05/01         00
    0413085051                           05           12/01/01          0
    0413085051                           O            11/01/31
    0

    5910628          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       7.375            773.56         72
                                       7.125            773.56
    TAMARAC          FL   33321          5            10/05/01         00
    0413099144                           05           12/01/01          0
    0413099144                           O            11/01/31
    0

    5910652          E22/G02             F          323,000.00         ZZ
                                         360        323,000.00          1
                                       7.250          2,203.43         95
                                       7.000          2,203.43
    LAS VEGAS        NV   89102          1            10/08/01         01
    0413114471                           05           12/01/01         35
    0413114471                           O            11/01/31
    0

    5910670          E22/G02             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       6.875          2,732.82         80
                                       6.625          2,732.82
    LARGO            FL   33770          1            10/11/01         00
    0413136326                           03           12/01/01          0
    0413136326                           O            11/01/31
    0

    5910960          964/G02             F          324,000.00         ZZ
                                         360        323,747.25          1
                                       7.250          2,210.25         90
                                       7.000          2,210.25
    PARKER           CO   80138          5            09/25/01         01
    0433273125                           03           11/01/01         25
    147911                               O            10/01/31
    0

    5924204          U28/G02             F          165,750.00         ZZ
                                         360        165,750.00          1
                                       7.625          1,173.17         85
                                       7.375          1,173.17
    CHARLESTON       SC   29407          5            10/19/01         04
    0433319852                           05           12/01/01         12
1

    BOULWARETMBB                         O            11/01/31
    0

    5935006          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.375            828.81         80
                                       7.125            828.81
    HOLLYWOOD        FL   33020          1            10/12/01         00
    0412954513                           05           12/01/01          0
    0412954513                           O            11/01/31
    0

    5935014          E22/G02             F          134,000.00         ZZ
                                         360        134,000.00          1
                                       6.875            880.28         80
                                       6.625            880.28
    PENDLETON        KY   40055          5            10/08/01         00
    0412988826                           05           12/01/01          0
    0412988826                           O            11/01/31
    0

    5935044          E22/G02             F          212,400.00         ZZ
                                         360        212,400.00          1
                                       6.875          1,395.32         59
                                       6.625          1,395.32
    OCEANSIDE        CA   92054          5            10/05/01         00
    0413048323                           05           12/01/01          0
    0413048323                           O            11/01/31
    0

    5935046          E22/G02             F          244,000.00         ZZ
                                         360        244,000.00          1
                                       7.625          1,727.02         80
                                       7.375          1,727.02
    JEFFERSON        TX   75657          1            10/10/01         00
    0413048646                           05           12/01/01          0
    0413048646                           O            11/01/31
    0

    5935064          E22/G02             F          119,200.00         ZZ
                                         360        119,200.00          1
                                       7.875            864.28         80
                                       7.625            864.28
    AUSTIN           TX   78745          5            10/08/01         00
    0413060245                           05           12/01/01          0
    0413060245                           O            11/01/31
    0

1

    5935082          E22/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       6.875          2,417.50         70
                                       6.625          2,417.50
    REDMOND          WA   98052          5            10/04/01         00
    0413074576                           05           12/01/01          0
    0413074576                           O            11/01/31
    0

    5935088          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
                                       6.875          1,392.69         62
                                       6.625          1,392.69
    WAYNE            NJ   07470          5            10/08/01         00
    0413082918                           05           12/01/01          0
    0413082918                           O            11/01/31
    0

    5935098          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       7.875            667.06         52
                                       7.625            667.06
    PLANO            TX   75025          5            10/08/01         00
    0413084773                           05           12/01/01          0
    0413084773                           O            11/01/31
    0

    5935100          E22/G02             F          164,250.00         ZZ
                                         360        164,250.00          4
                                       7.875          1,190.93         90
                                       7.625          1,190.93
    WILTON           NH   03086          1            10/12/01         04
    0413085242                           05           12/01/01         25
    0413085242                           N            11/01/31
    0

    5935106          E22/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
                                       7.375            442.03         87
                                       7.125            442.03
    CARTERSVILLE     GA   30120          1            10/12/01         04
    0413086406                           07           12/01/01         25
    0413086406                           N            11/01/31
    0

    5935108          E22/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
                                       7.375            442.03         87
                                       7.125            442.03
1

    CARTERSVILLE     GA   30120          1            10/12/01         04
    0413086430                           07           12/01/01         25
    0413086430                           N            11/01/31
    0

    5935116          E22/G02             F          232,750.00         ZZ
                                         360        232,750.00          4
                                       8.125          1,728.16         95
                                       7.875          1,728.16
    CHICAGO          IL   60651          1            10/12/01         11
    0413091398                           05           12/01/01         30
    0413091398                           O            11/01/31
    0

    5935124          E22/G02             F          106,155.00         ZZ
                                         360        106,155.00          1
                                       8.250            797.51         90
                                       8.000            797.51
    CEDAR HILL       TX   75104          1            10/12/01         04
    0413094301                           05           12/01/01         25
    0413094301                           N            11/01/31
    0

    5935126          E22/G02             F          116,055.00         ZZ
                                         360        116,055.00          1
                                       8.250            871.88         90
                                       8.000            871.88
    CEDAR HILL       TX   75104          1            10/12/01         04
    0413094350                           05           12/01/01         25
    0413094350                           N            11/01/31
    0

    5935148          E22/G02             F          126,900.00         ZZ
                                         360        126,900.00          1
                                       6.875            833.64         90
                                       6.625            833.64
    FOUNTAIN         CO   80817          5            10/08/01         04
    0413105032                           05           12/01/01         25
    0413105032                           O            11/01/31
    0

    5935154          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       7.500          1,230.62         80
                                       7.250          1,230.62
    PLANO            TX   75025          5            10/08/01         00
    0413106402                           05           12/01/01          0
    0413106402                           O            11/01/31
    0
1

    5935198          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       7.625            424.68         80
                                       7.375            424.68
    SULPHUR SPRINGS  TX   75482          1            10/12/01         00
    0413128216                           05           12/01/01          0
    0413128216                           O            11/01/31
    0

    5936822          964/G02             F          400,500.00         ZZ
                                         360        400,500.00          1
                                       7.750          2,869.23         90
                                       7.500          2,869.23
    SCOTTSDALE       AZ   85254          1            10/29/01         01
    0433329117                           05           12/01/01         25
    160478                               O            11/01/31
    0

    5943106          964/G02             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       7.625          2,463.12         80
                                       7.375          2,463.12
    CAMARILLO        CA   93012          2            10/09/01         00
    0433304268                           05           12/01/01          0
    148632                               O            11/01/31
    0

    5948296          N47/G02             F          108,000.00         ZZ
                                         360        108,000.00          4
                                       7.875            783.07         90
                                       7.625            783.07
    SAN ANTONIO      TX   78239          1            10/10/01         04
    0433295219                           05           12/01/01         25
    30311095                             N            11/01/31
    0

    5950536          K21/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.125          2,290.64         80
                                       6.875          2,290.64
    SAN RAFAEL       CA   94903          1            10/10/01         00
    0433322880                           05           12/01/01          0
    0115815                              O            11/01/31
    0

    5954168          G75/G75             F          400,000.00         ZZ
                                         360        399,738.34          1
1

                                       8.125          2,969.99         76
                                       7.875          2,969.99
    BRIDGEWATER      NJ   08807          5            09/13/01         00
    04439320                             05           11/01/01          0
    04439320                             O            10/01/31
    0

    5954174          G75/G75             F          207,900.00         ZZ
                                         360        207,489.23          1
                                       8.125          1,543.66         80
                                       7.875          1,543.66
    WALDORF          MD   20603          1            07/31/01         00
    04411574                             03           09/01/01          0
    04411574                             O            08/01/31
    0

    5954176          G75/G75             F          256,000.00         ZZ
                                         360        255,618.83          1
                                       7.500          1,789.99         80
                                       7.250          1,789.99
    BUMPASS          VA   23024          1            08/23/01         00
    04430168                             03           10/01/01          0
    04430168                             O            09/01/31
    0

    5954188          G75/G75             F          110,700.00         ZZ
                                         360        110,535.16          1
                                       7.500            774.04         80
                                       7.250            774.04
    COLUMBIA         SC   29210          1            08/24/01         00
    04423810                             05           10/01/01          0
    04423810                             O            09/01/31
    0

    5954190          G75/G75             F          141,300.00         ZZ
                                         360        141,192.48          4
                                       7.375            975.93         90
                                       7.125            975.93
    KNOXVILLE        TN   37923          1            09/07/01         10
    04446046                             05           11/01/01         25
    04446046                             N            10/01/31
    0

    5954192          G75/G75             F           36,000.00         ZZ
                                         360         35,958.41          1
                                       8.750            283.22         80
                                       8.500            283.22
    CITY OF COATESV  PA   19320          1            08/29/01         00
    04435168                             05           10/01/01          0
1

    04435168                             N            09/01/31
    0

    5954194          G75/G75             F          321,850.00         ZZ
                                         360        321,436.58          1
                                       8.250          2,417.96         80
                                       8.000          2,417.96
    LOWER OXFORD TO  PA   19363          1            08/30/01         00
    04208965                             03           10/01/01          0
    04208965                             O            09/01/31
    0

    5954196          G75/G75             F          143,100.00         ZZ
                                         360        143,100.00          1
                                       7.750          1,025.19         80
                                       7.500          1,025.19
    CORTLAND         IL   60112          1            10/05/01         00
    04442050                             05           12/01/01          0
    04442050                             O            11/01/31
    0

    5954198          G75/G75             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.500          2,796.86         71
                                       7.250          2,796.86
    HILTON HEAD      SC   29926          1            10/04/01         00
    04457556                             03           12/01/01          0
    04457556                             O            11/01/31
    0

    5958174          624/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.500          3,496.07         80
                                       7.250          3,496.07
    LA MESA          CA   91941          1            09/29/01         00
    0433282472                           05           12/01/01          0
    39013510623                          O            11/01/31
    0

    5961302          E22/G02             F          124,250.00         ZZ
                                         360        124,250.00          1
                                       6.875            816.23         88
                                       6.625            816.23
    HATBORO          PA   19040          5            10/09/01         04
    0412965568                           05           12/01/01         25
    0412965568                           O            11/01/31
    0

1

    5961310          E22/G02             F          322,200.00         ZZ
                                         360        322,200.00          1
                                       8.250          2,420.58         90
                                       8.000          2,420.58
    NORWALK          CT   06855          1            10/15/01         04
    0412999047                           05           12/01/01         25
    0412999047                           O            11/01/31
    0

    5961324          E22/G02             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.875          2,430.64         44
                                       6.625          2,430.64
    EUGENE           OR   97402          2            10/05/01         00
    0413017260                           05           12/01/01          0
    0413017260                           O            11/01/31
    0

    5961342          E22/G02             F          391,500.00         ZZ
                                         360        391,500.00          1
                                       7.125          2,637.61         70
                                       6.875          2,637.61
    SEVERNA PARK     MD   21146          5            10/09/01         00
    0413039215                           03           12/01/01          0
    0413039215                           O            11/01/31
    0

    5961374          E22/G02             F          137,000.00         ZZ
                                         360        137,000.00          1
                                       7.625            969.68         92
                                       7.375            969.68
    WESTMINSTER      CO   80234          2            10/10/01         01
    0413062902                           01           12/01/01         30
    0413062902                           O            11/01/31
    0

    5961392          E22/G02             F           86,000.00         ZZ
                                         360         86,000.00          2
                                       7.625            608.70         80
                                       7.375            608.70
    MOUNT STERLING   KY   40353          2            10/10/01         00
    0413069337                           05           12/01/01          0
    0413069337                           N            11/01/31
    0

    5961394          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       7.750          1,289.54         80
                                       7.500          1,289.54
1

    DALLAS           TX   75220          5            10/10/01         00
    0413072158                           05           12/01/01          0
    0413072158                           O            11/01/31
    0

    5961416          E22/G02             F          113,600.00         ZZ
                                         360        113,600.00          1
                                       7.250            774.95         80
                                       7.000            774.95
    ARNOLD           CA   95223          1            10/10/01         00
    0413081472                           03           12/01/01          0
    0413081472                           O            11/01/31
    0

    5961418          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       8.250          1,014.21         90
                                       8.000          1,014.21
    IOWA             LA   70647          1            10/15/01         01
    0413084278                           05           12/01/01         25
    0413084278                           O            11/01/31
    0

    5961430          E22/G02             F           47,250.00         ZZ
                                         360         47,250.00          2
                                       8.375            359.13         75
                                       8.125            359.13
    LAKELAND         FL   33815          5            10/02/01         00
    0413088618                           05           12/01/01          0
    0413088618                           N            11/01/31
    0

    5961438          E22/G02             F          154,080.00         ZZ
                                         360        154,080.00          1
                                       7.625          1,090.57         80
                                       7.375          1,090.57
    LITHIA           FL   33549          1            10/15/01         00
    0413091018                           03           12/01/01          0
    0413091018                           O            11/01/31
    0

    5961456          E22/G02             F           30,320.00         ZZ
                                         360         30,320.00          1
                                       8.250            227.78         80
                                       8.000            227.78
    HOUSTON          TX   77063          1            10/15/01         00
    0413099383                           01           12/01/01          0
    0413099383                           N            11/01/31
    0
1

    5961462          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       7.375            884.06         95
                                       7.125            884.06
    BESSEMER         AL   35023          5            10/10/01         04
    0413100272                           05           12/01/01         30
    0413100272                           O            11/01/31
    0

    5961480          E22/G02             F          243,000.00         ZZ
                                         360        243,000.00          1
                                       7.125          1,637.14         80
                                       6.875          1,637.14
    LITTLETON        CO   80128          2            10/09/01         00
    0413106030                           05           12/01/01          0
    0413106030                           O            11/01/31
    0

    5961482          E22/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
                                       7.625          1,082.92         85
                                       7.375          1,082.92
    STERLING HEIGHT  MI   48310          5            10/09/01         11
    0413106105                           05           12/01/01         12
    0413106105                           O            11/01/31
    0

    5961496          E22/G02             F          364,500.00         ZZ
                                         360        364,500.00          1
                                       8.375          2,770.46         90
                                       8.125          2,770.46
    CLEARWATER BEAC  FL   33767          1            10/15/01         01
    0413110750                           06           12/01/01         25
    0413110750                           O            11/01/31
    0

    5961498          E22/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       7.500          1,174.68         80
                                       7.250          1,174.68
    PARADISE         TX   76073          5            10/10/01         00
    0413111881                           05           12/01/01          0
    0413111881                           O            11/01/31
    0

    5961506          E22/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
1

                                       7.000            419.14         90
                                       6.750            419.14
    SIDNEY           OH   45365          5            10/09/01         11
    0413114927                           05           12/01/01         25
    0413114927                           O            11/01/31
    0

    5961540          E22/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
                                       8.125            374.22         80
                                       7.875            374.22
    LAFAYETTE        LA   70506          1            10/15/01         00
    0413121260                           05           12/01/01          0
    0413121260                           N            11/01/31
    0

    5961550          E22/G02             F          365,750.00         ZZ
                                         360        365,750.00          1
                                       8.000          2,683.74         95
                                       7.750          2,683.74
    BOCA RATON       FL   33498          1            10/15/01         04
    0413124603                           05           12/01/01         30
    0413124603                           O            11/01/31
    0

    5961568          E22/G02             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       6.625          1,716.03         89
                                       6.375          1,716.03
    LONG BEACH       CA   90815          5            10/10/01         04
    0413140567                           05           12/01/01         25
    0413140567                           O            11/01/31
    0

    5961838          E82/G02             F           78,000.00         ZZ
                                         360         78,000.00          1
                                       7.125            525.50         63
                                       6.875            525.50
    WORCESTER        MA   01604          2            10/09/01         00
    0400486239                           01           12/01/01          0
    0400486239                           O            11/01/31
    0

    5961860          E82/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       8.000          1,408.83         80
                                       7.750          1,408.83
    NESCONSET        NY   11767          5            10/11/01         00
    0400484713                           05           12/01/01          0
1

    0400484713                           N            11/01/31
    0

    5968856          975/G02             F          228,750.00         ZZ
                                         360        228,571.55          1
                                       7.250          1,560.48         75
                                       7.000          1,560.48
    HACIENDA HEIGHT  CA   91745          1            09/26/01         00
    0433305885                           05           11/01/01          0
    2014284                              O            10/01/31
    0

    5974664          F36/G02             F          180,800.00         ZZ
                                         360        180,800.00          1
                                       8.000          1,326.65         80
                                       7.750          1,326.65
    FIFE             WA   98424          5            10/03/01         00
    0433305588                           05           12/01/01          0
    06403020                             O            11/01/31
    0

    5975756          G52/G02             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.875          2,356.48         74
                                       7.625          2,356.48
    SUNNYVALE        CA   94089          5            10/01/01         00
    0433325032                           05           12/01/01          0
    6205001502                           O            11/01/31
    0

    5977856          U66/G02             F          133,700.00         ZZ
                                         360        133,700.00          4
                                       8.250          1,004.44         95
                                       8.000          1,004.44
    HOUSTON          TX   77023          1            10/22/01         11
    0433333085                           05           12/01/01         30
    290                                  O            11/01/31
    0

    5981110          964/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       7.500          2,405.30         71
                                       7.250          2,405.30
    LAS VEGAS        NV   89117          5            10/18/01         00
    0433304458                           05           12/01/01          0
    152172                               O            11/01/31
    0

1

    5985924          E22/G02             F           76,500.00         ZZ
                                         360         76,335.29          1
                                       9.125            622.43         90
                                       8.875            622.43
    DALLAS           TX   75228          1            06/15/01         04
    0412734691                           05           08/01/01         30
    0412734691                           O            07/01/31
    0

    5985934          E22/G02             F           93,500.00         ZZ
                                         360         93,500.00          2
                                       8.125            694.23         85
                                       7.875            694.23
    MOSES LAKE       WA   98837          5            10/08/01         01
    0412988339                           05           12/01/01         12
    0412988339                           O            11/01/31
    0

    5985944          E22/G02             F          117,600.00         ZZ
                                         360        117,600.00          1
                                       7.875            852.68         80
                                       7.625            852.68
    AUSTIN           TX   78721          5            10/08/01         00
    0413020074                           05           12/01/01          0
    0413020074                           O            11/01/31
    0

    5985952          E22/G02             F          196,000.00         T
                                         360        196,000.00          1
                                       7.500          1,370.46         80
                                       7.250          1,370.46
    AUBURN           CA   95602          2            10/01/01         00
    0413032368                           03           12/01/01          0
    0413032368                           O            11/01/31
    0

    5985970          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.375          1,933.89         85
                                       7.125          1,933.89
    FULLERTON        CA   92832          2            10/08/01         04
    0413050543                           05           12/01/01         12
    0413050543                           O            11/01/31
    0

    5985974          E22/G02             F          134,000.00         ZZ
                                         360        134,000.00          1
                                       7.500            936.95        100
                                       7.250            936.95
1

    TARZANA          CA   91356          1            10/02/01         04
    0413053562                           01           12/01/01         35
    0413053562                           O            11/01/31
    0

    5985992          E22/G02             F          236,800.00         ZZ
                                         360        236,800.00          1
                                       6.875          1,555.61         80
                                       6.625          1,555.61
    MILLIKEN         CO   80543          5            10/08/01         00
    0413061060                           05           12/01/01          0
    0413061060                           O            11/01/31
    0

    5986016          E22/G02             F          180,000.00         ZZ
                                         360        179,872.96          1
                                       7.750          1,289.54         80
                                       7.500          1,289.54
    CERES            CA   95307          5            09/25/01         00
    0413076324                           05           11/01/01          0
    0413076324                           O            10/01/31
    0

    5986032          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       6.875          1,806.55         73
                                       6.625          1,806.55
    RENTON           WA   98058          2            10/04/01         00
    0413085218                           03           12/01/01          0
    0413085218                           O            11/01/31
    0

    5986038          E22/G02             F          128,250.00         ZZ
                                         360        128,250.00          1
                                       7.375            885.79         95
                                       7.125            885.79
    MONTGOMERY       AL   36116          2            10/11/01         04
    0413089319                           05           12/01/01         30
    0413089319                           O            11/01/31
    0

    5986050          E22/G02             F          160,605.00         ZZ
                                         360        160,605.00          1
                                       8.125          1,192.49         90
                                       7.875          1,192.49
    BUHL             ID   83316          1            10/11/01         04
    0413093865                           05           12/01/01         25
    0413093865                           O            11/01/31
    0
1

    5986072          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.625          2,831.17         69
                                       7.375          2,831.17
    NEWPORT BEACH    CA   92660          5            10/04/01         00
    0413102898                           03           12/01/01          0
    0413102898                           O            11/01/31
    0

    5986078          E22/G02             F           22,341.00         ZZ
                                         360         22,341.00          2
                                       8.125            165.88         80
                                       7.875            165.88
    NEW ORLEANS      LA   70115          1            10/16/01         00
    0413106212                           05           12/01/01          0
    0413106212                           N            11/01/31
    0

    5986080          E22/G02             F           22,341.00         ZZ
                                         360         22,341.00          2
                                       8.125            165.88         80
                                       7.875            165.88
    NEW ORLEANS      LA   70116          1            10/16/01         00
    0413106220                           05           12/01/01          0
    0413106220                           N            11/01/31
    0

    5986082          E22/G02             F           22,341.00         ZZ
                                         360         22,341.00          2
                                       8.125            165.88         80
                                       7.875            165.88
    NEW ORLEANS      LA   70116          1            10/16/01         00
    0413106246                           05           12/01/01          0
    0413106246                           N            11/01/31
    0

    5986108          E22/G02             F          129,600.00         ZZ
                                         360        129,600.00          1
                                       7.750            928.47         80
                                       7.500            928.47
    ROCKWALL         TX   75087          2            10/11/01         00
    0413122029                           05           12/01/01          0
    0413122029                           O            11/01/31
    0

    5986116          E22/G02             F           60,500.00         ZZ
                                         360         60,500.00          1
1

                                       8.000            443.93         94
                                       7.750            443.93
    DAYTON           TN   37321          2            10/11/01         04
    0413123910                           05           12/01/01         30
    0413123910                           O            11/01/31
    0

    5986156          E22/G02             F           51,600.00         ZZ
                                         360         51,600.00          1
                                       7.375            356.39         69
                                       7.125            356.39
    BURLESON         TX   76028          2            10/15/01         00
    0413137266                           05           12/01/01          0
    0413137266                           N            11/01/31
    0

    5992776          964/G02             F          349,000.00         ZZ
                                         360        349,000.00          1
                                       7.375          2,410.46         67
                                       7.125          2,410.46
    SCOTTSDALE       AZ   85255          1            10/19/01         00
    0433326410                           03           12/01/01          0
    161237                               O            11/01/31
    0

    5994696          K15/G02             F          210,000.00         ZZ
                                         360        210,000.00          2
                                       8.125          1,559.24         70
                                       7.875          1,559.24
    GREENPORT        NY   11944          5            10/22/01         00
    0433319886                           05           12/01/01          0
    020805302894                         N            11/01/31
    0

    6006672          E76/G02             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.500          2,726.94         68
                                       7.250          2,726.94
    FRANKTOWN        CO   80116          5            10/24/01         00
    0433319662                           05           12/01/01          0
    10009021                             O            11/01/31
    0

    6010856          E22/G02             F          109,440.00         ZZ
                                         360        109,440.00          1
                                       7.500            765.22         80
                                       7.250            765.22
    GODLEY           TX   76044          5            10/11/01         00
    0412897886                           05           12/01/01          0
1

    0412897886                           O            11/01/31
    0

    6010872          E22/G02             F           41,000.00         ZZ
                                         360         41,000.00          1
                                       7.875            297.28         68
                                       7.625            297.28
    KANSAS CITY      KS   66104          5            10/08/01         00
    0412993974                           05           12/01/01          0
    0412993974                           O            11/01/31
    0

    6010882          E22/G02             F          442,000.00         ZZ
                                         360        442,000.00          2
                                       7.625          3,128.45         85
                                       7.375          3,128.45
    SAN FRANCISCO    CA   94134          5            10/09/01         01
    0413011354                           05           12/01/01         12
    0413011354                           O            11/01/31
    0

    6010896          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          4
                                       8.250          2,253.80         90
                                       8.000          2,253.80
    JERSEY CITY      NJ   07302          1            10/17/01         04
    0413032780                           05           12/01/01         25
    0413032780                           N            11/01/31
    0

    6010916          E22/G02             F          129,675.00         ZZ
                                         360        129,675.00          1
                                       7.625            917.83         95
                                       7.375            917.83
    SUMMIT           MS   39666          5            10/12/01         01
    0413058744                           05           12/01/01         30
    0413058744                           O            11/01/31
    0

    6010922          E22/G02             F           99,750.00         ZZ
                                         360         99,750.00          2
                                       8.125            740.64         95
                                       7.875            740.64
    EAST ORANGE      NJ   07017          1            10/17/01         04
    0413063207                           05           12/01/01         30
    0413063207                           O            11/01/31
    0

1

    6010926          E22/G02             F          198,000.00         ZZ
                                         360        198,000.00          1
                                       6.875          1,300.72         75
                                       6.625          1,300.72
    DENVER           CO   80227          2            10/12/01         00
    0413067992                           05           12/01/01          0
    0413067992                           O            11/01/31
    0

    6010938          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       7.625            877.66         67
                                       7.375            877.66
    BEAR CREEK TOWN  MI   49770          5            10/12/01         00
    0413076993                           05           12/01/01          0
    0413076993                           O            11/01/31
    0

    6010940          E22/G02             F           62,000.00         ZZ
                                         360         62,000.00          1
                                       7.500            433.51         76
                                       7.250            433.51
    COLUMBUS         KS   66725          5            10/08/01         00
    0413078544                           05           12/01/01          0
    0413078544                           O            11/01/31
    0

    6010962          E22/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       7.750            902.68         90
                                       7.500            902.68
    LAS VEGAS        NV   89104          5            10/10/01         01
    0413098898                           05           12/01/01         25
    0413098898                           O            11/01/31
    0

    6010984          E22/G02             F           82,000.00         ZZ
                                         360         82,000.00          1
                                       7.500            573.36         77
                                       7.250            573.36
    HOLLYWOOD        FL   33023          5            10/12/01         00
    0413107939                           05           12/01/01          0
    0413107939                           O            11/01/31
    0

    6010988          E22/G02             F           90,450.00         ZZ
                                         360         90,450.00          1
                                       8.000            663.69         90
                                       7.750            663.69
1

    PORTLAND         OR   97217          1            10/10/01         01
    0413109711                           05           12/01/01         25
    0413109711                           N            11/01/31
    0

    6010992          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       6.875          1,156.19         80
                                       6.625          1,156.19
    THREE RIVERS     CA   93271          2            10/11/01         00
    0413110347                           05           12/01/01          0
    0413110347                           O            11/01/31
    0

    6011006          E22/G02             F           96,800.00         ZZ
                                         360         96,800.00          1
                                       7.375            668.57         80
                                       7.125            668.57
    MABANK           TX   75147          5            10/10/01         00
    0413118290                           05           12/01/01          0
    0413118290                           O            11/01/31
    0

    6011018          E22/G02             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       6.875          2,207.28         80
                                       6.625          2,207.28
    BRICK TOWNSHIP   NJ   08723          2            10/12/01         00
    0413123332                           05           12/01/01          0
    0413123332                           O            11/01/31
    0

    6011038          E22/G02             F          100,950.00         ZZ
                                         360        100,950.00          1
                                       7.750            723.22         86
                                       7.500            723.22
    NORTHPORT        AL   35476          2            10/17/01         10
    0413133588                           05           12/01/01         25
    0413133588                           O            11/01/31
    0

    6011054          E22/G02             F           94,000.00         ZZ
                                         360         94,000.00          1
                                       7.375            649.23         80
                                       7.125            649.23
    MCMINNVILLE      OR   97128          1            10/11/01         00
    0413144726                           05           12/01/01          0
    0413144726                           O            11/01/31
    0
1

    6011566          601/G02             F          450,000.00         ZZ
                                         360        449,698.05          1
                                       8.000          3,301.95         72
                                       7.750          3,301.95
    ATLANTA          GA   30350          5            09/26/01         00
    0433267390                           05           11/01/01          0
    60861242                             O            10/01/31
    0

    6015292          076/076             F          216,000.00         ZZ
                                         360        215,858.71          1
                                       8.125          1,603.79         80
                                       7.875          1,603.79
    HILLSBOROUGH     NJ   08853          1            09/10/01         00
    0480977                              05           11/01/01          0
    0480977                              O            10/01/31
    0

    6015294          076/076             F          275,000.00         ZZ
                                         360        274,590.54          1
                                       7.500          1,922.84         52
                                       7.250          1,922.84
    HENDERSON        NV   89052          1            08/13/01         00
    0763342                              05           10/01/01          0
    0763342                              O            09/01/31
    0

    6015298          076/076             F          240,000.00         ZZ
                                         360        239,846.96          1
                                       8.250          1,803.04         75
                                       8.000          1,803.04
    YORK HARBOR      ME   03911          5            09/07/01         00
    0845887                              05           11/01/01          0
    0845887                              O            10/01/31
    0

    6015300          076/076             F          325,000.00         ZZ
                                         240        324,397.40          1
                                       7.375          2,593.39         75
                                       7.125          2,593.39
    KATONAH          NY   10536          1            09/07/01         00
    5222648                              05           11/01/01          0
    5222648                              O            10/01/21
    0

    6015314          076/076             F          302,400.00         ZZ
                                         360        302,186.57          1
1

                                       7.750          2,166.43         80
                                       7.500          2,166.43
    SOUTH ELGIN      IL   60177          1            09/13/01         00
    5848083                              05           11/01/01          0
    5848083                              O            10/01/31
    0

    6015316          076/076             F          329,600.00         ZZ
                                         360        329,355.39          1
                                       7.500          2,304.61         80
                                       7.250          2,304.61
    UPPER MARLBORO   MD   20774          5            09/19/01         00
    5967035                              05           11/01/01          0
    5967035                              O            10/01/31
    0

    6019452          076/076             F          262,000.00         ZZ
                                         240        261,121.12          2
                                       8.125          2,211.90         73
                                       7.875          2,211.90
    STATEN ISLAND    NY   10314          2            08/22/01         00
    5825125                              05           10/01/01          0
    5825125                              O            09/01/21
    0

    6033956          E22/G02             F          125,400.00         ZZ
                                         360        125,400.00          1
                                       7.750            898.38         95
                                       7.500            898.38
    OFALLON          MO   63366          5            10/11/01         01
    0413034984                           05           12/01/01         30
    0413034984                           O            11/01/31
    0

    6033966          E22/G02             F          109,500.00         ZZ
                                         360        109,500.00          1
                                       8.000            803.47         85
                                       7.750            803.47
    LAS VEGAS        NV   89104          5            10/04/01         11
    0413058298                           05           12/01/01         12
    0413058298                           O            11/01/31
    0

    6033980          E22/G02             F          180,500.00         ZZ
                                         360        180,500.00          1
                                       7.500          1,262.08         95
                                       7.250          1,262.08
    SACRAMENTO       CA   95826          2            10/11/01         01
    0413073305                           05           12/01/01         30
1

    0413073305                           O            11/01/31
    0

    6034004          E22/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       8.125            568.01         90
                                       7.875            568.01
    LONG BRANCH      NJ   07740          1            10/18/01         04
    0413089335                           01           12/01/01         25
    0413089335                           N            11/01/31
    0

    6034006          E22/G02             F           76,455.00         ZZ
                                         360         76,455.00          3
                                       8.250            574.38         90
                                       8.000            574.38
    BAKERSFIELD      CA   93304          1            10/12/01         01
    0413095100                           05           12/01/01         25
    0413095100                           N            11/01/31
    0

    6034048          E22/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       7.750          1,633.42         80
                                       7.500          1,633.42
    FAIRFIELD        CA   94533          5            10/10/01         00
    0413131012                           05           12/01/01          0
    0413131012                           O            11/01/31
    0

    6034062          E22/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
                                       7.875          1,421.14         80
                                       7.625          1,421.14
    THE WOODLANDS    TX   77382          1            10/18/01         00
    0413143678                           03           12/01/01          0
    0413143678                           N            11/01/31
    0

    6034076          E22/G02             F          228,000.00         ZZ
                                         360        228,000.00          3
                                       8.125          1,692.89         80
                                       7.875          1,692.89
    BELMAR           NJ   07719          1            10/18/01         00
    0413161696                           05           12/01/01          0
    0413161696                           N            11/01/31
    0

1

    6034282          E82/G02             F          244,000.00         ZZ
                                         360        244,000.00          1
                                       7.000          1,623.34         80
                                       6.750          1,623.34
    THOUSAND OAKS    CA   91360          2            10/11/01         00
    0400454104                           05           12/01/01          0
    0400454104                           O            11/01/31
    0

    6035474          994/994             F          500,000.00         ZZ
                                         360        499,681.17          1
                                       8.250          3,756.33         50
                                       8.000          3,756.33
    GOLF             IL   60029          5            09/14/01         00
    218713653                            05           11/01/01          0
    218713653                            O            10/01/31
    0

    6035950          994/994             F          503,000.00         ZZ
                                         360        501,126.78          1
                                       8.250          3,778.87         33
                                       8.000          3,778.87
    NORTHBROOK       IL   60062          2            08/27/01         00
    218653479                            05           10/01/01          0
    218653479                            O            09/01/31
    0

    6059572          E22/G02             F          323,000.00         ZZ
                                         360        323,000.00          1
                                       6.875          2,121.88         70
                                       6.625          2,121.88
    FARMINGTON       CT   06032          2            10/15/01         00
    0412992737                           05           12/01/01          0
    0412992737                           O            11/01/31
    0

    6059586          E22/G02             F          199,500.00         ZZ
                                         360        199,500.00          3
                                       7.750          1,429.24         95
                                       7.500          1,429.24
    NASHUA           NH   03060          1            10/19/01         04
    0413036948                           05           12/01/01         30
    0413036948                           O            11/01/31
    0

    6059606          E22/G02             F          142,500.00         ZZ
                                         360        142,500.00          1
                                       8.250          1,070.55         75
                                       8.000          1,070.55
1

    WATERFORD        MI   48328          5            10/19/01         00
    0413058496                           05           12/01/01          0
    0413058496                           N            11/01/31
    0

    6059608          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       8.125          1,158.30         80
                                       7.875          1,158.30
    TROY             MI   48098          2            10/19/01         00
    0413058553                           05           12/01/01          0
    0413058553                           N            11/01/31
    0

    6059610          E22/G02             F           82,320.00         ZZ
                                         360         82,320.00          1
                                       7.500            575.59         80
                                       7.250            575.59
    EUGENE           OR   97405          1            10/10/01         00
    0413059486                           05           12/01/01          0
    0413059486                           N            11/01/31
    0

    6059644          E22/G02             F          343,250.00         ZZ
                                         360        343,250.00          1
                                       7.500          2,400.05         90
                                       7.250          2,400.05
    CHULA VISTA      CA   91913          1            10/05/01         04
    0413086828                           03           12/01/01         30
    0413086828                           O            11/01/31
    0

    6059646          E22/G02             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       7.250          2,285.29         56
                                       7.000          2,285.29
    LOS ANGELES      CA   90036          5            10/09/01         00
    0413092149                           05           12/01/01          0
    0413092149                           O            11/01/31
    0

    6059658          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       7.875            652.56         68
                                       7.625            652.56
    AMARILLO         TX   79106          5            10/15/01         00
    0413097007                           05           12/01/01          0
    0413097007                           O            11/01/31
    0
1

    6059688          E22/G02             F           22,500.00         ZZ
                                         360         22,500.00          1
                                       8.125            167.06         89
                                       7.875            167.06
    FLINT            MI   48506          1            10/19/01         04
    0413106550                           05           12/01/01         25
    0413106550                           N            11/01/31
    0

    6059736          E22/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
                                       7.375          1,353.72         80
                                       7.125          1,353.72
    MIAMI SHORES     FL   33138          1            10/19/01         00
    0413127390                           05           12/01/01          0
    0413127390                           O            11/01/31
    0

    6059756          E22/G02             F           77,000.00         ZZ
                                         360         77,000.00          1
                                       7.500            538.40         75
                                       7.250            538.40
    DEERFIELD BEACH  FL   33442          5            10/15/01         00
    0413137423                           01           12/01/01          0
    0413137423                           O            11/01/31
    0

    6059764          E22/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       6.875          2,443.78         80
                                       6.625          2,443.78
    SAN CLEMENTE     CA   92673          1            10/16/01         00
    0413141607                           03           12/01/01          0
    0413141607                           O            11/01/31
    0

    6060048          E82/G02             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       8.375          3,161.90         80
                                       8.125          3,161.90
    BROAD RUN        VA   20137          5            10/18/01         00
    0400482121                           05           12/01/01          0
    0400482121                           O            11/01/31
    0

    6074838          286/286             F           69,750.00         ZZ
                                         360         69,709.86          2
1

                                       8.750            548.73         90
                                       8.500            548.73
    ST LOUIS         MO   63118          1            09/14/01         11
    435513                               05           11/01/01         25
    435513                               N            10/01/31
    0

    6074888          286/286             F          131,000.00         ZZ
                                         360        130,828.02          1
                                       8.125            972.68         75
                                       7.875            972.68
    PHOENIX          AZ   85018          5            08/30/01         00
    543995                               03           10/01/01          0
    543995                               N            09/01/31
    0

    6074902          286/286             F          112,500.00         ZZ
                                         360        112,431.84          1
                                       8.500            865.03         90
                                       8.250            865.03
    OAK LAWN         IL   60453          1            09/14/01         01
    565400                               05           11/01/01         25
    565400                               N            10/01/31
    0

    6074918          286/286             F          108,000.00         ZZ
                                         360        107,861.79          1
                                       8.250            811.37         90
                                       8.000            811.37
    MELBOURNE        FL   32901          1            08/31/01         11
    548006                               03           10/01/01         25
    548006                               N            09/01/31
    0

    6075016          286/286             F          239,900.00         ZZ
                                         360        239,712.86          1
                                       7.250          1,636.54         80
                                       7.000          1,636.54
    ENGLEWOOD        CO   80111          1            09/20/01         00
    569903                               05           11/01/01          0
    569903                               N            10/01/31
    0

    6075026          286/286             F          137,200.00         ZZ
                                         360        137,098.18          1
                                       7.500            959.32         80
                                       7.250            959.32
    SACRAMENTO       CA   95821          1            09/17/01         00
    9894929                              05           11/01/01          0
1

    9894929                              N            10/01/31
    0

    6075034          286/286             F          275,000.00         ZZ
                                         360        274,800.97          1
                                       7.625          1,946.43         80
                                       7.375          1,946.43
    CORONADO         CA   92118          2            09/12/01         00
    9883498                              01           11/01/01          0
    9883498                              N            10/01/31
    0

    6075036          286/286             F           87,950.00         ZZ
                                         360         87,840.30          1
                                       8.375            668.48         90
                                       8.125            668.48
    MAYWOOD          IL   60153          1            09/05/01         10
    9889681                              05           10/01/01         25
    9889681                              N            09/01/31
    0

    6075048          286/286             F          112,500.00         ZZ
                                         360        112,422.58          2
                                       7.875            815.70         90
                                       7.625            815.70
    TOLLAND          CT   06084          1            09/07/01         14
    9894703                              05           11/01/01         25
    9894703                              N            10/01/31
    0

    6075064          286/286             F           52,000.00         ZZ
                                         360         51,969.30          1
                                       8.625            404.45         90
                                       8.375            404.45
    GRANTS           NM   87020          1            09/10/01         10
    9893226                              05           11/01/01         25
    9893226                              N            10/01/31
    0

    6075074          286/286             F          280,000.00         ZZ
                                         360        279,583.10          1
                                       7.500          1,957.80         77
                                       7.250          1,957.80
    SAN JOSE         CA   95008          5            08/29/01         00
    9883127                              03           10/01/01          0
    9883127                              N            09/01/31
    0

1

    6075076          286/286             F           63,900.00         ZZ
                                         360         63,862.54          1
                                       8.625            497.01         90
                                       8.375            497.01
    CALUMET CITY     IL   60409          1            09/07/01         19
    9890285                              05           11/01/01         25
    9890285                              N            10/01/31
    0

    6075090          286/286             F          198,000.00         ZZ
                                         360        197,853.06          1
                                       7.500          1,384.44         44
                                       7.250          1,384.44
    LA CRESCENTA AR  CA   91214          1            09/04/01         00
    9887632                              05           11/01/01          0
    9887632                              N            10/01/31
    0

    6075118          286/286             F          270,000.00         ZZ
                                         360        269,818.84          1
                                       8.000          1,981.16         64
                                       7.750          1,981.16
    SAN LEANDRO      CA   94577          5            09/14/01         00
    9887917                              05           11/01/01          0
    9887917                              N            10/01/31
    0

    6075120          286/286             F          135,000.00         ZZ
                                         360        134,916.09          1
                                       8.375          1,026.10         90
                                       8.125          1,026.10
    DIAMOND BAR      CA   91765          1            09/04/01         11
    9885437                              01           11/01/01         25
    9885437                              N            10/01/31
    0

    6075122          286/286             F           66,600.00         ZZ
                                         360         66,559.65          2
                                       8.500            512.10         90
                                       8.250            512.10
    STOCKTON         CA   95205          1            09/10/01         14
    9886335                              05           11/01/01         25
    9886335                              N            10/01/31
    0

    6075146          286/286             F          275,000.00         ZZ
                                         360        274,780.08          1
                                       7.125          1,852.73         80
                                       6.875          1,852.73
1

    BELLEVUE         WA   98004          5            09/13/01         00
    9897329                              05           11/01/01          0
    9897329                              N            10/01/31
    0

    6075410          405/405             F          380,000.00         ZZ
                                         360        379,127.20          1
                                       7.375          2,624.57         73
                                       6.750          2,624.57
    ISLAND PARK      NY   11558          5            07/13/01         00
    0017271370                           05           09/01/01          0
    0017271370                           O            08/01/31
    0

    6075478          405/405             F          292,000.00         ZZ
                                         360        291,783.29          1
                                       7.500          2,041.71         36
                                       6.750          2,041.71
    CUPERTINO        CA   95014          2            09/04/01         00
    0017708462                           05           11/01/01          0
    0017708462                           N            10/01/31
    0

    6075494          405/405             F          600,000.00         ZZ
                                         360        599,084.09          1
                                       7.375          4,144.05         64
                                       6.750          4,144.05
    MORGAN HILL      CA   95037          5            08/28/01         00
    0017734641                           05           10/01/01          0
    0017734641                           O            09/01/31
    0

    6083608          E22/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       7.250            709.46         78
                                       7.000            709.46
    BLANCO           TX   78606          5            10/16/01         00
    0413003260                           05           12/01/01          0
    0413003260                           O            11/01/31
    0

    6083636          E22/G02             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       7.375          2,127.28         80
                                       7.125          2,127.28
    SIMI VALLEY      CA   93065          1            10/15/01         00
    0413046574                           05           12/01/01          0
    0413046574                           O            11/01/31
    0
1

    6083640          E22/G02             F          128,250.00         ZZ
                                         360        128,157.17          1
                                       7.625            907.75         95
                                       7.375            907.75
    NEOLA            IA   51559          1            09/26/01         04
    0413049636                           05           11/01/01         30
    0413049636                           O            10/01/31
    0

    6083654          E22/G02             F          375,000.00         ZZ
                                         360        375,000.00          2
                                       8.000          2,751.62         75
                                       7.750          2,751.62
    MEDFORD          MA   02155          5            10/16/01         00
    0413054883                           05           12/01/01          0
    0413054883                           O            11/01/31
    0

    6083656          E22/G02             F          262,500.00         ZZ
                                         360        262,500.00          1
                                       6.875          1,724.44         75
                                       6.625          1,724.44
    PLANTATION       FL   33325          1            10/22/01         00
    0413056185                           05           12/01/01          0
    0413056185                           O            11/01/31
    0

    6083658          E22/G02             F          166,500.00         ZZ
                                         360        166,500.00          1
                                       7.500          1,164.19         90
                                       7.250          1,164.19
    LIVONIA          MI   48154          5            10/16/01         01
    0413057597                           05           12/01/01         25
    0413057597                           O            11/01/31
    0

    6083670          E22/G02             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       7.375          2,707.45         80
                                       7.125          2,707.45
    WIMBERLEY        TX   78676          5            10/16/01         00
    0413066903                           05           12/01/01          0
    0413066903                           O            11/01/31
    0

    6083674          E22/G02             F          364,000.00         ZZ
                                         360        364,000.00          1
1

                                       8.125          2,702.69         80
                                       7.875          2,702.69
    QUINCY           MA   02169          5            10/17/01         00
    0413070566                           05           12/01/01          0
    0413070566                           O            11/01/31
    0

    6083678          E22/G02             F           94,400.00         ZZ
                                         360         94,400.00          1
                                       7.250            643.97         80
                                       7.000            643.97
    O'FALLON         MO   63366          5            10/16/01         00
    0413072232                           03           12/01/01          0
    0413072232                           O            11/01/31
    0

    6083710          E22/G02             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       6.875          2,023.34         80
                                       6.625          2,023.34
    WESTMINSTER      CA   92683          5            10/12/01         00
    0413080946                           05           12/01/01          0
    0413080946                           O            11/01/31
    0

    6083718          E22/G02             F          159,840.00         ZZ
                                         360        159,840.00          4
                                       7.625          1,131.34         90
                                       7.375          1,131.34
    SPRINGFIELD      OR   97477          1            10/17/01         04
    0413087297                           05           12/01/01         25
    0413087297                           N            11/01/31
    0

    6083724          E22/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       7.375          1,823.38         80
                                       7.125          1,823.38
    SANTA ROSA       CA   95404          5            10/10/01         00
    0413092321                           05           12/01/01          0
    0413092321                           O            11/01/31
    0

    6083730          E22/G02             F          185,000.00         ZZ
                                         360        185,000.00          1
                                       6.875          1,215.32         58
                                       6.625          1,215.32
    SAN JOSE         CA   95111          5            10/09/01         00
    0413093469                           01           12/01/01          0
1

    0413093469                           O            11/01/31
    0

    6083770          E22/G02             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       6.875          2,397.79         55
                                       6.625          2,397.79
    LOS GATOS        CA   95033          2            10/11/01         00
    0413111840                           05           12/01/01          0
    0413111840                           O            11/01/31
    0

    6083792          E22/G02             F          147,600.00         ZZ
                                         360        147,600.00          1
                                       7.750          1,057.42         90
                                       7.500          1,057.42
    ABINGTRON        MA   02351          1            10/22/01         01
    0413124983                           05           12/01/01         30
    0413124983                           O            11/01/31
    0

    6083794          E22/G02             F           65,550.00         ZZ
                                         360         65,550.00          1
                                       8.125            486.71         95
                                       7.875            486.71
    SARALAND         AL   36571          5            10/16/01         10
    0413125741                           05           12/01/01         30
    0413125741                           O            11/01/31
    0

    6083800          E22/G02             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       7.125          2,102.00         80
                                       6.875          2,102.00
    MONTROSE         CO   81401          5            10/15/01         00
    0413127853                           05           12/01/01          0
    0413127853                           O            11/01/31
    0

    6083810          E22/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       7.625            891.82         90
                                       7.375            891.82
    ATLANTA          GA   30344          5            10/17/01         10
    0413132184                           05           12/01/01         25
    0413132184                           O            11/01/31
    0

1

    6083816          E22/G02             F          235,900.00         ZZ
                                         360        235,900.00          1
                                       6.875          1,549.70         64
                                       6.625          1,549.70
    PLANO            TX   75025          5            10/16/01         00
    0413133828                           05           12/01/01          0
    0413133828                           O            11/01/31
    0

    6083842          E22/G02             F           81,600.00         ZZ
                                         360         81,600.00          1
                                       7.500            570.56         81
                                       7.250            570.56
    RAVENEL          SC   29470          2            10/16/01         04
    0413146606                           05           12/01/01         12
    0413146606                           O            11/01/31
    0

    6083882          E22/G02             F          146,700.00         ZZ
                                         360        146,700.00          1
                                       7.250          1,000.75         90
                                       7.000          1,000.75
    MIAMI            FL   33178          1            10/22/01         04
    0413169264                           01           12/01/01         25
    0413169624                           O            11/01/31
    0

    6084634          964/G02             F          115,000.00         ZZ
                                         360        115,000.00          1
                                       7.250            784.50         63
                                       7.000            784.50
    MONTROSE         CO   81401          1            10/15/01         00
    0433286416                           05           12/01/01          0
    153509                               O            11/01/31
    0

    6091258          W93/G02             F          275,000.00         ZZ
                                         360        274,824.64          1
                                       8.250          2,065.99         65
                                       8.000          2,065.99
    OJAI             CA   93023          2            09/10/01         00
    0433321163                           05           11/01/01          0
    35327211                             O            10/01/31
    0

    6096656          W93/G02             F          272,000.00         ZZ
                                         360        271,782.48          1
                                       7.125          1,832.52         80
                                       6.875          1,832.52
1

    ATASCADERO       CA   93422          1            09/17/01         00
    0433277621                           05           11/01/01          0
    74288395                             O            10/01/31
    0

    6103216          W93/G02             F          304,700.00         ZZ
                                         360        304,473.87          1
                                       7.500          2,130.51         80
                                       7.250          2,130.51
    SAN JOSE         CA   95122          1            09/25/01         00
    0433277720                           05           11/01/01          0
    21301667                             O            10/01/31
    0

    6110912          E22/G02             F          242,500.00         ZZ
                                         360        242,500.00          1
                                       7.875          1,758.29         41
                                       7.625          1,758.29
    GAP              PA   17527          5            10/18/01         00
    0413046004                           05           12/01/01          0
    0413046004                           O            11/01/31
    0

    6110930          E22/G02             F          309,000.00         ZZ
                                         360        309,000.00          1
                                       7.000          2,055.78         73
                                       6.750          2,055.78
    SANTA CRUZ       CA   95060          2            10/16/01         00
    0413079047                           05           12/01/01          0
    0413079047                           O            11/01/31
    0

    6110954          E22/G02             F          318,000.00         ZZ
                                         360        318,000.00          1
                                       6.625          2,036.19         75
                                       6.375          2,036.19
    PASADENA         CA   91106          5            10/12/01         00
    0413092636                           05           12/01/01          0
    0413092636                           O            11/01/31
    0

    6110962          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.375          2,762.70         80
                                       7.125          2,762.70
    SANTA ROSA       CA   95403          5            09/28/01         00
    0413098120                           05           12/01/01          0
    0413098120                           O            11/01/31
    0
1

    6110968          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       7.625            743.19        100
                                       7.375            743.19
    CREWE            VA   23930          1            10/16/01         04
    0413100348                           05           12/01/01         35
    0413100348                           O            11/01/31
    0

    6111020          E22/G02             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.875          2,601.44         80
                                       6.625          2,601.44
    SAN JOSE         CA   95132          2            10/15/01         00
    0413131830                           05           12/01/01          0
    0413131830                           O            11/01/31
    0

    6111098          E22/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
                                       7.250          1,800.95         80
                                       7.000          1,800.95
    PLANO            TX   75023          1            10/24/01         00
    0413187923                           03           12/01/01          0
    0413187923                           O            11/01/31
    0

    6113218          W93/G02             F          340,000.00         ZZ
                                         360        339,747.67          1
                                       7.500          2,377.33         78
                                       7.250          2,377.33
    MILLBRAE         CA   94030          2            09/21/01         00
    0433283116                           05           11/01/01          0
    67334024                             O            10/01/31
    0

    6136504          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       8.375          1,155.31         90
                                       8.125          1,155.31
    WESTLAND         MI   48186          1            10/04/01         11
    0413029679                           29           12/01/01         25
    0413029679                           O            11/01/31
    0

    6136516          E22/G02             F          292,000.00         ZZ
                                         360        292,000.00          1
1

                                       6.875          1,918.23         54
                                       6.625          1,918.23
    MARLBORO         NJ   07746          2            10/19/01         00
    0413047424                           05           12/01/01          0
    0413047424                           O            11/01/31
    0

    6136556          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       6.875          1,077.36         80
                                       6.625          1,077.36
    COLORADO SPRING  CO   80908          5            10/17/01         00
    0413080987                           05           12/01/01          0
    0413080987                           O            11/01/31
    0

    6136558          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       8.000            997.92         80
                                       7.750            997.92
    ROCKWALL         TX   75087          5            10/18/01         00
    0413083650                           05           12/01/01          0
    0413083650                           O            11/01/31
    0

    6136566          E22/G02             F          148,500.00         ZZ
                                         360        148,500.00          4
                                       7.875          1,076.73         90
                                       7.625          1,076.73
    BOUTTE           LA   70039          2            10/24/01         04
    0413087024                           05           12/01/01         25
    0413087024                           N            11/01/31
    0

    6136568          E22/G02             F          169,000.00         ZZ
                                         360        169,000.00          2
                                       8.000          1,240.06         84
                                       7.750          1,240.06
    CHICAGO          IL   60632          5            10/19/01         11
    0413087362                           05           12/01/01         12
    0413087362                           O            11/01/31
    0

    6136570          E22/G02             F           56,850.00         ZZ
                                         360         56,850.00          2
                                       8.250            427.10         90
                                       8.000            427.10
    SAGINAW          MI   48602          1            10/24/01         04
    0413088469                           05           12/01/01         25
1

    0413088469                           N            11/01/31
    0

    6136614          E22/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       7.500            874.02         95
                                       7.250            874.02
    DES MOINES       IA   50312          5            10/19/01         04
    0413110628                           05           12/01/01         30
    0413110628                           O            11/01/31
    0

    6136660          E22/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       7.375            863.34         76
                                       7.125            863.34
    SPRING           TX   77379          5            10/19/01         00
    0413136722                           05           12/01/01          0
    0413136722                           O            11/01/31
    0

    6136664          E22/G02             F          254,900.00         ZZ
                                         360        254,900.00          1
                                       7.750          1,826.13         90
                                       7.500          1,826.13
    HILLSBORO        OR   97124          1            10/12/01         04
    0413138488                           05           12/01/01         25
    0413138488                           O            11/01/31
    0

    6136710          E22/G02             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       6.875          2,732.82         80
                                       6.625          2,732.82
    SAN CLEMENTE     CA   92672          5            10/18/01         00
    0413169202                           03           12/01/01          0
    0413169202                           O            11/01/31
    0

    6136732          E22/G02             F          138,550.00         ZZ
                                         360        138,550.00          1
                                       7.750            992.59         85
                                       7.500            992.59
    HIALEAH          FL   33013          5            10/19/01         04
    0413190042                           05           12/01/01         12
    0413190042                           O            11/01/31
    0

1

    6137110          E82/G02             F          376,400.00         ZZ
                                         360        376,400.00          1
                                       7.875          2,729.16         80
                                       7.625          2,729.16
    GOLDEN           CO   80401          5            10/22/01         00
    0400503918                           03           12/01/01          0
    0400503918                           O            11/01/31
    0

    6138076          W93/G02             F          314,400.00         ZZ
                                         360        314,172.44          1
                                       7.625          2,225.31         80
                                       7.375          2,225.31
    SAN JOSE         CA   95116          1            09/20/01         00
    0433321262                           05           11/01/01          0
    21301552                             O            10/01/31
    0

    6139434          W93/G02             F          307,000.00         ZZ
                                         360        306,742.08          1
                                       6.875          2,016.77         80
                                       6.625          2,016.77
    SANTA FE         NM   87505          5            09/21/01         00
    0433321296                           05           11/01/01          0
    35327724                             O            10/01/31
    0

    6142864          W93/G02             F          222,650.00         ZZ
                                         360        222,484.76          4
                                       7.500          1,556.80         80
                                       7.250          1,556.80
    ALBANY           OR   97321          2            09/21/01         00
    0433321353                           05           11/01/01          0
    81279651                             N            10/01/31
    0

    6161208          E22/G02             F          299,250.00         ZZ
                                         360        299,250.00          2
                                       7.625          2,118.07         95
                                       7.375          2,118.07
    BELMAR           NJ   07719          1            10/25/01         04
    0413025933                           05           12/01/01         30
    0413025933                           O            11/01/31
    0

    6161252          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.750          1,146.26         80
                                       7.500          1,146.26
1

    AUSTIN           TX   78733          5            10/19/01         00
    0413101379                           05           12/01/01          0
    0413101379                           O            11/01/31
    0

    6161266          E22/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       6.875          2,417.50         80
                                       6.625          2,417.50
    SAN PEDRO        CA   90732          5            10/17/01         00
    0413111766                           05           12/01/01          0
    0413111766                           O            11/01/31
    0

    6161296          E22/G02             F          215,700.00         ZZ
                                         360        215,700.00          1
                                       7.375          1,489.79         80
                                       7.125          1,489.79
    ROUND ROCK       TX   78681          2            10/18/01         00
    0413145780                           03           12/01/01          0
    0413145780                           O            11/01/31
    0

    6161318          E22/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.875          2,890.49         80
                                       6.625          2,890.49
    PLANO            TX   75093          5            10/19/01         00
    0413164682                           03           12/01/01          0
    0413164682                           O            11/01/31
    0

    6161352          E22/G02             F           59,400.00         ZZ
                                         360         59,400.00          1
                                       8.375            451.48         90
                                       8.125            451.48
    BOCA RATON       FL   33486          1            10/25/01         01
    0413185075                           01           12/01/01         25
    0413185075                           N            11/01/31
    0

    6161976          E82/G02             F          248,700.00         ZZ
                                         360        248,700.00          1
                                       7.500          1,738.95         80
                                       7.250          1,738.95
    GERMANTOWN       MD   20874          2            10/24/01         00
    0400490892                           03           12/01/01          0
    0400490892                           O            11/01/31
    0
1

    6161978          E82/G02             F          510,900.00         ZZ
                                         360        510,900.00          1
                                       7.375          3,528.66         80
                                       7.125          3,528.66
    OAK HILL         VA   20171          2            10/24/01         00
    0400486759                           03           12/01/01          0
    3172672                              O            11/01/31
    0

    6170540          W93/G02             F          455,193.00         ZZ
                                         360        454,855.18          1
                                       7.500          3,182.78         75
                                       7.250          3,182.78
    CASTLE ROCK      CO   80104          1            09/26/01         00
    0433321437                           03           11/01/01          0
    77337644                             O            10/01/31
    0

    6177374          405/405             F          418,000.00         ZZ
                                         360        417,640.10          1
                                       6.750          2,711.15         56
                                       6.500          2,711.15
    MILLBRAE         CA   94030          2            09/07/01         00
    0017673948                           05           11/01/01          0
    0017673948                           N            10/01/31
    0

    6177380          405/405             F          464,000.00         ZZ
                                         360        463,646.93          1
                                       7.375          3,204.74         71
                                       6.875          3,204.74
    SAN DIEGO        CA   92107          2            09/05/01         00
    0017679598                           05           11/01/01          0
    0017679598                           O            10/01/31
    0

    6177388          405/405             F          387,500.00         ZZ
                                         360        387,190.12          1
                                       7.125          2,610.66         80
                                       6.625          2,610.66
    REDONDO BEACH    CA   90278          2            09/07/01         00
    0017695271                           01           11/01/01          0
    0017695271                           O            10/01/31
    0

    6177438          405/405             F          460,000.00         ZZ
                                         360        459,658.61          1
1

                                       7.500          3,216.39         80
                                       7.000          3,216.39
    LOS ANGELES      CA   90039          1            09/24/01         00
    0017722596                           05           11/01/01          0
    0017722596                           O            10/01/31
    0

    6177444          405/405             F          630,000.00         ZZ
                                         360        630,000.00          1
                                       6.875          4,138.65         75
                                       6.500          4,138.65
    PEBBLE BEACH     CA   93953          5            10/01/01         00
    0017724154                           05           12/01/01          0
    0017724154                           O            11/01/31
    0

    6177474          405/405             F          388,000.00         ZZ
                                         360        387,689.72          1
                                       7.125          2,614.03         80
                                       6.625          2,614.03
    HUNTINGTON BEAC  CA   92646          5            09/18/01         00
    0017732033                           05           11/01/01          0
    0017732033                           O            10/01/31
    0

    6177494          405/405             F          650,000.00         ZZ
                                         360        649,480.20          1
                                       7.125          4,379.18         75
                                       6.625          4,379.18
    SEBASTOPOL       CA   95472          5            09/19/01         00
    0017735960                           05           11/01/01          0
    0017735960                           O            10/01/31
    0

    6177522          405/405             F          446,000.00         ZZ
                                         360        445,634.42          1
                                       7.000          2,967.25         77
                                       6.500          2,967.25
    SAN MATEO        CA   94403          5            09/07/01         00
    0017746074                           03           11/01/01          0
    0017746074                           O            10/01/31
    0

    6177610          405/405             F          376,200.00         ZZ
                                         360        375,813.74          1
                                       7.375          2,598.32         80
                                       6.875          2,598.32
    LOS ANGELES      CA   90046          1            09/14/01         00
    0017769498                           05           11/01/01          0
1

    0017769498                           O            10/01/31
    0

    6177628          405/405             F          500,000.00         ZZ
                                         360        499,609.95          1
                                       7.250          3,410.88         74
                                       6.750          3,410.88
    SANTA BARBARA    CA   93105          1            09/14/01         00
    0017772237                           05           11/01/01          0
    0017772237                           O            10/01/31
    0

    6177684          405/405             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.875          2,496.33         80
                                       6.500          2,496.33
    LOS ANGELES      CA   91311          5            10/03/01         00
    0017789652                           05           12/01/01          0
    0017789652                           O            11/01/31
    0

    6177694          405/405             F          355,000.00         ZZ
                                         360        353,594.41          1
                                       7.125          2,391.71         78
                                       6.625          2,391.71
    ALISO VIEJO      CA   92656          2            09/25/01         00
    0017791716                           03           11/01/01          0
    0017791716                           O            10/01/31
    0

    6177764          405/405             F          562,000.00         ZZ
                                         360        561,539.33          1
                                       7.000          3,739.00         75
                                       6.500          3,739.00
    WALNUT CREEK     CA   94598          5            09/08/01         00
    0019925536                           03           11/01/01          0
    0019925536                           O            10/01/31
    0

    6177782          405/405             F          410,000.00         ZZ
                                         360        409,672.13          1
                                       7.125          2,762.25         78
                                       6.625          2,762.25
    DANA POINT       CA   92629          5            09/24/01         00
    0019932094                           03           11/01/01          0
    0019932094                           O            10/01/31
    0

1

    6188268          E22/G02             F          201,150.00         ZZ
                                         360        201,150.00          3
                                       8.000          1,475.97         90
                                       7.750          1,475.97
    MODESTO          CA   95350          1            10/17/01         01
    0412805798                           05           12/01/01         25
    0412805798                           N            11/01/31
    0

    6188292          E22/G02             F          223,000.00         ZZ
                                         360        223,000.00          4
                                       8.375          1,694.96         90
                                       8.125          1,694.96
    STATEN ISLAND    NY   10310          1            10/26/01         04
    0413042664                           05           12/01/01         25
    0413042664                           N            11/01/31
    0

    6188300          E22/G02             F          255,000.00         ZZ
                                         360        255,000.00          1
                                       7.625          1,804.87         71
                                       7.375          1,804.87
    EUGENE           OR   97404          5            10/09/01         00
    0413057993                           05           12/01/01          0
    0413057993                           O            11/01/31
    0

    6188304          E22/G02             F          139,650.00         ZZ
                                         360        139,650.00          1
                                       7.750          1,000.47         95
                                       7.500          1,000.47
    NEW PARIS        OH   45347          1            10/26/01         04
    0413066093                           05           12/01/01         30
    0413066093                           O            11/01/31
    0

    6188306          E22/G02             F           47,250.00         ZZ
                                         360         47,220.64          2
                                       8.375            359.13         75
                                       8.125            359.13
    LAKELAND         FL   33815          5            10/02/01         00
    0413067372                           05           11/01/01          0
    0413067372                           N            10/01/31
    0

    6188386          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.000          1,829.58         77
                                       6.750          1,829.58
1

    EDISON           NJ   08820          1            10/26/01         00
    0413124249                           01           12/01/01          0
    0413124249                           O            11/01/31
    0

    6188420          E22/G02             F          173,500.00         ZZ
                                         360        173,500.00          1
                                       7.375          1,198.32         79
                                       7.125          1,198.32
    SEATTLE          WA   98108          2            10/22/01         00
    0413140963                           05           12/01/01          0
    0413140963                           O            11/01/31
    0

    6188470          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          3
                                       8.125          1,574.09         80
                                       7.875          1,574.09
    SALEM            MA   01970          1            10/29/01         00
    0413163643                           05           12/01/01          0
    0413163643                           N            11/01/31
    0

    6188524          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          3
                                       8.000          2,201.29         78
                                       7.750          2,201.29
    BOSTON           MA   02125          1            10/26/01         00
    0413215815                           05           12/01/01          0
    0413215815                           N            11/01/31
    0

    6189154          E82/G02             F          155,000.00         T
                                         360        155,000.00          1
                                       7.125          1,044.26         85
                                       6.875          1,044.26
    PHOENIX          AZ   85032          2            10/23/01         04
    0400501144                           05           12/01/01         12
    0400501144                           O            11/01/31
    0

    6213180          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.250          1,875.98         75
                                       7.000          1,875.98
    EL CAJON         CA   92019          2            10/19/01         00
    0413056284                           05           12/01/01          0
    0413056284                           O            11/01/31
    0
1

    6213228          E22/G02             F          505,000.00         ZZ
                                         360        505,000.00          1
                                       6.875          3,317.49         75
                                       6.625          3,317.49
    SANTA ROSA       CA   95405          5            10/23/01         00
    0413091810                           05           12/01/01          0
    0413091810                           O            11/01/31
    0

    6213256          E22/G02             F          142,500.00         ZZ
                                         360        142,500.00          1
                                       8.125          1,058.06         95
                                       7.875          1,058.06
    FRESNO           CA   93720          1            10/24/01         01
    0413100512                           05           12/01/01         30
    0413100512                           O            11/01/31
    0

    6213288          E22/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       6.875          2,417.50         80
                                       6.625          2,417.50
    SCOTTS VALLEY    CA   95066          5            10/19/01         00
    0413112160                           03           12/01/01          0
    0413112160                           O            11/01/31
    0

    6213292          E22/G02             F          166,000.00         ZZ
                                         360        166,000.00          1
                                       7.500          1,160.70         70
                                       7.250          1,160.70
    DIAMOND BAR      CA   91765          5            10/18/01         00
    0413112608                           05           12/01/01          0
    0413112608                           O            11/01/31
    0

    6213300          E22/G02             F          326,000.00         ZZ
                                         360        326,000.00          1
                                       7.625          2,307.41         78
                                       7.375          2,307.41
    WATERFORD        MI   48329          2            10/24/01         00
    0413115734                           05           12/01/01          0
    0413115734                           O            11/01/31
    0

    6213340          E22/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
1

                                       7.875          1,239.87         76
                                       7.625          1,239.87
    ELGIN            IL   60123          5            10/23/01         00
    0413131541                           05           12/01/01          0
    0413131541                           O            11/01/31
    0

    6213344          E22/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
                                       7.500          1,188.66         83
                                       7.250          1,188.66
    RICHMOND         CA   94806          5            10/17/01         01
    0413131707                           05           12/01/01         12
    0413131707                           O            11/01/31
    0

    6213374          E22/G02             F          261,250.00         ZZ
                                         360        261,250.00          3
                                       8.250          1,962.68         95
                                       8.000          1,962.68
    BROOKLYN         NY   11233          1            10/29/01         01
    0413136474                           05           12/01/01         30
    0413136474                           O            11/01/31
    0

    6213454          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       7.875            986.09         85
                                       7.625            986.09
    SACRAMENTO       CA   95838          5            10/18/01         01
    0413166141                           05           12/01/01         12
    0413166141                           O            11/01/31
    0

    6213462          E22/G02             F          215,800.00         ZZ
                                         360        215,800.00          1
                                       7.375          1,490.48         49
                                       7.125          1,490.48
    AUSTIN           TX   78703          5            10/24/01         00
    0413169715                           05           12/01/01          0
    0413169715                           O            11/01/31
    0

    6213466          E22/G02             F          142,500.00         ZZ
                                         360        142,500.00          1
                                       8.000          1,045.61         75
                                       7.750          1,045.61
    HANFORD          CA   93230          2            10/22/01         00
    0413171034                           05           12/01/01          0
1

    0413171034                           N            11/01/31
    0

    6213564          994/994             F          650,000.00         ZZ
                                         360        649,585.52          1
                                       8.250          4,883.23         80
                                       8.000          4,883.23
    BLOOMINGTON      MN   55438          2            09/27/01         00
    218702516                            05           11/01/01          0
    218702516                            O            10/01/31
    0

    6236876          E22/G02             F          244,800.00         ZZ
                                         360        244,800.00          1
                                       8.250          1,839.10         85
                                       8.000          1,839.10
    AFTON            IA   50830          5            10/25/01         04
    0412933129                           05           12/01/01         12
    0412933129                           O            11/01/31
    0

    6236948          E22/G02             F          258,750.00         ZZ
                                         360        258,750.00          1
                                       7.250          1,765.13         75
                                       7.000          1,765.13
    CORONA           CA   92882          2            10/23/01         00
    0413110099                           29           12/01/01          0
    0413110099                           O            11/01/31
    0

    6236986          E22/G02             F          595,000.00         ZZ
                                         360        595,000.00          1
                                       6.875          3,908.73         53
                                       6.625          3,908.73
    LOS ANGELES      CA   90049          2            10/10/01         00
    0413130840                           29           12/01/01          0
    0413130840                           O            11/01/31
    0

    6237018          E22/G02             F          207,100.00         ZZ
                                         360        207,100.00          1
                                       6.875          1,360.50         80
                                       6.625          1,360.50
    HIGHLAND         CA   92346          1            10/24/01         00
    0413141979                           05           12/01/01          0
    0413141979                           O            11/01/31
    0

1

    6237024          E22/G02             F          147,250.00         ZZ
                                         360        147,250.00          1
                                       7.625          1,042.23         95
                                       7.375          1,042.23
    PEMBERTON        NJ   08015          5            10/25/01         01
    0413142753                           05           12/01/01         30
    0413142753                           O            11/01/31
    0

    6237076          E22/G02             F          274,000.00         ZZ
                                         360        274,000.00          1
                                       8.000          2,010.51         90
                                       7.750          2,010.51
    LOUISVILLE       KY   40206          5            10/25/01         04
    0413158858                           05           12/01/01         25
    0413158858                           O            11/01/31
    0

    6237178          E22/G02             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       6.875          1,655.46         80
                                       6.625          1,655.46
    BELTSVILLE       MD   20705          5            10/25/01         00
    0413197773                           03           12/01/01          0
    0413197773                           O            11/01/31
    0

    6243766          696/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       7.500          1,678.11         80
                                       7.250          1,678.11
    ANNADALE         VA   22003          1            10/23/01         00
    0433321825                           05           12/01/01          0
    22801185                             O            11/01/31
    0

    6260962          964/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       7.500          1,454.37         80
                                       7.250          1,454.37
    CEDAR HILLS      UT   84062          2            10/16/01         00
    0433324787                           05           12/01/01          0
    149291                               O            11/01/31
    0

    6262814          E23/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       7.750          1,182.08         66
                                       7.500          1,182.08
1

    CAMINO           CA   95709          2            10/11/01         00
    0433332152                           05           12/01/01          0
    61002564                             N            11/01/31
    0

    6262976          E82/G02             F          191,000.00         ZZ
                                         360        191,000.00          1
                                       7.125          1,286.80         80
                                       6.875          1,286.80
    CERRITOS         CA   90703          2            10/23/01         00
    0400496261                           05           12/01/01          0
    1991841                              O            11/01/31
    0

    6264620          E22/G02             F          490,000.00         ZZ
                                         360        490,000.00          1
                                       7.250          3,342.66         72
                                       7.000          3,342.66
    SAN JOSE         CA   95120          5            10/24/01         00
    0413076589                           05           12/01/01          0
    0413076589                           O            11/01/31
    0

    6264632          E22/G02             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       7.125          2,802.67         80
                                       6.875          2,802.67
    FARMINGTON       NM   87402          5            10/26/01         00
    0413087636                           05           12/01/01          0
    0413087636                           O            11/01/31
    0

    6264806          E22/G02             F          162,800.00         ZZ
                                         360        162,800.00          4
                                       8.250          1,223.06         90
                                       8.000          1,223.06
    AUSTIN           TX   78724          2            10/30/01         04
    0413159765                           05           12/01/01         25
    0413159765                           N            11/01/31
    0

    6264850          E22/G02             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.250          2,292.11         80
                                       7.000          2,292.11
    WALNUT CREEK     CA   94596          5            10/25/01         00
    0413172131                           05           12/01/01          0
    0413172131                           O            11/01/31
    0
1

    6264914          E22/G02             F          373,000.00         ZZ
                                         360        373,000.00          1
                                       7.500          2,608.07         70
                                       7.250          2,608.07
    ELK GROVE        CA   95624          5            10/24/01         00
    0413186826                           05           12/01/01          0
    0413186826                           O            11/01/31
    0

    6264992          E22/G02             F          104,550.00         ZZ
                                         360        104,550.00          1
                                       8.000            767.15         85
                                       7.750            767.15
    SACRAMENTO       CA   95824          5            10/26/01         01
    0413205626                           05           12/01/01         12
    0413205626                           O            11/01/31
    0

    6286416          964/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.875          2,364.95         80
                                       6.625          2,364.95
    HIGHLANDS RANCH  CO   80130          5            10/19/01         00
    0433311628                           03           12/01/01          0
    149326                               O            11/01/31
    0

    6290818          E22/G02             F          148,500.00         ZZ
                                         360        148,500.00          2
                                       8.000          1,089.64         90
                                       7.750          1,089.64
    MINNEAPOLIS      MN   55409          1            11/01/01         04
    0412986531                           05           12/01/01         25
    0412986531                           N            11/01/31
    0

    6301790          R88/G02             F          373,500.00         ZZ
                                         360        372,999.39          1
                                       8.000          2,740.61         90
                                       7.750          2,740.61
    CERRITOS         CA   90703          2            08/02/01         11
    0433321585                           05           10/01/01         25
    1214090                              O            09/01/31
    0

    6319674          E22/G02             F          278,000.00         ZZ
                                         360        278,000.00          1
1

                                       6.875          1,826.26         79
                                       6.625          1,826.26
    MT. PLEASANT     SC   29464          2            10/29/01         00
    0413143967                           05           12/01/01          0
    0413143967                           O            11/01/31
    0

    6319730          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       7.625          1,528.83         80
                                       7.375          1,528.83
    PLANO            TX   75025          5            10/29/01         00
    0413174111                           03           12/01/01          0
    0413174111                           O            11/01/31
    0

    6319838          E22/G02             F          166,000.00         ZZ
                                         360        166,000.00          1
                                       8.000          1,218.05         95
                                       7.750          1,218.05
    NEW BRUNSWICK    NJ   08901          1            11/02/01         04
    0413235904                           05           12/01/01         30
    0413235904                           O            11/01/31
    0

   TOTAL NUMBER OF LOANS   :      1,270

   TOTAL ORIGINAL BALANCE  :   265,987,289.00

   TOTAL PRINCIPAL BALANCE :   265,556,922.16

   TOTAL ORIGINAL P+I      :     1,866,319.29

   TOTAL CURRENT P+I       :     1,866,319.29

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

<PAGE>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

Loan Number     Current Balance Net Mortgage Rate Discount Fraction PO Balance
5910528 "$399,900.00 "  0.0622  0.043076923     "$17,226.46 "
5720717 "$202,580.55 "  0.0622  0.043076923     "$8,726.55 "
6110954 "$318,000.00 "  0.06345 0.023846154     "$7,583.08 "
5961568 "$268,000.00 "  0.06345 0.023846154     "$6,390.77 "
5716127 "$116,000.00 "  0.06345 0.023846154     "$2,766.15 "
5657735 "$147,869.42 "  0.06345 0.023846154     "$3,526.12 "
5601612 "$166,852.66 "  0.06345 0.023846154     "$3,978.79 "
6177764 "$561,539.33 "  0.0647  0.004615385     "$2,591.72 "
6177684 "$380,000.00 "  0.0647  0.004615385     "$1,753.85 "
6177522 "$445,634.42 "  0.0647  0.004615385     "$2,056.77 "
6177444 "$630,000.00 "  0.0647  0.004615385     "$2,907.69 "
6177374 "$417,640.10 "  0.0647  0.004615385     "$1,927.57 "
5795902 "$298,000.00 "  0.0647  0.004615385     "$1,375.38 "
5707329 "$114,000.00 "  0.0647  0.004615385     $526.15

        "$4,466,016.48 "                        "$63,337.06 "

<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;

(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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<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

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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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<PAGE>

                                   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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<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

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<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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<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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<PAGE>

(b) Following the issuance of the Certificates, the Trustee shall not accept any
contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it
shall have obtained or been  furnished  with an Opinion of Counsel to the effect
that such  contribution will not (i) cause any portion of any REMIC formed under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificates  are  outstanding or (ii) cause the Trust Fund to be subject to any
federal tax as a result of such  contribution  (including  the imposition of any
federal tax on "prohibited  transactions"  imposed under Section  860F(a) of the
Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a) The  Master  Servicer  covenants  and agrees to pay to the  Trustee  and any
co-trustee  from  time to time,  and the  Trustee  and any  co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

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(b) The Master  Servicer  agrees to  indemnify  the Trustee for, and to hold the
Trustee  harmless  against,  any loss,  liability  or expense  incurred  without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

(i)     with respect to any such claim,  the Trustee shall have given the Master
        Servicer  written notice  thereof  promptly after the Trustee shall have
        actual knowledge thereof;

(ii)    while  maintaining  control  over its own  defense,  the  Trustee  shall
        cooperate and consult fully with the Master  Servicer in preparing  such
        defense; and

(iii)   notwithstanding  anything in this Agreement to the contrary,  the Master
        Servicer  shall not be liable for settlement of any claim by the Trustee
        entered  into  without the prior  consent of the Master  Servicer  which
        consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

Section 8.06.  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

Section 8.07.  Resignation and Removal of the Trustee.

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by

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written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning Trustee and one copy to the successor trustee.  If no
successor  trustee shall have been so appointed  and have  accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions  of  Section  8.06 and shall  fail to resign  after  written  request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property  shall be appointed,  or any public officer shall take charge
or  control of the  Trustee or of its  property  or affairs  for the  purpose of
rehabilitation,  conservation  or  liquidation,  then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which  instrument  shall be  delivered to the Trustee so removed and one
copy to the  successor  trustee.  In  addition,  in the event  that the  Company
determines  that  the  Trustee  has  failed  (i) to  distribute  or  cause to be
distributed  to the  Certificateholders  any amount  required to be  distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

(c) The Holders of  Certificates  entitled to at least 51% of the Voting  Rights
may at any time remove the  Trustee  and appoint a successor  trustee by written
instrument  or  instruments,  in  triplicate,  signed by such  Holders  or their
attorneys-in-fact  duly authorized,  one complete set of which instruments shall
be delivered to the Company,  one complete set to the Trustee so removed and one
complete set to the successor so appointed.

(d) Any  resignation  or removal of the Trustee and  appointment  of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon  acceptance of appointment by the successor  trustee as provided in Section
8.08.

Section 8.08.  Successor Trustee.

(a) Any successor  trustee  appointed as provided in Section 8.07 shall execute,
acknowledge  and  deliver  to the  Company  and to its  predecessor  trustee  an
instrument accepting such appointment  hereunder,  and thereupon the resignation
or removal of the predecessor  trustee shall become effective and such successor
trustee shall become effective and such successor  trustee,  without any further
act, deed or conveyance,  shall become fully vested with all the rights, powers,

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duties and obligations of its predecessor hereunder,  with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the
successor  trustee all Mortgage Files and related  documents and statements held
by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

(b) No successor  trustee shall accept  appointment  as provided in this Section
unless at the time of such acceptance  such successor  trustee shall be eligible
under the provisions of Section 8.06.

(c) Upon  acceptance of appointment  by a successor  trustee as provided in this
Section,  the  Company  shall  mail  notice of the  succession  of such  trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

Section 8.09.  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

Section 8.10.  Appointment of Co-Trustee or Separate Trustee.

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Fund or property securing the same may at the time be located,  the Master
Servicer and the Trustee  acting  jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act as  co-trustee  or  co-trustees,  jointly  with the  Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

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(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The

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Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

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

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

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

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

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

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

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of the  purchase  price,  release  to the Master  Servicer  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

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

(b) The Master  Servicer  shall give the  Trustee  not less than 60 days'  prior
notice of the  Distribution  Date on which the Master Servicer  anticipates that
the final distribution will be made to  Certificateholders  (whether as a result
of the  exercise by the Master  Servicer of its right to purchase  the assets of
the Trust Fund or otherwise) or on which the Master  Servicer  anticipates  that
the  Certificates  will be purchased  (as a result of the exercise by the Master
Servicer to purchase the  outstanding  Certificates).  Notice of any termination
specifying the anticipated  Final  Distribution Date (which shall be a date that
would otherwise be a Distribution  Date) upon which the  Certificateholders  may
surrender their Certificates to the Trustee (if so required by the terms hereof)
for payment of the final distribution and cancellation or notice of any purchase
of the outstanding Certificates, specifying the Distribution Date upon which the
Holders may surrender their  Certificates  to the Trustee for payment,  shall be
given promptly by the Master Servicer (if it is exercising its right to purchase
the assets of the Trust Fund or to purchase the outstanding Certificates), or by
the Trustee (in any other case) by letter to the  Certificateholders  mailed not
earlier  than the 15th day and not  later  than the 25th day of the  month  next
preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated or, in the case of the purchase by the Master Servicer of the
        outstanding  Certificates,  the Distribution Date on which such purchase
        is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates and Class M
        Certificates,  that  payment  will be made  only upon  presentation  and
        surrender  of the  Certificates  at the office or agency of the  Trustee
        therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its

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right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c)  In  the  case  of  the  Senior,  Class  M or  Class  B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master  Servicer's  election to  repurchase  the assets of the Trust Fund or the
outstanding  Certificates,  or  (ii)  if  the  Master  Servicer  elected  to  so
repurchase  the assets of the Trust  Fund or the  outstanding  Certificates,  an
amount  determined  as  follows:  (A)  with  respect  to  each  Certificate  the
outstanding  Certificate  Principal  Balance thereof,  plus Accrued  Certificate
Interest for the related  Interest  Accrual  Period  thereon and any  previously
unpaid  Accrued  Certificate  Interest,  subject  to the  priority  set forth in
Section 4.02(a), and (B) with respect to the Class R Certificates, any excess of
the amounts available for distribution (including the repurchase price specified
in  clause  (ii) of  subsection  (a) of this  Section)  over  the  total  amount
distributed under the immediately preceding clause (A).

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for cancellation,  the Trustee shall pay to the Master
Servicer  all  amounts  distributable  to the  holders  thereof  and the  Master
Servicer shall  thereafter hold such amounts until  distributed to such Holders.
No interest  shall accrue or be payable to any  Certificateholder  on any amount
held in the  escrow  account  or by the  Master  Servicer  as a  result  of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

(e) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase of the outstanding  Certificates is to
be made,  the  Trustee  shall on such date  cause  all funds in the  Certificate

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Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain outstanding hereunder.  The Master Servicer shall
be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.

(a) Each REMIC that  comprises  the Trust Fund shall be terminated in accordance
with the following additional requirements, unless (subject to Section 10.01(f))
the Trustee and the Master  Servicer have received an Opinion of Counsel  (which
Opinion of Counsel  shall not be an expense of the  Trustee)  to the effect that
the failure of each such REMIC to comply with the  requirements  of this Section
9.02 will not (i) result in the  imposition on the Trust of taxes on "prohibited
transactions,"  as described in Section 860F of the Code, or (ii) cause any such
REMIC  to fail to  qualify  as a REMIC  at any  time  that  any  Certificate  is
outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during

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        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and
appoints the Master Servicer as its attorney-in-fact to adopt a plan of complete
liquidation  for each REMIC at the expense of the Trust Fund in accordance  with
the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

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(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

(e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information  as is necessary for the  application  of any tax
relating  to the  transfer of a Class R  Certificate  to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

(f) The Master Servicer and the REMIC  Administrator shall take such actions and
shall cause each REMIC created  hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's  control and the scope
of its  duties  more  specifically  set forth  herein as shall be  necessary  or
desirable  to  maintain  the  status  of each  REMIC as a REMIC  under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code)  (either  such  event,  in the  absence  of an  Opinion  of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an

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Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

(h) The Trustee and the Master Servicer shall,  for federal income tax purposes,
maintain  books and records  with respect to each REMIC  created  hereunder on a
calendar  year and on an accrual  basis or as  otherwise  may be required by the
REMIC Provisions.

(i) Following the Startup Day, neither the Master Servicer nor the Trustee shall
accept  any  contributions  of  assets  to any REMIC  created  hereunder  unless
(subject to Section  10.01(f))  the Master  Servicer and the Trustee  shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in such REMIC will
not  cause  the  REMIC  to fail to  qualify  as a REMIC  at any  time  that  any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

(j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to Section
10.01(f)) enter into any  arrangement by which any REMIC created  hereunder will
receive a fee or other  compensation  for  services nor permit any such REMIC to
receive any income from assets other than  "qualified  mortgages"  as defined in
Section 860G(a)(3) of the Code or "permitted  investments" as defined in Section
860G(a)(5) of the Code.

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<PAGE>

(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
would be  reduced to zero is the  Maturity  Date for each such  Certificate  and
Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.

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(c) The Master  Servicer  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the Trustee for any taxes and costs (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

Section 10.03. Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

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                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.

(a) This  Agreement or any Custodial  Agreement may be amended from time to time
by the Company, the Master Servicer and the Trustee,  without the consent of any
of the Certificateholders:

(i)     to cure any ambiguity,

(ii)    to correct or supplement any provisions herein or therein,  which may be
        inconsistent  with any other provisions  herein or therein or to correct
        any error,

(iii)to modify,  eliminate  or add to any of its  provisions  to such  extent as
     shall be necessary or desirable to maintain the  qualification of the Trust
     Fund as a REMIC at all times  that any  Certificate  is  outstanding  or to
     avoid or minimize the risk of the  imposition  of any tax on the Trust Fund
     pursuant to the Code that would be a claim against the Trust Fund, provided
     that the Trustee has  received an Opinion of Counsel to the effect that (A)
     such action is necessary or desirable to maintain such  qualification or to
     avoid or minimize the risk of the  imposition  of any such tax and (B) such
     action will not adversely  affect in any material  respect the interests of
     any Certificateholder,

(iv) to change the timing and/or  nature of deposits into the Custodial  Account
     or the  Certificate  Account or to change  the name in which the  Custodial
     Account is maintained,  provided that (A) the  Certificate  Account Deposit
     Date shall in no event be later than the  related  Distribution  Date,  (B)
     such change  shall not, as  evidenced  by an Opinion of Counsel,  adversely
     affect in any material respect the interests of any  Certificateholder  and
     (C) such change shall not result in a reduction  of the rating  assigned to
     any Class of Certificates below the lower of the then-current rating or the
     rating  assigned to such  Certificates as of the Closing Date, as evidenced
     by a letter from each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi) to make any other  provisions with respect to matters or questions  arising
     under  this  Agreement  or such  Custodial  Agreement  which  shall  not be
     materially  inconsistent  with the provisions of this  Agreement,  provided
     that such  action  shall  not,  as  evidenced  by an  Opinion  of  Counsel,
     adversely   affect  in  any   material   respect  the   interests   of  any
     Certificateholder or

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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

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<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.

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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>

<TABLE>
<CAPTION>

                                  EXHIBIT FIVE

                           PLANNED PRINCIPAL BALANCES

                                    PLANNED PRINCIPAL      PLANNED PRINCIPAL    PLANNED PRINCIPAL
                                     BALANCES FOR THE      BALANCES FOR THE     BALANCES FOR THE
                                  CLASS A-1 CERTIFICATES      CLASS A-2            CLASS A-3
                                           -------------               -
PAYMENT DATE                                                 CERTIFICATES         CERTIFICATES
------------                                                 ------------         ------------
<S>                                        <C>                  <C>                 <C>
Initial Balance..................          $7,700,000.00        $51,000,000.00      $33,480,000.00
December 2001 ..............                6,028,688.25         51,000,000.00       33,480,000.00
January 2002 ...............                4,372,362.35         51,000,000.00       33,480,000.00
February 2002 ..............                2,730,957.24         51,000,000.00       33,480,000.00
March 2002 .................                1,104,342.32         51,000,000.00       33,480,000.00
April 2002 .................                        0.00         50,693,558.20       33,278,829.97
May 2002 ...................                        0.00         49,729,205.62       32,645,760.87
June 2002 ..................                        0.00         48,773,549.43       32,018,400.69
July 2002 ..................                        0.00         47,826,513.53       31,396,699.47
August 2002 ................                        0.00         46,888,022.49       30,780,607.70
September 2002..............                        0.00         45,958,001.55       30,170,076.31
October 2002................                        0.00         45,036,376.61       29,565,056.64
November 2002...............                        0.00         44,123,074.21       28,965,500.48
December 2002...............                        0.00         43,218,021.54       28,371,360.02
January 2003................                        0.00         42,321,146.45       27,782,587.90
February 2003...............                        0.00         41,432,377.39       27,199,137.16
March 2003..................                        0.00         40,551,643.47       26,620,961.24
April 2003..................                        0.00         39,678,874.41       26,048,014.02
May 2003....................                        0.00         38,814,000.54       25,480,249.77
June 2003...................                        0.00         37,956,952.82       24,917,623.15
July 2003...................                        0.00         37,107,662.82       24,360,089.24
August 2003 ................                        0.00         36,266,062.69       23,807,603.51
September 2003..............                        0.00         35,432,085.19       23,260,121.81
October 2003................                        0.00         34,605,663.68       22,717,600.39
November 2003...............                        0.00         33,786,732.10       22,179,995.89
December 2003...............                        0.00         32,975,224.96       21,647,265.32
January 2004................                        0.00         32,171,077.36       21,119,366.08
February 2004...............                        0.00         31,374,224.98       20,596,255.93
March 2004..................                        0.00         30,584,604.04       20,077,893.01
April 2004..................                        0.00         29,802,151.35       19,564,235.83
May 2004....................                        0.00         29,026,804.26       19,055,243.27
June 2004...................                        0.00         28,258,500.67       18,550,874.56
July 2004...................                        0.00         27,497,179.04       18,051,089.30
August 2004 ................                        0.00         26,742,778.36       17,555,847.44
September 2004..............                        0.00         25,995,238.17       17,065,109.29
October 2004................                        0.00         25,254,498.52       16,578,835.50
November 2004...............                        0.00         24,520,500.02       16,096,987.07
December 2004...............                        0.00         23,793,183.79       15,619,525.36
<PAGE>

January 2005................                       $0.00        $23,072,491.45      $15,146,412.03
February 2005...............                        0.00         22,358,365.16       14,677,609.13
March 2005..................                        0.00         21,650,747.58       14,213,079.00
April 2005..................                        0.00         20,949,581.89       13,752,784.34
May 2005....................                        0.00         20,254,811.74       13,296,688.17
June 2005...................                        0.00         19,566,381.30       12,844,753.84
July 2005...................                        0.00         18,884,235.23       12,396,945.01
August 2005 ................                        0.00         18,208,318.68       11,953,225.67
September 2005..............                        0.00         17,538,577.28       11,513,560.14
October 2005................                        0.00         16,874,957.13       11,077,913.03
November 2005...............                        0.00         16,217,404.83       10,646,249.29
December 2005...............                        0.00         15,565,867.42       10,218,534.14
January 2006................                        0.00         14,920,292.44        9,794,733.16
February 2006...............                        0.00         14,280,627.88        9,374,812.18
March 2006..................                        0.00         13,646,822.17        8,958,737.38
April 2006..................                        0.00         13,018,824.23        8,546,475.20
May 2006....................                        0.00         12,396,583.40        8,137,992.40
June 2006...................                        0.00         11,780,049.50        7,733,256.02
July 2006...................                        0.00         11,169,172.75        7,332,233.41
August 2006 ................                        0.00         10,563,903.85        6,934,892.18
September 2006..............                        0.00          9,964,193.93        6,541,200.25
October 2006................                        0.00          9,369,994.52        6,151,125.81
November 2006...............                        0.00          8,781,257.61        5,764,637.35
December 2006...............                        0.00          8,244,241.31        5,412,101.94
January 2007................                        0.00          7,712,453.83        5,062,999.10
February 2007...............                        0.00          7,188,364.61        4,718,949.95
March 2007..................                        0.00          6,675,663.88        4,382,376.99
April 2007..................                        0.00          6,174,129.43        4,053,134.38
May 2007....................                        0.00          5,683,543.26        3,731,078.99
June 2007...................                        0.00          5,203,691.51        3,416,070.43
July 2007...................                        0.00          4,734,364.34        3,107,970.94
August 2007.................                        0.00          4,275,355.88        2,806,645.39
September 2007..............                        0.00          3,826,464.17        2,511,961.19
October 2007................                        0.00          3,387,491.07        2,223,788.26
November 2007...............                        0.00          2,958,242.18        1,941,998.98
December 2007...............                        0.00          2,567,569.62        1,685,533.94
January 2008................                        0.00          2,185,837.30        1,434,937.90
February 2008...............                        0.00          1,812,865.59        1,190,092.94
March 2008..................                        0.00          1,448,478.30          950,883.40
April 2008..................                        0.00          1,092,502.62          717,195.84
May 2008....................                        0.00            744,769.07          488,918.99
June 2008...................                        0.00            405,111.40          265,943.72
July 2008...................                        0.00             73,366.59           48,163.01
August 2008 and thereafter..                        0.00                  0.00                0.00
</TABLE>

<PAGE>

                                   EXHIBIT SIX

                       CERTIFICATE POLICY OF MBIA INSURANCE CORPORATION

                                    [ON FILE]

<PAGE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}]]